Today: September 23, 2024
Today: September 23, 2024

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Indexes end higher in volatile trade as investors assess Powell speech

– U.S. stocks ended a volatile session higher on Friday as investors digested comments from Federal Reserve Chair Jerome Powell that the U.S. central bank may need to raise interest rates further to ensure inflation is contained. Powell also acknowledged that price pressures have eased in his much-anticipated morning speech at the Economic Policy Symposium at Jackson Hole, Wyoming. The major U.S. indexes, which started the day with solid gains, alternated between extending and paring those gains for much of the session. Powell “is demonstrating that he is pleased with how far monetary policy

August 25, 2023
Indexes end higher in volatile trade as investors assess Powell speech
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UAW votes overwhelmingly to authorize strike at Detroit Three automakers

The United Auto Workers (UAW) union on Friday said members voted overwhelmingly in favor of authorizing a strike at the Detroit Three automakers if agreement is not reached before the current four-year contract expires on Sept. 14. The authorization was approved by 97% of voting members at General Motors, Ford Motor and Stellantis, said UAW President Shawn Fain, who leads the union that represents about 150,000 workers. Fain reiterated that the union did not plan to extend the deadline to get a new labor contract. “The deadline is Sept. 14. We

August 25, 2023
UAW votes overwhelmingly to authorize strike at Detroit Three automakers
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UAW votes overwhelmingly to authorize strike at Detroit Three automakers

The United Auto Workers (UAW) union on Friday said members voted overwhelmingly in favor of authorizing a strike at the Detroit Three automakers if agreement is not reached before the current four-year contract expires on Sept. 14. The authorization was approved by 97% of voting members at General Motors, Ford Motor and Stellantis, said UAW President Shawn Fain, who leads the union that represents about 150,000 workers. Fain reiterated that the union did not plan to extend the deadline to get a new labor contract. “The deadline is Sept. 14. We

August 25, 2023
UAW votes overwhelmingly to authorize strike at Detroit Three automakers
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SpaceX lawsuit could be key test of US policy on bias against refugees

– A new lawsuit accusing SpaceX of illegally refusing to hire asylum recipients and refugees could be an important test of the U.S. government’s stance that national security concerns do not allow companies to discriminate against non-citizens. Elon Musk, CEO of the rocket and satellite company, said in response to the U.S. Department of Justice (DOJ) lawsuit filed on Thursday that hiring anyone besides U.S. citizens and green card holders would violate weapons trafficking laws. His post on the messaging platform X, formerly known as Twitter, appears to conflict with specific guidance issued by the DOJ

August 25, 2023
SpaceX lawsuit could be key test of US policy on bias against refugees
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Centaline says mainland China unit has 'huge' unpaid developers' commissions

– Centaline Property has said its mainland China unit is owed a huge amount of unpaid commissions and so it cannot pay employees their commissions, responding to reports of delayed payments to the unit by developers including the embattled Evergrande. Centaline’s statement comes as a deepening housing market crisis, rising risk of default and a faltering economy are dragging property developers and agents into commission arrears. The Hong Kong property agency’s mainland arm, Centaline Property Agency (Shenzhen), has not recovered some commission fees as property developers grapple with the debt crisis and liquidity crunch, Centaline said in a

August 26, 2023
Centaline says mainland China unit has 'huge' unpaid developers' commissions
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Fan blades, engine parts go missing from Go First jets, lessor says

– From fan blades to escape slides, critical parts are missing from at least two planes of India’s bankrupt Go First airline, its Ireland-based lessor ACG Aircraft Leasing has told a court as it seeks to recover aircraft. Go First and many of its foreign lessors have been locked in a legal dispute for months after the airline was granted bankruptcy protection in India in May. Bankruptcy froze its assets and has prohibited the recovery of more than 50 grounded Airbus planes. The lessors have so far unsuccessfully argued in Indian

August 26, 2023
Fan blades, engine parts go missing from Go First jets, lessor says
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Trump, Biden policies shifted trade from China at a cost, study shows

– U.S. trade has shifted away from China due to policies enacted by the Biden and Trump administrations, but U.S. reliance on China-linked supply chains has not necessarily been reduced and consumers have faced higher costs, according to new research presented on Saturday at a Federal Reserve economic symposium. Despite deglobalization fears after the coronavirus pandemic and Russia’s invasion of Ukraine, overall trade “has held steady at just under 60% of world (gross domestic product)rather than gone into freefall,” Laura Alfaro, an economist at Harvard Business School, and Davin Chor, an associate professor

August 26, 2023
Trump, Biden policies shifted trade from China at a cost, study shows
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No real fix to the sharp rise in public debt loads, economists say

– The steep jump in public debt loads over the past decade and a half, as governments borrowed large amounts of money to battle the Global Financial Crisis and the fallout from the COVID-19 pandemic, is probably irreversible. That’s the unhappy conclusion of a research paper being presented on Saturday to some of the world’s most influential economic policymakers at the Kansas City Federal Reserve’s annual central banking symposium in Jackson Hole, Wyoming. Since 2007, worldwide public debt has ballooned from 40% to 60% of GDP, on average, with debt-to-GDP ratios even higher

