Volvo has cut off funding to the Polestar electric vehicle (EV) venture. The EV brand, launched in 2017, is a joint venture between Volvo and Chinese car company Geely, which also owns a majority interest in Volvo.
Category: 6 February 2024
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SPOTLIGHT: CHINA’S ECONOMIC GLOOM
About 40 percent of asset managers attending a Goldman Sachs conference in Hong Kong last week called Chinese equities “uninvestable,” the Financial Times reported.
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TOP TREND 2024 BANKS GO BUST: BANKS BRACE
On 31 January, New York Community Bancorp’s (NYCB’s) share price plunged by a record 38 percent after the company announced it will make sharp cuts to its stock dividend and hoard cash.
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TOP TREND 2023, OFFICE BUILDING BUST: STERNLICHT FORECASTS $1 TRILLION IN LOSSES
“The office market has an existential crisis right now,” Barry Sternlicht, CEO of real estate investment fund Starwood Capital Group, said on 30 January at the iConnections Global Alts conference.
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SPOTLIGHT: WAR IN THE RED SEA—THE ECONOMIC IMPACT
Ship traffic through the Suez Canal has fallen to about 75 vessels a week during the first half of January, compared to roughly 200 a year earlier.
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SAUDI ARAMCO ABANDONS PLAN TO EXPAND OIL PRODUCTION CAPACITY
The Saudi Arabian Oil Co. (Aramco), the world’s richest oil firm, has scrapped plans to boost its production capacity by 13 million barrels a day by 2027. It offered no reason for the decision.
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BRITAIN’S ECONOMY TEETERS ON THE EDGE OF RECESSION
In 2023, more than 25,000 U.K. businesses, small and large, went bankrupt, the most since 1993, The Wall Street Journal reported.
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WAGE GROWTH MAY SLOW INFLATION’S FALL, DELAY ECB RATE CUTS
The Eurozone’s annual rate of wage increases rose to 4.7 percent in 2023’s third quarter, the fastest pace in the common currency’s 25-year history, the Financial Times reported.
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EUROZONE INFLATION CREEPS CLOSER TO 2-PERCENT TARGET
Headline inflation in the 20-nation Eurozone ticked down to 2.8 percent last month after notching 2.9 percent in December, coming closer to the European Central Bank’s (ECB’s) 2-percent target, the zone’s Eurostat statistics agency reported.
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IMF DOUBLES 2024 GROWTH OUTLOOK FOR RUSSIA
Russia’s wartime economy will expand by 2.6 percent this year, the International Monetary Fund (IMF) has forecast, more than doubling its 1.1-percent estimate made in October but slightly less than the 3 percent expected for 2023.