The United Arab Emirates’ (UAE’s) sovereign wealth fund has invested $1 billion in auction house Sotheby’s, giving the purveyor of art and luxury goods some badly needed cash to pay down some of its $1.65 billion in debt.
Category: 5 November 2024
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SPOTLIGHT: CHINA’S ECONOMIC STRUGGLE
For the first time in six months, China’s factory activity increased in October, reflecting the results of Beijing’s new stimulus initiative that included cutting interest rates and funneling money into the stock market.
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SPOTLIGHT: LEAN TIMES IN THE LUXURY BUSINESS
On 31 October, the share price of cosmetics giant Estée Lauder plunged 21 percent after the company reported revenue fell 4 percent in its most recent quarter, year over year, due largely to poor sales in China.
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SPOTLIGHT: AUTO INDUSTRY HITS THE SKIDS
After posting a sharp drop in third-quarter earnings due to weakening sales in China, its key growth market, Volkswagen announced it must cut costs drastically and urgently.
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TOP TREND 2023, OFFICE BUILDING BUST: COMPANIES ORDER WORKERS BACK TO OFFICES, LEASE MORE SPACE—BUT…
In a sign that the tumbling market for office space might be bottoming out, companies are ordering workers back to the office and, as those employees comply, businesses are finding they need to expand their office space, The Wall Street Journal reported.
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TOP TREND 2024: EV GO FU
On 30 October, Europe’s tariffs on electric vehicles (EVs) made in China took effect. The cars carry retail prices well below those of EVs made in Europe.
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MAERSK PROFITS RISE ON RED SEA TURMOIL
AP Moller-Maersk, which operates the world’s second-largest fleet of cargo ships, reported third-quarter profits shot from $521 million a year ago to $3.05 billion this year on the strength of continued conflict in the Red Sea.
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SOUTH AFRICA CUTS GROWTH TARGET
Last week, Africa’s most industrialized nation cut its fiscal 2025 growth outlook from 1.3 percent to 1.1 percent “in a sign of enormous [economic] pain” the country has suffered “after a dismal decade,” the Financial Times said.
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EUROZONE INFLATION RISES TO 2 PERCENT IN OCTOBER
After falling to 1.7 percent in September, inflation in the Eurozone bounced back to 2 percent last month, edging above analysts’ forecasts of a 1.9-percent pace.
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EUROZONE GROWTH ACCELERATES IN THIRD QUARTER
The collective economy of the 20 countries sharing the euro currency grew 0.4 percent in the third quarter, twice the speed of the 0.2-percent gain in the second quarter, according to official data.