Philippines to shut 175 offshore gambling firms, deport 40,000 Chinese workers

The Philippines will stop operations of 175 offshore gambling firms and deport about 40,000 Chinese workers, a justice ministry official said on Monday, part of a crackdown on the notoriously opaque online gaming industry. The sector emerged in the Philippines in 2016 and grew exponentially, as operators capitalized on the country’s liberal gaming laws to … Read more

UK’s mini budget slashes taxes and borrows heavily as recession hits

London CNN Business  —  A huge gamble by the UK government aimed at rescuing the economy from recession and boosting long-term growth sent the pound plunging on Friday. Announcing the biggest tax cuts in 50 years at the same time as boosting spending, Finance Minister Kwasi Kwarteng said the government needed a “new approach for … Read more