China’s GDP report is expected to indicate a good sign.
China’s post-pandemic rebound is expected to slow down, raising the need for more stimulus measures to boost activity and consumer confidence. The country’s economy likely grew 0.5% in the second quarter, with June data expected to show industrial output, retail sales, and investment cooling. Despite recent official moves to overturn limits, some analysts blame the…
Australia hope global economic slowdown to rise unemployment rate
Australian Treasurer Jim Chalmers predicts that increased interest rates and a slow global economy will raise the nation’s jobless rate from a 48-year low. The Reserve Bank of Australia (RBA) recommends a 4.5% jobless rate to balance the economy, still below pre-pandemic levels. The RBA held the cash rate at an 11-year high of 4.10%…
Putin minimizes Ukrainian counteroffensive efforts.
President Putin characterized the Ukrainian counteroffensive as “all attempts” to breach Russia’s defenses. The Ukrainian military continues to repel Russian occupation forces in the south and east. Putin warned that Russia would respond if Ukraine employed cluster munitions supplied by the United States. Air defense systems in Sevastopol destroyed Ukrainian drones, while Kremlin forces fired…
San Francisco’s downtown is having worst nightmare
The decline in San Francisco’s economy has decreased downtown foot traffic and enthusiasm. Revenues from hotels are estimated to be 73% of pre-pandemic levels, and the office vacancy rate for the first quarter is 24.8%. Similar to Portland and Seattle, the city lost tech employees and international visitors during the pandemic. Officials are implementing mixed-use…
Turkey Doubles Fuel Tax to Fund Earthquake Damages
The Turkish government raised company taxes and car fees to reduce economic pressure, but a weakened lira and government spending are anticipated to raise inflation. Diesel prices may cause a 60% year-end inflation rate. Since the election, the lira has dropped 25% versus the dollar, despite President Recep Tayyip Erdogan’s minimum salary and pension promises.…
UBS plans to keep EY as auditor for Credit Suisse acquisition.
Credit Suisse has appointed EY as its external auditor, with responsibility for Credit Suisse’s accounts beginning in 2024. The FT was informed by two insiders that the Big Four accounting firm will require foreign employees to audit the transaction due to its size. PwC, Credit Suisse’s auditor since 2020, will audit the accounts of the…
China Ambassador Asks EU to “Clarify” EU Position on China
Wang Xiaoping, China’s EU ambassador, seeks discussion, trust, and collaboration with Beijing. China, the EU’s “economic competitor” and “systemic rival,” wants less dependence. Wang will aid peace talks and Ukraine issues. The EU must “clarify” its strategic relationship with Beijing and boost communication, trust, and partnership. The 2003 EU-China comprehensive strategic relationship celebrates 20 years.…
UK retail food costs rose 25% in two years.
Supermarket food prices have grown by 25% in the last two years, highlighting the need for businesses to give accurate pricing information on loyalty card offers and promotions to help customers get the best deal. The company has lobbied the government to close loopholes that create supermarket price differences. The ONS will release June inflation,…