In January, deflation continued to ravage China’s economy, with the consumer price index slipping 0.8 percent year on year. Analysts polled by Reuters had expected a 0.5-percent decline.
Tag: Economy
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TOP TREND 2024: EV GO FU
Toyota has projected a record $30.3 billion in profits for its financial year ending 31 March, due in large part to the popularity of gasoline-electric hybrid cars, a market Toyota dominates.
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TOP TREND 2024 EV GO FU: SPINOFFS
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.
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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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GOING OUT OF BUSINESS TRENDS
In recent times, the economic landscape has presented an array of challenges that have profoundly affected the business community.