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MOSCOW: Russia on Friday responded to a barrage of new US sanctions by saying it would expel 10 US diplomats and take other retaliatory moves in a tense showdown with Washington. Foreign Minister Sergey Lavrov also said Moscow will add eight US officials to its sanctions list and move to shut down those US nongovernment organizations that remain in Russia to end what he described as their meddling in Russia’s politics. The top Russian diplomat said the Kremlin suggested that US Ambassador John Sullivan follow the example of his Russian counterpart and head home for consultations. Russia will also move to deny the US Embassy the possibility to hire personnel from Russia and third countries as support staff, limit visits by US diplomats serving short-term stints at the embassy, and tighten requirements for US diplomats’ travel in the country. On Thursday, the Biden administration announced sanctions on Russia for interfering in the 2020 US presidential election and involvement in ... » Learn More about Russia to expel 10 US diplomats in response to Washington

Limited demand-pull inflationary pressures will keep consumer prices high in the Philippines, an economist warned on Tuesday. In a report, Nalin Chutchotitham, Citi economist for the Philippines, announced that the New York-based banking giant raised its average inflation estimate for the country this year to 3.6 percent from the earlier 3.3 percent. Citi’s latest inflation outlook is slower than the 4-percent estimate of the Bangko Sentral ng Pilipinas (BSP). Latest Philippine Statistics Authority (PSA) data showed that consumer price growth in the country accelerated to a two-year high of 4.2 percent in January from 3.5 percent the month before on higher prices of meat, particularly pork. African swine fever and avian flu outbreaks severely restricted pork and chicken supply in the country, prompting sellers to increase prices. In response, President Rodrigo Duterte imposed earlier this month a 60-day price cap on the two food items and allowed more pork imports, which local ... » Learn More about Citi raises inflation projection for 2021

THE Department of Public Works and Highways (DPWH) has given its assurance that the China-funded Binondo-Intramuros Bridge would be finished on time despite the pandemic. DPWH Secretary Mark Villar on Friday said the P3.39-billion project, which symbolizes the friendly cooperation between China and the Philippines, would be opened to commuters in the fourth quarter of the year. According to Villar, the DPWH Unified Project Management Office-Roads Management (UPMO-RMC) Cluster 1 and contractor China Road and Bridge Corp. have made efforts to speed up work progress to ensure its completion this year. The Binondo-Intramuros Bridge, as well as the on-going Estrella-Pantaleon Bridge in Makati/Mandaluyong, are funded by a grant of China and considered the first-ever infrastructure partnership project under the present administration with the Chinese. The bridge will improve the capacity and efficiency of the road transport network in Metro Manila by providing additional routes ... » Learn More about Manila bridge to be completed this year

A gold shop in the Yaowarat area of Bangkok. Gold prices are surging as investors seek safe-haven assets. The third coronavirus wave in Thailand is pushing investors towards safe assets like gold, with online gold transactions doubling between April 15-16 as the global price reached a seven-week high, according to Hua Seng Heng Group, one of the country's large gold traders. The spot gold price rose to US$1,769.41 (55,200 baht) on late Thursday (10.30pm) after the US bond yield sank to a four-week low as tensions between the US and Russia flared after Washington announced it was expelling 10 Russian ambassadors in retaliation over Russia's interference in last year's presidential election. "Online trading picked up following positive price moves, reflecting that investors are active in monitoring gold price movements even during the long holiday and new outbreak," said Tanarat Pasawongse, chief executive at Hua Seng Heng Group. He said online trading has grown for many ... » Learn More about Gold, crypto prices surge despite virus

Migrants protesting against the military junta in Myanmar hold a picture of leader Aung San Suu Kyi, during a candlelight vigil at a Buddhist temple in Bangkok. (Photo: Reuters) The Myanmar junta's brutal military repression against anti-coup demonstrators and airstrikes against innocent villages near the Thai border between March 27 and 30 has prompted acute rebukes and trade sanction threats from the international community. Concerns of civil war risks loom as pro-democracy protesters and ethnic armed groups vow to fight back, putting Myanmar on the verge of an economic collapse after enjoying economic growth of between 5.9% to 7.3% from 2015 and 2019. The World Bank late last month slashed Myanmar's economic outlook this year to a contraction of 10%, a sharp reversal from the bank's previous economic update in October of 5.9% growth in 2021, one of the strongest rates of expansion in the region. Earlier in February, a report by Fitch Solutions warned the political ... » Learn More about Neighbourly neglect

