Australia’s prices surge at fastest pace in two decades | Business and Economy

Soaring prices come as Prime Minister Scott Morrison fights a tough election campaign. Australian consumer prices surged at the fastest pace in two decades during the last quarter as petrol, home building and food costs climbed, raising speculation of an interest rate hike as soon as next week. The surging inflation comes as Prime Minister … Read more

Chinese drone giant DJI suspends business in Russia, Ukraine | Russia-Ukraine war News

DJI, the world’s largest drone manufacturer, has announced it is temporarily halting operations in Russia and Ukraine, in a rare example of a Chinese firm suspending business in response to the war in Ukraine. The Shenzhen-headquartered company said on Wednesday it would suspend its business in the two countries while “internally reassessing compliance requirements in … Read more

Uber to pay $19m for misleading riders with fee warning | Business and Economy News

Between at least December 2017 and September 2021, more than two million Australian customers who attempted to cancel within a five-minute window were warned: ‘You may be charged a small fee since your driver is already on the way.’ Uber agreed to pay a 26 million Australian dollar ($19m) fine for misleading riders by falsely … Read more

Major Russian gold miner opts for exports versus imports as local banks buy gold at discount

(Kitco News) Russia’s second-largest gold producer Polymetal prefers to sell its gold abroad since Russian local banks buy the precious metal at a discount. In light of Western sanctions imposed on Russia after its invasion of Ukraine in February, Polymetal’s options of selling its gold are limited. The miner has been targeting non-sanctioned banks, Bloomberg … Read more

IMF warns Russia could use crypto ecosystem to avoid sanctions, cites bitcoin mining

(Kitco News) The International Monetary Fund said that Russia could use the crypto universe to get around the Western sanctions that have been imposed on the country since it invaded Ukraine in February. “The war in Ukraine has brought to the forefront some of the challenges that regulators face in terms of applying sanctions and … Read more

Senate confirms Lael Brainard as Fed vice chair

US Federal Reserve board member Lael Brainard speaks after she was nominated by US President Joe Biden to serve as vice chair of the Federal Reserve, in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, US, November 22, 2021. Kevin Lamarque | Reuters The US Senate on Tuesday confirmed … Read more

Could Asia save Putin from an EU energy ban? It’s not so easy | Business and Economy

Bengaluru, India – Leaning forward, arms resting on his desk, Russian President Vladimir Putin delivered a crisp message to leaders of the country’s energy sector earlier this month: they needed to plan for a decline in Western imports by shifting their focus from Europe to Asia. From the Kremlin’s perspective, that directive makes sense. The … Read more

Beats expectations, reduces Russia exposure

FABRICE COFFRINI | AFP | Getty Images UBS has beat expectations for the first quarter of 2022 and said it has further reduced its exposure to Russia. The Swiss bank on Tuesday reported net profit attributable to shareholders of $2.136 billion, above forecasts compiled by the bank of $1.79 billion. It marks a 17% rise … Read more

It’s Time for India to Focus on ‘High-Productivity’ Jobs

The supply-side policies can be effective only if sufficient high-value jobs are created in the economy in the long run. Considering the same information, on the demand front, employment opportunities need to expand in areas where labor is deployed to deliver higher productivity for enterprise and higher returns to labour. The National Employment Policy, with … Read more

With no jobs, millions of Indians are exiting the labor force | Business and Economy News

India’s job creation problem is morphing into a greater threat: a growing number of people are no longer even looking for work. Frustrated at not being able to find the right kind of job, millions of Indians, particularly women, are exiting the labor force entirely, according to new data from the Center for Monitoring Indian … Read more