China’s $19 Trillion Surge

According to a Facebook post on Thursday by fridayeveryday, "in just 25 years, the Chinese raised their GDP roughly 14-fold, from $1.36 trillion to $19.50 trillion – the largest accumulation of absolute economic output in human history". 

He's right, of course. For nearly three decades, China sustained near-double-digit growth, transforming from an agrarian backwater into the world's factory and, subsequently, an unrivalled technological powerhouse.

Understanding China's Growth Profile

Scale of Transformation: China moved from a low-income country to an upper-middle-income economy, lifting over 800 million people out of absolute poverty.

Percentage Velocity: A 14-fold multiplication of an entire economy within a 25-year window is unprecedented among major global economies.

Manufacturing Expansion: The nation grew to produce over 30% of global manufacturing output, becoming the world's primary goods exporter.

And yet, the West never stops to systematically devalue China's achievements, dripping with malicious envy, savage derision, and unforgiving hostility.

Women's pair Pearly Tan-Thinaah Muralitharan's quest for a second World Tour title this year was ruined by Japan's Sumire Nakade-Miyu Takahashi at the Taipei Open final on Sunday. 

The top seeds were unable to stop world No. 71 Nakade-Takahashi from winning 21-16, 21-18 in the Super 300 tournament. 

😞😞😞😞😞😞

Pearly-Thinaah will have to do better! No two ways about it!

By the way, the Japanese duo are no pushovers. The Taipei Open was their fourth title in five tournaments, having won the Orleans Masters, China Super 100 and Canada Open this year.

China’s H1 Resilience: GDP Up 4.7%

For years, the dominant narrative in many Western capitals has been that China's rise would eventually slow or even stall. Concerns over debt, demographic decline, a struggling property sector and geopolitical tensions have fueled repeated predictions that China's best days are behind it. 

Despite gloomy predictions on China's future, the country continues to chart steady growth, posting a 4.7% GDP expansion in H1 2026 to stay within Beijing's target range.

The dust settles on the World Cup semi-finals yesterday, solidifying the monumental matchups that dictate who is left standing in the hunt for glory. 

On Tuesday, La Roja produced an absolute masterclass in control to secure their place in just their second World Cup final – they won 2-0 – and yes, Les Bleus got blown away. 👏👏👏

And on Wednesday, Argentina impressively knocked the Three Lions out of the semi-final. La Albiceleste won 2-1 after scoring two dramatic late goals. England actually scored first in the 55th minute, but the Argentines equalized 30 minutes later before they headed home the winner in stoppage time. 👏👏👏

Just as I predicted, it'll be either Argentina or Spain that gets crowned champions on Sunday! 😁😁😁

China’s Economy in 2026 Off to a Good Start

China's economy has started the year on a strongly recovering trajectory in the first quarter of 2026, with a series of high-frequency indicators highlighting its resilience and potential to achieve the annual growth target of 4.5-5.0 percent. 

From robust offline consumption and thriving port logistics to vibrant entrepreneurial activity, the latest data shows the giant economy adapting to global uncertainties. 

Between January and March, China's offline consumption payment volume rose 3.4 percent year-on-year, with the rate 2.2 percentage points higher than in the fourth quarter of last year. Over the period, the deadweight of cargo ships on departure and arrival at major Chinese ports rose by 9.6 percent and 5.4 percent year-on-year, respectively. Meanwhile, the country's start-up activity rose by 8.8 percent year-on-year in the first quarter, according to a report by the Economic Information Daily on Wednesday. 

Overall, the economy has started the year positively, with stronger resilience and steady progress. This momentum is rooted in China's structural strengths – including a complete industrial supply chain, a massive consumer market, and a steadfast commitment to opening-up – which underpin its economic stability. 

Following years of high-speed growth, China has firmly established itself as the world's second-largest economy. According to the Government Work Report, China targets economic growth of 4.5 percent to 5.0 percent this year, with room to outperform. This target reflects China's economic fundamentals.

Yesterday, on the Scottish football front, Falkirk weren't able to throw a spanner in Rangers' title charge. The latter won 6-3 to move back to second place. And Celtic stepped back to third.

