Market

Unrevised US third-quarter GDP growth was 2.8%.
28Nov By TheGreenZoneNo Comments
Market, USA

Unrevised US third-quarter GDP growth was 2.8%.

The U.S. economy grew at a solid clip in the third quarter, the government confirmed on Wednesday, amid robust consumer spending. Gross domestic product increased at an unrevised 2.8% annualized rate, the Commerce Department's Bureau of Economic Analysis said in its second estimate of third-quarter GDP. Economists polled by Reuters had forecast GDP would be unrevised. Slight downward revisions to consumer spending, government outlays and exports, were offset by upgrades to private inventory accumulation, business investment as well as state and local government spending. The economy grew at a 3.0% pace in the April-June quarter. It is expanding at a pace that is well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%. Consumer spendi...
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Beyond the inner ring of the Communist Party, a small group of well-known economists make up the “brain trust” that shapes economic policy.
28Nov By TheGreenZoneNo Comments
Asia, China, Market

Beyond the inner ring of the Communist Party, a small group of well-known economists make up the “brain trust” that shapes economic policy.

Who truly has Beijing’s ear when it comes to economic policymaking? As China navigates a period of profound economic challenges, this question has taken on new urgency. While outsiders often perceive China’s economic policies as dictated in a top-down, insulated manner, the reality is more nuanced. Policy-making in Beijing frequently involves regular engagement with trusted experts through roundtables, study sessions, and advisory committees. The voices shaping economic strategy extend beyond the Chinese Communist Party (CCP)’s inner circle to include a select “brain trust” of economists whose ideas inform and influence key decisions. To understand China’s policy direction, it is crucial to identify this brain trust. Our project does just that by analyzing the perspectives of econom...
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A trade crisis is sparked as the US threatens to impose tariffs on Canada and Mexico.
28Nov By TheGreenZoneNo Comments
Asia, Market, USA, World

A trade crisis is sparked as the US threatens to impose tariffs on Canada and Mexico.

The United States is threatening a significant shake-up in its trade relations with Canada and Mexico. President-Elect Trump has proposed imposing tariffs of up to 25 per cent on key imports. A Reuters report highlights that it includes crude oil, automobiles, and agricultural goods. This move comes amid escalating disputes over border security and trade imbalances. For Canada, the potential tariffs on crude oil could severely impact the nation’s economy, given that over 80 per cent of its oil exports are destined for the US. Meanwhile, Mexico, which relies heavily on automobile and agricultural exports to its northern neighbour, could face severe economic repercussions. Mexican president Claudia Sheinbaum during a press conference highlighted and I quote “to one tariff will c...
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ADB and Mastercard Form a Groundbreaking Alliance to Fund MSMEs in Asia and the Pacific
28Nov By TheGreenZoneNo Comments
Asia, Market, World

ADB and Mastercard Form a Groundbreaking Alliance to Fund MSMEs in Asia and the Pacific

The Asian Development Bank (ADB) and the Mastercard Impact Fund, administered by the Mastercard Center for Inclusive Growth, have signed a memorandum of understanding to establish a groundbreaking partnership aimed at supporting micro, small, and medium-sized enterprises (MSMEs) across Asia and the Pacific. The initiative will initially target Georgia, India, Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam. It will leverage a $5 million grant from Mastercard to financial institutions, to catalyze lending toward MSMEs, with a focus on women-led or -owned MSMEs and climate finance among small businesses. The grant will support up to $1 billion of ADB financing over a 4-year period, providing risk-reduction capital, performance incentives, and capacity building for financial ...
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The US-China tech battle has reached a “turning point” with Huawei’s latest smartphone.
26Nov By TheGreenZoneNo Comments
Asia, China, Market, USA, World

The US-China tech battle has reached a “turning point” with Huawei’s latest smartphone.

Huawei is set to launch its latest smartphone this week, complete with a new, made-in-China operating system — a first for a Chinese company and an indication of the progress the country’s tech companies have made, despite US sanctions. Unlike previous Huawei phones, which used an operating system built on Google’s Android, the new Mate 70 smartphone will run entirely on the company’s own HarmonyOS Next. Huawei hopes the system will be able to compete with the dominant incumbents, Apple’s iOS and Android, which together power around 98% of all smartphones globally, The Economist noted. Building a fully independent operating system “is no mean feat,” The Economist noted, because it requires persuading enough developers to spend time creating apps specifically for the new system:...
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According to a source, Japanese competition officials raid Amazon Japan.
26Nov By TheGreenZoneNo Comments
Asia, China, Market, World

According to a source, Japanese competition officials raid Amazon Japan.

