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China stimulus boosts domestic consumption as Trump tariffs loom

Retail sales expanded at the fastest in eight months in October, according to figures published by the National Bureau of Statistics on Friday.

15.11.2024 20

Fortune

Bloomberg

Russian food prices skyrocket in growing concern for Kremlin

Price surges are creating a headache for President Putin as he tries to balance the Kremlin’s military ambitions with a desire for domestic...

14.11.2024 20

Fortune

Bloomberg

China nears record $1 trillion trade surplus as Trump returns

Weaker domestic demand means China has been relying more on exports to boost economic growth.

11.11.2024 10

Fortune

Bloomberg

Foreign firms pull more money from China’s slowing economy

Should the decline continue for the rest of the year, it would be the first annual net outflow in FDI since at least 1990.

10.11.2024 10

Fortune

Bloomberg

China’s deflation problem worsens on weak consumer prices

China is facing the longest period of deflation since the 1990s, with a broad measure of economy-wide prices falling for five straight quarters...

13.10.2024 30

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China leaves economists wanting more action to defeat deflation

“The policy to support consumption sounds quite weak,” said Jacqueline Rong, chief China economist at BNP Paribas SA.

12.10.2024 4

Fortune

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Russian minister asks farmers to pray as lack of rain persists

“We plan to sow 20 million hectares, like last year. But we are sowing practically in sand in the hope that it will rain.”

08.10.2024 30

Fortune

Bloomberg

China controls 70% of the world’s critical rare earth minerals. Finding an alternative is proving tough—and expensive

The U.S. and its allies are trying to find new sources of rare earth metals, used in phones and fighter jets, outside of China.

17.09.2024 10

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Bloomberg

China needs ‘bazooka stimulus’ to hit growth target as economy slows across the board

Measures of factory output, consumption and investment all slowed more than economists had forecast, while jobless rate unexpectedly rose to a...

14.09.2024 10

Fortune

Bloomberg

Not every company is struggling in China: Brands like Sam’s Club and Lululemon win over more ‘rational’ consumers

While most brands struggle with sluggish demand, a select few consumer companies are delivering gains last seen during China's boom times.

13.09.2024 10

Fortune

Bloomberg

One of China’s most famous bankers loses $750 million in wealth after unexplained detention

Authorities detained Bao Fan, China Renaissance's founder, 17 months ago in an unspecified investigation amid a broader crackdown on the finance...

10.09.2024 10

Fortune

Bloomberg

China’s deflation is starting to snowball into lower pay, igniting a dangerous spiral

“We are definitely in deflation and probably going through the second stage of deflation.”

09.09.2024 5

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Japanese companies used to be the biggest investors in China. Now they’re bailing

"We are now past Japan’s peak economic engagement with China."

09.09.2024 10

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Bloomberg

Tiffany is shrinking its China flagship store by half as luxury spending collapses

Tiffany & Co., LVMH’s leading jewelry maker, is planning to downsize a flagship store of more than 12,000 square feet in Shanghai.

05.09.2024 10

Fortune

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The pillars of China’s economy are in a free fall that’s getting worse

"Price indicators in the NBS manufacturing survey suggest deflationary pressures picked up significantly."

02.09.2024 6

Fortune

Bloomberg

Cheap ‘dupes’ promise Chinese shoppers the quality of brands like Lululemon and Hermes—without the logos

Chinese shoppers are now flocking to "pingti," high-quality copies of foreign brands.

30.08.2024 20

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BYD wants ‘nearly half’ of its sales to come from overseas as it spends billions in new factories outside of China

But the ambitious goal might not happen until the end of the decade.

28.08.2024 5

Fortune

Bloomberg

China EV maker Xpeng wants to start building cars in Europe, particularly in areas with ‘relatively low labor risks’

Xpeng could join other Chinese EV makers, including BYD and Chery, trying to use local production to minimize the effect of EU tariffs.

27.08.2024 10

Fortune

Bloomberg

Red Lobster hopes a millennial CEO will be the leader it needs to claw its way out of bankruptcy

The seafood restaurant chain has tapped former PF Chang's CEO Damola Adamolekun as its new head.

