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☆ Things may not be going to plan at Nusantara, the $35 billion capital city Indonesia is building from scratch
▼ + stars: | 2024-06-04 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Indonesia is building a new capital from scratch, with Jakarta threatened by rising sea levels. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIndonesia's plans to build a new capital city from scratch have been hit by the unexpected resignation of the two top officials overseeing the project. Bambang Susantono and his deputy Dhony Rahajoe both quit their roles at the Nusantara Capital City Authority on Monday, outlets including Reuters reported. This story is available exclusively to Business Insider subscribers.

Persons: Tony Blair, —, Bambang Susantono, Dhony Rahajoe, Pratikno, Joko Widodo Organizations: Nusantara, Service, Nusantara Capital, Authority, Reuters, Asia News Network, Business Locations: Indonesia, Jakarta

Singapore CNN —China’s support to Russia will extend the war in Ukraine, President Volodymyr Zelensky said Sunday, as he called on countries across the Asia-Pacific to join an upcoming peace summit he accused Russia of trying to thwart. It comes ahead of the international peace conference on Ukraine slated to be held June 15-16 in Switzerland. “With China’s support to Russia the war will last longer. When asked later about China’s statement it would not attend the peace summit, the Ukrainian leader accused Russia of using Chinese diplomats to disrupt it. “Time is running out” including for Ukrainian children taken by Russia, Zelensky told a packed hall during an address on the closing day of the three-day security meeting.

Persons: Volodymyr Zelensky, Zelensky, China –, ” Zelensky, “, Putin, of National Defense Dong, ” Dong, Lloyd Austin, Dong, Russia ”, Vladimir Putin, ”, Austin, Prabowo Subianto, José Ramos, Pat Ryder, Joe Biden Organizations: Singapore CNN —, of National Defense, CNN, China’s Ministry of Foreign Affairs, Criminal, Ministry of Foreign, US Defense, Horta, Ukraine, Pentagon, Twitter Locations: Singapore, Russia, Ukraine, Asia, Pacific, China, Switzerland, Beijing, Kharkiv, The Hague, United States, Timor

☆ Asia's top 4 up-and-coming rental markets that may be challenging traditional property hubs
▼ + stars: | 2024-05-31 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +3 min

Bangkok, Thailand has seen an 18.1% growth in residential rental prices on a year-on-year basis, according to JLL. Alexander Spatari | Moment | Getty ImagesSingapore and Hong Kong are generally considered Asia's more vibrant real estate markets. But some up-and-coming cities are giving these traditional hubs a run for their money, with some even beating them on rental yields. The following four cities have led the recovery in rental growth in Asia so far this year:Bangkok, ThailandResidential rental growth in Q1 2024 (y/y): +18.1% Average price to rent: THB 8,292 (about $226) per square meter annually "Rental demand has been surging in Bangkok," Allan said. This rental growth has been influenced by the stronger rent prices recorded in new high-quality offerings in the city, according to the report.

Persons: JLL, Alexander Spatari, Hong Kong, Roddy Allan, Allan, Ho Organizations: Getty Images, realty, Pacific Chief, CNBC Locations: Bangkok, Thailand, Getty Images Singapore, Hong Kong, Hong, Ho Chi Minh City, Jakarta, Manila, Asia, Pacific, expats, Vietnam, Indonesia, Philippines

☆ The plastics industry says chemical recycling could help banish pollution. It’s ‘an illusion,’ critics say
▼ + stars: | 2024-05-30 | by ( Laura Paddison | ) edition.cnn.com time to read: +11 min

CNN —A squat, light-colored building in Tigard, Oregon, was supposed to be part of a game-changing new solution for the global plastics industry. And unlike mechanical recycling, where the quality of the product declines each time, chemical recycling promises virgin-quality plastics. Chemical company Dow says it plans to build multiple chemical recycling facilities in the US and Europe, adding as much as 600,000 tons (1.2 billion pounds) of recycling capacity by 2030. “Mechanical recycling simply uses less energy and chemicals than does chemical recycling, making it overall cheaper and less environmentally impactful,” she said. With that kind of industry pressure, said Congdon, it’s easy to see why chemical recycling may be attractive to policymakers.