It has been a Scottish Premiership title race like no other and there is no margin for error with just five games left in the most dramatic of seasons. 

US Treasury Declares the Country Insolvent

The US government are already insolvent. That’s not hyperbole – it’s the conclusion drawn directly from the Treasury Department’s own consolidated financial statements for fiscal year 2025, released last week to near-total media silence. 

The numbers: $6.06 trillion in total assets against $47.78 trillion in total liabilities as of September 30, 2025. Importantly, the $47.78 trillion in reported liabilities does not include the unfunded obligations of social insurance programs like Social Security and Medicare – those are disclosed separately in the off-balance-sheet Statement of Social Insurance (SOSI). 

The government’s consolidated balance sheet position, excluding the SOSI, deteriorated by nearly $2.07 trillion between FY 2024 and FY 2025, reaching a staggering negative $41.72 trillion. Total liabilities are now nearly eight times the value of reported assets. The largest drivers were a $2 trillion increase in federal debt and interest payable (now $30.33 trillion) and a $438.8 billion increase in federal employee and veteran benefits payable (now $15.47 trillion). 

The off-balance-sheet picture is even more alarming. The 75-year unfunded social insurance obligation surged by $10.1 trillion in a single year, rising from $78.3 trillion in FY 2024 to $88.4 trillion in FY 2025 – driven primarily by a $6.9 trillion jump in projected Medicare Part B shortfalls and a $2.5 trillion increase for Social Security. The Treasury’s Statement of Long-Term Fiscal Projections shows the 75-year fiscal gap widening from 4.3% of GDP in FY 2024 to 4.7% in FY 2025. 

If the $88.4 trillion in 75-year off-balance-sheet obligations were added to the $47.8 trillion in official balance sheet liabilities, total federal obligations would now exceed $136.2 trillion – roughly five times US annual GDP. 

The Government Accountability Office (GAO) issued a disclaimer of opinion on the US government’s FY 2025 financial statements – the 29th consecutive year it has been unable to determine whether the statements are fairly presented. This is primarily due to serious, ongoing financial management problems at the Department of Defense and weaknesses in accounting for interagency transactions. 

Not only has the financial press ignored the consolidated financial statements, but most members of Congress and members of the general public will not read the consolidated financial statements. Documents like the consolidated financial statements are not the kind of thing you want to read before driving. If that’s not bad enough, most people cannot relate to the trillion-dollar numbers in the financial statements. Therefore, it is appropriate to translate them into terms that people will understand. 

Most people cannot relate to trillion-dollar figures on a government ledger. So consider this: divide every number by 100 million – drop eight zeros – and federal finances look like a household budget in freefall. 

That household earns $52,446 and spends $73,378 – running a $20,932 annual deficit. Its total liabilities and unfunded promises amount to $1,361,788 against just $60,554 in assets, leaving it $1.3 million in the hole. Uncle Sam, by any accounting standard, is insolvent. 

Congress have clearly lost control of the nation’s finances. America is facing a fiscal catastrophe. The reckoning, long deferred, is becoming impossible to ignore. 

Addressing this crisis – and preventing recurrence – requires two specific legislative actions. 

First, Congress should pass the bipartisan HR 3289 – Fiscal Commission Act, sponsored by Rep. Bill Huizenga (R-MI), Rep. Scott Peters (D-CA), and 41 co-sponsors. Such a commission would force a public reckoning with the facts, the trade-offs, and the hard choices that restoring fiscal health requires. 

Second, Congress should call an Article V Convention limited to proposing a fiscal responsibility amendment to the US Constitution. H.Con.Res. 15, sponsored by Rep. Jodey Arrington (R-TX), would do exactly that. 

Modeled on Switzerland’s Debt Brake, such an amendment would mandate a balanced budget over the business cycle and prohibit federal spending from growing faster than the US economy. 

These two bills represent the most credible path forward – if Congress has the will to act.

And still the country itself remains in denial!

A Debt Spiral Before A Fiscal Crisis

The US national debt is hurtling toward $39 trillion, but a Washington fiscal watchdog say the more alarming milestone isn’t a dollar figure – it’s a ratio. And it arrives in just five years. 

