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Norwegian Cruise Line Holdings raised its full-year profit outlook for the third time this year on Wednesday, buoyed by continued strong demand for sea vacations and an increase in itinerary prices. Shares of the cruise operator, down about 7 per cent this year, surged 2.4 per cent in premarket trading.

With consumers increasingly turning to experiences and services over discretionary goods, it's no wonder cruise operators posted record booking rates for affordable vacations, allowing them to bump up ticket prices, thus enhancing their bottom line prospects.

"As we raise our full-year guidance for a third time, we expect our adjusted profit to increase approximately 120 per cent compared to 2023," said CEO Harry Sommer. The cruise operator now expects an adjusted profit of $1.53 per share for fiscal 2024, up from its prior forecast of $1.42 per share.

The bullish outlook of Norwegian Cruise Line Holdings was similar to that of peers, such as Carnival and Royal Caribbean Group. Both rivals have recently lifted their profit expectations despite ongoing concerns over high costs that have been weighing on the sector. This collective bullishness among big cruise operators points to a much broader recovery in the travel sector.

A major driver for the improved profit forecasts is the ability to adapt pricing strategies in response to surging demand. As more and more people seek cruise vacations, operators are leveraging this opportunity to raise fares, improving revenue streams. This move indicates heightened consumer confidence in the travel and leisure sector amid inflationary pressures and economic uncertainties.

The repeated upward adjustment to its profit forecast places Norwegian Cruise Line Holdings at the forefront of strong demand for cruise vacations and effective pricing strategies. With a projected 120 per cent growth in adjusted profit compared to 2023, the cruise operator is in a very good position to sail through all odds and opportunities in the market. The ongoing recovery of the cruise industry remains positive for stakeholders and investors alike, as companies are adapting to changes in consumer preferences and market dynamics.

Norwegian Cruise Line Holdings raised its full-year profit outlook for the third time this year on Wednesday, buoyed by continued strong demand for sea vacations and an increase in itinerary prices.

Norwegian Cruise Line Holdings raised its full-year profit outlook for the third time this year on Wednesday, buoyed by continued strong demand for sea vacations and an increase in itinerary prices. Shares of the cruise operator, down about 7 per cent this year, surged 2.4 per cent in premarket trading. With consumers increasingly turning to experiences and services over discretionary goods, it's no wonder cruise operators posted record booking rates for affordable vacations, allowing them to bump up ticket prices, thus enhancing their bottom line prospects. "As we raise our full-year guidance for a third time, we expect our adjusted profit to increase approximately 120 per cent compared to 2023," said CEO Harry Sommer. The cruise operator now expects an adjusted profit of $1.53 per share for fiscal 2024, up from its prior forecast of $1.42 per share. The bullish outlook of Norwegian Cruise Line Holdings was similar to that of peers, such as Carnival and Royal Caribbean Group. Both rivals have recently lifted their profit expectations despite ongoing concerns over high costs that have been weighing on the sector. This collective bullishness among big cruise operators points to a much broader recovery in the travel sector. A major driver for the improved profit forecasts is the ability to adapt pricing strategies in response to surging demand. As more and more people seek cruise vacations, operators are leveraging this opportunity to raise fares, improving revenue streams. This move indicates heightened consumer confidence in the travel and leisure sector amid inflationary pressures and economic uncertainties. The repeated upward adjustment to its profit forecast places Norwegian Cruise Line Holdings at the forefront of strong demand for cruise vacations and effective pricing strategies. With a projected 120 per cent growth in adjusted profit compared to 2023, the cruise operator is in a very good position to sail through all odds and opportunities in the market. The ongoing recovery of the cruise industry remains positive for stakeholders and investors alike, as companies are adapting to changes in consumer preferences and market dynamics.

Norwegian Cruise Line Holdings surges as profit forecasts sail higher

The troubled Chinese property developer Shimao Group stated on Wednesday that a Hong Kong court had adjourned the winding-up petition against the company to August 12, allowing the group more time to work with creditors on a new, revised restructuring proposal.

Since 2021, when the Chinese property sector sank into the thick of a debt crisis, several developers have come under such liquidation lawsuits from creditors. This list already comprises an order to liquidate behemoth China Evergrande Group. In a very brief filing to the stock exchange, Shimao said, 'The High Court has further adjourned the hearing for the petition to August 12.'

The liquidation petition against Shimao was filed in April, owing to the default on loans amounting to about $200 million by China Construction Bank. The Shanghai-based developer, in 2022, defaulted on offshore debt of $11.5 billion. On its part, Shimao has just come up with better terms in its restructuring plan to woo the creditors, who had initially opposed the March proposal.

The new terms comprise a minimum cash interest payment for the new notes, an enhancement of the guarantee and security package, and a lower conversion price for the mandatory convertible bonds of HK$6 per share from HK$8.50. Shimao also pushed back the deadline for an early consent fee for a fourth time – an inducement for creditors to get behind the plan – to August 30.

A parallel development: the liquidation hearing for smaller peer Times China has also been adjourned to August 12, as shown in a recent filing. On the same date, Kaisa Group will be back in court for the next liquidation hearing, possibly one of the last hearings before the Hong Kong High Court makes a ruling for the Shenzhen-based developer.

The adjournment marks Shimao's ability to work through its financial difficulties and negotiate a viable restructuring plan. The outcome will be of key significance not only to Shimao but also to the wider Chinese property market, which remains scarred by festering debt issues and liquidity crises.

The troubled Chinese property developer Shimao Group stated on Wednesday that a Hong Kong court had adjourned the winding-up petition against the company to August 12, allowing the group more time to work with creditors on a new, revised restructuring proposal.