CARACAS: Venezuela has received a batch of 50,000 doses of Russia's Sputnik V coronavirus vaccine, Health Minister Carlos Alvarado said on Thursday, as COVID-19 cases spike in the South American nation. Venezuela had previously acquired 250,000 Sputnik V vaccines and 500,000 doses of the shot developed by China's Sinopharm, which so far have been administered to public officials, health workers, teachers and some senior citizens. The new round of vaccines will also be administered to firefighters, civil protection personnel and workers who take oxygen to hospitals, said Alvarado. "They are not part of the sector health, but they are exposed," he said. The government of President Nicolas Maduro over the weekend said it paid US$64 million to cover vaccines via the COVAX system. Separately, the government is in talks with opposition leader Juan Guaido to make additional vaccine payments with funds frozen in the United States. Venezuela has reported 178,094 cases of ... » Learn More about Venezuela gets another 50,000 doses of Sputnik V COVID-19 vaccine

American banking giant Citi, one of the oldest foreign banks in the Philippines, is bowing out of the local consumer and retail banking business as part of a global downsizing program. This means that Citi will give up its local credit card business, retail deposit-taking, asset management and lending to individuals and households. These account for a good chunk of Citi’s existing business in the country but they are also the segments where Citi has to contend with cutthroat competition, especially with big domestic banks that have a wider distribution footprint. Citi announced its plan to exit its consumer franchises in 13 jurisdictions: Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. It will keep only the institutional businesses in these markets. This is part of a plan to direct investments and resources to the businesses where it has the “greatest scale and growth potential.” Citi will henceforth ... » Learn More about Citi pulling out of retail banking in PH

Robert De Niro is being "forced" to work by his ex-wife's lifestyle, his lawyer has claimed. The 'Irishman' star is divorcing Grace Hightower and his legal representatives are claiming he has been made to work at a "prodigious pace" because of his ex's "thirst for Stella McCartney". His lawyer, Caroline Krauss, said during a virtual divorce hearing on Friday (April 16): "Mr. De Niro is 77 years old, and while he loves his craft, he should not be forced to work at this prodigious pace because he has to. When does that stop? "When does he get the opportunity to not take every project that comes along and not work six-day weeks, 12-hour days so he can keep pace with Ms. Hightower's thirst for Stella McCartney? He could get sick tomorrow, and the party's over." It comes after De Niro claimed he's suffered a financial hit because of the coronavirus pandemic. The Hollywood star has opened up about his finances in court after his estranged wife Grace Hightower requested an emergency ... » Learn More about Robert De Niro ‘forced’ to work by ex-wife’s lifestyle, claims lawyer

Banking giant Citigroup will close its consumer operations in the Philippines as it focuses more on wealth centers in Asia and Europe, the Middle East and Africa (EMEA). In a statement on Friday, the global lender said its strategic actions in global consumer banking will allow it to direct investments and resources to the businesses where it has the greatest scale and growth potential. “As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth,” Jane Fraser, the chief executive officer of Citi, was quoted as saying. Fraser added that Citi will operate its consumer banking franchise in Asia and EMEA solely from four wealth centers — Singapore, Hong Kong, United Arab Emirates and London. As a result, Citi announced it intends to pursue exits from its consumer franchises in 13 markets across the two regions. The affected businesses include the consumer franchises in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, ... » Learn More about Citigroup to shut down PH consumer operations

SINGAPORE: Like most office workers, economist Song Seng Wun used to spend his workdays behind a desk at his bank and never questioned it. Now, after being forced to work from home during the “circuit breaker” period last year, he has adjusted to a new rhythm. His mornings are spent at the office, then he may have meetings outside or travel around the island to check on any economic developments that piqued his interest - taking him to a manufacturing plant in Tuas or an airfield in Seletar. Later in the afternoon, he settles down at a pub near his home in Tanjong Pagar to go through reports and other reading material – washed down with a gin and tonic or a beer. He thinks he gets more done now, with the flexibility to structure his own time. “Technology essentially allows us to be more mobile … then the mindsets of companies and bosses were forced to change. If not for the pandemic and workers being stuck at home, most employers would have been reluctant to let workers out of ... » Learn More about IN FOCUS: Thinking out of the cubicle – What lies ahead for hybrid working?