Japanese officials conducted an on-site inspection of Amazon Japan on Tuesday amid suspicion the group had violated anti-monopoly laws. Authorities from Japan’s Fair Trade Commission conducted the raid, according to Reuters, which cited a government source. The unit of Amazon.com Inc is suspected of inappropriately urging sellers to lower their prices on its e-commerce site in exchange for giving their products advantageous placement on the site, the source said. “There is a suspicion that Amazon Japan is forcing sellers to cut prices in an irrational way,” said the source, who declined to be named as an official announcement has yet to be issued. Amazon Japan did not immediately respond to an email query about the raid. Amazon is likely to face an EU investi...
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A senior MEP claims that the EU and China are nearing a deal on EV import tariffs.
24Nov By TheGreenZoneNo Comments
Asia, China, Market

A senior MEP claims that the EU and China are nearing a deal on EV import tariffs.

FRANKFURT, Nov 22 (Reuters) - Brussels and Beijing are nearing a solution over tariffs on Chinese electric vehicle imports into the bloc, the chair of the trade committee of the European Parliament told a German broadcaster. "We are close to an agreement: China could commit to offering e-cars in the EU at a minimum price," Bernd Lange told n-tv, without elaborating. "This would eliminate the distortion of competition through unfair subsidies, which is why the tariffs were originally introduced." The European Commission was not immediately available for comment. The European Union last month decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3% in its highest-profile trade investigation, a move that has divided Europe and triggered retaliatio...
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A plan for economic security would be advantageous for Japan.
23Nov By TheGreenZoneNo Comments
Asia, Market

A plan for economic security would be advantageous for Japan.

Economic security has become an established concept in the present era as the return of great power competition muddles the line between security and economic issues. Governments are increasingly engaged in areas that had once seemed more the domain of private enterprise, particularly in acquisition and control over critical and emerging technologies. Japan has in many ways been a frontrunner in economic security policy in recent years, understanding its relative shortages vis-à-vis the United States and China, and marshalling resources to enhance domestic capacity and promote cross-border cooperation with like-minded partners. As the geopolitical situation deteriorates and countries increasingly look inward to generate national power, and with industrial policy increasing...
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Campaigners call the $1.3 trillion climate funding agreement that Cop29 agreed to a “betrayal.”
23Nov By TheGreenZoneNo Comments
Asia, China, Market, Singapore, USA, World

Campaigners call the $1.3 trillion climate funding agreement that Cop29 agreed to a “betrayal.”

Rich and poor countries concluded a trillion-dollar deal on the climate crisis in the early hours of Sunday morning, after marathon talks and days of bitter recriminations ended in what campaigners said was a “betrayal”. Under the target the developing world should receive at least $1.3tn (£1tn) a year in funds to help them shift to a low-carbon economy and cope with the impacts of extreme weather, by 2035. But only $300bn of that will come primarily in the form they are most in need of – grants and low-interest loans from the developed world. The rest will have to come from private investors and a range of potential new sources of money, such as possible levies on fossil fuels and frequent flyers, which have yet to be agreed. Mohamed Adow, director of the Pow...
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The US AI chip behemoth Nvidia surpasses sales projections.
22Nov By TheGreenZoneNo Comments
Market, USA, World

The US AI chip behemoth Nvidia surpasses sales projections.

Chipmaking giant Nvidia reported revenue of $35.08 billion in the third quarter, far outstripping economists’ expected $33.2 billion. Revenue is up 97% year-on-year for the period ending Oct. 27. Net income rose to $19.3 billion compared to $9.24 billion in the same period last year. Driving the surge is its AI business, which includes chips and data centers. Nvidia also projected $37.5 billion in sales for the current quarter, slightly above the expected $37.08 billion. The results mean the US chipmaker has now exceeded analysts’ expectations for the eighth quarter in a row, although they also mark a fourth consecutive slow-down in sales for the chipmaker overall, CNBC noted. The world’s largest company by market cap, Nvidia is seen as a bellwether of the direction of the...
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