The troubled Chinese property developer Shimao Group stated on Wednesday that a Hong Kong court had adjourned the winding-up petition against the company to August 12, allowing the group more time to work with creditors on a new, revised restructuring proposal. Since 2021, when the Chinese property sector sank into the thick of a debt crisis, several developers have come under such liquidation lawsuits from creditors. This list already comprises an order to liquidate behemoth China Evergrande Group. In a very brief filing to the stock exchange, Shimao said, 'The High Court has further adjourned the hearing for the petition to August 12.' The liquidation petition against Shimao was filed in April, owing to the default on loans amounting to about $200 million by China Construction Bank. The Shanghai-based developer, in 2022, defaulted on offshore debt of $11.5 billion. On its part, Shimao has just come up with better terms in its restructuring plan to woo the creditors, who had initially opposed the March proposal. The new terms comprise a minimum cash interest payment for the new notes, an enhancement of the guarantee and security package, and a lower conversion price for the mandatory convertible bonds of HK$6 per share from HK$8.50. Shimao also pushed back the deadline for an early consent fee for a fourth time – an inducement for creditors to get behind the plan – to August 30. A parallel development: the liquidation hearing for smaller peer Times China has also been adjourned to August 12, as shown in a recent filing. On the same date, Kaisa Group will be back in court for the next liquidation hearing, possibly one of the last hearings before the Hong Kong High Court makes a ruling for the Shenzhen-based developer. The adjournment marks Shimao's ability to work through its financial difficulties and negotiate a viable restructuring plan. The outcome will be of key significance not only to Shimao but also to the wider Chinese property market, which remains scarred by festering debt issues and liquidity crises.

Shimao Group secures adjournment in liquidation hearing amid revised restructuring efforts

Boeing named former Rockwell Collins chief Robert "Kelly" Ortberg its next CEO Wednesday, as the aviation giant reported a hefty loss on continued operational problems.

Ortberg, 64, helped lead Rockwell Collins and integrate it into United Technology prior to his retirement from RTX in 2021. His appointment comes as Boeing attempts to rebound from a series of safety and quality control problems that have sharpened scrutiny on the company.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

Boeing named former Rockwell Collins chief Robert "Kelly" Ortberg its next CEO Wednesday, as the aviation giant reported a hefty loss on continued operational problems.

Boeing named former Rockwell Collins chief Robert "Kelly" Ortberg its next CEO Wednesday, as the aviation giant reported a hefty loss on continued operational problems. Ortberg, 64, helped lead Rockwell Collins and integrate it into United Technology prior to his retirement from RTX in 2021. His appointment comes as Boeing attempts to rebound from a series of safety and quality control problems that have sharpened scrutiny on the company. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Boeing names new CEO as it reports hefty loss

The United Nations has raised the alarm on the drastic population decline in China by the end of this century, predicting it could lose more than half of its population.

According to the summary of results from the United Nations' 2024 World Population Prospects, China's population could return to a size comparable to the late 1950s as it could lose 786 million people between 2024 and 2054, followed by Japan and Russia with 21 million and 10 million, respectively. According to the report, Hong Kong and South Korea had the lowest fertility levels in 2024. The report further notes that the world population would presumably peak in the mid-2080s with a population of around 8.2 billion.

China's population dropped for the second year in a row, falling to 1.4097 billion. Only 9.02 million births were reported in the country in 2023, marking the lowest level since records began in 1949. Beijing recently established a vast data-monitoring system to manage this glaring demographic trend. Economists are particularly concerned about the impact on China's growth. Population decline means fewer workers as more people retire. This can impact the government's revenue sources and increase spending on social services.&nbsp;

China's Economist Intelligence Unit had earlier predicted that the country's population would plunge by 20 million by 2035, further impacting long-term economic prospects. Meanwhile, Chinese households are expected to increase to 550 million by 2035 and the average family size could drop to 2.3 people from 2.62 people.

The United Nations has raised the alarm on the drastic population decline in China by the end of this century, predicting it could lose more than half of its population.

The United Nations has raised the alarm on the drastic population decline in China by the end of this century, predicting it could lose more than half of its population. According to the summary of results from the United Nations' 2024 World Population Prospects, China's population could return to a size comparable to the late 1950s as it could lose 786 million people between 2024 and 2054, followed by Japan and Russia with 21 million and 10 million, respectively. According to the report, Hong Kong and South Korea had the lowest fertility levels in 2024. The report further notes that the world population would presumably peak in the mid-2080s with a population of around 8.2 billion. China's population dropped for the second year in a row, falling to 1.4097 billion. Only 9.02 million births were reported in the country in 2023, marking the lowest level since records began in 1949. Beijing recently established a vast data-monitoring system to manage this glaring demographic trend. Economists are particularly concerned about the impact on China's growth. Population decline means fewer workers as more people retire. This can impact the government's revenue sources and increase spending on social services. China's Economist Intelligence Unit had earlier predicted that the country's population would plunge by 20 million by 2035, further impacting long-term economic prospects. Meanwhile, Chinese households are expected to increase to 550 million by 2035 and the average family size could drop to 2.3 people from 2.62 people.

China's demographic time bomb: China faces 'largest absolute population loss', says UN

China's economic slowdown has ignited the demand for safe-haven assets like Gold. Purchase of gold bars and coins surged by 46 per cent in the first half of the year. The figure represents 40 per cent of the national gold consumption. However, the overall consumption is 5.61 per cent lower than the previous year. Industrial use of gold also fell by 0.53 per cent year-on-year.

A trend to note is the reduced expenditure on expensive gold jewellery and more buying of bars and coins. The segment saw a 26.68 per cent year-on-year decline. This shows that Chinese consumers view gold as an investment option rather than a 'statement'. This also depicts low domestic demand due to reduced purchasing power. This dim economic outlook has fuelled gold's rise since the start of the year.&nbsp;

Central banks and consumers splurge on Gold

Gold prices have breached record highs this year, driven by record purchasing by global central banks and rising investor confidence in using gold as a hedge. Gold prices have surged 20 per cent since the start of the year. The World Gold Council reports that the 2024 quarter was the strongest quarter since 2016. The council also notes that the central banks' net demand totalled 289.7 metric tonnes in the first quarter, the strongest demand ever.&nbsp;

The People's Bank of China's gold buying spree had made it the world's largest institutional buyer in 2023, with purchases totalling 225 tonnes. This aggressive buying contributed significantly to the global gold price surge. However, high gold prices may have temporarily deterred further purchases. According to the world gold council, emerging markets, particularly India and Turkiye, continue to drive gold demand in 2024, with investment in gold bars and coins remaining popular.

