China's economy has slipped into deflation for the first time in two years, raising concerns about its post-pandemic recovery and drawing comparisons to Japan's struggles with stagnant growth and deflation in the 1990s, as China faces challenges in its property sector and a need to shift towards consumer spending.
China's finance ministry and water resources ministry have provided an additional 500 million yuan ($68.68 million) to aid flood-affected residents in restoring normal production in national flood storage areas.
Thailand's economy grew at a slower pace in the second quarter due to weak exports and slower investment, prompting the government to lower its 2023 growth forecast, while the central bank may not raise rates again amidst faltering economic recovery and low inflation.
Former US President Donald Trump has threatened to impose reciprocal taxes on Indian products, specifically mentioning Harley-Davidson motorcycles, if he is re-elected in the 2024 US presidential elections, due to what he perceives as high Indian tax rates.
Concern is growing that souring lending at credit unions in South Korea could bring back distress, as evidenced by the recent closure of a branch of MG Community Credit Cooperatives due to losses on real estate-related loans and rising delinquency rates, highlighting the challenges of rising interest rates and debt repayment difficulties in the country's real estate market.
Asian stocks were mixed as traders awaited the Federal Reserve's summer conference for indications on inflation control and interest rate hikes, with investors warned of potential surprises.
Kenya plans to step back from the government-backed fuel import credit scheme after the IMF expressed concerns about potential currency-related costs, allowing private sector players to take over the scheme, according to Treasury Cabinet Secretary Njuguna Ndung'u. The scheme, aimed at easing forex pressures, postponed the demand for dollars by allowing designated oil importers to purchase fuel from the UAE and Saudi Arabia through comfort letters. The IMF argues that the government is exposed to currency risks if FX valuation losses are not passed on to consumers.
Cities around the world are implementing various design strategies to combat rising temperatures, including planting trees and green spaces, using cooling sprays and misters, installing awnings and canopies, painting roofs and pavements white, and returning to local materials and traditional building techniques.
China's foreign trade with other BRICS countries increased by 19.1 percent in the first seven months of 2023, accounting for 10.1 percent of China's total foreign trade value during that period.
Australia's exports to China, which have been severely impacted by trade restrictions, are expected to improve as some restrictions have been rolled back, particularly for commodities like barley and coal, although challenges remain for industries such as wine.
Former US President Donald Trump has criticized India's high tax rates, specifically targeting the tariffs on American products like Harley-Davidson motorcycles, and has threatened to impose reciprocal taxes if he is reelected in the 2024 presidential elections.
Oil prices rose in Asian trade, despite a disappointing interest rate cut from China, due to the prospect of tighter supplies supporting the outlook.
The number of corporate bankruptcies in the United States is increasing, with over 400 companies going under so far in 2023, the highest rate since 2010, due to overstretched balance sheets and multiple interest rate hikes. Consumer discretionary and industrial sectors have been most affected, and there has been a rise in billion-dollar bankruptcies, including Bed Bath & Beyond and Silicon Valley Bank's parent company. However, some companies have managed to withstand the rising borrowing costs and economic uncertainty through cost-cutting measures and price hikes.
Turkey should consider using AI applications, such as ChatGPT, to attract more tourists to the country amidst increasing global competition in the tourism industry, according to the President of TÜROFED. He emphasizes the need to adapt to changing consumer preferences and focus on promoting tourist destinations like Antalya and Muğla during low seasons. Additionally, he mentions that global recession and inflation in source markets also impacted hotel occupancy rates in Turkey.
The world's top central bankers meeting at Jackson Hole are concerned about lingering inflation challenges and uncertain policy tightening, which could lead to increased financial market turbulence and potential economic recessions.
The IMF projects global growth to decline in the coming years and expects inflation to decrease, while demand for office and retail space in superstar cities is likely to remain below pre-pandemic levels due to the changing nature of work.
Chinese mobile payments system Alipay has announced partnerships with Visa and Mastercard to allow foreign customers to link their cards and bank accounts to Alipay's electronic wallet.
Vacancies and starting salaries in the UK fell in July for the first time this year, indicating a decrease in inflationary pressure in the labor market.
Prominent money managers who bet on government bonds in anticipation of a recession in the US are now facing subpar returns as Treasury yields reach a 15-year high, although some remain firm in their strategy and continue to buy dips in bond prices.
The article criticizes economists and their understanding of inflation, arguing that their focus on controlling wages and putting workers out of jobs to curb inflation is flawed, and that the real issue lies in the lack of competition and the pricing power of big businesses.
India is experiencing a contradictory trend in consumption, as middle-class consumers face the impact of food inflation while upper middle class consumers increase their spending on premium goods like cars and real estate.
The Tadawul All Share Index in Saudi Arabia rose by 0.44 percent, while the Nomu parallel market saw an increase of 1.77 percent, and the MSCI Index climbed by 0.86 percent.
The Interior Department has approved a new federal mine plan at the Center Mine in North Dakota, enabling the mining of federal coal and preventing potential cost increases for electricity customers.
Singapore, Indonesia, and the Philippines have appealed to India to resume rice exports due to disruptions caused by India's suspension of non-basmati shipments to control prices and the rising levels of global food insecurity triggered by the pandemic and Ukraine war.
