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Why are some of Asia’s largest economies declining?

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The Asian Development Bank or ADB has downgraded its predictions for growth forecasts among the regions developing economies

The ADB has cited deteriorating conditions due to China’s “zero Covid” lockdowns, a rise in interest rates in developing countries and the war in Ukraine.

Two big economies in Asia, China and India are expected to grow %4.6 percent in 2022 and 5.2% in 2023 according to the latest data. 

In April the ADB had a higher growth prediction at 5.2 and 5.3 percent respectively.

South Korea’s economic forecast was also been slashed

For China’s economy, the report cited “disruptions from China’s new covid lockdowns” and “weaker global demand”.

But moving against the negative trend, are the pacific island nations.

Their forecasts revised positively from 3.9 percent to 4.7 percent.

The ADB cited a stronger than anticipated rebound from tourism.

The gloomy predictions from the ADB have come as a warning for the global economy.

The International Monetary Fund has also stated that it will substantially downgrade its forecast for the global economy.

It does seem like their needs to be a global economic rebound but how will we get it?

Perhaps the answer lies in good economic management

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Rolls Royce CEO slams aviation for failing on climate targets

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Aviation needs to act on net-zero targets, that’s according to the CEO of Rolls Royce

Warren East says the sector needs to move towards bio-fuels like hydrogen and electric aircraft.

Travellers can even look forward to flying on planes that has a gas turbine that’s burning hydrogen.

Speaking at a conference in London, East says transitional technology is the answer that plane-makers are searching for.

Some companies are already looking at sustainable fuels that can offer 80 per cent off carbon emissions across their lifetime.

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Amazon halts hiring on all corporate roles

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E-commerce giant is the latest of many to close all corporate job openings due to economic concern

Amazon is pressing pause on corporate hiring for the rest of the year, as economic concerns continue to grow.

The tech giant has instructed all recruiters to close all current corporate job openings… worldwide.

This means more that ten thousand openings will be closed as of Monday evening.

The job postings that will affected include technology positions, in store and online retail businesses, and logistics operations.

However, Amazon spokesman, Brad Glasser, says the company will still continue to have a significant number of other roles open.

He says, “we have many different businesses at various stages of evolution, and we expect to keep adjusting our hiring strategies in each of these businesses at various junctures.”

The freeze sees Amazon joining Meta, Apple, and Google, who have also announced a reduction or temporary pause on hiring.

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What is Elon Musk’s “everything app”?

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Elon Musk’s Twitter deal is back on, and he says it’s the key to creating his much-anticipated ‘everything app’.

The billionaire entrepreneur had been in talks to take the social media platform private, but the deal fell through. However, after news of its reinstatement, Mr Musk said that buying Twitter is an essential part of his plans for X.

The idea behind X is a sort of super app, combining messaging, social media, payments-and lack of reliance on ad revenue, similar to the Chinese WeChat. That already has more than one billion users, but so far no equivalent exists in the West.

With Twitter under his belt, Musk believes he can make X a reality much sooner than originally planned. “It’s brought forward our X project by three to five years, but I could be wrong,” he said.

There are no further details on the X project at this time, but with Musk’s track record of visionary innovation, it’s sure to be something we’re all talking about in the near future.

Why does Elon Musk want to buy Twitter?

Elon Musk is known for his ambitious plans and big ideas, so it’s no surprise that he sees Twitter as a key piece of the puzzle for his next project, X.

The details of the deal have not been made public, but it is thought that Musk is paying a premium for Twitter.

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