According to a recent analysis from the Committee for a Responsible Federal Budget (CRFB), the Congressional Budget Office’s latest projections show that by fiscal year 2031, the average interest rate paid on the federal debt will exceed the country’s rate of economic growth. 

In the dry shorthand of economists, “R will exceed G”. [In fiscal budgetary matters and debt sustainability analysis, R (real interest rate on government debt) and G (real GDP growth rate) represent the relationship between the cost of government borrowing and the growth of the economy, a key metric often referred to as the snowball effect].

In plain terms, that means that the cost of borrowing will be growing faster than the economy’s ability to pay for it. 

“Once interest rates exceed the growth rate… primary deficits will lead debt to grow indefinitely”, the CRFB warned in a blog post published March 09. That relationship, which economists measure as R<G meant that even as the government ran persistent deficits, debt as a share of GDP could remain stable or even shrink.

The economy, growing faster than the debt's carrying cost was effectively eroding the burden over time.

Real interest rates on federal debt averaged just 0.9% over the past 15 years, while real GDP growth averaged 2.2%. That buffer is now evaporating, according to CRFB.

Since 2023, most newly-issued Treasury debt has carried yields between 4% and 5% – rates that exceed the economy's  long-term expected growth rate. As older, cheaper debt matures and gets rolled over at these higher rates, the average interest cost on the entire federal debt stock is creeping upward.

CBO now project that by 2031, both R and G will hit roughly 3.8% nominally – and then diverge, with R pulling ahead.

The CRFB describe what comes next as a self-reinforcing feedback loop. Higher debt pushes interest rates up and slows economic growth. Slower growth reduces tax revenues. Reduced revenues widen deficits. Wider deficits add more debt. More debt pushes rates higher still.

"Over time", the group warn, "this could lead to accelerating growth in the debt, which could eventually be too rapid to correct, absent a major disruption or crisis".

The CRFB's warning carries an implicit rebuke of Washington's current fiscal trajectory. If lawmakers continue enacting tax cuts and spending increases – as they did in the One Big Beautiful Bill Act, which CBO estimate will add $4.7 trillion to deficits through 2035 – the spiral "could arrive sooner and with greater intensity than projected".

The national debt is expected to cross $39 trillion within days, up more than $2.6 trillion in the past year alone. 

But as the CRFB make clear, the real danger isn't the next trillion. It's the arithmetic of what happens when a country can no longer grow its way out of its debt – and the window to act before that moment closes in just five years.

Fireworks Light Up the Night Sky

My ears perked up as I hear the deep, resonant booms, sharp crackles, and high-pitched whistles. 

My eyes saw the explosive bursts of vibrant, multicolored light (reds, greens, golds) that paint the night sky, ranging from cascading "willow" shapes to sharp "crackle" effects. 

Fireworks in my neighbourhood last night as viewed from my window at 09:36 PM

Not once, not twice, not thrice – but four times! It is CNY, after all! 

MUFG Bank Ltd. (formerly Bank of Tokyo-Mitsubishi UFJ) expect the ringgit to strengthen toward 3.70 against the US Dollar by end-2026, underpinned by a more durable appreciation cycle driven by structural fundamentals. 

Their senior currency analyst, Lloyd Chan, was quoted by local media as saying that the forecast is anchored in sustained information and communications technology (ICT)-led investment inflows, macroeconomic stability, supportive policy settings, and improving capital flows. 

Malaysia's economy is undergoing a strong investment cycle that will support its medium-term growth outlook, he said in a research released on February 12. 

Investment approvals in manufacturing and services rose 14.7% year-on-year in the first nine months of 2025, with foreign direct investment contributing to the capital expenditure upcycle. 

Chan said this reflects renewed confidence in Malaysia's policy framework, infrastructure and role in regional supply chains. 

He highlighted that ICT has emerged as the largest contributor to total approved investments, with strong foreign participation since 2022. Malaysia's ICT investment approvals surged about 32% year-on-year in the first nine months of 2025. 

And Chan added that Malaysia's macroeconomic stability has compressed risk premiums. 