Meanwhile, India is leading among Asian G20 countries in the highest value of gold as a percentage of total reserves.

China's economic slowdown has ignited the demand for safe-haven assets like Gold. Purchase of gold bars and coins surged by 46 per cent in the first half of the year.

China's economic slowdown has ignited the demand for safe-haven assets like Gold. Purchase of gold bars and coins surged by 46 per cent in the first half of the year. The figure represents 40 per cent of the national gold consumption. However, the overall consumption is 5.61 per cent lower than the previous year. Industrial use of gold also fell by 0.53 per cent year-on-year. A trend to note is the reduced expenditure on expensive gold jewellery and more buying of bars and coins. The segment saw a 26.68 per cent year-on-year decline. This shows that Chinese consumers view gold as an investment option rather than a 'statement'. This also depicts low domestic demand due to reduced purchasing power. This dim economic outlook has fuelled gold's rise since the start of the year. Central banks and consumers splurge on Gold Gold prices have breached record highs this year, driven by record purchasing by global central banks and rising investor confidence in using gold as a hedge. Gold prices have surged 20 per cent since the start of the year. The World Gold Council reports that the 2024 quarter was the strongest quarter since 2016. The council also notes that the central banks' net demand totalled 289.7 metric tonnes in the first quarter, the strongest demand ever. The People's Bank of China's gold buying spree had made it the world's largest institutional buyer in 2023, with purchases totalling 225 tonnes. This aggressive buying contributed significantly to the global gold price surge. However, high gold prices may have temporarily deterred further purchases. According to the world gold council, emerging markets, particularly India and Turkiye, continue to drive gold demand in 2024, with investment in gold bars and coins remaining popular. Meanwhile, India is leading among Asian G20 countries in the highest value of gold as a percentage of total reserves.

China's shifting trends with gold: Demand for bars and coins rise as jewellery shopping slumps

The Reserve Bank of India released its <a href="https://rbi.org.in/Scripts/AnnualPublications.aspx?head=Report%20on%20Currency%20and%20Finance">report on currency and finance</a> for the year 2023-24. The theme of the report is 'India's digital revolution'.

Key highlights

The report notes that India is at the forefront of the digital revolution, with a vibrant fintech ecosystem and a conducive policy environment. Digital technologies are 'unlocking' opportunities in financial inclusion and use in cross-border trade and remittances. The digital economy currently accounts for 10 per cent of the country's GDP and is expected to double to 20 per cent by 2026.

The report adds that the increased regulatory framework has boosted consumer confidence in digital fintech products. Coming to the challenges, data privacy, third-party risks, and fraud claims continue to scar an otherwise booming industry. The average cost of a data breach jumped 28 per cent in the last three years. The automotive industry is the most vulnerable to such digital attacks. &nbsp;

Borrowing trends

Under consumers availing personal loan options digitally, the percentage of young borrowers has risen considerably, with 65 per cent of the total personal loans given to borrowers aged less than 35. Meanwhile, the Average ticket size of personal loans disbursed by fintech has slumped over the last two years.

The report further notes that the adoption of digital technologies has boosted the efficiency of banks and reduced risks. 'Based on a study by Patnam and Yao(2020), 400 million mobile money users in India found that mobile money use increased the resilience of households to shocks by dampening the impact of rainfall shocks on economic activity and household consumption. The study also indicated that firms adopting mobile payments improved their sales after six-months of use, had lower subjective uncertainty and greater sales optimism,' the report added.

Flagging poor internet penetration

India's internet penetration stands at 55.3 per cent, which is below the global average of 67.1 per cent.

'Moreover, there is geographical and regional divide in the availability: internet subscriptions per 100 population in urban areas were more than two times higher compared to rural India with an all-India average of 68.2. Among the rural households, only 9.9 per cent have access to a computer, while the proportion is 32.4 per cent among the urban households,' said the RBI's report.

The Reserve Bank of India released its report on currency and finance for the year 2023-24. The theme of the report is 'India's digital revolution'. Key highlights The report notes that India is at the forefront of the digital revolution, with a vibrant fintech ecosystem and a conducive policy environment.

The Reserve Bank of India released its report on currency and finance for the year 2023-24. The theme of the report is 'India's digital revolution'. Key highlights The report notes that India is at the forefront of the digital revolution, with a vibrant fintech ecosystem and a conducive policy environment. Digital technologies are 'unlocking' opportunities in financial inclusion and use in cross-border trade and remittances. The digital economy currently accounts for 10 per cent of the country's GDP and is expected to double to 20 per cent by 2026. The report adds that the increased regulatory framework has boosted consumer confidence in digital fintech products. Coming to the challenges, data privacy, third-party risks, and fraud claims continue to scar an otherwise booming industry. The average cost of a data breach jumped 28 per cent in the last three years. The automotive industry is the most vulnerable to such digital attacks. Borrowing trends Under consumers availing personal loan options digitally, the percentage of young borrowers has risen considerably, with 65 per cent of the total personal loans given to borrowers aged less than 35. Meanwhile, the Average ticket size of personal loans disbursed by fintech has slumped over the last two years. The report further notes that the adoption of digital technologies has boosted the efficiency of banks and reduced risks. 'Based on a study by Patnam and Yao(2020), 400 million mobile money users in India found that mobile money use increased the resilience of households to shocks by dampening the impact of rainfall shocks on economic activity and household consumption. The study also indicated that firms adopting mobile payments improved their sales after six-months of use, had lower subjective uncertainty and greater sales optimism,' the report added. Flagging poor internet penetration India's internet penetration stands at 55.3 per cent, which is below the global average of 67.1 per cent. 'Moreover, there is geographical and regional divide in the availability: internet subscriptions per 100 population in urban areas were more than two times higher compared to rural India with an all-India average of 68.2. Among the rural households, only 9.9 per cent have access to a computer, while the proportion is 32.4 per cent among the urban households,' said the RBI's report.