The bursting of a river due to a destroyed dam in the Siberian region of Buryatia has caused damage to a key transit railway, leading to potential losses of "billions of rubles" for the Russian economy.
The wealth per adult in the UAE at the end of 2022 was $152,556, according to a global report, with the UAE hosting a large number of wealthy expatriate entrepreneurs.
Cleveland-Cliffs, the leading flat-rolled steel producer in the US, is proposing to acquire chief rival U.S. Steel for $7.3 billion, which would add to its existing debt of $3.9 billion, although the company is confident in its ability to secure the necessary financing for the deal.
German Economy Minister Robert Habeck plans to tighten the process for reviewing foreign investments in order to enhance economic security and reduce reliance on China, reflecting a broader trend in the West to "de-risk" strategic dependence on China.
Removing the fictional "owner equivalent rent" (OER) from price indexes reveals that inflation has decreased more than reported, with the year-over-year inflation rate falling from 3.2% to 1.5% and the personal-consumption expenditures price index declining from 3% to 2.2%.
Australia's record pace of immigration is outpacing labor demand, leading to a rise in unemployment and lower wage growth.
Many people who leave California in search of a cheaper cost of living end up making costly mistakes, such as taking lower salaries, overspending on housing upgrades, and not accounting for surprising increases in the cost of living in their new state.
Trade between the US and Mexico has surpassed China and Canada as America's top trade partner, reaching $263 billion in the first four months of 2022, indicating a shift towards regional trade and nearshoring.
Saudi Arabia's stock market ended higher due to an increase in oil prices, but gains were limited as investors awaited further interest rate insight from the U.S. Federal Reserve.
Local prices of sushi in Russia are surging due to the drop in the ruble's value and the country's economic tensions with the West, reflecting the currency and inflation troubles faced by Russia.
The Philippine peso is expected to trade sideways against the US dollar this week in anticipation of US Federal Reserve Chair Jerome H. Powell's speech and following the decision by the Bangko Sentral ng Pilipinas (BSP) to keep borrowing costs unchanged.
China's central bank has cut a key interest rate in an attempt to counter the post-Covid growth slowdown, as activity has been dragged down by uncertainty in the labor market, global economic sluggishness, weakening demand for Chinese goods, and financial troubles in the real estate sector.
The Camp David statement released by the US, Japan, and South Korea indicates that Japan and South Korea will align themselves more closely with the US in order to counter China, which will have a significant impact on economic and trade cooperation in the region. This division between the three countries will harm current economic and trade connections and mark a turning point for China, South Korea, and Japan.
The finance and health ministers of G20 nations have agreed to strengthen global health architecture for pandemic prevention and response, according to India's finance ministry.
Florida's minimum wage is set to increase from $11 to $12 in September, with subsequent annual increases until it reaches $15 in 2026. This is part of a trend seen in several states where the minimum wage is higher than the federal amount of $7.50.
The majority of Americans are not convinced to buy electric vehicles despite federal incentives, with only 29% saying the incentives impact their decision, according to an exclusive survey by DailyMail.com. Concerns about cost, limited charging stations, and running out of charge are among the main reasons cited for not considering an EV purchase. Higher-income Americans are more likely to consider owning an electric vehicle, but the cost remains a barrier across all income brackets.
The Tadawul All Share Index in Saudi Arabia rose by 0.44 percent, while the parallel market, Nomu, saw a significant increase of 1.77 percent; notable gainers included Saudi Paper Manufacturing Co. and National Shipping Co., while Development Works Food Co. experienced the largest drop.
The Middle East's investments in Africa hold the key to unlocking the continent's economic resurgence, as they address critical economic and infrastructure needs and offer new avenues for collaboration, particularly in sub-Saharan Africa, where Chinese investments have decreased. The GCC's interest in Africa's growth is fueled by robust GDP figures and an abundance of available capital, creating opportunities for partnerships in sectors such as infrastructure, telecoms, and food security. However, challenges such as the infrastructure deficit and political uncertainties need to be addressed to sustain this partnership.
Jamaican stocks plunged to new lows last week, surpassing the lowest point reached during the peak of the pandemic, as investors turn to fixed-income investments with higher yields and the central bank's pause on interest rate hikes.
The U.S. economy is forecasted to be growing rapidly, which is causing concern for the Federal Reserve and those hoping for low interest rates.
China's previous economic model of investing in infrastructure and manufacturing led to a period of rapid growth and global export success.
A record number of Chinese graduates are facing difficulties in finding employment, with soaring youth unemployment and a challenging job market driven by the country's post-Covid economic slowdown.
The Federal Board of Revenue (FBR) in Pakistan has failed to resume the point of sales (POS) prize scheme, which collects millions of rupees from customers through sales invoices, despite a verbal order to do so, potentially allowing retailers to evade payment of the collected amount.
Argentina is experiencing an economic collapse with annual inflation reaching 113%, pushing 40% of the population into poverty, and potentially leading to the return of the far-right under Javier Milei.
The challenge of stimulating consumer spending in Japan is complicated by the fact that pay increases do not significantly benefit pensioners, who make up a large portion of the population.
The blog emphasizes that the war on inflation has been won and that a recession is coming, as indicated by various indicators such as CPI, recession probabilities, freight industry performance, and weak retail sales. The post also highlights the struggles in China's economy and suggests that investors should buy bonds.