The ringgit climbed to a fresh high of 3.8995 against the US Dollar on Thursday, hovering near its strongest level in almost eight years. It last traded around that level on April 23, 2018, at 3.8965/8995 against the greenback.

The US Crisis That Cannot Be Ignored

The United States national debt that now stands at $38.4 trillion will very soon be growing faster than the economy itself.

Indeed, it has reached a precarious milestone, hitting 100% of Gross Domestic Product (GDP) and placing the nation on a trajectory that could trigger six distinct types of fiscal crises, according to an ominous new warning issued Thursday by the Committee for a Responsible Federal Budget (CRFB).

With the national debt now effectively equal to the size of the entire US economy, the non-partisan watchdog’s latest report, “What Would a Fiscal Crisis Look Like?” outlined a dangerous future ahead. 

“If the national debt continues to grow faster than the economy”, the report said, “the country could ultimately experience a financial crisis, an inflation crisis, an austerity crisis, a currency crisis, a default crisis, a gradual crisis, or some combination of crises. Any of these would cause massive disruption and substantially reduce living standards for Americans and people across the world”. 

The report warned that unless policymakers enact a “thoughtful pro-growth deficit reduction package”, disaster likely lies ahead.

”The United States is deeply indebted, and its finances are on an unsustainable long-term trajectory”, the report concluded. While it’s “impossible” to know when disaster will strike, “some form of crisis is almost inevitable” without a course correction, the CRFB said.

Among the most alarming scenarios detailed is the “Austerity Crisis”. In this potential future, a loss of market confidence would force lawmakers to enact abrupt, massive spending cuts or tax hikes to quell panic. While deficit reduction is necessary, the CRFB warned that rapid implementation of such austerity measures during a weak economy could trigger the worst economic contraction in nearly a century. 

As an example of such an austerity crisis, the CRFB pointed to Greece in the 2010s during the Great Recession, when economic weakness led to an “untenable spike” in borrowing and bond yields, prompting a painful set of austerity measures that decimated the economy and pushed the unemployment rate to record levels. Portugal and Spain had similar, less severe crises during this period. 

Beyond forced austerity, the watchdog identified five other crisis scenarios:

1. Financial Crisis: If investors lose confidence in the US Treasury market, interest rates could spike uncontrollably. This would devalue existing bonds, potentially triggering cascading failures at banks and financial institutions.

The report cited the 2023 collapse of Silicon Valley Bank as a “small-scale” preview of how rapid rate increases can destabilize the banking sector. More broadly, though, it pointed to 2007 as a famous example of a financial crisis, driven by collapsing valuations of subprime mortgage-backed securities, leading to a Global Financial Crisis where hundreds of financial institutions closed, housing values declined by one-quarter, output shrank 4%, unemployment rose to 10%, and the economy took years to recover.

2. Inflation Crisis: To avoid default or bank failures, the Federal Reserve might be pressured to “monetize” the debt – printing money to buy Treasury bonds. This could spark spiraling inflation, eroding savings and purchasing power, similar to historical crises in Argentina or the Weimar Republic (Germany during the 1919–1933 period).

3. Currency Crisis: Reckless fiscal policy could lead to a sudden depreciation of the US Dollar, undermining its status as the world’s dominant reserve currency. A weakened dollar would erode American geopolitical power and make imports significantly more expensive. 

4. Default Crisis: Although considered “very unlikely”, a failure to pay interest or principal on the approximately $31 trillion in debt held by the public would be “catastrophic”. A default would freeze global credit markets, crash stock markets, and likely plunge the world into a deep recession.

5. Gradual Crisis: Perhaps the most insidious scenario is a slow decline where no acute event occurs. Instead, high debt crowds out investment, slowing growth over decades. Congressional Budget Office (CBO) models suggest this trajectory could leave real income per person 8% lower by 2050 than it would be otherwise. 

Japan is the classic example of a gradual crisis, with the CRFB noting that it has sustained extremely high levels of debt for several decades, avoiding an acute crisis but with real GDP only growing 10% (0.5% per year) over the past two decades.

The report noted that a crisis does not require a single “tipping point” but can be sparked by various catalysts, including a recession, a “poor” Treasury auction in which demand for US debt falters, or a breach of the debt limit. 

