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

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Uncategorized

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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China Evergrande first-half 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.

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

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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UAW workers ratify Ultium Cells wage agreement in Ohio

– The United Auto Workers (UAW) union at Ultium Cells, a joint venture of General Motors and LG Energy Solution in Lordstown, Ohio, on Sunday said members voted in favor by 895 to 22 votes to ratify an interim agreement that immediately raises wages by $3 to $4 an hour. Earlier this week, General Motors and LG Energy Solution said they will hike the wages of workers at its Ohio plant by an average of 25% after some U.S. senators blasted the facility for paying workers as little as $16 an hour. The interim wage increase will be retroactive

August 27, 2023
UAW workers ratify Ultium Cells wage agreement in Ohio
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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 27, 2023
UAW votes overwhelmingly to authorize strike at Detroit Three automakers
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Argentina offers financial aid to crisis-hit workers and pensioners

– Argentina’s economy ministry on Sunday announced a series of benefits for workers and pensioners intended to soften the blow of a severe economic crisis which has seen inflation spiral and the government devalue the country’s currency. The government will give nearly 7.5 million pensioners a package of 37,000 pesos (around $105 at the current official exchange rate) over the next three months, Economy Minister Sergio Massa said in part of a series of messages on his Instagram account. Massa, who is also the ruling party’s presidential candidate for the Oct. 22 elections, will

August 27, 2023
Argentina offers financial aid to crisis-hit workers and pensioners
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China Evergrande shares plunge more than 80% as trade resumes after 17 months

Shares of China Evergrande Group shed 86.7% early on Monday when trading resumed following a 17 month suspension, after saying it had “adequately” fulfilled all guidance issued by the Hong Kong Stock Exchange. Evergrande, the world’s most-indebted property developer, is at the centre of a crisis in China’s property sector that since late 2021 has seen a string of debt defaults. Its shares listed in Hong Kong traded as low as HK$0.22 on Monday, with its market capitalisation shrinking to HK$3.2 billion ($408.02 million). The stock had been suspended since March 21, 2022. Its

August 28, 2023
China Evergrande shares plunge more than 80% as trade resumes after 17 months
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China's Xpeng to take over Didi's smart EV unit, eyeing 2024 launch

– Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle unit and the two companies will form a strategic partnership. Xpeng’s shares surged around 15% in early Monday trade. As part of the deal, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment. “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale,” Xpeng said in a statement. Didi will support the launch by “providing access to its mobility market” and

August 28, 2023
China's Xpeng to take over Didi's smart EV unit, eyeing 2024 launch
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Asia shares rally as China measures boost market

– Asian shares rallied on Monday as China announced new measures to support its ailing markets, though the mood was cautious ahead of readings on U.S. jobs and inflation that could decide whether interest rates have to rise again. Beijing on Sunday announced it would halve the stamp duty on stock trading in the latest attempt to boost the struggling market and followed steps to support the housing market The help was needed given profits at China’s industrial firms fell 6.7% in July from a year earlier, extending this year’s slump to a seventh month.

August 28, 2023
Asia shares rally as China measures boost market
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China's Xpeng to take over Didi's smart EV unit, shares soar

– Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle unit and the two companies will form a strategic partnership. Xpeng’s shares surged around 15% in early Monday trade. As part of the deal, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment. “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale,” Xpeng said in a statement. Didi will support the launch by “providing access to its mobility market” and

August 28, 2023
China's Xpeng to take over Didi's smart EV unit, shares soar
Uncategorized

China's Xpeng to take over Didi's smart EV unit, shares soar

– Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle unit and the two companies will form a strategic partnership. Xpeng’s shares surged around 15% in early Monday trade. As part of the deal, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment. “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale,” Xpeng said in a statement. Didi will support the launch by “providing access to its mobility market” and

August 28, 2023
China's Xpeng to take over Didi's smart EV unit, shares soar
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Thailand's employment growth drops in Q2 as economy slows

– Thailand’s employment in the second quarter rose 1.7% from a year earlier, slowing from a 2.4% increase in the previous three months, the state planning agency said on Monday, as economic growth slowed. Southeast Asia’s second-largest economy grew 1.8% in the April-June period year-on-year and 0.2% quarter-on-quarter, slowing sharply from the first quarter as weaker exports and investment undercut tourism strength. Thailand’s jobless rate was at 1.06% in the April-June period versus 1.05% in January-March, the National Economic and Social Development Council (NESDC) said in a statement. The jobs growth was mainly in the tourism and construction

August 28, 2023
Thailand's employment growth drops in Q2 as economy slows
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Australia retail sales rebound after fall, annual rate slows further

– Australian retail sales rebounded in July after a sharp fall the previous month, but the annual rate slowed further, a result that should not upset the outlook for interest rates as high borrowing costs work to slow consumer spending. Data from the Australian Bureau of Statistics (ABS) on Monday showed nominal retail sales rose 0.5% in July from June. Analysts had looked for a rise of 0.3% after a tumble of 0.8% in June. Sales of A$35.4 billion ($22.8 billion) were up 2.1% from a year earlier, the lowest since August 2021, and a world away from

