China’s Economic Struggles – WSJ
Beijing is stepping up efforts to derail House Speaker Nancy Pelosi’s visit to Taiwan in the coming days, and the Communist Party’s threatening rhetoric makes more sense against the domestic backdrop. China’s economy looks increasingly fragile, so it wouldn’t be a huge surprise if President Xi Jinping turned to the nationalist abyss as a distraction. The basic story is slowing economic growth. Beijing has set a GDP growth target of 5.5% by 2022, which is modest by historical standards. Even now the Party seems to admit that the country is not meeting this target, at least not honestly, as growth…
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Sony blames easing of Covid constraints for fall in profit forecasts
Sony has cut its profit predictions, blaming easing of the brakes on Covid and a shortage of attractive new games. The Japanese giant said the end of Covid restrictions slowed games to stay at home and consumer interest had also declined due to the titles on offer. Sony said business would soon get a boost, however, from a number of new games in the pipeline and as supply issues for the PlayStation 5 console were resolved. “Last quarter was just a bump in the road for Sony,” said Serkan Toto, founder of the Consulting Kantan Games. “Sony seems to be…
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Israel Bans Cash Bids for Amounts Starting Up to $1,700 – Finance Bitcoin News
New legislation introducing tighter restrictions on large cash payments will come into force in Israel on Monday. The aim, as stated by the country’s Tax Agency, is to improve the fight against organized crime, money laundering and tax evasion. Critics doubt the law will succeed. Israeli authorities go after cash purchases, introduce lower limits Payments of large sums of money in cash and bank checks will be further restricted in Israel under the amendments that will come into effect on 1 August. Tax officials want to further reduce the circulation of cash money in the country, hoping to curb illegal…
Read More »Let’s Rams Day for the third open practice
Before leaving Lucky draw: Vamos Rams car flag sponsored by Toyota, while supplies last. Performances: Mariachi Rams, DJ Bobbito, DJ Mal-Ski and Cheerleaders Photo and autograph opportunities: Legends of Rams Open doors At 11.00 a.m., with training at 12.30 p.m Click here to claim your free tickets. Click here for parking information, i click here for the parking map. Click here to see the Training Camp map. when you get there The Main Square of the Fan includes the Vince Lombardi Trophy, Main Stage, Box Office, Bench Press Challenge, Merchandise Tent and Rams Legends photos and autographs brought to you…
Read More »Manchin Introduces Inflation-Reduction Bill, Says ‘I’m Not Getting Involved’ in Next Election
Sen. Joe Manchin at the U.S. Capitol on Tuesday, June 14, 2022. Sen. Joe Manchin, DW.Va., and his staff told Democratic leadership Thursday that he is unwilling to support major climate provisions and prosecutors on a broad Biden agenda. bill, according to a Democrat briefed on the talks. Tom Williams | Cq-roll Call, Inc. | Getty Images Sen. Joe Manchin, DW.V., made the morning talk rounds Sunday to discuss the Inflation Reduction Act of 2022, a revival of President Joe Biden’s Build Back Better economic bill that ·lapse at the beginning of the year. The inflation bill, which Democrats are…
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China’s “dim sum” bond sales rise on demand from domestic investors
Sales of international renminbi bonds have surged this year as the country’s fixed-income investors, lacking decent returns at home, take advantage of new market access to higher-yielding Chinese currency debt abroad. The volume of dim sum bond deals (renminbi-denominated debt sold in Hong Kong) rose 145 percent from a year ago to Rmb126.8 billion ($19.3 billion), already surpassing the total of the year 2021, according to data from Refinitiv. That puts the market on track for its best year since 2016. The revival of Hong Kong’s long-stagnant dim sum market contrasts with China’s negative market sentiment toward onshore renminbi debt,…
Read More » China factory production cuts after Covid outbreaks
China’s factory output unexpectedly fell in July following new Covid outbreaks and an increasingly pessimistic global outlook. The contraction followed June’s rebound after weeks of slowdowns and Covid restrictions that had hit the country’s industrial hubs. The official manufacturing purchasing managers’ index (PMI) fell to 49.0 in July from 50.2 in June, the National Statistics Office (NBS) he said, below the 50-point mark that separates contraction from growth and the lowest in three months. Analysts polled by Reuters had expected a reading of 50.4. Also in AF: Can China Evergrande Save With Debt Restructuring? “The level of economic prosperity in…
Read More »Republicans argue the economic deal will raise taxes, citing nonpartisan data
However, the analysis takes into account the indirect effect of the draft provision to impose a minimum tax of 15% on certain corporations. Economists assume that companies will pass some of the tax increase on to employees by reducing their after-tax wages and job opportunities. In addition, shareholders would take a hit as the value of their equity holdings, including those held in pensions and mutual funds, would likely decline. The minimum tax measure is expected to raise $313 billion over a decade, according to the JCT. Republicans point to the report as evidence that the package, which Democrats hope…
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