Bloomberg

2024-03-02 07:41:17 President Joe Biden’s ambassador to Singapore threatened staff, wasted money and poorly promoted US interests, according to an internal watchdog report.

The State Department’s inspector general said embassy employees interviewed as part of its regular review process “described a fear, and even direct threats, of reprisal” from Jonathan Kaplan, an entrepreneur and Democratic campaign donor who was confirmed as ambassador in late 2021.

Kaplan also “developed poor relationships with some Singaporean ministries,” which hurt progress on US efforts in the city-state, the report found. More here: https://bloom.bg/3wJFZqm

: Bill Clark/CQ-Roll Call/Getty Images Open / Comment

2024-03-01 15:54:06 Most polluted place on Earth: People living in one South African industrial region are subjected to air that regularly reeks of rotten eggs from the hydrogen sulfide emitted from industrial plants as well as a toxic combination of ash and toxic sulfur dioxide. https://bloom.bg/49UMXaE

Business woes temporary: Nigeria’s large and growing population is impossible for business to ignore and a recent exodus from the West African state won’t last, South African billionaire Christo Wiese tells Bloomberg TV. https://bloom.bg/3IhAVwb

Naira's plunge hits telecoms: MTN Group, Africa’s biggest wireless service provider by revenue, said full-year profit probably plunged as much as 90% as devaluations of Nigeria’s currency hit its financial performance. https://bloom.bg/3uWnui3

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz Open / Comment

2024-03-01 07:39:47 Xi Jinping’s consolidation of power has cleared the path for him to break China’s cycle of debt-driven growth and put the economy on a more sustainable footing. But there’s a big problem: He’s failing to convince the nation that’s a good idea.

As the world’s second-biggest economy undergoes a prolonged slowdown, Xi’s move to shun the old playbook of unleashing broad stimulus is spurring discontent.

Thousands of angry retail investors last month flooded the US Embassy’s Weibo page with criticism of the government’s handling of the economy in the midst of a $7 trillion stock rout. Elsewhere on the platform some even insinuated that only a change in the top leadership would spur markets — comments that managed to skirt censors before they were eventually taken down. More here: https://bloom.bg/4bTBGcj

: Kevin Frayer/Getty Images Open / Comment

2024-02-29 18:08:30 Term extension rejected: Senegalese President Macky Sall reiterated that he will step down when his term expires on April 2, appearing to reject a proposal that he extend his term until the country holds presidential elections. https://bloom.bg/3UTM9yr

LGBTQ rights: Ghana’s lawmakers passed a bill that seeks up to three years in prison for people identifying as an LGBTQ person, becoming the latest African nation to pass draconian laws aimed at the community. https://bloom.bg/3IiOKKE

Chadian opposition leader dies: Yaya Dillo died when security forces raided his party headquarters after accusing it of carrying out an attack on Chad’s internal-security agency, reports say. https://bloom.bg/3SVWZ4b

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz Open / Comment

2024-02-29 09:02:42 Building a multibillion-dollar empire is one thing. Keeping it in the family is another matter.

By the time Wee Cho Yaw died earlier this month at 95, his five children had firmly established roles within Singapore’s richest banking dynasty that forged a $10 billion fortune. Still, his more than a dozen largely millennial grandchildren have mostly pursued their own passions in business, from a three-star Michelin restaurant to co-founding a dry cleaning chain and a website selling Asian artwork.

Cho Yaw’s wish, he wrote in his 2014 biography, was that his grandchildren would take a prominent role in the family businesses. So far, that hasn’t happened. More on the heirs in line to inherit his fortune: https://bloom.bg/3P1rjJF

: Kua Chee Siong/SPHOL/AP Photo Open / Comment

2024-02-29 06:01:11 Rockstar Games is asking employees to return to the office five days a week beginning in April. The video-game maker is entering the final stages of development on its next game, the hotly anticipated Grand Theft Auto VI.

In an email to staff reviewed by Bloomberg, Rockstar Head of Publishing Jenn Kolbe said the decision was made for productivity and security reasons.

The company has faced several security breaches including a massive dump of early footage from the new Grand Theft Auto and an early trailer that leaked in December. More here: https://bloom.bg/4bRsaGx

: Yuki Iwamura/AFP/Getty Images Open / Comment

2024-02-28 17:00:53 Bitcoin rose to $60,000 for the first time in more than two years, riding a wave of optimism that demand for the token is widening beyond crypto enthusiasts.

The largest cryptocurrency has jumped more than 40% already this year. Read more here: https://trib.al/cNCIbJP

Follow the Bloomberg Crypto Telegram channel for more news on Bitcoin: https://t.me/bloombergcrypto

: Angel Garcia/Bloomberg Open / Comment

2024-02-28 16:30:46 Currency's fresh lows: Nigeria‘s supersized interest rate hike fails to stem the naira’s decline, with the West African country’s currency slumping to a fresh record against the dollar on the official market. https://bloom.bg/49T0qjg

Land bet goes awry: A South African developer’s £110 million ($140 million) bet on a luxury plot of land in London has turned sour, with the property changing hands at a discount that was one of the city’s steepest last year. https://bloom.bg/3TfSjI0

Election dates: Political, religious and civic leaders in Senegal are proposing that the country hold presidential elections in June, in a move to end weeks of instability. https://bloom.bg/4bNwDdv

Watch Africa Amplified for a deep dive into the region’s biggest stories: https://bloom.bg/3u0S3Cz Open / Comment

2024-02-28 09:05:00 Massage chairs and natural hair growth supplements. Ointment for scorpion bites that smells like garlic. A product called Kan Killer that promises to eliminate cancer without chemotherapy — all for about $65 a bottle.

Though the alternative medicine system has endured on the subcontinent for centuries, Prime Minister Narendra Modi’s government is promoting a resurgence.

There’s a fortune at stake. Modi's call for the wider adoption of traditional medicine globally is a key part of his plan to grow India’s economy. But this is carving a deep rift in the medical community. Read more here: https://bloom.bg/3uOJb3w

: SAJJAD HUSSAIN/AFP via Getty Images Open / Comment

2024-02-28 06:42:17 South Korea set a new record for the world’s lowest fertility rate. The impact of the nation’s aging demographics looms large for its medical system, social welfare provision and economic growth.
More here: https://bloom.bg/3uHiHkC

: Yelim Lee/AFP/Getty Images Open / Comment