RBI's Report on Currency and Finance 2023-24: Key highlights and borrowing trends

G20 finance chiefs have pushed the discussions on Brazil's global billionaires tax plan to future summits. After a contentious debate this week in Rio de Janeiro, Group of twenty finance chiefs have pledged in a draft communiqué to keep discussing the proposal for a global wealth tax.

The statement promises to keep talking about ‘dialogue on fair and progressive taxation, including on ultra-high net worth individuals.’ The 2 per cent minimum tax on billionaires is what Brazil's president has used to highlight his country's achievements this year. But, the G20 pushback signals a kick down the road for those discussions.

In a revised version, Brazil successfully advocated for the language's inclusion after the first document failed to do so. It now states nations would strive for a ‘fairer, more stable and efficient international tax system fit for the 21st century.’ Brazil's Lula has advocated the tax as a possible means of financing international efforts to combat hunger and climate change. However, other countries, like the United States, have questioned its feasibility.

US Treasury Secretary Janet Yellen said, ‘Tax policy is very difficult to coordinate globally, and we don't see the need or really think it's desirable to try to negotiate a global agreement on that.’

Despite the broader pushback, Brazil's minister of finance, Fernando Haddad, praised the commitment to future discussions. He also assured that the final communiqué would be ‘historic’ for addressing the issue of taxes on the ultra-rich.

According to Fernando, the G20 in Brazil would go down in history as a watershed moment when tax equity was finally discussed. The draft communique also acknowledges the need for more transparency between developing nations and their wealthier creditors.

G20 finance chiefs have pushed the discussions on Brazil's global billionaires tax plan to future summits. After a contentious debate this week in Rio de Janeiro, Group of twenty finance chiefs have pledged in a draft communiqué to keep discussing the proposal for a global wealth tax.

G20 finance chiefs have pushed the discussions on Brazil's global billionaires tax plan to future summits. After a contentious debate this week in Rio de Janeiro, Group of twenty finance chiefs have pledged in a draft communiqué to keep discussing the proposal for a global wealth tax. The statement promises to keep talking about ‘dialogue on fair and progressive taxation, including on ultra-high net worth individuals.’ The 2 per cent minimum tax on billionaires is what Brazil's president has used to highlight his country's achievements this year. But, the G20 pushback signals a kick down the road for those discussions. In a revised version, Brazil successfully advocated for the language's inclusion after the first document failed to do so. It now states nations would strive for a ‘fairer, more stable and efficient international tax system fit for the 21st century.’ Brazil's Lula has advocated the tax as a possible means of financing international efforts to combat hunger and climate change. However, other countries, like the United States, have questioned its feasibility. US Treasury Secretary Janet Yellen said, ‘Tax policy is very difficult to coordinate globally, and we don't see the need or really think it's desirable to try to negotiate a global agreement on that.’ Despite the broader pushback, Brazil's minister of finance, Fernando Haddad, praised the commitment to future discussions. He also assured that the final communiqué would be ‘historic’ for addressing the issue of taxes on the ultra-rich. According to Fernando, the G20 in Brazil would go down in history as a watershed moment when tax equity was finally discussed. The draft communique also acknowledges the need for more transparency between developing nations and their wealthier creditors.

Brazil's controversial global billionaires' tax plan pushed

Interest rates of over two-decade highs in the US have impacted the broader economy. The Federal Reserve, in its fight against surging inflation, hiked rates aggressively to the highest in over 20 years. The rate hikes are starting to take a toll on the economy.

The Fed has managed to take the steam of an overheated US economy without pushing it into a recession. However, high interest rates are finally starting to show their effects. In the coming week, the Fed will likely keep rates on hold at its meeting.

Investors, though, are looking for a Fed pivot signal, with expectations for a start to rate cuts as early as September. Until then, though, policymakers need to assess the impact of monetary policy on the economy.

Hans Mikkelsen, managing director of credit strategy at TD Securities, said, ‘There's a tremendous amount of pain and many, many companies that are going bust because of the Fed's monetary policy.’&nbsp;

The US housing market was the most visibly affected by rate hikes. The Fed's policies caused borrowing costs to skyrocket and property prices to soar. The affordability of housing is at a level not seen in over 30 years of data. Usually, companies are less likely to invest and expand when interest rates are high, which acts as a brake on stock prices. But investors have mostly ignored the warnings, sending stock prices soaring to record highs.

Since the Fed began hiking rates in March 2022, the S&amp;P 500 has jumped by almost 25 per cent, increasing household wealth by around $3 trillion. However, households with higher incomes are benefiting from the booming stock market. However, there are signs of a slowing US jobs market, which repeatedly defied expectations of a downturn.

The number of people who have been unemployed for 27 weeks or longer reached 1.5 million in June. That marks the highest level since 2017, barring a brief surge during the pandemic. Many households, especially those with lower incomes are falling back on loan and credit card payments.&nbsp;

Smaller businesses are taking the biggest hit. Projections from Fitch Ratings indicate that the default rate on loans will rise to 5 per cent - 5.5 per cent this year. That would be the highest level since the financial crisis in 2009. Policymakers need to take note and act with caution before permanent economic damage is done.

Interest rates of over two-decade highs in the US have impacted the broader economy. The Federal Reserve, in its fight against surging inflation, hiked rates aggressively to the highest in over 20 years.

Interest rates of over two-decade highs in the US have impacted the broader economy. The Federal Reserve, in its fight against surging inflation, hiked rates aggressively to the highest in over 20 years. The rate hikes are starting to take a toll on the economy. The Fed has managed to take the steam of an overheated US economy without pushing it into a recession. However, high interest rates are finally starting to show their effects. In the coming week, the Fed will likely keep rates on hold at its meeting. Investors, though, are looking for a Fed pivot signal, with expectations for a start to rate cuts as early as September. Until then, though, policymakers need to assess the impact of monetary policy on the economy. Hans Mikkelsen, managing director of credit strategy at TD Securities, said, ‘There's a tremendous amount of pain and many, many companies that are going bust because of the Fed's monetary policy.’ The US housing market was the most visibly affected by rate hikes. The Fed's policies caused borrowing costs to skyrocket and property prices to soar. The affordability of housing is at a level not seen in over 30 years of data. Usually, companies are less likely to invest and expand when interest rates are high, which acts as a brake on stock prices. But investors have mostly ignored the warnings, sending stock prices soaring to record highs. Since the Fed began hiking rates in March 2022, the S&P 500 has jumped by almost 25 per cent, increasing household wealth by around $3 trillion. However, households with higher incomes are benefiting from the booming stock market. However, there are signs of a slowing US jobs market, which repeatedly defied expectations of a downturn. The number of people who have been unemployed for 27 weeks or longer reached 1.5 million in June. That marks the highest level since 2017, barring a brief surge during the pandemic. Many households, especially those with lower incomes are falling back on loan and credit card payments. Smaller businesses are taking the biggest hit. Projections from Fitch Ratings indicate that the default rate on loans will rise to 5 per cent - 5.5 per cent this year. That would be the highest level since the financial crisis in 2009. Policymakers need to take note and act with caution before permanent economic damage is done.

