Stay updated on the global economy with our free newsletter. Sign up to receive a daily email summarizing the latest news in the global economy.
Good morning! Western companies are expressing concerns about China’s weak business outlook and the potential global repercussions. The world’s second-largest economy is struggling to recover from the effects of strict COVID-19 lockdown measures. Companies from various sectors have reported sluggish demand in China, which has historically been a thriving market for a wide range of products and services. Joel Smejkal, CEO of semiconductor manufacturer Vishay Intertechnology, and José Ferreira Neves, chief of UK ecommerce fashion group Farfetch, both highlighted the disappointing recovery in China. Qi Wang, CIO of MegaTrust Investment, specializing in Chinese stocks, noted that consumer, real estate, and business confidence are currently at an all-time low. This downturn appears to be more than simply a cyclical issue and may have deeper structural implications.
In other news, US Commerce Secretary Gina Raimondo has arrived in China with the aim of fostering business ties and tourism between the two largest economies, despite the US ban on American investment in sensitive Chinese technologies.
Here’s what else we’re keeping an eye on today:
– Japan is scheduled to launch a rocket in an attempt to become the fifth nation to successfully land on the Moon.
– China’s biggest electric-car maker BYD will report its second-quarter earnings.
– The US Open tennis tournament begins in New York.
Here are five more top stories:
1. Russian authorities have confirmed the death of Yevgeny Prigozhin, leader of the Wagner paramilitary group, through genetic testing. Western officials believe that Prigozhin was killed on the orders of President Vladimir Putin in retaliation for leading a mutiny in June. The Kremlin has denied any involvement.
2. Shipping and logistics giants are rushing to acquire facilities in Asia as they look to expand supply chains beyond China. These facilities support the growing complexity of trade between countries such as Vietnam, India, and Malaysia. The trade environment in Asia is evolving, and our report delves deeper into these changes.
3. Officials and economists gathered at the annual meeting in Jackson Hole, Wyoming have shifted their focus from last year’s concerns about inflation and central banks’ credibility to the new challenges brought by the pandemic and the war in Ukraine. Christine Lagarde, President of the European Central Bank, emphasized the need to develop new strategies given the unique circumstances the global economy faces today.
4. Vietnam’s leadership is under pressure to introduce reforms to revitalize the property sector, which has been negatively impacted by leverage restrictions and an anti-graft crackdown. Analysts draw parallels between Vietnam’s property woes and those of China.
5. Corporate sponsors are distancing themselves from Luis Rubiales, Spain’s football chief, after he forcibly kissed a female player during the World Cup final medal ceremony. Rubiales has not resigned despite public outrage over his actions.
In-depth: North Koreans are increasingly relying on affordable solar panels to meet their electricity needs, bypassing the unreliable state electricity grid. This shift towards self-sufficiency may indicate a desire for greater independence from the government. However, there are signs that the regime intends to exert more control over the sector as it turns to renewable energy sources to meet its energy demands.
Here are a couple of articles that caught our attention:
– Anthropologist Isabel Crook, who acted as a bridge between the West and China during its transformation, passed away at the age of 107 in Beijing.
– Many workers, from farmers to investment bankers, are leaving their long-held jobs to retrain as therapists, leading some to call it the “profession of the century.”
Take a break from the news and explore the possibility of artificial intelligence cracking comedy. While scientist Alan Turing once believed it would be nearly impossible for machines to display a sense of humor, robots are now becoming better at making us laugh and challenging our understanding of human uniqueness.
Stay updated on the world of asset management with our newsletter. Sign up to get an exclusive look into the insights and developments of this trillion-dollar industry. Additionally, start each week with our “Week Ahead” newsletter, which provides a preview of what’s to come in the week ahead.
Remember to keep checking for updates as we continue to bring you the latest news.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
