For China’s nightlife scene, ‘zero COVID’ an unceasing ordeal | Business and Economy

Beijing, China – Ai Jing, a concert booker in Beijing, often feels like business never has a chance to pick up from the latest COVID-19 curbs before another round of restrictions brings operations grinding to a halt. Ai, who runs the concert booking agency Haze Sounds, struggles to find musicians these days since a ban … Read more

Embattled crypto lender Celsius files for bankruptcy protection

Celsius on Thursday was sued by former investment manager Jason Stone, as pressure continues to mount on the firm amid a crash in cryptocurrency prices. Stone has alleged, among other things, that Celsius CEO Alex Mashinsky (above) was “able to enrich himself considerably.” Piaras Ó Midheach | Sportsfile for Web Summit | Getty Images Crypto … Read more

Hong Kong suspends COVID flight bans that fueled expat exodus | Aviation

Restrictions eased as authorities cite ‘social chaos’ and flight ban’s negative effect on returning students Hong Kong has announced that it is ending a controversial ban on airlines found to have transported passengers with COVID-19, easing one of the international financial centre’s most draconian pandemic restrictions. The government said on Thursday that testing upon arrival … Read more

Gold price erases $35 on US dollar strength, all eyes on FOMC minutes, jobs data

(KitcoNews) The precious metals market was in the red Tuesday, with gold tumbling $35 as the US dollar index surged to 20-year highs and markets focused on the Federal Reserve’s meeting minutes and the US jobs report. Gold saw a sharp selloff after falling below $1,800 an ounce. August gold futures were last at $1,766.50, … Read more

Bitcoin as a global standard would be an ‘absolute economic catastrophe’ – Ernst & Young’s global blockchain leader

(KitcoNews) If Bitcoin were to become a global monetary standard, it would be an “absolute economic catastrophe,” said Ernst & Young’s global blockchain leader Paul Brody. The world’s largest cryptocurrency is by default considered a deflationary asset in the digital space. What this means in the crypto world is that its supply is finite — … Read more

UK unlikely to return to mandatory Covid-19 restrictions as cases rise

More than 1.7 million Brits — or around 1 in 35 people — tested positive for Covid in the week to June 18, the latest data from the UK’s Office for National Statistics showed Friday. Adrian Dennis | dpa | Getty Images LONDON — Mandatory Covid-19 restrictions are unlikely to be reintroduced in Britain this … Read more

Elizabeth Warren to Fed chair Jerome Powell: Don’t ‘drive this economy off a cliff’

During a Senate Banking Committee hearing on Wednesday, Democratic Senator Elizabeth Warren urged Powell to proceed with rate hikes cautiously and avoid setting off a recession that costs millions of jobs. Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month. “I wouldn’t think so,” Powell said. … Read more

Bank of England hikes interest rates but resists bolder move

LONDON– The Bank of England raised interest rates by a quarter-percentage point Thursday, shrugging off pressure for a bolder move to combat price increases that have pushed inflation to a 40-year high. The bank’s monetary policy committee voted 6-3 to boost its key rate to 1.25%, with the dissenters supporting a larger half-point increase. The … Read more