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)
China consumer prices edge up to six-month high in August
Chinese consumer inflation ticked up slightly in August to a six-month high, official data showed Monday, but the reading missed expectations and did little to soothe worries about sluggish spending in the world's number two economy
Canada jobless rate rises to 7-year high
Canada’s unemployment rate rose to 6.6 percent in August, its highest level since May 2017 -- excluding peak Covid-19 pandemic years -- the national statistical agency said Friday.
Britain needs extra $1.3 trillion investment for economic growth, report says
Britain needs an additional one trillion pounds ($1.3 trillion) in investment in the next decade to grow the economy, a report said on Friday
China tells US it presents 'opportunity' not 'threat': ministry
Chinese Vice Commerce Minister Wang Shouwen told his US counterpart on Saturday that a modern China was an economic "opportunity" not a "threat" to the United States, the ministry said
China seeking WTO talks with Canada over EV, steel tariffs
China’s commerce ministry said on Friday Beijing had referred Canada to the World Trade Organization (WTO) over Ottawa’s new restrictions on imports of Chinese electric vehicles, steel and aluminium.
US job gains miss expectations as labour market cools
US hiring bounced back in August but missed expectations while the jobless rate crept down, government data showed Friday, paving the way towards central bank rate cuts in the coming weeks.
Russia raises main economic forecasts, sees higher year-end inflation
A sharper rise in capital investment is one of many improvements to Russia's 2024 economic outlook, new economy ministry forecasts showed, though stubbornly accelerating inflation may blunt the impact of faster rises in household incomes
China’s global battery ram will be hard to stop
China’s electric cars have zoomed into a new era of battery-powered driving. Now models such as BYD’s Seal and Great Wall Motor’s Funky Cat face an international backlash.
Google 'anti-competitive' over online ad tech: UK
US tech titan Google employs "anti-competitive practices" with regards to online advertising, Britain's competition watchdog concluded Friday in provisional findings of a two-year long investigation
US Fed official says expects series of rate cuts
With inflation easing and the labor market cooling, it will likely be appropriate for the US Federal Reserve to make a series of interest rate cuts in the coming months, a senior official said Friday