Bloomberg Businessweek-Asia Edition May 30, 2022

● There have now been 528m Covid-19 cases worldwide and almost 6.3 million deaths. The sudden appearance in late May of another exotic disease—monkeypox, a mild relative of smallpox—has caused some alarm. But officials monitoring the as-yet-isolated case clusters say there’s no reason for panic. ● War in Ukraine ▶ President Volodymyr Zelenskiy said Ukraine wouldn’t enter peace talks until its pre-invasion borders have been restored. ▶ As of May 25, US individuals and banks are barred from accepting bond payments from Russia’s government. The move is designed to nudge the country closer to default. ▶ Responding to accusations that its blockade of Ukraine has sparked a global food crisis, Russia said it would open sea corridors to seven Ukrainian ports. ● New York removed its last working phone booth, located in Times Square, on…

Cryptocurrencies are the exact opposite of a prudent investment: They are volatile, have little practical use beyond speculation and crime, often get lost or stolen, and lack the real-world cash flows that underpin the values of stocks and bonds. It should thus go without saying that they have no place in a retirement savings plan. Unfortunately, it appears to require saying. Increasingly, financial institutions are seeking to get crypto into the employer-sponsored 401(k) plans where workers set aside pretax earnings for retirement—and which, as of December, contained about $11 trillion in assets. Last year the plan provider ForUsAll announced a partnership with Coinbase Global Inc., the largest US crypto exchange, that would allow employees to put as much as 5% of their accounts into cryptocurrencies via a so-called brokerage window. This year,…

▶ After June 6, the UK is set to debate a bill overriding parts of its Brexit deal with the EU to ease trade in Northern Ireland. The EU says it may suspend the entire pact if the bill passes. ▶ Beginning June 8, China reports balance of trade, inflation, and industrial production figures. Economists will be watching to see the effect of the country’s drastic Covid lockdowns. ▶ Memorial Day, May 30, kicks off the US vacation season. AAA forecasts an 8.3% annual increase in travelers, despite high gas prices and the pandemic’s persistence. ▷ 10 ▶ “The Ocean: Life and Livelihoods,” the theme for World Oceans Day on June 8, is especially apt. The UN says 90% of big fish populations have been depleted and 50% of coral reefs destroyed. ▶ Jurassic…

Even after three decades of growing wheat and rapeseed on his small plot in Punjab, India’s traditional breadbasket, Inderjit Singh was caught off guard by the heat wave that began rolling across South Asia early this spring. Temperatures in India typically peak in May before the start of monsoon rains. But this year they began hitting searing highs in March, with some days well above 40C (104F). Singh’s crops were ravaged. “There’s no way out for us,” says Singh, 58. “We can’t do anything about it.” By now, people in developed countries are used to dire predictions of the catastrophes that scientists say will become routine in a warmer world. In India and neighboring Pakistan, some of the worst scenarios are playing out already—and providing an unsettling window into what may…

If you’re one of the 73% of Americans planning to travel this summer, brace yourself for a turbulent trip. Almost all facets of the industry—from airlines to rental cars, cruises to hotels—are facing global service disruptions, a result of the same supply chain and labor shortage issues upending all businesses. There are also price spikes aplenty and some record demand crunches, because so many people are desperately eager to be on the move after two years of pandemic confinement. There’s good news, to be sure. Borders have largely reopened around the world, with Covid-19 restrictions dropping by the day. And travelers are still reaping the benefits of remote work. According to a report from Deloitte, 1 in 5 of them plan to take their longest-ever trip this summer, albeit with a…

The mid-pandemic days of empty airplanes are long gone, and in their place are sky-high fares and overcrowded (maskless) flights. The top 11 US airlines will fly 12% fewer summer flights, according to data tracker Cirium, primarily because of a lack of pilots; jet fuel costs have soared; and US leisure destinations are proving to be the most sought-after spots on Earth. All of this translates to far more air travelers than there are airplane seats—a mismatch that’s sent summer fares for domestic travel up 25% from pre-Covid levels and 50% higher than last year, according to travel search engine Hopper Inc. In April domestic fares climbed 18.6%, the biggest monthly increase since the US Bureau of Labor Statistics started tracking the numbers in 1963. According to AAA, that rise has…