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)
US job openings hit 3-1/2-year low as labor market eases
US job openings dropped to a 3-1/2-year low in July, suggesting the labor market was losing steam, but the reduction on its own is probably not enough to warrant a half-percentage-point interest rate cut by the Federal Reserve this month
BYD's global expansion push runs into stiff Japan test
BYD is rolling out electric-vehicle charging stations and ramping up marketing and customer incentives in Japan, aiming to boost sales in a market that has become a stumbling block in the Chinese automaker's global expansion
China's Xi promises $50 billion for Africa over next three years
Chinese leader Xi Jinping on Thursday pledged over $50 billion in financing for Africa over the next three years, promising to deepen cooperation in infrastructure and trade with the continent as he addressed Beijing's biggest summit since the pandemic
US fines ratings agencies for 'significant' recordkeeping failures
The US market regulator charged and fined six major ratings agencies on Tuesday, including Moody's, S&P and Fitch, over what it called "significant recordkeeping failures."
Trade War II will be easy to lose for China
“Trade wars are good, and easy to win,” Donald Trump tweeted in March of 2018 when he was US president, just months before kicking off in earnest one of the largest trade conflicts in modern history.
US manufacturing mired in weakness; construction spending falls
US manufacturing contracted at a moderate pace in August amid some improvement in employment, but a further decline in new orders and rise in inventory suggested factory activity could remain subdued for a while
China's services activity expansion slows in August, Caixin PMI shows
Growth in China's services sector activity slowed in August despite the summer travel peak, prompting some firms to cut staff amid concerns about rising costs, a private-sector survey showed on Wednesday
Nvidia says it plays fair in AI chip market
Nvidia on Tuesday defended its tactics in the hot market for chips to power artificial intelligence in the face of reports the US is probing whether it abused its clout
Summery weather helps boost UK consumer spending, surveys show
British consumer spending increased modestly in annual terms during August, fuelled by spending on food and drink during summery weather, according to surveys on Tuesday that added to signs of steady economic growth in the second half of 2024
China warns Japan of retaliation over potential new chip curbs
China has warned severe economic retaliation against Japan if it further restricts sales and servicing of chipmaking equipment to Chinese firms, Bloomberg News reported on Monday, citing people familiar with the matter