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DeFi can't hold a candle to the centuries-old trust-based system hawala

Decentralized finance needs to give up on its techno-anarchist utopia, and get more real and centralized. Otherwise DeFi lending will enter annals of finance as failure where hawala has been success

Malaysia's ban on chicken exports signals deepening food protectionism

Malaysian curbs on poultry exports are grinding into their fourth week. Singapore is a big customer and buys about 98% of live shipments

Even without a lockdown, Beijing's economic activity declined in May

Industrial output in the capital city dropped nearly 40% in May, worse than Shanghai's almost 28% drop

Until US, China enact reforms, WTO will continue to fade into irrelevance

China has benefited far more from the WTO than any other trading nation; it should step up and take responsibility for keeping the organization afloat by redefining its role

More than half of global consumers didn't save during pandemic: Survey

Just 13% used them to fund holidays and social events since restrictions lifted, and 19% used the money for home improvements or moving house

Iron ore price sinks and steel mills go dark on deepening China gloom

Consumption of iron ore has been hit by China's slumping property market and the country's inability to put the coronavirus behind it.

Bank of Japan's record $81-billion bond buy brings calm to market

Ten-year yields edged higher to 0.23% Monday in the aftermath of the BOJ's 10.9 trillion yen ($81 billion) of government bond purchases last week, the most on record

Airline industry predicts profit in 2023, defying slowdown headwinds

Losses this year are likely to total $9.7 billion as air travel begins its recovery from the coronavirus crisis

US likely to fall into recession as Fed Reserve raised rate hike: Nomura

Nomura warns that financial conditions will tighten further, consumers sentiment is souring, energy and food supply distortions have worsened and the global growth outlook has deteriorated

China buys $7.5 billion of Russian energy with crude oil at record

The increase in shipments came as the war in Ukraine entered a fourth month and other buyers continued to shy away from Russian oil, gas and coal

Bitcoin holds above $20,000 after a week of forced crypto selling

Bitcoin reversed earlier losses to trade 0.5% higher for the session

Petrobras head resigns as Brazil President rages about fuel prices

Bolsonaro had already fired Coelho in May and named a replacement, but he remained in the role while the state-owned oil firm went through the formal procedures for appointing the next CEO

Lending app tries to take over 'whale' a/c to halt crypto collapse

Mounting Crypto Liquidations Make DeFi Go to Extremes: Industry fears contagion as Bitcoin struggles to keep above key level of $20,000

Tesla's German hiring hitting roadblocks over inadequate wages, says union

Skilled workers are getting around 20% less at the plant than at rival manufacturers with IG Metall wage agreements, the group added, citing its own analysis.

EasyJet cuts more flights to try to manage disruption, sees cost hit

The UK discount carrier will now operate at around 87% of pre-Covid capacity in three months ending June 30, increasing to about 90% for its fiscal fourth quarter through September, a statement said

As China deals with Covid, nearly 1 in 4 European firms consider moving out

Of the firms considering a shift in investment, 16% said they were looking at relocating to Southeast Asia, while 18% said they were looking elsewhere in the Asia-Pacific region

Oil firms bet on green hydrogen as future of energy; plan to invest billion

After years of dabbling, major oil companies are finally planning the kind of large-scale investments that would make green hydrogen a serious business

Amid heightened scrutiny for Chinese firms, Realme cracks Indian market

The move paid off, boosting the four-year-old newcomer's sales and helping it reach the No. 3 position in the fast-growing market with about 600 million smartphone users

Ransomware attacks rise but reseachers prove hackers aren't all genuises

But what hackers don't bet on is savvy cybersecurity professionals coming across rookie mistakes in the malware code that lets them reverse the encryption without paying a dime to the assailant

Amid record high unemployment, can China employ all of its graduates?

Over the next few weeks, China will churn out a record 10.8 million college graduates. Finding them jobs is proving to be an unexpected headache for President Xi Jinping's government