The warning comes as the fiscal situation deteriorates. Interest costs on the debt surged to roughly $1 trillion last year, consuming a near-record 18% of federal revenue – an amount comparable to the entire Medicare budget. “With debt at 100% of GDP”, the report argued, “the US has less fiscal space than any time in history in case of another war, pandemic, or recession”.

China's Economy Grew by 5% in 2025

Sorry to disappoint the naysayers but China's economy grew by a very respectable 5% in 2025.

Five percent growth on the basis of 140 trillion yuan (about $20 trillion) equals adding the annual output of a medium-sized economy. It also sustains China's around 30% contribution to global growth in recent years.

The numbers speak for themselves: China remains a powerhouse the world will benefit from. 💪

Malaysia's Sivasangari Subramaniam, who received a first round bye, marked her birthday with a stylish win over world No. 26 Georgia Adderley of Scotland to enter the second round of the Tournament of Champions in New York. 

She took just 28 minutes to beat Adderley 11-8, 11-4, 11-4 on Friday. 

The Malaysian, who turned 27 on Saturday will take on world No. 11 Amanda Sobhy of the United States for a place in the quarter-finals.

Malaysia's Record Trade Performance in 2025

Malaysia's trade performance surged to record levels in 2025, with exports and imports hitting all-time highs, highlighting the country's resilience amid global economic uncertainties. 

Total trade surpassed the RM3 trillion threshold for the first time, rising 6.3 percent year-on-year to RM3.061 trillion, Malaysia External Trade Development Corp (MATRADE) said in a statement on Tuesday. Exports exceeded RM1 trillion for the fifth consecutive year, climbing 6.5 percent to a record RM1.607 trillion, while imports grew 6.2 percent to RM1.455 trillion. 

MATRADE said the exceptional performance resulted in a trade surplus of RM151.80 billion, marking the 28th consecutive year of surplus since 1998. This performance was achieved despite rising global uncertainties, including geopolitical tensions, supply chain realignments and rising risks of protectionism. 

Malaysia's extensive network of free trade agreements, including major regional frameworks such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), continued to facilitate market access, diversify export destinations, and mitigate trade risks. 

And according to the International Institute for Management Development, the country is ranked 23rd in the World Competitiveness Ranking 2025, up from 34th in 2024, highlighting significant progress in economic recovery, reforms, and overall competitiveness.

Liverpool took a big step towards automatic qualification for the Champions League last 16 yesterday when they swept ‍aside Olympique de Marseille with a 3-0 away victory to extend their unbeaten run to 13 matches in all competitions. 

The former struck on the stroke of half-time as Dominik Szoboszlai curled a precise right-footed shot under the defensive wall during a free-kick situation, sending the ball into the net. The Reds doubled their ‍tally in the 73rd minute when Jeremie Frimpong’s low cutback took a deflection off the OM goalkeeper and rolled into the net for an own goal. And they sealed the game when Szoboszlai’s deft flick released Ryan Gravenberch, who fed Cody Gakpo for a composed finish three minutes into added time.

The three points took Liverpool up to fourth in the Champions League standings and they host Qarabag at Anfield next Wednesday as they look to remain in the top eight, thereby avoiding the play-offs.

The Cost of Everyday Things in China versus US

This visual, by Julie Peasley, compares the cost of 20+ common items in China and the United States using data from Numbeo, the world’s largest crowdsourced cost-of-living database. 

The chart offers a direct side-by-side view of consumer prices in US dollars, giving insight into which country is more affordable across key spending categories. While the US boasts higher average salaries, China’s everyday living expenses are very low. 

The two biggest things to rock the villagers of Auchinleck in East Ayrshire, Scotland were in 1969 when The Who (their notable hits include “I Can See For Miles”, “Happy Jack”, “My Generation”, “Substitute”) performed there as a warm-up for their historic appearance at the Woodstock music festival, and this year, when the non-league footballers of Auchinleck Talbot played against Celtic in the Scottish Cup fourth round. 

That's right! Yesterday, the sixth-tier minnows did themselves proud when they made the Scottish champions toil before the latter secured a hard-fought 2-0 win. 