26.08.2024 5

Fortune

Bloomberg

Temu’s meteoric rise is ‘not sustainable,’ CEO warns, as it faces pressure from competition and merchant protests

“Competition is here to stay and is expected to intensify in our industry,” CEO told analysts. “High revenue growth is not sustainable.”

26.08.2024 5

Fortune

Bloomberg

Telegram says CEO Durov has nothing to hide after arrest in France

“It is absurd to claim that a platform or its owner are responsible for abuse of that platform,” Telegram said.

26.08.2024 10

Fortune

Bloomberg

Ukraine’s Kursk offensive intensifies as Russia repels one of the largest ever drone attacks on Moscow

“Our force should be felt in various corners of Russia,” Andriy Yermak, the chief of staff to Ukrainian President Volodymyr Zelenskiy, said...

21.08.2024 8

Fortune

Bloomberg

Walmart dumps its stake in China e-commerce giant JD.com at an 11% discount from Tuesday’s closing share price

“I expect Walmart will be disappointed with the horse they backed,” said Mark Tanner, managing director at marketing agency China Skinny.

21.08.2024 30

Fortune

Bloomberg

Finance firms decamping for south Florida have created an elite school vacuum. Vanderbilt now seeks to fill it

A shortage of elite school options has been a major pain point for younger wealthy families who’ve moved to South Florida to work at firms such as...

20.08.2024 7

Fortune

Bloomberg

Over a million people flock to play Black Myth: Wukong, China’s most serious attempt to make a blockbuster video game

Black Myth: Wukong, based on the Chinese legend of the Monkey King, is surpassing records set by titles like Cyberpunk 2077 and Elden Ring.

20.08.2024 10

Fortune

Bloomberg

Extreme heat and humidity are causing 47,000 deaths across Europe—here’s what it does to the human body

The world’s two hottest days on record happened in July and 2024 is on track to be the warmest year ever.

18.08.2024 10

Fortune

Bloomberg

Foreign investors pulled a record $15 billion out of China last quarter

The slowdown in the economy and rising geopolitical tensions has led some companies to reduce their exposure.

12.08.2024 20

Fortune

Bloomberg

Venezuela strongman Nicolás Maduro tells followers to delete WhatsApp because it’s being used by ‘fascists’ to spread violence

Maduro’s attack on social media platforms comes on the heels of a wave of repression by his regime against any resistance to his self-declared win...

06.08.2024 10

Fortune

Bloomberg

Evergrande’s liquidators want to claw back $6 billion from 7 defendants, including founder Hui Ka Yan and his ex-wife

The order comes months after a Hong Kong court approved a winding-up petition for the bankrupt property developer.

06.08.2024 10

Fortune

Bloomberg

China eyes yachts, esports and ‘low-altitude flying’ to boost consumer spending

China’s government laid out its priorities to spur consumer spending as weak domestic demand continues to weigh on growth.

04.08.2024 10

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Bloomberg

China’s gig workers stress over their incomes as Baidu ‘silly radish’ robotaxis flood the streets

More than 500 electric robotaxis built by Baidu Inc. currently ply Wuhan's streets, with plans for an additional 1,000 to be deployed by year-end.

01.08.2024 10

Fortune

Bloomberg

Vice President Kamala Harris trends on Chinese social media as users think the U.S. election chaos helps Donald Trump

“Does this mean Trump is set to win?" one user asked as the "Biden exit" hashtag racked up 370 million views on Weibo by noon.

22.07.2024 20

Fortune

Bloomberg

Xi Jinping unveils sweeping plans to fix China’s $9 trillion hidden debt crisis

Those plans centered around shifting more revenue from the central to local coffers.

21.07.2024 10

Fortune

Bloomberg

Trump invites Chinese automakers to build cars in the U.S.—and says ones they build in Mexico will be hit with tariffs up to 200%

China’s largest EV maker BYD Co. is looking to set up one of the largest auto factories in Mexico.

