Around the world, lawmakers and regulators are setting new fees and taxes on electric vehicles (EVs) to make up for the loss of taxes on gasoline and diesel fuel as more drivers opt for electric mobility.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – May 14 2024
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RUSSIA SEIZES ASSETS OF JPMORGAN, COMMERZBANK
On 7 May, a Russian court allowed the seizure of €12.4 million, or about $13.3 million, remaining in Russia and belonging to a partnership of JPMorgan and Commerzbank.
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ARGENTINA’S TRANSPORT WORKERS STAGE ONE-DAY PROTEST STRIKE
On 2 May, Argentina’s trains, subways, ports, and several bus lines shut down for 24 hours as workers walked out to protest economic austerity measures imposed by President Javier Milei.
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ARGENTINA’S MANUFACTURING AND CONSTRUCTION SECTORS SLUMP IN MARCH
Argentina’s factory output dove 21.2 percent in March, year on year, far more than the 13.5 percent economists had expected. In a survey, 73 percent of manufacturers said they are laying off workers this quarter.
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NEWS CORP REVENUES AND PROFITS DROP WHILE NEW YORK TIMES GAINS
Rupert Murdoch’s News Corp, which owns The Wall Street Journal, book publisher HarperCollins, the Fox broadcasting network, and a string of newspapers and magazines around the world, said revenue slipped 1 percent in this year’s first quarter, while net profit plummeted 40 percent.
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SWEDEN’S CENTRAL BANK MAKES FIRST RATE CUT IN EIGHT YEARS
Sweden’s Riksbank shaved a quarter of a percentage point from its key interest rate last week, dropping the rate to 3.75 percent.
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SPOTLIGHT: BIGS GETTING BIGGER
Takeover specialist KKR will pay Au$2.18 billion, about $1.44 billion in U.S. currency, to buy the corporate trust and wealth management divisions of Perpetual, an Australian financial management firm.
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SPECIAL REPORT: CHINA RECONFIGURES THE GLOBAL AUTOMOBILE BUSINESS
China has become not only a vital market for most of the world’s major automakers, but its cars are among the world’s most technologically advanced.
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AUSTRALIA’S CENTRAL BANK WILL KEEP INTEREST RATES HIGH
In February, the Royal Bank of Australia (RBI) noted “encouraging signs” that inflation was waning and hinted at an interest rate cut by the end of this year.
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SPECIAL REPORT: CHINA TRADE WAR 2.0
U.S. president Joe Biden has slapped additional tariffs on some Chinese products entering the country and added new levies on others.