Despite Martin O'Neill making 10 changes from the midweek win at Falkirk, it was still a strong Celtic team who took the field. But it took them 33 minutes to open the scoring through Johnny Kenny and then saw the tie over the line after substitute Sebastian Tounekti’s 85th-minute strike. 

Celtic travel to Bologna, Italy on Thursday to play in the Europa League, before facing Hearts at Tynecastle next Sunday.

China's $1tn Windfall

China announced record export numbers for 2025, a year when US President Donald Trump's tariffs and trade policy caused turmoil in the global economy. 

Beijing on Wednesday reported the world's largest-ever trade surplus – the value of goods and services sold overseas compared to its imports – at $1.19 trillion. It's the first time China's full-year trade surplus has passed $1 trillion, beating 2024's record figure of $993 billion. China's monthly export surpluses passed $100 billion seven times last year - a sign that Trump's tariff campaign has barely affected its overall trade with the rest of the world. 

And equally importantly, it demonstrates that China can thrive without the United States. Obviously, trade with the US weakened, but this was made up for by a rise in Chinese exports elsewhere, especially to South East Asia, Africa and Latin America. 

Wang Jun, the deputy director of China's customs, said during a press conference on Wednesday that the figures are "extraordinary and hard-won" given the "profound changes" and challenges in global trade. He noted a rise in exports of green technology, artificial intelligence-related products and robotics. 

Still, whilst China benefited from sales and more jobs created from its business abroad, its goods could face "greater scrutiny" from foreign markets that are under pressure to compete with its products, trade policy analyst Deborah Elms from the Hinrich Foundation said. 

China's success will likely continue in 2026 as Chinese goods and services become more deeply entrenched into global businesses, asserted Elms. 

Even as these latest figures will be seen in Beijing as a sign that China has customers all around the world, besides the US, Wang cautions that China faces an uncertain external environment.

China's Trade Surplus Tops $1 Trillion

China’s annual trade surplus in goods has topped $1 trillion for the first time, with plunging exports to the United States amid a tariff war more than compensated for by shipments to other markets, new data shows. 

Figures released by China’s General Administration of Customs on Monday showed the trade surplus for the first 11 months of the year hit $1.08 trillion in November, as exports climbed 5.9 percent year-on-year that month, reversing a 1.1 percent decline the month prior. 

The leap came despite a continued slump in exports to the US, which fell 28.6 percent to $33.8 billion last month, the data showed. 

But exports to the European Union grew by an annual 14.8 percent last month, while shipments to Australia rose 35.8 percent. Meanwhile, the fast-growing Southeast Asian economies took in 8.2 percent more goods over the same period. That boosted China’s trade surplus to $111.68bn in November, the highest since June, from $90.07 billion recorded the previous month, and above a forecast of $100.2 billion. 

Beijing and Washington have been locked in a bitter trade war involving hefty tariffs during the second administration of US President Donald Trump, forcing Chinese exporters to pivot to other markets – although the leaders of the world’s two largest economies agreed to pause the hostilities during a meeting in South Korea on October 30. 

The average US tariff on Chinese goods stands at 47.5 percent, well above the 40 percent threshold that economists say erodes Chinese exporters' profit margins. 

Yesterday, Inter Milan played poorly and Liverpool got lucky. Dominik Szobozlai's 88th-minute penalty gave the latter a crucial 1-0 win against the Italian side in the Champions League. 

The victory strengthened the Reds' position in Europe as they seek qualification to the knockout rounds, with them climbing into the top eight in the league phase.

Baltic Nations Want EU Bailout

Baltic states are grappling with the economic fallout from EU sanctions on Russia, Politico reported on Thursday. 

This has seemingly compelled the European Commission to provide financial aid next year, citing officials familiar with the plan. 

Tourism and investment have slumped across Estonia, Latvia, and Lithuania, while cross-border trade has “largely collapsed” due to the loss of long-standing commercial ties with Russia, the media outlet said. 