August 26, 2023
No real fix to the sharp rise in public debt loads, economists say
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ECB rate pause now may be too early: policymaker

– It may be too early for the European Central Bank to pause interest rate hikes now as an early stop in the fight against inflation could force the bank to exert even more pain on the economy later, Latvian policymaker Martins Kazaks said on Saturday. The ECB has raised rates at each of its past nine meetings to arrest runaway inflation but policymakers are now contemplating a pause as recession risks loom, inflation slows and wage growth remains moderate. “Given the information that we have now – and there is of course

August 26, 2023
ECB rate pause now may be too early: policymaker
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China's industrial profits extend slump into seventh month

Profits at China’s industrial firms fell 6.7% in July from a year earlier, extending this year’s slump to a seventh month with weak demand squeezing companies as a post-pandemic recovery faltered in the world’s second-biggest economy. Earnings shrank 15.5% year-on-year for the first seven months, following a 16.8% decline in the first half of the year, data from the National Bureau of Statistics showed on Sunday. Profits were down 8.3% in June, according to the bureau, which only occasionally publishes monthly figures. “Commodity prices are running low, the pressure on raw material costs in the midstream and downstream

August 27, 2023
China's industrial profits extend slump into seventh month
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Analysis-U.S. growth, a puzzle to policymakers, could pose global risks

– U.S. economic growth, still racing at a potentially inflationary pace as other key parts of the world slow, could pose global risks if it forces Federal Reserve officials to raise interest rates higher than currently expected. The Fed’s aggressive rate increases last year had the potential to stress the global financial system as the U.S. dollar soared, but the impact was muted by largely synchronized central bank rate hikes and other actions taken by monetary authorities to prevent widespread dollar funding problems for companies and offset the

August 27, 2023
Analysis-U.S. growth, a puzzle to policymakers, could pose global risks
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China's Sinopec's interim profit down 20.1% on lower oil prices

– Chinese refining giant Sinopec Corp reported on Sunday a 20.1% fall in interim net profit for the first half of the year compared with the year-ago period, to 35.11 billion yuan ($4.82 billion), on lower crude prices despite higher refinery output and growth in fuel sales. Sinopec, the world’s largest refiner by capacity, reported revenues of 1.59 trillion yuan for the six months, down 1.1% from the year earlier level. During the period, Sinopec processed a total of 126.54 million metric tons of crude oil, up 4.8% versus a year ago, and its refined fuel sales rose 18.5%,

August 27, 2023
China's Sinopec's interim profit down 20.1% on lower oil prices
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China to cut stamp duty on stock trading by half

– China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world’s second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades “in order to invigorate the capital market and boost investor confidence”. Reuters reported on Friday that the authorities were planning to cut the duty by up to half after a key share index fell to nine-month lows. “Such a policy will likely give a short-term boost to the market but

August 27, 2023
China to cut stamp duty on stock trading by half
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China halves stamp duty on stock trading to boost market

– China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world’s second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades “in order to invigorate the capital market and boost investor confidence”. Reuters reported on Friday that the authorities were planning to cut the duty by up to half after a key share index fell to nine-month lows. “Such a policy will likely give a short-term boost to the market but

August 27, 2023
China halves stamp duty on stock trading to boost market
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China halves stamp duty on stock trades to boost flagging market

– China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world’s second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades “in order to invigorate the capital market and boost investor confidence”. Reuters reported on Friday that the authorities were planning to cut the duty by up to half after a key share index fell to nine-month lows. “Such a policy will likely give a short-term boost to the market but

August 27, 2023
China halves stamp duty on stock trades to boost flagging market
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Analysis-U.S. growth, a puzzle to policymakers, could pose global risks

– U.S. economic growth, still racing at a potentially inflationary pace as other key parts of the world slow, could pose global risks if it forces Federal Reserve officials to raise interest rates higher than currently expected. The Fed’s aggressive rate increases last year had the potential to stress the global financial system as the U.S. dollar soared, but the impact was muted by largely synchronized central bank rate hikes and other actions taken by monetary authorities to prevent widespread dollar funding problems for companies and offset the

August 27, 2023
Analysis-U.S. growth, a puzzle to policymakers, could pose global risks
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China Evergrande H1 net loss narrows to $4.5 billion

– Property developer China Evergrande Group on Sunday reported a January-June net loss of 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year ago. Evergrande is at the centre of a crisis in China’s property sector that since late 2021 has seen a string of debt defaults. The world’s most indebted developer posted a combined net loss of $81 billion for 2021 and 2022 in a long-overdue earnings report last month, having posted an 8.1 billion yuan profit in 2020. Over that two-year period, revenue dropped 55% to 230.1