19.07.2024 20

Fortune

Bloomberg

Beijing promises to support ‘high-quality development’—and signals a tolerance of slower growth

Some Chinese citizens are branding the post-pandemic era “history’s garbage time”, referring to a game when a losing team has no chance of a...

19.07.2024 20

Fortune

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Officials say food prices are dropping but shoppers aren’t buying it

The impending election may be leading some Americans to feel uncertain about the trajectory of the economy.

12.07.2024 8

Fortune

Bloomberg

Too many Chinese factories are trying to supply the same strategic industries: ‘Only the strong can survive’

“Competition has been too fierce these past two years,” Jeff Pan, owner of a mid-sized copper processing plant, says.

11.07.2024 10

Fortune

Bloomberg

China knows which Democrat it would like to run if Biden steps down

After President Joe Biden’s catastrophic debate performance, Gavin Newsom has emerged among a handful of names being floated to replace him. In...

02.07.2024 10

Fortune

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Russians rethink divorce as government raises fees eightfold to fund war effort

The Finance Ministry drafted a proposal to raise the divorce fee to 5,000 rubles ($58.75) from 650 rubles.

28.06.2024 10

Fortune

Bloomberg

Chinese banks ask staffers to return some of their pay to comply with Beijing’s drive for ‘common prosperity’

Top-earning finance workers are among the hardest hit by Chinese President Xi Jinping's push for a more equal distribution of wealth.

27.06.2024 20

Fortune

Bloomberg

‘We have to keep our cool,’ Citi management tells workers as climate and antiwar protests outside HQ reach a fever pitch

Activists have sought to blockade the main entrance since early June, and organizers say 200 people have been arrested.

26.06.2024 10

Fortune

Bloomberg

Billionaire Ken Griffin receives rare apology from IRS after his tax returns were leaked to journalists

Griffin was one of a handful of billionaires—including former President Donald Trump, Elon Musk and Jeff Bezos—impacted by one of the most...

26.06.2024 10

Fortune

Bloomberg

Target’s online marketplace pales in comparison to Walmart and Amazon, and now it’s betting on a shiny new deal with Shopify to woo customers

The partnership will be a first for Target Plus, which has historically been a more selective platform for third-party vendors.

24.06.2024 4

Fortune

Bloomberg

Car executives are the newest livestreamers taking over China: ‘Even a 60-year-old man like me has to do this’

Xiaomi's Lei Jun and Nio's William Li are just some of the CEOs taking to Chinese social media to showcase their cars.

24.06.2024 10

Fortune

Bloomberg

Russian soldiers returning home are sending crime higher, and a bigger wave could be on the way that hits the economy

A postwar surge in crime may cost Russia as much as 0.6% of its gross-domestic product, according to Bloomberg Economics.

23.06.2024 7

Fortune

Bloomberg

There are now almost a billion Huawei devices in use as the U.S.-sanctioned Chinese tech firm takes Apple’s market share

Sales of premium Huawei smartphones climbed 72% in the first five months of 2024, Huawei consumer business chairman Richard Yu said Friday.

21.06.2024 30

Fortune

Bloomberg

China’s cash-strapped local governments are chasing back taxes stretching back to the 1990s

China's real estate crisis is putting pressure on local governments to expand revenue, as land sale income plunges.

17.06.2024 20

Fortune

Bloomberg

Russia is holding off on dollar and euro trading altogether after a new round of sanctions kicks in

“What will not change is the continued strengthening of the yuan’s position in Russia."

14.06.2024 10

Fortune

Bloomberg

Volvo is moving EV production from China to Belgium as the EU eyes tariffs on Beijing

On top of transferring production of Volvo’s EX30 and EX90 models to Belgium, the carmaker may also move assembly of some Volvo models bound for the...

10.06.2024 10

Fortune

Bloomberg

Africa loses 20,000 millionaires in 10 years as the wealthy flee the continent

Africa's wealth has diminished due to depreciating currencies and underperforming stock markets, according to investment consultancy Henley &...

07.06.2024 20

Fortune

Bloomberg

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