Euro business drop much more than expected in July
Euro zone business activity dipped more than predicted in July due to falling demand in the major services industry and industrial output at the fastest pace since COVID-19. The flash Composite Purchasing Managers’ Index (PMI) fell to 48.9, below the 50 line separating expansion from contraction and below all predictions. Manufacturing remains the euro zone’s…
Singapore core inflation grew 4.2%
Singapore’s consumer price indicator grew 4.2% in June, meeting economists’ predictions. The Monetary Authority of Singapore (MAS) and trade ministry reported falling food and energy prices, lowering inflation. Core inflation, including private road transport and hotel prices, climbed 4.2% year-on-year, while headline inflation rose 4.5%. The government predicted lower core prices in the second half…
China Evergrande is The World’s Most Indebted Property Developer.
On Sept. 5 and 6, the Hong Kong High Court and the Cayman Islands court will hold sanction hearings to accept China Evergrande Group’s plan to restructure its offshore debt. Evergrande is the property company with the most debt in the world. In 2021 and 2022, it will lose $81 billion, which makes investors worry…
Worldcoin Crypto Project Officially Launches
Worldcoin, a digital identity and crypto payments project co-founded by OpenAI CEO Sam Altman, aims to achieve global scale alignment by combining AI with crypto. The project uses eyeballs with an “orb” to create a unique digital identity, providing “proof of personhood.” Altman and his co-founders believe the new digital verification method is necessary as…
Acquisition of Suncorp Bank has been delayed
Australia’s competition authority has delayed its verdict on ANZ Group Holdings’ proposed acquisition of Suncorp Bank until August 4 and requested an extension until August 11. The Australian Competition and Consumer Commission (ACCC) deemed a two-week extension essential and reasonable, and now wants confirmation from ANZ that it agrees to it. ANZ agreed to an…
Swiss private bank reported net profit rise
Swiss private bank Julius Baer reported an 18% increase in net profit for the first half of 2023, driven by increased assets under management and wealthy customer investment. The adjusted net profit was 531 million Swiss francs ($613.23 million), below forecasts of 557 million. Julius Baer attracted 7.1 billion francs from wealthy clients, increasing its…
A study of buyback share’s by companies
Share buybacks are a topic of debate among investors and executives, with some arguing they return shareholder cash quickly and are a tax-efficient alternative to dividends. Others believe they can increase share value by reducing the register. However, academic literature is ambiguous, with a US study finding that 29% of buyback-announcing corporations were at risk…
The Fed is expected to raise interest rate on wednesday afternoon
Wall Street’s summer week is busy with 150 S&P 500 businesses reporting quarterly results. The Federal Reserve is expected to raise its benchmark interest rate by 0.25% on Wednesday afternoon. Investors will also be busy with the first second-quarter GDP reading, consumer confidence readings, inflation data, and July factory activity data. The Dow Jones Industrial…