Persons: Jennifer Congdon, Congdon, “, ”, Big, Yuri Cortez, Davis Allen, what’s, isn’t, Taylor Uekert, Chaideer Mahyuddin, Mike Kemp, Brightmark, NREL’s Uekert, Allen, ” Congdon Organizations: CNN, Regenyx, Plastics, Getty, Climate Integrity, Companies, Chemical, Dow, Oil, Exxon, American Chemistry Council, National Renewable Energy Laboratory, Beyond Plastics, ACC, Center Locations: Tigard , Oregon, Venezuela, AFP, Europe, Asia, Banda Aceh, Indonesia, London, Baytown , Texas, Ashley , Indiana, Macon, Bibb , Georgia, Indiana, The Indiana

☆ A family spent 3 months rebooking flights home from Bali after being incorrectly marked as a no-show by Turkish Airlines. Now, they might lose $5,000.
▼ + stars: | 2024-05-30 | by ( Monica Humphries | ) www.businessinsider.com time to read: +8 min

Now, ticket prices have increased, and the Parfitt family is looking at flights that cost $5,000 more than initially planned. In October, the family spent $12,093 on four business-class tickets for a January flight on Turkish Airlines. With no available Turkish Airlines flights, airline staff rebooked the Parfitt family on an Emirates flight to Denpasar with a layover in Dubai the next day. Related storiesAfter 13 calls to Turkish Airlines, Parfitt said an agent finally discovered the issue: The family had been incorrectly marked as no-shows on the second leg of their original Turkish Airlines flight. Turkish Airlines' no-show policy states that a business-semi-flexible ticket isn't automatically canceled; it "may be reused for a specified fee, no refunds."

Persons: —, Justin Parfitt, Parfitt, it's, wasn't, Annabelle, hadn't, Justin Parfitt Parfitt, It's, I'm Organizations: Service, Turkish Airlines, Business, Companies, American Airlines, BI, Emirates Locations: Indonesia, France, Bali, Toulouse, Madrid, Istanbul, Denpasar, Emirates, Dubai, Turkish

☆ Google to invest $2 billion in Malaysia and build data center to capture rising AI demand
▼ + stars: | 2024-05-30 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

Google on Thursday said it will invest $2 billion in Malaysia, with part of the funds going toward building its first data center and cloud region in the country, as the demand for AI and cloud services rises. The Malaysia cloud region is the latest addition to Google's network of 40 regions and 121 zones in the world, the U.S. tech giant said. This comes after Microsoft said earlier this month it will invest $2.2 billion in Malaysia to advance new cloud and AI infrastructure. Tech giants like Google and Microsoft have pledged billions of dollars to Southeast Asia to capitalize on the rising demand for AI and cloud computing services. The AI boom has boosted demand for cloud computing services and data centers, as large amounts of data are required to train AI models and the cloud provides access to vast datasets.

Persons: Ruth Porat, Porat, Tengku Datuk Seri Utama Zafrul Aziz Organizations: Google, Government, Microsoft, Tech, Industrial Locations: Malaysia, U.S, Indonesia, Thailand, Southeast Asia

☆ Climate Change Added a Month’s Worth of Extra-Hot Days in Past Year
▼ + stars: | 2024-05-28 | by ( Raymond Zhong | ) www.nytimes.com time to read: +1 min

Over the past year of record-shattering warmth, the average person on Earth experienced 26 more days of abnormally high temperatures than they otherwise would have, were it not for human-induced climate change, scientists said Tuesday. The past 12 months have been the planet’s hottest ever measured, and the burning of fossil fuels, which has added huge amounts of heat-trapping gases to the atmosphere, is a major reason. Nearly 80 percent of the world’s population experienced at least 31 days of atypical warmth since last May as a result of human-caused warming, the researchers’ analysis found. The precise difference varies place to place. In others, including Colombia, Indonesia and Rwanda, the difference is upward of 120 days.

