John Davison Rockefeller Sr. (1839–1937) was born into a large, poor family in upstate New York that moved to Cleveland, Ohio. He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. He became rich when he founded the Standard Oil Company […]

ASIA: China remained on course to be more than 30% short of its 2021 commitments under the phase one trade deal with the United States with four months left, according to the latest analysis of trade data between the world’s two largest economies. The phase one trade deal outlined in the agreement mention that China […]

ASIA: China will likely fail in its bid to join the Comprehensive and Progressive Trans-Pacific Partnership, but its move to submit an application highlighted the lack of US economic policy in Asia-Pacific. CPTPP is an 11-nation mega-trade pact formed in 2018 after Donald Trump pulled the US out of the Trans-Pacific Partnership a year earlier. […]

ASIA: Evergrande’s debt crisis will slow down China’s economic growth, but will likely have minimal spillover on the country’s financial system, Li Daokui, a former advisor to the People’s Bank of China said in an interview to CNBC. He added that a default by Evergrande will have minimal effect on the Chinese financial system because […]

ASIA: China’s Evergrande Group dollar bondholders were still waiting for information about a key interest payment due Thursday, with some holders having given up hope of getting a coupon payment by the deadline, Reuters reported. The property developer was instead expected to provide more information in the coming month, the news agency said. Evergrande was […]

ASIA: Chinese leader Xi Jinping said on Tuesday that China would not build new coal-fired power projects abroad, using his address at the United Nations General Assembly to add to pledges to deal with climate change. China has been under heavy diplomatic pressure to put an end to its coal financing overseas because it could […]

ASIA: Crisis-hit Chinese property developer Evergrande used billions of dollars raised by selling wealth management products to retail investors to plug funding gaps and even to pay back other wealth management investors, executives of the company said in a statement. Evergrande financial advisers marketed the products widely, including to homeowners in its apartment blocks, while […]

ASIA: Leaders of the United States, Japan, India and Australia will agree to take steps to build secure semiconductor supply chains when they meet in Washington next week, Reuters reported. US President Joe Biden will host a first in-person summit of leaders of the “Quad” countries, which have sought to boost cooperation to push back […]

ASIA: The People’s Bank of China added 90 billion yuan ($14 billion) of funds on a net basis through seven-day and 14-day reverse repurchase agreements on Friday, the most since February. Today was the first time this month it added more than 10-billion-yuan short-term liquidity into the banking system on a single day. The move […]

ASIA: China has told the US, the UK and Australia to abandon their “cold war” mentality or risk harming their own interests after the three countries unveiled a new defence cooperation pact. The trilateral security partnership, named Aukus, was announced on Thursday by the three nations’ leaders via video link, and will include an 18-month plan […]