Impact of high interest rates on the US economy

Driverless Technology startup WeRide has filed for the largest US IPO by a Chinese business since DiDi Global's disastrous listing in 2021. The firm said it will not reveal the number or price range until it starts promoting its share offer.

Last year, Bloomberg news reported that Cayman Islands-based WeRide had secretly filed for an IPO to raise $500 million. US listings by China-based firms dried up as Beijing cracked down on companies with sensitive data selling shares abroad after Didi's $4.44 billion IPO.

WeRide, in its Friday filing, warned of "various legal and operational risks and uncertainties associated with being based in or having our operations primarily in Mainland China."&nbsp;

The firm, in its filing with the US Securities and Exchange Commission (SEC), reported a $268 million loss on $55 million revenue for the last year.

WeRide, founded in 2017, is testing or deploying autonomous driving technologies in 30 cities in seven countries. The company manufactures robotaxis, small buses, vans, and street sweepers in addition to autonomous driving software and hardware.

Current investor Renault-Nissan-Mitsubishi alliance will buy IPO shares privately. China International Capital, JPMorgan Chase, and Morgan Stanley are spearheading the offering. The company's American depositary shares will be traded on the Nasdaq stock market under the ticker 'wrd.'

Driverless Technology startup WeRide has filed for the largest US IPO by a Chinese business since DiDi Global's disastrous listing in 2021. The firm said it will not reveal the number or price range until it starts promoting its share offer.

Driverless Technology startup WeRide has filed for the largest US IPO by a Chinese business since DiDi Global's disastrous listing in 2021. The firm said it will not reveal the number or price range until it starts promoting its share offer. Last year, Bloomberg news reported that Cayman Islands-based WeRide had secretly filed for an IPO to raise $500 million. US listings by China-based firms dried up as Beijing cracked down on companies with sensitive data selling shares abroad after Didi's $4.44 billion IPO. WeRide, in its Friday filing, warned of "various legal and operational risks and uncertainties associated with being based in or having our operations primarily in Mainland China." The firm, in its filing with the US Securities and Exchange Commission (SEC), reported a $268 million loss on $55 million revenue for the last year. WeRide, founded in 2017, is testing or deploying autonomous driving technologies in 30 cities in seven countries. The company manufactures robotaxis, small buses, vans, and street sweepers in addition to autonomous driving software and hardware. Current investor Renault-Nissan-Mitsubishi alliance will buy IPO shares privately. China International Capital, JPMorgan Chase, and Morgan Stanley are spearheading the offering. The company's American depositary shares will be traded on the Nasdaq stock market under the ticker 'wrd.'

WeRide's US IPO becomes biggest by a Chinese firm since DiDi

Chinese investors are pouring money into two new Exchange-Traded Funds (ETFs) that track Saudi Arabian shares. This is driven by the demand surge for international assets due to the terrible performance of domestic stocks.

On their debut in Shanghai and Shenzhen on July 16, the Saudi-focused ETFs had a brisk start. Both funds soared over the daily 10 per cent limit on their first two trading days. Managers alerted the exchanges that the company's share price premium above its net asset value had grown too high. This led to their suspension for a portion of July 18.

An explanation for the excitement over the two ETFs could be the strengthening of China's and Saudi Arabia's economic and trade links.

A slew of multi-billion dollar partnerships spanning the tech industry, solar power, and electric cars have been announced in recent months by firms and sovereign funds from both sides.

Nelson Yan, co-chief investment officer at Fosun Wealth International in Hong Kong, said, 'Chinese investors are thirsty for better returns from overseas assets as the yield from China assets is too thin.' Yan added, 'The relationship between China and Saudi Arabia is good, investment-wise, and the geopolitics risk is smaller.'

The bet on Saudi Arabian stocks is hardly the first instance where Chinese investors have become smitten with the stocks of a specific nation. Optimism over ties between the two nations has investors keen to learn more, even though the Saudi market may seem more exotic to Chinese investors than US or Japanese shares.

The two Saudi Arabian Exchange-Traded Funds follow the performance of the FTSE Saudi Arabia index. The index ranks financials, basic commodities, and energy businesses as its top three components.

Three-quarters of the measure is accounted for by Saudi National Bank, Al Rajhi Bank, and Saudi Aramco. Is this a reflection of Saudi being a game changer? Is the kingdom gaining prominence in its new avatar? These themes will be in focus as Saudi transitions away from oil-related activity.

Chinese investors are pouring money into two new Exchange-Traded Funds (ETFs) that track Saudi Arabian shares. This is driven by the demand surge for international assets due to the terrible performance of domestic stocks.

