Business
IMF team to begin meeting officials in Ukraine
Ukraine's economy has been hit hard since Russia launched a full-scale invasion in February 2022, and the government has relied heavily on Western aid to finance social and humanitarian payments. The IMF said last week its mission had begun its second review of a $15.6 billion multi-year loan program for the country.
A silver lining from pandemic: Startups are booming in US
New research from economists at the University of Maryland and the Federal Reserve presented on Friday at the Brookings Institution, a think tank in Washington, documents a potentially durable surge in Americans starting businesses during and after the pandemic. The new companies range from restaurants and dry cleaners to high-tech startups.
How China's property crisis is testing its too-big-to-fail banks
China's banking system faces significant risks due to its heavy exposure to the real estate crisis. Around 40% of all bank loans are related to property, and as more real estate developers default on payments, pressure is mounting on the banks. The government may be forced to bail out banks, but this risks encouraging reckless practices and delaying investment in more productive ventures.
China September factory activity expands for first time in six months
The official purchasing managers' index (PMI) rose to 50.2 in September from 49.7, according to the National Bureau of Statistics, edging above the 50-point level demarcating contraction from expansion. The reading beat a forecast of 50.0.
WSJ: Nvidia's offices raided by French competition authority
The French competition authority said that its operation this week followed a broader inquiry into the cloud-computing sector. The broader inquiry revolves around concerns that cloud-computing companies could use their access to computing power to exclude smaller competitors.
United Airlines pilots ratified a new contract that their union says is worth more than USD 10 billion
United joins Delta Air Lines and American Airlines in nailing down new contract pilots that remove a source of friction with a key labour group but will add significantly to the carriers' costs. Pilots at Southwest Airlines, who are represented by a separate union, are still in negotiations, as are flight attendants at several airlines.
United Autoworkers strikes spread to Chicago and Lansing as 7,000 more workers join the picket line
In the past the union had picked one company as a potential strike target and reached a contract agreement with that company that would serve as a pattern for the others. But this year Fain introduced a novel strategy of targeting a limited number of facilities at all three automakers, while threatening to add more if the companies do not come up with better offers.
Airbus wins Cathay Pacific order for 32 more A320neo jets
Cathay had signalled in August that it intended to bulk up its fleet of the popular medium-haul jets, on top of an original order for 32 A320neos in 2017. Airbus says the more fuel-efficient versions of the single-aisle A320 planes are the best sellers in the industry, competing with the 737 MAX from Boeing.
MEIL secures Rs 5,400 cr crude oil refinery project in Mongolia
Megha Engineering and Infrastructures Ltd (MEIL) has secured a $648 million work order in Mongolia from Mongol Refinery State Owned LLC. The order is for the construction of a crude oil refinery plant, which will produce 1.5 million tonnes of crude oil annually to meet Mongolia's domestic demand for gasoline, diesel, aviation fuel, and LPG.
Credit Suisse sheds nearly 13% of workforce this year
Credit Suisse has reduced its workforce by nearly 13% this year, with the number of employees falling to 33,968 at the end of June. The bank, which was taken over by UBS earlier this year, did not provide details on the breakdown between voluntary departures and job cuts, or the number of potential future job losses. UBS has already announced plans to cut 3,000 jobs in Switzerland.
Must Watch
The mystery behind disappearing business tycoons in China
China's business tycoons are increasingly at risk as the government cracks down on powerful magnates who fail to align with the Communist Party's agenda. The latest case is that of Hui Ka Yan, founder of Evergrande, which is struggling with over $300 billion in liabilities. Hui has been placed under police surveillance and is being investigated over suspected illegal activities. This trend of disappearing business executives has become common in recent years, with high-profile figures such as Jack Ma and Ren Zhiqiang also vanishing.
Pakistan seeks $11 billion aid from China, Saudi Arabia to keep IMF bailout programme on track: Report
Pakistan is reportedly seeking around $11 billion from China and Saudi Arabia to fill external and domestic resource gaps and ensure economic stability until a new government is formed. The caretaker government is also focusing on expanding the tax net to sectors such as retail, agriculture, and real estate, while cracking down on illegal currency movements.
Evergrande sold yacht this year, say sources, as creditors sharpen focus on offshore assets
China Evergrande Group has reportedly sold its luxury superyacht, Event, for about $32 million as part of its efforts to sell non-core assets amid its worsening cash crunch. The sale further reduces Evergrande's offshore assets, which could be of concern to its offshore bondholders as the company's debt restructuring plan faces challenges.
New York stays top financial centre, London clings to second place: Global Financial Centres index
New York, in the top spot since deposing London in September 2018, remains well in the lead with 763 points based on surveys of 147 factors covering 121 centres provided by third parties, including the World Bank, OECD, and the United Nations.
Lina Khan vs Jeff Bezos: This is Big Tech’s real cage match
His forcefully nurtured creation, Amazon, sold as many items as possible as cheaply as possible and delivered them as quickly as possible. The result is that $40 out of every $100 spent online in the United States goes to Amazon and Bezos is worth $150 billion. Lina Khan made her reputation with a very different idea: What if pleasing the customer was not enough?
Apple’s iPhone cedes ground to Google’s Pixel in Japan
Google's Pixel phones are gaining market share in Japan, eroding the dominance of Apple's iPhone. In the June quarter, Google phones accounted for a record 12% of the market, compared to 46% for the iPhone. The decline in iPhone market share can be attributed to the increasing cost of the device due to the weakening yen, as well as the lack of significant new features.
