On 22 May, Chanel Ltd. reported double-digit gains in sales and profits in its most recent quarter.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – May 28 2024
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OCEAN FREIGHT RATES UP 20 PERCENT AS RED SEA WAR CONTINUES
Routing ships away from the Red Sea and Suez Canal has added almost 30 percent to cargo container freight rates this month, The Wall Street Journal reported.
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FUND MANAGERS BET BIG ON METALS
The recently rising price of copper, nickel, and other metals crucial to the global energy transition has drawn a flood of money from asset managers, the Financial Times reported.
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SPOTLIGHT: BIGS GETTING BIGGER
Identity management firm CyberArk Software is acquiring Venafi, whose technology identifies bots and machines on a network, for $1 billion in cash and about $540 million in stock.
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SPOTLIGHT: CHINA’S ECONOMIC STRUGGLE
Earlier this month, China’s government revealed a plan for state-owned companies to buy some of the millions of unfinished apartments littering the nation and convert them to affordable housing for low- and middle-income households.
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U.S. REJECTS GLOBAL TAX ON BILLIONAIRES, YELLEN SAYS
The U.S. does not support a plan proposed by Brazil and supported by France and several other countries to impose a global tax on billionaires, treasury secretary Janet Yellen said last week.
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EU TRADE DEFICIT WITH CHINA SHRINKS, SURPLUS WITH U.S. GROWS
Weak consumer demand among European Union (EU) nations is brightening the group’s foreign trade picture.
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TOP TREND 2024: EV GO FU
President Joe Biden’s 102.5-percent tariffs on Chinese electric vehicles (EVs) entering the U.S. drew headlines earlier this month. What drew less attention but is far more impactful is the tripling of tariffs on EV batteries and parts.
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U.K., U.S. CONSUMERS CUT SPENDING IN APRIL
“Spending fatigue” has set in on both sides of the Atlantic, The Wall Street Journal reported, as shoppers in the U.K. spent 2.3 percent less in April than in March, the National Bureau for Statistics reported.
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GOING OUT OF BUSINESS TRENDS
In recent times, the economic landscape has presented an array of challenges that have profoundly affected the business community.