Chinese investors are pouring money into two new Exchange-Traded Funds (ETFs) that track Saudi Arabian shares. This is driven by the demand surge for international assets due to the terrible performance of domestic stocks. On their debut in Shanghai and Shenzhen on July 16, the Saudi-focused ETFs had a brisk start. Both funds soared over the daily 10 per cent limit on their first two trading days. Managers alerted the exchanges that the company's share price premium above its net asset value had grown too high. This led to their suspension for a portion of July 18. An explanation for the excitement over the two ETFs could be the strengthening of China's and Saudi Arabia's economic and trade links. A slew of multi-billion dollar partnerships spanning the tech industry, solar power, and electric cars have been announced in recent months by firms and sovereign funds from both sides. Nelson Yan, co-chief investment officer at Fosun Wealth International in Hong Kong, said, 'Chinese investors are thirsty for better returns from overseas assets as the yield from China assets is too thin.' Yan added, 'The relationship between China and Saudi Arabia is good, investment-wise, and the geopolitics risk is smaller.' The bet on Saudi Arabian stocks is hardly the first instance where Chinese investors have become smitten with the stocks of a specific nation. Optimism over ties between the two nations has investors keen to learn more, even though the Saudi market may seem more exotic to Chinese investors than US or Japanese shares. The two Saudi Arabian Exchange-Traded Funds follow the performance of the FTSE Saudi Arabia index. The index ranks financials, basic commodities, and energy businesses as its top three components. Three-quarters of the measure is accounted for by Saudi National Bank, Al Rajhi Bank, and Saudi Aramco. Is this a reflection of Saudi being a game changer? Is the kingdom gaining prominence in its new avatar? These themes will be in focus as Saudi transitions away from oil-related activity.

'Game-changer' Saudi: Strong market debut for Saudi ETFs in China

IPOs in India continue to flourish. In the latest, Indian e-scooter maker Ola Electric has announced plans to raise $734 million. This marks the country's biggest IPO this year.&nbsp;

The&nbsp;IPO would allow investors to bet on the clean energy push in the recent budget. Ola Electric would also look to capitalise on the growing demand for cleaner forms of energy. Major auto players like TVS, Hero MotoCorp and Bajaj Auto are also looking to foray into electric two-wheelers. Even global luxury brands like BMW have announced plans to introduce an electric motorcycle by September 2024. The competition is only expected to increase in times to come, with more electric auto startups joining the race.

Ola Electric's IPO puts the company value at $4 billion. The valuation is 25 per cent lower than Ola's last funding round in September. Ola's valuation in that funding round was $5.4 billion. The lower figure reportedly stems from a correction in global tech companies, changing market dynamics, and Ola's bid to attract more investors and make the deal more 'appealing'.

Ola will issue new shares to raise $657 million while existing investors offload their stake of about $77 million to prospective buyers, according to the IPO term sheet quoted by Reuters. Aggarwal and investors such as SoftBank will be part of the existing investors selling their stake.

Ola's chairman Bhavish Aggarwal said at a press conference, 'Our mission is to really make India a global EV hub', according to Reuters. He is also famous for this catchphrase, 'Tesla is for the west and Ola is for the rest.' However, the company faces the&nbsp;challenge of a comparatively slower pace of EV adoption in the country. The demand for non-renewables is still present, and a complete energy transformation seems in the distant future.&nbsp;

IPOs in India continue to flourish. In the latest, Indian e-scooter maker Ola Electric has announced plans to raise $734 million. This marks the country's biggest IPO this year.

IPOs in India continue to flourish. In the latest, Indian e-scooter maker Ola Electric has announced plans to raise $734 million. This marks the country's biggest IPO this year. The IPO would allow investors to bet on the clean energy push in the recent budget. Ola Electric would also look to capitalise on the growing demand for cleaner forms of energy. Major auto players like TVS, Hero MotoCorp and Bajaj Auto are also looking to foray into electric two-wheelers. Even global luxury brands like BMW have announced plans to introduce an electric motorcycle by September 2024. The competition is only expected to increase in times to come, with more electric auto startups joining the race. Ola Electric's IPO puts the company value at $4 billion. The valuation is 25 per cent lower than Ola's last funding round in September. Ola's valuation in that funding round was $5.4 billion. The lower figure reportedly stems from a correction in global tech companies, changing market dynamics, and Ola's bid to attract more investors and make the deal more 'appealing'. Ola will issue new shares to raise $657 million while existing investors offload their stake of about $77 million to prospective buyers, according to the IPO term sheet quoted by Reuters. Aggarwal and investors such as SoftBank will be part of the existing investors selling their stake. Ola's chairman Bhavish Aggarwal said at a press conference, 'Our mission is to really make India a global EV hub', according to Reuters. He is also famous for this catchphrase, 'Tesla is for the west and Ola is for the rest.' However, the company faces the challenge of a comparatively slower pace of EV adoption in the country. The demand for non-renewables is still present, and a complete energy transformation seems in the distant future.

Ola Electric's $734 million IPO plan marks the biggest Indian IPO this year

US home insurers suffered their worst underwriting loss this century in 2023, hit by a toxic brew of natural disasters, high inflation, and rising populations in high-risk areas, putting pressure on financial markets. Data from rating agency AM Best shows that insurers that wrote policies for US homeowners suffered an eye-watering $15.2 billion net underwriting loss last year, the Financial Times reported on Sunday. It is the worst figure since at least 2000 and more than double the previous year's losses.

The report said that rising populations in the areas most at risk from natural catastrophes are major contributors to surging losses. Census figures, it reported, show that six states at high risk from severe weather—California and Texas among them—accounted for half of the United States' population growth in the 2010s. Changes such as this, demographic in nature, are adding to the financial stress borne by insurers, as more homes in vulnerable areas equate to higher potential losses when disasters hit.

Such harsh underwriting conditions have compelled US insurers to retreat from areas hit by disasters. Many companies are exiting these markets or are raising their premiums significantly, creating an affordability crisis for several homeowners. This development underlines the increasing challenge of maintaining affordable home insurance in regions that continue to suffer from severe weather.

It has also played a big role in increasing the expenses of underwriters. Increasing building materials and labour costs definitely contribute to the heightening of claims prices, increasing the financial burden on insurance companies. This puts additional pressure on the industry as far as the need to raise premiums is concerned, with the risk of insurance becoming unavailable to an ever-growing number of homeowners.

The record losses in 2023 reiterate more than ever that strategies are required to limit the effects of natural catastrophes and growing inflation on the insurance market. Innovative solutions, says the insurer and policymakers, must be made available for strengthening regions vulnerable to damage and more effective handling of population growth in these regions. If big changes do not materialise, the long-term financial viability of home insurance in disaster-prone areas remains at risk, bringing instability to this important part of the US economy.

