Live News Updates: Alibaba seeks dual primary Hong Kong listing to boost Chinese investment
Zhao Weiguo, the former head of a sprawling Chinese conglomerate with state-backed investments in the global technology sector, has been investigated by officials in Beijing, according to local media. The 54-year-old, who ran cash-strapped chip giant Tsinghua Unigroup for a decade, has been out of touch after being taken from his home by authorities in mid-July, Caixin reported, a respected Chinese business publication. The Financial Times has not independently verified the case. Tsinghua did not immediately comment. No further details about the investigation were released. The report of Zhao’s arrest comes after years of heightened scrutiny of state-backed Tsinghua by…
Read More »The economic mess we are in
The Federal Reserve’s monetary policy committee meets this week, and now comes the hard part for Chairman Jay Powell. It is already drawing criticism for a future recession, even though the central bank has barely tightened policy. We are about to find out if Mr. Powell has the fortitude to make up for the Fed’s big inflationary mistake. *** The economic context of the Open Market Committee is rare and troubling. Inflation has soared while growth is slowing. The central bank is in the strange position of having to raise interest rates on Wednesday, while a day later the Commerce…
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AIV50 Announces Raffles Financial (RFG) Investments | News from Taiwan
Commitment to co-invest in up to fifty AI companies over five years as part of the AIV50 Business Management Program singapore – Newsfile Corp. – July 25, 2022 – Raffles Financial Group Limited (CSE: RICH ) (FSE: 4VO ) (OTCQX: RAFFF ) — AIV50 has announced its financing plans with Raffles Financial Pte Ltd (“RFG”) which will advise and lead capital raising strategies with its network of family offices, sovereign funds and private equity companies. RFG’s first investment in one of AIV50’s AI ventures, called TAFGAI (The Accounting and Finance Group in AI) as its strategic initiative in the AI…
Read More »stocks with stable profits and high dividend yields
Bank of America believes that the United States will fall into a recession and this could have spillover effects to other regions, including Asia. “In the last seven US recessions since 1973, Asian stocks fell an average of 50% and [earnings per share] contracted by 30%. Both shallow and deep recessions were horrible for Asia,” Bank of America strategists, led by Ajay Singh Kapur, said in a July 18 note. The bank expects a “mild” recession in the U.S., where gross domestic product will contract around “Although China’s influence on the Asian economy/markets has surpassed that of the United States…
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Walmart issues profit warning as rising inflation hits customers
Walmart has issued its second profit warning in 10 weeks, signaling a further deterioration in the U.S. retail environment as inflation weighs on the price-sensitive consumers the world’s largest retailer relies on. “Rising levels of food and fuel inflation are affecting the way customers spend,” said Doug McMillon, Walmart’s chief executive. He said the company had made “good progress” in clearing inventory in “durables” or consumer durables categories such as appliances and furniture, but needed to increase apparel sales at its U.S. stores . In a statement after the close of trading in New York on Monday, just three weeks…
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White House economic adviser criticized for trying to redefine ‘recession’ on CNN: ‘Gaslighting Americans’
NEWYou can now listen to Fox News articles! Joe Biden’s National Economic Council director Brian Deese told CNN on Monday that America is not in recession, regardless of whether or not Thursday’s upcoming economic report shows a second straight quarter of GDP contraction, the standard definition. In an attempt to get ahead of the report, Deese preemptively called it “inherently backwards.” “Certainly, in terms of the technical definition, it’s not a recession,” he said. This follows a trend by Biden advisers to anticipate what many predict will be a lackluster economic report. FORMER CONGRESSMAN AMONG INSIDER TRADING’S NINE OFFICERS White…
Read More »Can China’s economy avoid a Japanese-style stagnation?
Shanxi province’s GDP was among the fastest growing in China in the first half of 2022, increasing by 5.2% year-on-year. In this Jan. 14, 2022 photo, a robot arm welds the frame of a new energy vehicle in Shanxi. Future Publishing | Future Publishing | Getty Images BEIJING – Several economists hope China will avoid a Japan-style stagnation if the right policies are put in place. China’s gross domestic product barely grew in the second quarter as Covid lockdowns stifled growth. These restrictions have been eased. But Covid controls remain an uncertain overhang as the country awaits a quarterly meeting…
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Campaign finance reports available for Michigan candidates
With just over a week to go until the Primary, candidates and campaigns have opened their finances. Deadlines for campaigns to report their finances came on Friday and Monday, depending on the type of campaign. This gives the public an inside look at how much money campaigns have raised, where it’s coming from and how it’s being spent. “You’d rather have more money than not,” said Adrian Hemond of Grassroots Midwest. This shows when you look at the campaign finance disclosures on the Secretary of State’s website. Now each candidate states how they got their money and where it’s going….
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