Locations: Colombia, Indonesia, Rwanda

☆ Stocks making the biggest moves midday: GameStop, U.S. Cellular, Nvidia, Norwegian Cruise Line and more
▼ + stars: | 2024-05-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves midday: GameStop — Shares jumped nearly 23% following the video game retailer's announcement on Friday that it made about $933 million from a stock sale. U.S. Cellular — Shares added 7% after the telecom company announced T-Mobile will acquire its wireless operations and 30% of spectrum assets for $4.4 billion. T-Mobile was up less than 1%, while Telephone and Data Systems , which owns 84% of U.S. Cellular, slipped 2%. Norwegian Cruise Line — The cruise stock rose 3% after an upgrade to buy from neutral at Mizuho. Zscaler — The cybersecurity company shed nearly 4% following a downgrade at Wells Fargo to equal weight from overweight.

Persons: Agios, vorasidenib, —, Duolingo Max, Semler, Elon, Zscaler, Airbnb, Eli Lilly, Macheel, Pia Singh, Hakyung Kim, Jesse Pound Organizations: GameStop, . Illinois, U.S, Cellular, Mobile, Telephone, Data Systems, U.S . Cellular, . Food, Drug, Pharmaceuticals, Royalty Pharma, Nvidia, Cruise, Mizuho, Sarepta Therapeutics, RBC Capital Markets, RBC, Sea, Reuters, —, Energy Capital Partners, Wedbush, FDA Locations: U.S, Norwegian, Wells

☆ These 'ghost villages' in Indonesia are all that remain after years of volcanic eruptions from Mount Sinabung
▼ + stars: | 2024-05-23 | by ( Zoë Ettinger | Gabbi Shaw | ) www.businessinsider.com time to read: +1 min

In 2010, Mount Sinabung erupted for the first time in 400 years in Sumatra, Indonesia. The massive blast of lava and ash forced all villagers in the surrounding area to leave their homes. AdvertisementIndonesia has 120 active volcanoes, and Mount Sinabung is one of the most dangerous. Following this eruption, the government deemed anywhere within a 4.3-mile radius of the volcano too dangerous to live, BuzzFeed News reported. This story is available exclusively to Business Insider subscribers.

Persons: Mount Sinabung, —, Sinabung Organizations: Service, CBS, BuzzFeed, Business Locations: Mount, Sumatra, Indonesia

☆ Opinion | We Haven’t Hit Peak Populism Yet
▼ + stars: | 2024-05-23 | by ( David Brooks | ) www.nytimes.com time to read: +1 min

On question after question the American responses were, well, average. Roughly 59 percent of Americans said they believed their country is in decline, compared to 58 percent of people across all 28 countries who said that. Sixty percent of Americans agreed with the statement “the system is broken,” compared to 61 percent in the worldwide sample who agreed with that. Sixty-nine percent of Americans agreed that the “political and economic elite don’t care about hard-working people,” compared with 67 percent of respondents among all 28 nations. Sixty-three percent of Americans agreed that “experts in this country don’t understand the lives of people like me,” compared with 62 percent of respondents worldwide.

Locations: America, South Africa, Indonesia, Brazil, Germany

☆ Buthidaung: Fires rage as Rohingya caught up on the front lines of Myanmar’s civil war
▼ + stars: | 2024-05-23 | by ( Helen Regan | Avery Schmitz | ) edition.cnn.com time to read: +11 min

This satellite image shows Buthidaung, Myanmar, on January 17, 2024. © 2024 Maxar Technologies This satellite image shows Buthidaung, Myanmar, on May 18, 2024. This satellite image shows a damaged bridge in Buthidaung, Myanmar, on May 18, 2024. Warnings of further atrocitiesAn immediate concern is a humanitarian crisis in Rakhine state, with newly displaced residents unable to access food or clean water. The Myanmar military has blocked all access,” said Nay San Lwin.

