US bank cracks weakening global financial system

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Silicon Valley in California has long been the recipient of investments from China and this trend is now growing, along with the opportunities that blockchain presents. Photo: iStock/NASA

US regulators’ swift reaction to the collapse of Silicon Valley Bank and two other lenders partially restored calm to markets, but concerns remain over the stability of the global financial system. The government is racing to orchestrate a US$30 billion rescue of First Republic Bank by the nation’s largest financial institutions after the California lender’s […]Continue Reading

Honduras says economic needs forced Taiwan-to-China switch

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TEGUCIGALPA, Honduras: Economic necessity and Taiwan’s refusal to increase financial aid were behind Honduras’ decision to establish diplomatic ties with China, Foreign Minister Eduardo Reina said on Wednesday (Mar 15). Honduras President Xiomara Castro announced on Tuesday that she had instructed Reina to “undertake the official opening of relations” with China,Continue Reading

Interview: Mongolian ministers have a revival plan

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Businesspeople and policymakers in Ulaanbaatar dream of a speedy end to the Russian-Ukrainian war, which significantly disrupted Mongolia’s imports of necessities. The mineral-rich nation suffered a debt crisis after the Russian invasion of Ukraine last year, forcing authorities to undertake fiscal and monetary measures to avoid a default amid depleted foreign reserves. Now, Mongolia urgently […]Continue Reading

Reimagining India-Thailand partnerships

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Commerce, culture and connectivity are often cited as the three main pillars of India-Thailand relations. Maritime trade between the two countries has existed since 1500 BCE, paving the way for people-to-people contact and cultural interaction between the two states bordering the Bay of Bengal. Thailand was among the first nations to establish diplomatic ties with […]Continue Reading

China shifts to ‘quality’ growth as US slips into crisis

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As political split screens go, the one playing out in Washington and Beijing this week couldn’t be more different. In the US capital, the Federal Reserve and the Treasury Department are scrambling to contain the worst bank failure — Silicon Valley Bank — since 2008. In Beijing, the energy is future-oriented as leader Xi Jinping’s […]Continue Reading

Strike grips Sri Lanka as unions protest IMF bailout

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COLOMBO: Bankrupt Sri Lanka’s hospitals were crippled and transport disrupted on Wednesday (Mar 15) as trade unions protested against the doubling of taxes to qualify for a crucial IMF bailout. Schools cancelled term tests and outpatient departments at hospitals closed due to the work stoppage that involved more than 40Continue Reading