Spending cutbacks by the consumer already led to a decrease in Chinese manufacturing orders by US importers of 20-30%, as recently reported by CNBC, and more recent data from US shippers shows the housing market slowdown is now showing up in the Asian supply chain data too. “We are seeing the impact and slowdown across … Read more
Steel mill owners in parts of China are in a bad mood, Beijing-based commodities consultant Simon Wu said. Steel inventories are slowly piling up in the warehouses of the country’s largest steelmaking hub, the northeastern city of Tangshan, as well as in the provinces of Jiangsu and Shandong, by owners told Wu, a senior consultant … Read more
“I’m not the best artist. I’m terrible,” Jackson Aw said with a sheepish laugh. That may seem ironic, given how the 32-year old is the founder and chief executive officer of Mighty Jaxx, a designer toy company from Singapore. But to Aw, acknowledging his own shortcomings has helped him turn his start-up into a multimillion-dollar … Read more
Fears that China could snoop on TikTok users were confirmed in leaked recordings from internal meetings held by the social media app’s parent company, according to a bombshell report Friday. The recordings revealed that China-based employees of ByteDance repeatedly accessed data tied to US users – raising fresh concerns about TikTok, which once faced a … Read more
NEW YORK (AP) – Wall Street opened the week with heavy losses that put the S&P 500 benchmark at a level considered to be a so-called bear market. Rising interest rateshigh inflationthe war in Ukraine and a slowdown in China’s economy have led investors to reconsider what they’re willing to pay for a wide range … Read more
A WeRide robotaxi with health supplies heads to Liwan district on June 4, 2021, in the southern Chinese city of Guangzhou. Southern Metropolis Daily | Visual China Group | Getty Images BEIJING – While governments may be wary of driverless cars, people want to buy the technology, and companies want to cash in. It’s a … Read more
President Joe Biden speaks during a news conference with Japanese Prime Minister Fumio Kishida at Akasaka Palace, Monday, May 23, 2022, in Tokyo. (AP Photo / Evan Vucci) ASSOCIATED PRESS Bitcoin traded higher along with stock futures early Monday after US President Joe Biden hinted at revoking trade tariffs on China. The leading cryptocurrency jumped … Read more
China added some downward pressure to oil prices this week when it clearly signaled its intent to buy more discounted Russian oil. Between China and India, Russia is racing to pivot towards Asia as the EU attempts to ditch its oil. Oilprice Alert: This week’s Global Energy Alert highlights two ways to play a turbulent … Read more
China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February. The move by the world’s largest oil importer comes a month … Read more
NEW YORK (AP) – Another fall for stocks on Friday has the S&P 500 flirting with a 20% drop from its peak set earlier this year, putting it within the grasp of what Wall Street calls a bear market. The index that’s at the heart of most workers’ 401 (k) accounts was down 0.4% for … Read more