Persons: Farooq, ”, Young, Volker Türk, Kyaw, –, Buthidaung –, “, John Quinley, Khaing, Lwin, Rohingya, Pan, Matthew Miller Organizations: CNN, Arakan Army, AA, Resource Management, Free Rohingya Coalition, International Court of Justice, Council, Myanmar, UN Human Rights Council, National Unity Government, Free Rohingya Coalition –, Maxar Technologies, “, ” CNN, Bangladesh, Labs, Medecins, Rakhine . State Department, Unity Government Locations: Myanmar’s, Myanmar, Rakhine, Arakan, Bangladesh, Buthidaung, Lwin, Indonesia, San Lwin, Rakhine State

☆ Big Tech goes on AI charm offensive in Europe as regulators circle
▼ + stars: | 2024-05-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

It's worth noting that their comments come as the world's first major law governing AI, the EU's AI Act, was given the final greenlight. Meanwhile, European Commissioner Thierry Breton, a major architect of rules around Big Tech, is set to speak later in the week. Vogels, who is tasked with driving technology innovation within Amazon , said that AI can be used to "solve some of the world's hardest problems." Manyika said Google open-sourced its watermarking tech so that any developer can "build on it, improve on it." "I am concerned that there is potential for monopolies to emerge around Big Tech and AI," he said.

Persons: Rafael Henrique, Lightrocket, Werner Vogels, Society James Manyika, Thierry Breton, Vogels, Manyika, it's, Google's, Gemma AI, Emmanuel Macron, Eric Schmidt, Yann LeCun, Macron, Matt Calkins, Appian, Calkins Organizations: Getty, France —, Viva Tech, Amazon Chief, Google, Technology, Society, Regulators, Big Tech, European Union, Microsoft, Amazon, Meta, Elysee, CNBC Locations: PARIS, France, Paris, Jakarta, Indonesia, View , California, U.S

☆ How the US Army refined its battle-tested, controversial M4 Carbine for modern combat
▼ + stars: | 2024-05-21 | by ( Kris Osborn | ) www.businessinsider.com time to read: +5 min

The PIP for the M4 was a far-reaching initiative to upgrade the Army's entire current inventory of M4 rifles into higher-tech, durable, and more lethal M4A1 weapons. Brooks Carroll shoots an M4A1 Carbine semi automatic rifle during a competition at Fort Carson, Colorado. Over the years, the Army has made more than 90 performance "Engineering Change Proposals" to the M4 Carbine since its introduction. Shaina JupiterFor many years, the Army upgraded and improved its M4, with some plans never passing the conceptual phase. These previous considerations, which were performed under a program called the M4A1+ effort, were analyzed by Army developers and then shelved.

Persons: —, Brooks Carroll, Woodlyne Escarne, Maven, Juan B, Joel Manzano, 19FortyFive Organizations: Service, Business, Army, Refining, M4, Fort Carson , Colorado . US, 19FortyFive, Camp Santiago, Training, US Army National Guard, Spc, US Marine Corps Locations: Fort Carson , Colorado, Salinas , Puerto Rico, Sukabumi, West Java, Indonesia

☆ Elon Musk is serving up some Bali swag
▼ + stars: | 2024-05-20 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

SpaceX CEO Elon Musk was in Bali, Indonesia, this Sunday. The billionaire was there to launch his company's Starlink satellite internet service. AdvertisementBillionaire Elon Musk was in Bali this Sunday, and boy, was he serving up some serious tropical swag. The SpaceX CEO headed to Indonesia on May 19 where he launched his company's Starlink satellite internet service. As part of his visit, Musk visited a community health center where he was seen wearing a Javanese batik shirt.