This crisis should serve as a rude awakening to the insurance sector and the government to work together in implementing measures that could give homeowners more sustainable and more affordable coverage in the face of rising natural and economic shocks.

US home insurers suffered their worst underwriting loss this century in 2023, hit by a toxic brew of natural disasters, high inflation, and rising populations in high-risk areas, putting pressure on financial markets.

US home insurers suffered their worst underwriting loss this century in 2023, hit by a toxic brew of natural disasters, high inflation, and rising populations in high-risk areas, putting pressure on financial markets. Data from rating agency AM Best shows that insurers that wrote policies for US homeowners suffered an eye-watering $15.2 billion net underwriting loss last year, the Financial Times reported on Sunday. It is the worst figure since at least 2000 and more than double the previous year's losses. The report said that rising populations in the areas most at risk from natural catastrophes are major contributors to surging losses. Census figures, it reported, show that six states at high risk from severe weather—California and Texas among them—accounted for half of the United States' population growth in the 2010s. Changes such as this, demographic in nature, are adding to the financial stress borne by insurers, as more homes in vulnerable areas equate to higher potential losses when disasters hit. Such harsh underwriting conditions have compelled US insurers to retreat from areas hit by disasters. Many companies are exiting these markets or are raising their premiums significantly, creating an affordability crisis for several homeowners. This development underlines the increasing challenge of maintaining affordable home insurance in regions that continue to suffer from severe weather. It has also played a big role in increasing the expenses of underwriters. Increasing building materials and labour costs definitely contribute to the heightening of claims prices, increasing the financial burden on insurance companies. This puts additional pressure on the industry as far as the need to raise premiums is concerned, with the risk of insurance becoming unavailable to an ever-growing number of homeowners. The record losses in 2023 reiterate more than ever that strategies are required to limit the effects of natural catastrophes and growing inflation on the insurance market. Innovative solutions, says the insurer and policymakers, must be made available for strengthening regions vulnerable to damage and more effective handling of population growth in these regions. If big changes do not materialise, the long-term financial viability of home insurance in disaster-prone areas remains at risk, bringing instability to this important part of the US economy. This crisis should serve as a rude awakening to the insurance sector and the government to work together in implementing measures that could give homeowners more sustainable and more affordable coverage in the face of rising natural and economic shocks.

US home insurers grapple with record losses amid rising natural disasters and inflation

Former President Donald Trump and Republican presidential nominee—is touting a new campaign promise: an American strategic bitcoin reserve should he be elected again. Trump vowed that the country would never sell any of the bitcoin it holds today. This move shook political and cryptocurrency markets alike.

"If I am elected, it will be the policy of my administration, the United States of America, to keep 100 per cent of all the bitcoin the US government currently holds or acquires into the future," he said. "This will serve in effect as the core of the strategic national Bitcoin stockpile."

Of note is the fact that the US government already holds more than $14 billion worth of bitcoin, largely seized by the Department of Justice. According to Fundstrat's Head of Digital Asset Strategy, Sean Farrell, compliance with Trump's commitment to not sell would be positive for price stability in Bitcoin. Despite what followed, the promise of Trump really did make bitcoin rather volatile, but with no dramatic changes.

The promise of Trump on bitcoin followed an even bolder commitment made by presidential candidate Robert F. Kennedy Jr. In an exclusive interview with TheStreet Crypto, RFK Jr. said he would order the US government to begin increasing its bitcoin reserves until they were equivalent in size to the nation's gold holdings.

“I’m gonna do a basket of hard currencies, platinum and gold and other hard currencies, and begin issuing at least a class of Treasury bills that are anchored to hard currency,” he said. "I would like to have the federal government begin to buy Bitcoin and over my term in office, [and] ultimately have an equivalent amount of Bitcoin that we have gold."

Security at the Bitcoin Conference in Nashville was tight, where Trump made his announcement. Brandon Green, Chief of Staff for the conference organisers, indicated that Secret Service efforts were up "tremendously" as thousands of attendees lined up outside the conference.

It was also one of the largest fundraisers for Trump, with reports stating that he held private meetings with crypto members for over $800,000 a person—a big financial stakes-type event.

Meanwhile, presumptive Democratic presidential nominee, Kamala Harris, reportedly declined an invitation to the Bitcoin Conference, marking what's already a big difference in cryptocurrency policy between the potential presidential hopefuls.

Trump's strategic stockpile pledge for Bitcoin underlines the growing influence of cryptocurrency in political discourse and may have long-term implications for US financial policy and bitcoin's market dynamics. Further developments and debates are bound to come from the forthcoming elections regarding the role that digital assets could play in national strategy.

Former President Donald Trump and Republican presidential nominee—is touting a new campaign promise: an American strategic bitcoin reserve should he be elected again.

Former President Donald Trump and Republican presidential nominee—is touting a new campaign promise: an American strategic bitcoin reserve should he be elected again. Trump vowed that the country would never sell any of the bitcoin it holds today. This move shook political and cryptocurrency markets alike. "If I am elected, it will be the policy of my administration, the United States of America, to keep 100 per cent of all the bitcoin the US government currently holds or acquires into the future," he said. "This will serve in effect as the core of the strategic national Bitcoin stockpile." Of note is the fact that the US government already holds more than $14 billion worth of bitcoin, largely seized by the Department of Justice. According to Fundstrat's Head of Digital Asset Strategy, Sean Farrell, compliance with Trump's commitment to not sell would be positive for price stability in Bitcoin. Despite what followed, the promise of Trump really did make bitcoin rather volatile, but with no dramatic changes. The promise of Trump on bitcoin followed an even bolder commitment made by presidential candidate Robert F. Kennedy Jr. In an exclusive interview with TheStreet Crypto, RFK Jr. said he would order the US government to begin increasing its bitcoin reserves until they were equivalent in size to the nation's gold holdings. “I’m gonna do a basket of hard currencies, platinum and gold and other hard currencies, and begin issuing at least a class of Treasury bills that are anchored to hard currency,” he said. "I would like to have the federal government begin to buy Bitcoin and over my term in office, [and] ultimately have an equivalent amount of Bitcoin that we have gold." Security at the Bitcoin Conference in Nashville was tight, where Trump made his announcement. Brandon Green, Chief of Staff for the conference organisers, indicated that Secret Service efforts were up "tremendously" as thousands of attendees lined up outside the conference. It was also one of the largest fundraisers for Trump, with reports stating that he held private meetings with crypto members for over $800,000 a person—a big financial stakes-type event. Meanwhile, presumptive Democratic presidential nominee, Kamala Harris, reportedly declined an invitation to the Bitcoin Conference, marking what's already a big difference in cryptocurrency policy between the potential presidential hopefuls. Trump's strategic stockpile pledge for Bitcoin underlines the growing influence of cryptocurrency in political discourse and may have long-term implications for US financial policy and bitcoin's market dynamics. Further developments and debates are bound to come from the forthcoming elections regarding the role that digital assets could play in national strategy.