August 27, 2023
China Evergrande H1 net loss narrows to $4.5 billion
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Credit Suisse posted $4 billion loss in 2Q - Sonntagszeitung

– Credit Suisse, which is now a subsidiary of UBS, posted a loss of 3.5 billion Swiss francs ($4.0 billion) in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank. Spokespersons for UBS and Credit Suisse declined to comment. Credit Suisse had already forecast a significant pre-tax loss for the second quarter and full year 2023 in April, given its move to exit from non-core businesses and due to restructuring and financing costs. UBS will present its quarterly results on Aug. 31. ($1 = 0.8845 Swiss francs) (Reporting by

August 27, 2023
Credit Suisse posted $4 billion loss in 2Q - Sonntagszeitung
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China Evergrande first-half net loss narrows to $4.5 billion

– Property developer China Evergrande Group on Sunday reported a January-June net loss of 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year ago. Evergrande is at the centre of a crisis in China’s property sector that since late 2021 has seen a string of debt defaults. The world’s most indebted developer posted a combined net loss of $81 billion for 2021 and 2022 in a long-overdue earnings report last month, having posted an 8.1 billion yuan profit in 2020. Over that two-year period, revenue dropped 55% to 230.1

August 27, 2023
China Evergrande first-half net loss narrows to $4.5 billion
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China Evergrande H1 net loss narrows to $4.5 billion

China Evergrande Group, the world’s most-indebted property developer, on Sunday reported a narrower net loss for the first half of the year, thanks to a rise in revenue. Evergrande said its January-June loss was 33 billion yuan ($4.53 billion) versus a 66.4 billion yuan loss in the same period a year earlier. The developer is at the centre of a crisis in China’s property sector that since late 2021 has seen a string of debt defaults, unfinished homes and unpaid suppliers, shattering consumer confidence in the world’s second-largest economy. This month, missed U.S. dollar

August 27, 2023
China Evergrande H1 net loss narrows to $4.5 billion
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Canadian economy set to show marked slowdown in Q2, giving BoC cause to pause

– Canada’s second-quarter GDP report, due on Friday, is likely to show a sharp slowdown in economic growth, a Reuters poll of economists showed, which could lead the Bank of Canada to pause its interest rate hikes despite recent hotter inflation data. The GDP report will be the last major piece of domestic data before the Canadian central bank makes its next policy decision on Sept. 6. It is expected to show the economy growing at a 1.1% pace in the second quarter, down from 3.1% in the first three months of the year, and

August 27, 2023
Canadian economy set to show marked slowdown in Q2, giving BoC cause to pause
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US Commerce chief seeks trade, tourism boost in China talks

– U.S. Commerce Secretary Gina Raimondo arrives in Beijing on Sunday for a four-day visit aimed at boosting business ties between the world’s two largest economies while declaring American national security trade measures off-limits for debate. “If you wanted to put a tagline to the trip and the mission, it’s protect what we must and promote where we can,” Raimondo told reporters on Friday before departing for China. “I’m not going to pull my punches next week when I am there but I intend to be practical.” Relations are tense as the United States works

August 27, 2023
US Commerce chief seeks trade, tourism boost in China talks
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US Commerce chief seeks trade, tourism boost in China talks

– U.S. Commerce Secretary Gina Raimondo arrives in Beijing on Sunday for a four-day visit aimed at boosting business ties between the world’s two largest economies while declaring American national security trade measures off-limits for debate. “If you wanted to put a tagline to the trip and the mission, it’s protect what we must and promote where we can,” Raimondo told reporters on Friday before departing for China. “I’m not going to pull my punches next week when I am there but I intend to be practical.” Relations are tense as the United States works

August 27, 2023
US Commerce chief seeks trade, tourism boost in China talks
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US trade chief flags concerns over India's license mandate for laptop, tablet imports

– U.S. trade chief Katherine Tai has raised concerns with India over the Asian nation’s new order mandating licenses for the import of laptops, tablets and personal computers, according to a statement. Tai’s intervention comes amid worries the licensing regime could impact shipments from the likes of Apple and Dell and force firms to boost local manufacturing. “She noted that there were stakeholders that needed an opportunity to review and provide input to ensure that the policy, if implemented, does not have an adverse impact on U.S. exports to India,” as per the U.S.

August 27, 2023
US trade chief flags concerns over India's license mandate for laptop, tablet imports
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US Commerce chief seeks trade, tourism boost in China talks

U.S. Commerce Secretary Gina Raimondo arrived in Beijing late on Sunday for a four-day visit aimed at boosting business ties between the world’s two largest economies while declaring American national security trade measures off-limits for debate. “If you wanted to put a tagline to the trip and the mission, it’s protect what we must and promote where we can,” Raimondo told reporters on Friday before departing for China. “I’m not going to pull my punches next week when I am there but I intend to be practical.” Relations are tense as the United States works

August 27, 2023
US Commerce chief seeks trade, tourism boost in China talks

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