Persons: Elon Musk, Musk, —, Billionaire Elon Musk Organizations: SpaceX, Service, Billionaire Locations: Bali , Indonesia, Bali, Indonesia

☆ This 35-year-old turned a local Indonesian coffee stall into a unicorn startup — today it brings in $100 million a year
▼ + stars: | 2024-05-20 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +5 min

Within the span of seven years, Kopi Kenangan went from a local Indonesian coffee stall to a venture-backed unicorn coffee company. "Instead of focusing on the sofa, or fast Wi-Fi, we're going to focus on a good, high quality cup of coffee," Tirtanata said. This decision helped Kopi Kenangan scale to over 200 locations and 10 cities within the first two years of operations. Taking a data-driven hyperlocal approach means that a Kopi Kenangan latte in Singapore will taste different from a latte in Indonesia. This helped Kopi Kenangan more than triple its store count during the pandemic.

Persons: Edward Tirtanata, Dunkin, Kopi Kenangan, Tirtanata, it's, Carroll, James Prananto, Kopi, Kenangan, Prananto Organizations: CNBC, Entrepreneur, Northeastern University, Lewis Locations: Indonesian, Southeast Asia, Jakarta, Boston, Indonesia, U.S, Singapore

☆ Elon Musk launches Starlink satellite internet service in Indonesia
▼ + stars: | 2024-05-20 | by ( ) edition.cnn.com time to read: +3 min

Denpasar, Indonesia Reuters —Elon Musk and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX’s satellite internet service for the nation’s health sector on Sunday, aiming to improve access in remote parts of the sprawling archipelago. Musk, wearing a green batik shirt, said the availability of the Starlink service in Indonesia would help millions in far-flung parts of the country to access the internet. Asked about whether he planned to also invest in Indonesia’s electric vehicle industry, Musk said he was focused on Starlink first. Prior to Sunday’s launch, Starlink obtained a permit to operate as an internet service provider for retail consumers and had been given the go-ahead to provide networks, having received a very small aperture terminal (VSAT) permit, Budi Setiadi told Reuters. SpaceX’s Starlink, which owns around 60% of the roughly 7,500 satellites orbiting earth, is dominant in the satellite internet sphere.

Persons: Indonesia Reuters — Elon Musk, Budi Gunadi Sadikin, Musk, ” Starlink, “, ”, Joko Widodo, Budi Arie Setiadi, Starlink, Budi Setiadi, SpaceX’s Organizations: Indonesia Reuters, Indonesian Health, SpaceX, Tesla, Indonesian, . Communications, Reuters Locations: Denpasar, Indonesia, Bali, Aru, Maluku, Southeast Asia, Malaysia, Philippine, Ukraine

☆ Musk launches SpaceX’s Starlink internet services in Indonesia, says more investments could come
▼ + stars: | 2024-05-20 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

Musk launched on May 19 his Starlink service on Indonesia's resort island of Bali as the country aims to extend internet to its remote areas. Millions of people in Indonesia, a vast archipelago of more than 17,000 islands, are not currently hooked up to reliable internet services. (Photo by SONNY TUMBELAKA / AFP) (Photo by SONNY TUMBELAKA/AFP via Getty Images)Elon Musk has launched SpaceX's Starlink satellite internet services in Indonesia as the Southeast Asian nation seeks to boost internet connectivity in remote areas. SpaceX, which manufactures and launches advanced rockets and spacecraft, is also a developer of Starlink satellites which provide internet connectivity to remote locations. Communication and Informatics Minister Budi Arie Setiadi previously said Starlink would help Indonesia extend internet access to regions not covered by local internet providers, according to Indonesian news agency Antara.

