Long Covid costs Australia millions of working days

Long Covid has already cost the Australian economy three million working days this year, according to a government analysis seen by AFP Friday, significantly worsening the country’s acute labor shortages. The treasury report found that lingering effects of the coronavirus have been keeping some 31,000 Australians away from work every day. “The thousands of workdays … Read more

Asia stocks up before Powell speech, China tech adds support

Asian markets rose Friday after a Wall Street rally ahead of a speech by Federal Reserve boss Jerome Powell that is expected to reiterate his plan to ramp up interest rates to fight inflation. Adding to the strong buying sentiment were signs of progress in talks between US and Chinese regulators that could see tech … Read more

Elon Musk subpoenas former Twitter chief Jack Dorsey

Elon Musk has served former Twitter boss Jack Dorsey with a subpoena in a hunt for material to help him get out of buying the giant social media platform for $44 billion as agreed. Records made public on Monday show Dorsey was served with a legal order to give Musk any communications or documents related … Read more

Forced labour, possible ‘enslavement’ in China’s Xinjiang: UN expert

Minorities have been drafted into forced labor in China’s Xinjiang region in sectors such as agriculture and manufacturing, a report by an independent UN expert has concluded, in what it said could amount to “enslavement as a crime against humanity”. Beijing has been accused of detaining over a million Uyghurs and other Muslim minorities in … Read more

China factories ration power as heatwave sends demand soaring

Chinese lithium hub Sichuan province will ration electricity supply to factories until Saturday, state media reported, as a heatwave sends power demands soaring and dries up reservoirs. Temperatures in the province — home to nearly 84 million people — have hovered above 40-42 degrees Celsius (104-108 degrees Fahrenheit) since last week, according to data from … Read more

South Korea’s first lunar orbiter launched by SpaceX

South Korea’s first lunar orbiter successfully launched on a year-long mission to observe the Moon, Seoul said Friday, with the payload including a new disruption-tolerant network for sending data from space. Danuri — a portmanteau of the Korean words for “Moon” and “enjoy” — was on a Falcon 9 rocket launched from Cape Canaveral in … Read more

China’s Taiwan war games threaten more global supply chain disruption

Chinese military exercises around Taiwan are set to disrupt one of the world’s busiest shipping zones, analysts told AFP, highlighting the island’s critical position in already stretched global supply chains. The drills — China’s largest-ever around Taiwan — are a major show of strength after US House Speaker Nancy Pelosi infuriated Beijing by visiting the … Read more

OPEC+ walks ‘fine line’ between US and Russia

The OPEC+ group of oil exporters are set to hammer out a new strategy at their meeting Wednesday, with all eyes on how they will react to soaring crude prices. The 13 core members of OPEC, led by Saudi Arabia, and the 10 further states in OPEC+ — chief among them Russia — find themselves … Read more

IMF cuts global growth outlook amid US, China slowdowns

Surging inflation and severe slowdowns in the United States and China prompted the IMF Tuesday to downgrade its outlook for the global economy this year and next, while warning that the situation could get much worse. “The outlook has darkened significantly since April,” said IMF chief economist Pierre-Olivier Gourinchas. “The world may soon be teetering … Read more

Alibaba seeks dual-primary listing in Hong Kong

E-commerce giant Alibaba said Tuesday it will seek a primary listing in Hong Kong, potentially giving access to China’s vast pool of investors, as mainland officials indicate a long-running crackdown on the tech sector could be coming to an end. The move also comes as Chinese tech companies traded in New York grow increasingly worried … Read more