Monthly Archives: September 2022

Shopee, southeast Asia’s answer to Amazon, is closing shop in 4 countries and laying off staff days after its billionaire founder said he’d forgo a salary

Shopee was launched in seven Southeast Asia markets in 2015 and now operates in 13 countries across Southeast Asia, Latin America and Europe, including Brazil, Poland, and China. SOPA Images / Contributor / Getty Images Ecommerce platform Shopee is laying off HR, regional ops, marketing, engineering staff. Shopee was launched in seven Southeast Asia markets…

Legendary Russian pop star condemns the invasion of Ukraine, saying it is making Russia a ‘pariah’

Alla Pugacheva receiving an award from President Vladimir Putin at the Kremlin on Dec. 22, 2014. AP Photo/RIA-Novosti, Alexei Druzhinin, Presidential Press Service Iconic Russian singer Alla Pugacheva has condemned the war in Ukraine. The recipient of countless state awards, Pugacheva said the war’s goals were “illusory.” She asked to be designated a “foreign agent,”…

Joe Biden says it was ‘totally irresponsible’ for Donald Trump to keep top-secret documents at Mar-a-Lago

President Joe Biden (left) and former President Donald Trump (right). AP President Biden sat down with “60 Minutes” in an interview that aired on Sunday night.  In the interview, he said he was not given advance notice of the FBI’s search of Mar-a-Lago. Biden said that Trump’s retention of classified documents was “totally irresponsible.” President…

Today’s mortgage and refinance rates: September 19, 2022 | Rates keep rising ahead of Fed meeting

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. The Federal Reserve is likely to enact another 75-basis-point hike to the…

Here’s how economies around the world are reacting to China’s economic slowdown.

Welcome back, readers. I’m Phil Rosen, reporting from New York.  Today, we’re talking macro. China’s growth slowdown is sending ripples across the world, though the repercussions are varied based on where you look.  This morning, I’m breaking down what you want to know about how the world’s second biggest economy moves the world’s currency and…

Larry Summers urges the Fed to keep raising rates – and warns that hiking too slowly risks an economic disaster

Larry Summers. REUTERS/Ruben Sprich Larry Summers urged the Federal Reserve to keep hiking interest rates to beat inflation. It would be riskier for the central bank to act too slowly than too aggressively, he said. The former Treasury boss warned that Europe’s energy crisis would factor into US inflation. The Federal Reserve needs to keep…

British Airways let passengers livestream Queen Elizabeth’s funeral mid-flight

A British Airways plane. Nicolas Economou/Getty Images British Airways suspended its usual WiFi charges to let passengers stream the Queen’s funeral. The airline has also canceled 100 flights out of Heathrow to “ensure the skies are quiet.” Heathrow planned to show the funeral on screens around the airport. British Airways suspended its usual WiFi charges…

Swedish last-mile delivery companies Instabox and Budbee to become Instabee in $1.7B merger

Swedish last-mile delivery companies Instabox and Budbee have have announced plans to merge in a 18 billion krona ($1.7 billion) deal. The two companies, which were both founded out of the Stockholm area in 2015, serve as the delivery and logistics partner for major brands including multinational clothing retailer H&M, offering delivery services directly to…