Persons: Elon Musk, Budi Gunadi, Musk, SONNY TUMBELAKA, Budi Arie Setiadi, Starlink Organizations: Tech, Indonesia's Health, Getty Images, SpaceX, Communication, Informatics Locations: Denpasar, Bali, Indonesia, AFP, Southeast Asia, Malaysia, Philippines

☆ Morgan Stanley picks global stocks to play a $100 billion AI boom, giving one 40% upside
▼ + stars: | 2024-05-20 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

The analysts project that over $100 billion will be channeled toward such "potential investments propel[ling] AI and spur[ring] power demand growth in Asia." Here are three of Morgan Stanley's overweight-rated stock picks with more than 35% upside potential over the next 12 months. Morgan Stanley has a target price of 7.20 Singapore dollars ($5.35) on the Singapore Exchange -listed shares, giving them 36.9% potential upside. GDS Holdings Another Morgan Stanley favorite is Chinese data center developer and operator GDS Holdings . Morgan Stanley has a target price of $13.30 on the Nasdaq-listed stock, which translates to 40% potential upside.

Persons: Morgan Stanley, Morgan Stanley's, Tenaga Nasional Morgan Stanley, — CNBC's Michael Bloom Organizations: Tenaga Nasional, Tenaga, Microsoft, Amazon Web Services, U.S, Global X FTSE, Asia, Malaysian, Industries, Sembcorp, Morgan, Singapore, Sembcorp Industries, GDS, GDS Holdings, ASEAN, Nasdaq Locations: Asia, U.S, Malaysian, Tenaga Nasional, Bursa Malaysia, Malaysia, Singapore, Cambria, China, Japan, Hong Kong, Indonesia

☆ How I built a billion dollar coffee company called Kopi Kenangan
▼ + stars: | 2024-05-20 | by ( Ernestine Siu | ) www.cnbc.com time to read: +12 min

And recognizing that very notion is what makes Indonesian coffee chain Kopi Kenangan different from many of its competitors. Which is why this cup of Kopi Kenangan coffee here in Singapore may taste different from a cup in Indonesia. Edward Tirtanata: Before I started Kopi Kenangan, I started this tea chain called Lewis and Carroll. And that is why our first menu is called Kopi Kenangan Mantan, which directly translates into, memory of my ex-girlfriend coffee. Ernestine Siu: In 2019, Kopi Kenangan received its first outside investment of $8 million from venture capital firm Alpha JWC Ventures.

Persons: Edward Tirtanata, Ernestine Siu, It's, Serena Williams, Jay, Eduardo Savrin's, Edward, Kopi Kenangan, Carroll, James Prananto, James, Little, Kopi, creamer Organizations: Alpha JWC Ventures, Northeastern University, Starbucks, Entrepreneurship, Toyota Locations: Jakarta, Singapore, New York, Indonesia, Vietnam, Southeast Asia, Boston, United States, Kopi, Bandung, U.S, Indonesian

☆ Microsoft announces new PCs with AI chips from Qualcomm
▼ + stars: | 2024-05-20 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Copilot+ PCs with AMD and Intel chips will follow, Microsoft said during a press keynote address on its campus in Redmond, Washington. AI models will be able to generate images based on written descriptions as well as drawings. Microsoft is banking on Qualcomm's energy-efficient Arm -based chips that can handle AI models to defend its Windows franchise. The new PCs can run some AI models locally without an internet connection. Microsoft has had little success in getting people to adopt Arm-based Windows computers, which haven't always performed as well as PCs running Intel or AMD chips.

Persons: Satya Nadella, Snapdragon, haven't, Morgan Stanley Organizations: Microsoft Corp, Microsoft, Windows, Qualcomm, Lenovo, Dell, HP, Asus, Acer, Samsung, AMD, Intel, Apple Locations: Jakarta, Indonesia, Redmond , Washington

☆ A video shows an airport worker falling out of an Airbus A320 when someone moved the airstairs — highlighting a lapse in following safety rules
▼ + stars: | 2024-05-16 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

An airport worker fell out of an Airbus A320 in Indonesia. A video of the incident shows staff breaking safety rules by removing the airstairs with the door open. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA video shows the frightening moment an airport worker fell out of an Airbus A320. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Airbus, Service, Transnusa, Business Locations: Indonesia

