During this year’s first four months, registrations of electric vehicles (EVs) made in China and sold in western Europe and the U.K. increased 23 percent, year on year, to 119,300, Schmidt Automotive Research reported.
Tag: Economy
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SPOTLIGHT: CHINA’S ECONOMY
China’s exports grew by 7.6 percent in dollar value in May, year on year, beating analysts’ forecasts of 6-percent growth. The figure was better than in any month since April 2023.
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IN 2023, THE RICH GOT RICHER—AND THERE ARE MORE OF THEM
Last year, the wealth of high-net-worth individuals grew by 4.7 percent to $8.68 trillion dollars, consulting firm Capgemini’s annual wealth report found.
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SHIPPING DEMAND AND DELAYS SPIKING, MAERSK SAYS
Spooked by shipping delays and rising costs caused by war in the Red Sea, retailers are ordering their year-end holiday merchandise earlier than normal, worsening current delays in Asian and Mideast ports and backlogging global supply chains, Vincent LeClerc, CEO of shipping giant AP Moller-Maersk, told the Financial Times last week.
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AUSTRALIA POISED FOR RECESSION
Australia’s economy has flatlined and could easily tip into recession, the Australian Bureau of Statistics (ABS) warned last week.
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ECONOMIC UPDATE – MARKET OVERVIEW
The Street is patiently waiting for tomorrow’s decision after the Federal Reserve’s two-day meeting and hope for a statement that will help them better guess the central bank’s next move on interest rates.
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TOP TREND 2024: BANKS GO BUST
Moody’s is reviewing the financial health of six regional banks and may downgrade their outlook because of their heavy exposure to commercial real estate loans, the ratings service said last week.
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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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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.