The directive specifically addressed spending on cigarettes, alcohol and receptions. (AI image) China has instructed government officials nationwide to reduce unnecessary expenditure on travel, meals and office facilities, signalling President Xi Jinping‘s commitment to fiscal prudence amidst challenging economic conditions affecting government finances.The regulations reinforce Xi’s initiative for officials to reduce expenditure, particularly as declining…

US stock marketstoday: US stock markets opened sharply lower on Monday after Moody’s downgraded the country’s sovereign credit rating, citing concerns over escalating federal debt and long-term fiscal slippage.The downgrade rattled investor confidence, triggering broad-based selling across equities and lifting market volatility.At the opening bell, the Dow Jones Industrial Average dropped 288.77 points or 0.68…