☆ Biden raises tariffs on $18 billion of Chinese imports: EVs, solar panels, batteries and more
▼ + stars: | 2024-05-14 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden meets Chinese President Xi Jinping on the sidelines of the G-20 leaders' summit in Bali, Indonesia, on Nov. 14, 2022. The Biden administration announced stiff new tariff rates Tuesday on $18 billion worth of Chinese imports. Starting this year, President Joe Biden will quadruple tariffs on imported Chinese electric vehicles, from 25% to 100%. And tariffs on some Chinese steel and aluminum imports will increase more than three-fold, from 7.5% today up to 25%. First-time tariffs will be imposed on Chinese imports of medical needles and syringes, as well as massive ship-to-shore cranes, the White House said in a fact sheet.

Persons: Joe Biden, Xi Jinping, Biden, Katherine Tai Organizations: . Trade Locations: Bali , Indonesia, China

☆ Sri Lanka travel visa costs doubled to $100 last month. The reason for the hike is disputed
▼ + stars: | 2024-05-14 | by ( Monica Pitrelli | Erica Lamberg | ) www.cnbc.com time to read: +3 min

The cost to obtain a short-term visa to visit Sri Lanka rose from $50 to $100 in April. In response, VFS Global said, "Visa categories were introduced as per the directives of [Sri Lanka's] Department of Immigration and Emigration (DI&E)." Both parties agreed that 30-day travel visas priced at $50 had been reinstated as of May 7. But VFS Global's fees angered many in Sri Lanka's travel industry and led to allegations of corruption by Sri Lankan opposition leaders. "The government of Sri Lanka won't be charging, but the platform … will," he said.

Persons: Harin Fernando, VFS, scammers, Fernando, — Organizations: VFS, Sri, Harin, CNBC, of Immigration, E, Sri Lanka's Ministry of Public Security, VFS Global Locations: Sri Lanka, Sri Lanka's, Sri Lankan, India, China, Indonesia, Japan, Malaysia, Russia, Thailand

☆ Ukraine Needs Money to Fight. Can Seized Russian Assets Help?
▼ + stars: | 2024-05-14 | by ( Steven Erlanger | ) www.nytimes.com time to read: +1 min

As much as $300 billion in Russian assets, frozen in the West since the invasion of Ukraine, is piling up profits and interest income by the day. Now, Europe and the United States are considering how to use those gains to aid the Ukrainian military as it wages a grueling battle against Russian forces. There has been a debate for months about whether it would be legal or even wise to confiscate the frozen assets altogether. They argue that confiscation would be a bad precedent, a violation of sovereignty and could lead to legal challenges, financial instability and retaliatory seizures of Western assets abroad. But proposals to seize and use the profits earned on those Russian assets — the interest on accumulated cash stemming from the sanctions, said Euroclear, a financial services company — are gaining considerable ground.

Persons: Christine Lagarde, Euroclear Organizations: Russian, European Central Bank Locations: West, Ukraine, Europe, United States, Britain, France, Germany, Indonesia, Italy, Japan, Saudi Arabia

☆ Apple desperately needs its Next Big Thing
▼ + stars: | 2024-05-14 | by ( Paris Marx | ) www.businessinsider.com time to read: +10 min

But after a decade of doing that, iPhone sales are slowing, revenue is down, and the company, again, needs to find its next big thing. Apple's own outlook suggests poor iPhone sales will persist, especially as sales in China rapidly decline. The drawbacks of Cook's divestment from product design and development are now becoming clearer. Both the EU and the US cases would also make some people more likely to switch to a cheaper phone, which would threaten iPhone sales even further. The drawbacks of Cook's divestment from product design and development are now becoming clearer.

Persons: Steve Jobs, Jobs, Apple, Tim Cook, Cook, haven't, Steve, Tripp Mickle, Jony Ive, we've, wouldn't, Let's, aren't, Peter Kafka Organizations: Apple, Apple Watch, IBM, Google, EU, Bloomberg, Nasdaq, Business Locations: China, Asia, India, Indonesia

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