The Philippines just notched its fastest economic growth since disco music was rattling the airwaves and Gerald Ford was US president. Sustaining that pace against a gloomy global backdrop will be a challenge.
Microsoft Corp.’s second-quarter profit topped analysts’ estimates, helped by strength in its Azure cloud-services business even as demand slumped for personal-computer and corporate software. Shares rose more than 4 percent in late trading.
Onion rings and fries will be tight this year, according to Portillo’s Inc. Chief Executive Officer Michael Osanloo—another challenge for restaurant operators that are grappling with high food and labor costs.
Investment into China slumped in the final two months of last year by the most on record as the government made its chaotic exit from Covid Zero and infections spread across the country.
China’s economy grew last year at the second slowest pace since the 1970s as Covid restrictions hammered activity, though better-than-forecast fourth quarter and December data add to optimism it may be primed for a recovery.
The surge in Chinese builders’ stocks and dollar bonds isn’t over as buying momentum driven by supportive government policy is likely to persist, some investors say.
Macau’s casinos posted their worst year since 2004 as China’s strict Covid Zero policies wrought havoc on the gambling hub, though a recent loosening of pandemic curbs is fueling optimism about a long-awaited revival in the year ahead.