August 28, 2023
Australia retail sales rebound after fall, annual rate slows further
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Raimondo: crucial US, China have stable economic relationship

– U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday saying it is “profoundly important” the world’s two largest economies have a stable economic relationship. She said the entire world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade. “It’s a complicated relationship. It’s a challenging relationship. We will of course disagree on certain issues,” Raimondo said. “I think we can make progress if we are direct, open and practical.” Raimondo is holding three days of talks

August 28, 2023
Raimondo: crucial US, China have stable economic relationship
Uncategorized

Raimondo: crucial US, China have stable economic relationship

– U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday saying it is “profoundly important” the world’s two largest economies have a stable economic relationship. She said the entire world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade. “It’s a complicated relationship. It’s a challenging relationship. We will of course disagree on certain issues,” Raimondo said. “I think we can make progress if we are direct, open and practical.” Raimondo is holding three days of talks

August 28, 2023
Raimondo: crucial US, China have stable economic relationship
Uncategorized

Raimondo: crucial US, China have stable economic relationship

– U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday saying it is “profoundly important” the world’s two largest economies have a stable economic relationship. She said the entire world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade. “It’s a complicated relationship. It’s a challenging relationship. We will of course disagree on certain issues,” Raimondo said. “I think we can make progress if we are direct, open and practical.” Raimondo is holding three days of talks

August 28, 2023
Raimondo: crucial US, China have stable economic relationship
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China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 million

Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle unit and the two companies will form a strategic partnership. Xpeng’s shares surged around 16% in early Monday trade. As part of the deal, which could be worth as much as $744 million, Xpeng will launch an A-class model next year under a new brand, currently called MONA, aiming to expand in the mass-market segment. “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale,” Xpeng said in a statement. Didi will support the launch

August 28, 2023
China's Xpeng to acquire Didi's smart EV unit in deal worth up to $744 million
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Singapore's OCBC bank says it is facing technical problems

– Singapore’s second-biggest lender Oversea-Chinese Banking Corp (OCBC) said on Monday it is facing technical problems with its systems impacting various banking channels. Mobile and online banking, PayNow, ATMs, Velocity and cards services are impacted. The bank gave the notice on its social media accounts on Monday. (Reporting by Lavanya Ahire in Bengaluru; Editing by Kim Coghill)

August 28, 2023
Singapore's OCBC bank says it is facing technical problems
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Raimondo: crucial US, China have stable economic relationship

U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday saying it is “profoundly important” the world’s two largest economies have a stable economic relationship. Raimondo is looking to boost business ties as U.S. firms have reported increasing challenges with operating in China, while China has sharply criticized U.S. efforts to block China’s access to advanced semiconductors. Raimondo said the entire world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade. “It’s a complicated relationship. It’s a challenging

August 28, 2023
Raimondo: crucial US, China have stable economic relationship
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Fortescue profit drops on Iron Bridge impairment charge; co-CEO to step down

Australia’s Fortescue on Monday reported a $1 billion pre-tax impairment charge associated with its flagship magnetite growth project, while posting its lowest annual profit in three years amid a surprise senior-management overhaul. The world’s fourth-largest iron ore miner, which has been beset by senior management turnover over the past two years, earlier in the day announced the resignation of its metals division head and co-CEO Fiona Hick. Fortescue shares, up nearly 2.1% so far this year, fell as much as 6% to A$19.7 by 0200 GMT. A review of its assets at the

August 28, 2023
Fortescue profit drops on Iron Bridge impairment charge; co-CEO to step down
Uncategorized

Raimondo: crucial US, China have stable economic relationship

U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday saying it is “profoundly important” the world’s two largest economies have a stable economic relationship. Raimondo is looking to boost business ties as U.S. firms have reported increasing challenges with operating in China, while China has sharply criticized U.S. efforts to block China’s access to advanced semiconductors. Raimondo said the entire world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade. “It’s a complicated relationship. It’s a challenging

August 28, 2023
Raimondo: crucial US, China have stable economic relationship
Uncategorized

Raimondo: crucial US, China have stable economic relationship

U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday saying it is “profoundly important” the world’s two largest economies have a stable economic relationship. Raimondo is looking to boost business ties as U.S. firms have reported increasing challenges with operating in China, while China has sharply criticized U.S. efforts to block China’s access to advanced semiconductors. Raimondo said the entire world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade. “It’s a complicated relationship. It’s a challenging

August 28, 2023
Raimondo: crucial US, China have stable economic relationship
Uncategorized

Raimondo: crucial US, China have stable economic relationship

U.S. Commerce Secretary Gina Raimondo opened talks with Chinese government officials on Monday saying it is “profoundly important” the world’s two largest economies have a stable economic relationship. Raimondo is looking to boost business ties as U.S. firms have reported increasing challenges with operating in China, while China has sharply criticized U.S. efforts to block China’s access to advanced semiconductors. Raimondo said the entire world expects the United States and China will have a stable economic relationship; the two countries share more than $700 billion in annual trade. “It’s a complicated relationship. It’s a challenging

August 28, 2023
Raimondo: crucial US, China have stable economic relationship

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