Despite U.S. President Joe Biden’s $1.4 trillion effort to relieve young Americans from their student loan debt, and high-profile endorsements from celebrities like Taylor Swift and Beyonce, Kamala Harris watched Donald Trump be propelled to victory with the help of these young voters who see the state of the economy as a main concern.
The Trends Journal got it wrong. We had forecast that since the Republicans did not do well in the mid-term election despite inflation skyrocketing and President Biden’s poll ratings tanking because of the abortion issue, Harris—who is pro-abortion—would defeat Donald Trump, who has bragged that “I was able to kill the Roe vs. Wade” that protected abortion rights.
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.
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.
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.
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.
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.
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.
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.
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.