Global Economy
EV tariffs are only the first step in EU-China trade war
The European Union has got its electric vehicle tariffs through. On Friday, member states voted for levies on battery cars imported from the Middle Kingdom.
Dollar jumps to seven-week high
The dollar jumped to a seven-week high on Friday and was on track to post its best week since September 2022 after a surprisingly strong jobs report for September led traders to cut bets that the Federal Reserve will make further 50-basis-point rate cuts.
Gold price slips
Gold prices slipped on Friday after a stronger-than-expected US jobs report poured cold water on expectations for an aggressive rate cut from the Federal Reserve next month, boosting the dollar.
Tariff commission suggests halving sugar import duty
The commission recommended NBR cut sugar import duty to 15% from existing 30%
US grants for a feasibility study on temperature-controlled logistics
Bonton Foods has selected Minnesota-based Land O’Lakes Venture37 to conduct the study
Analysis / EV tariffs are only the first step in EU-China war
After Friday’s narrow vote, the European Commission is still talking with China to see if an alternative to tariffs is possible to address what it sees as the Middle Kingdom’s “injurious” support of its auto sector
Vietnam economy grows 7.4% in third quarter
The growth rate was the result of "adapting effectively to the fluctuations of the global economy and addressing the severe consequences of natural disasters", the General Statistics Office (GSO) said in a statement
Foxconn beats estimates with record third-quarter revenue on AI demand
Revenue for Apple's biggest iPhone assembler jumped 20.2 percent year on year to T$1.85 trillion ($57.3 billion)
Zara owner Inditex posts record profit for first half
Zara owner Inditex, the world's biggest fashion retailer, posted a record net profit for the first half of the year on Wednesday, despite slower sales growth.
Boeing August MAX deliveries to China highest since 2018
Corrects to say the August China MAX deliveries were highest since December 2018, not December 2019, with error due to incorrect information from Boeing. Headline has been corrected, along with story
EU business lobby head says 'enormous waste' in Chinese EV sector
Overcapacity of Chinese electric vehicles is among the top concerns facing European firms in the country, the president of a business lobby warned Wednesday, decrying "enormous waste" in some key sectors.
Apple unveils new iPhone built for AI
Apple on Monday unveiled new iPhones built for generative artificial intelligence as it seeks to boost sales and show it is keeping up in the technology race.
China coal production threatens climate goals: study
China's planned expansion of coal mining threatens the country's climate goals and risks vastly increasing its methane emissions, a study warned on Tuesday
US plans talks on economy with Yunus, FT says
The United States is set to launch economic talks this week with Bangladesh's interim government, including its leader, Muhammad Yunus, the Financial Times reported on Tuesday
UK government sets up board to tackle labour market inactivity
Britain's Labour Party on Tuesday launched a new advisory board that will help address long-standing issues in the country's labour market, including reducing high levels of inactivity among working-age people
Chinese exports top forecasts but imports slow sharply
China's exports jumped in August but imports fell well short of expectations, data showed Tuesday, as the country's leaders struggle to boost consumption in the world's second-largest economy
Japan's Q2 GDP growth revised down; softer consumption to test BOJ policy
Japan's economy grew at a slightly slower pace than initially reported in the second quarter, hurt by downward revisions in corporate and household spending that point to a bumpier second half for consumption and the central bank's rate-hike plans
ECB to deliver fresh rate cut as inflation cools
The European Central Bank is expected to cut interest rates again this week as inflation drifts back down towards its two-percent target, but policymakers will likely stay tight-lipped on future moves