Economy

New woman billionaire emerges from another costly Asia divorce

HONG KONG (BLOOMBERG) – A new female billionaire has emerged from one of Asia’s most-expensive breakups. Du Weimin, the chairman of Shenzhen Kangtai Biological Products Co, transferred 161.3 million shares of the vaccine maker to his ex-wife, Yuan Liping, according to a May 29 filing, immediately catapulting her into the ranks of the world’s richest. […]

Economy

Hertz files for bankruptcy as car rentals disappear amid coronavirus pandemic

Hertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company’s business. The Estero, Florida-based company’s lenders were unwilling to grant it another extension on its auto lease debt payments past a Friday deadline, triggering the filing in U.S. Bankruptcy […]

Economy

Singapore aims for cheap tests, vaccine to speed up economic recovery: Chan Chun Sing

SINGAPORE (BLOOMBERG) – Singapore Trade and Industry Minister Chan Chun Sing said a faster economic recovery from the coronavirus pandemic would depend on the availability of affordable, rapid test kits and the rollout of a vaccine. “If either one of these or both come about in the next few months, then I think there’s a much […]

Economy

Financial impacts of COVID-19 sports cancellations in Alberta: ‘Money that can’t come back’

As arenas remain closed and seats sit empty, new numbers released last week from Statistics Canada show just how much money Alberta’s economy is missing out on, as major leagues remain shut down due to COVID-19. ATB Financial released an analysis of the StatsCan numbers which found in 2018 — the most recent year of […]

Economy

Hong Kong's economic crisis just keeps getting worse

HONG KONG • On the ninth floor of a building near Hong Kong’s old Kai Tak airport, gongfu master Lam Shu-shing teaches the Wing Chun technique to students, something he has been doing since 1978. A banner on the wall is a nod to a legacy that traces back to his teacher’s master, who also […]

Economy

Alberta health officials to provide COVID-19 update Friday afternoon

Dr. Deena Hinshaw will provide her daily update on COVID-19 in Alberta and the public health response Friday afternoon. The province’s chief medical officer of health is scheduled to speak at 3:30 p.m. Global News will stream the news conference live in this article. Thursday was the first day of Phase 1 in Alberta’s staged […]

Economy

S. Korea's May exports dive 46% as virus wipes out global demand

SEOUL • South Korean exports and imports suffered a precipitous decline in the first 10 days of May, underlining a bleak outlook for Asia’s fourth largest economy and international trade as the coronavirus crisis slammed global demand. Exports contracted 46.3 per cent year on year in the period, while imports fell an equally dizzying 37.2 […]

Economy

US jobless rate triples to 14.7% in sharpest labour downturn

WASHINGTON – In the harshest downturn for American workers in US history, employers cut an unprecedented 20.5 million jobs in April and the unemployment rate more than tripled to 14.7 per cent. Back in February, before the coronavirus pandemic brought the U.S. economy to a standstill, the rate hovered at just 3.5 per cent. That […]