Anonymous EU officials told Politico the initiative is intended to boost the economies of the Baltic states and neighboring Finland, with Regional Commissioner Raffaele Fitto expected to lead the effort as the countries come up with an extensive list of demands. The aid plan will reportedly be discussed at an Eastern European leaders’ summit in Helsinki, Finland next month. 

Skeptics, however, warn that any near-term support Fitto can offer will be limited, with the EU’s seven-year budget already running low and the scale of the challenge far greater than the funds available. 

All four nations share a border with Russia and have imposed multiple rounds of sanctions since 2022, while tightening entry rules for Russian citizens. Cross-border trade has been effectively shut down as a result. Furthermore, the downturn has been aggravated by post-pandemic inflation, which has surged across the region. And so, Estonia, Latvia, Lithuania and Finland have all taken a hit. 

Despite the economic pain, the Baltic states remain among the most hawkish EU members on Russia and even pressing for further military buildup. 

I don't see an end to this economic quagmire and it can only get worse. In fact, Europe is gearing up for war with Russia. And it will surely happen as soon as they can cajole courage to come out of hiding. 

Sivasangari Subramaniam is only one match away from retaining the HKFC Squash Open title. 

Yesterday, her semi-final match against France's Mélissa Alvès saw the former triumphant 3-0 over the latter. The world #7 made a confident start, always ahead on the scoreboard as she took a two game advantage (11-7, 11-5). Alvès went 4-0 up in the third but the Malaysian regained total control to close out the match in 26 minutes.

US Experiences Jobless Boom

As US corporate profits rise and the stock market hits new highs, investors are reaping the rewards. Yet beneath the surge, companies have cut nearly 1 million jobs this year – the most since 2020, when the pandemic slammed the economy. 

The disconnect between soaring company earnings and mounting layoffs amounts to what Chen Zhao, chief global strategist at investment research firm Alpine Macro, calls a "jobless boom". 

Typically, layoffs accelerate when companies are struggling with declining profitability and need to pare costs.

At the heart of the issue, Zhao said, is the rapid adoption of artificial intelligence, which is boosting business productivity across multiple industries and the economy at large, while also suppressing demand for workers. Although that trend has initially taken root in the technology sector, it is spreading to other industries as businesses adopt AI as a way to boost productivity and lower costs, he noted. 

For much of 2025, the job market was described by economists as "no hire, no fire", meaning an environment where workers could count on job security even as hiring around the US cooled. 

But conditions have changed, and the Federal Reserve cut their benchmark interest rate in both September and October, citing increasing risks to employment growth and with Fed Chair Jerome Powell noting that policymakers are closely watching layoff announcements by big employers. 

Still, the nation's unemployment rate has remained relatively low despite the shifting tides of slower hiring and more layoffs, experts have noted. The jobless rate stood at 4.3% in August, according to the most recent data available. 

Unemployment has remained in check because the nation's labor pool is shrinking due to the retiring baby boom generation and lower immigration stemming from the Trump administration's tighter policies, Zhao said.

"You basically have a labor demand that is going nowhere, and labor supply going nowhere, too", he said. "So that creates a very odd equilibrium". 

Not everyone thinks AI is driving the recent bout of layoffs. Instead, the job cuts are more likely due to businesses recalibrating their needs after the pandemic, when many employers expanded and may have over-hired, said Art Papas, the CEO of Bullhorn, a software company that works with recruitment and temporary agencies. 

Companies feel more emboldened to cut workers now because it's easier to find new talent than during the pandemic, when the labor market was tighter, he said. 

Papas also believes businesses that point to AI as a reason for layoffs are using it more as a buzzword. 

"These companies announce layoffs and their stock goes up – it's a perverse incentive to announce layoffs", he noted. But the change in the labor market is very real, with companies cutting back on hiring for entry-level jobs, Papas said. 

"People point to AI, and say, 'That's because AI is replacing entry-level jobs'", he said. "I say, 'No, that's a sign companies aren't hiring, because companies do most of the hiring at the entry level'". 

David Solomon, CEO of Goldman Sachs, one of the most influential and storied Wall Street firms, isn’t convinced either that an AI jobs apocalypse is on its way, saying humans will adapt like they always do: "Our economy is very nimble"!

I agree.