Trump unveils strategic bitcoin stockpile pledge as campaign promise

Federal Reserve officials are primed to start trimming borrowing costs in the coming months, with Chairman Jerome Powell potentially hinting at it the following week. The shift comes as worries increase over how to sustain a strong yet moderating labour market.

The central bankers have maintained interest rates at the highest level in more than two decades for more than a year now, and will likely leave them there again when their two-day meeting ends on Wednesday. Instead, investors see Fed officials lowering their benchmark rate in September.

Recent data has been encouraging, with more muted price increases, alongside robust economic growth. However, Fed officials are looking for more reassurance that inflation will continue to trend down toward the central bank's 2 per cent target.

The softening of price pressures, paired with an upward creep in the unemployment rate, has brought both of the Fed's dual goals—maximum employment and stable prices—into greater alignment. While the Fed would like to keep a leash on inflation, it would also not want to knock the labour market off its perch by keeping rates high for an extended period.

Much attention now turns to the July jobs report and other labour market indicators that will shed light on the question of whether the slowing in hiring is accelerating. Nonfarm payrolls are forecast to advance by 178,000 — a healthy but more moderate pace. The unemployment rate, which has climbed in each of the past three months, is seen holding at 4.1 per cent.

Hurricane Beryl, which struck Texas earlier this month, also lends an air of uncertainty and could impact hours worked. Additionally, new data on job openings and quitting, out Tuesday, will be watched closely as well.

Also out Tuesday is the Conference Board's consumer confidence index, which will give a read on how consumers are feeling. Investors will also get a better sense of the health of the manufacturing sector with the Institute for Supply Management's factory report on Thursday.

Here, the delicate balance between containing inflation and sustaining employment that the Fed would want to maintain is at stake. Indeed, Powell's forthcoming communication will be important in setting expectations regarding the Fed's policy direction in the months ahead.

Federal Reserve officials are primed to start trimming borrowing costs in the coming months, with Chairman Jerome Powell potentially hinting at it the following week.

Federal Reserve officials are primed to start trimming borrowing costs in the coming months, with Chairman Jerome Powell potentially hinting at it the following week. The shift comes as worries increase over how to sustain a strong yet moderating labour market. The central bankers have maintained interest rates at the highest level in more than two decades for more than a year now, and will likely leave them there again when their two-day meeting ends on Wednesday. Instead, investors see Fed officials lowering their benchmark rate in September. Recent data has been encouraging, with more muted price increases, alongside robust economic growth. However, Fed officials are looking for more reassurance that inflation will continue to trend down toward the central bank's 2 per cent target. The softening of price pressures, paired with an upward creep in the unemployment rate, has brought both of the Fed's dual goals—maximum employment and stable prices—into greater alignment. While the Fed would like to keep a leash on inflation, it would also not want to knock the labour market off its perch by keeping rates high for an extended period. Much attention now turns to the July jobs report and other labour market indicators that will shed light on the question of whether the slowing in hiring is accelerating. Nonfarm payrolls are forecast to advance by 178,000 — a healthy but more moderate pace. The unemployment rate, which has climbed in each of the past three months, is seen holding at 4.1 per cent. Hurricane Beryl, which struck Texas earlier this month, also lends an air of uncertainty and could impact hours worked. Additionally, new data on job openings and quitting, out Tuesday, will be watched closely as well. Also out Tuesday is the Conference Board's consumer confidence index, which will give a read on how consumers are feeling. Investors will also get a better sense of the health of the manufacturing sector with the Institute for Supply Management's factory report on Thursday. Here, the delicate balance between containing inflation and sustaining employment that the Fed would want to maintain is at stake. Indeed, Powell's forthcoming communication will be important in setting expectations regarding the Fed's policy direction in the months ahead.

US Fed poised for potential rate cut as economic indicators signal balance

Apple has tentatively agreed to its first collective bargaining contract with the first unionised company store in the United States, marking a major development in the tech giant's labour relations. The Coalition of Organized Retail Employees of the International Association of Machinists and Aerospace Workers, which represents workers at a retail location in Maryland, announced the agreement on Friday evening. Under the proposed three-year contract, workers would receive an average 10 per cent pay bump among other perks.

The contract must be ratified by approximately 85 employees at the Towson store in Baltimore's suburbs. The vote is set for August 6.

“By reaching a tentative agreement with Apple, we are giving our members a voice in their futures and a strong first step toward further gains,” the union’s negotiating committee said in a statement. “Together, we can build on this success in store after store.”

Apple did not immediately respond to a request for comment.

The breakthrough comes after months of very public, and at times contentious, negotiations. Employees at the Towson store voted in May to allow a strike if it came to that, saying more than a year of negotiations with management had been fruitless.&nbsp;

This Maryland store is just one of two unionised Apple stores in the country. This store voted to unionise in June 2022. Another store, in Oklahoma City, unionised with the Communications Workers of America a few months later, but has yet to secure an Apple contract.

The latest wave of unions in organising workers at top companies has been rather quite successful—from a historic victory at an Amazon warehouse in New York City to a Chipotle store in Michigan and a number of Starbucks stores across the country. Many of these new unions, though, have not secured contracts.

The tentative agreement between Apple and its Towson employees is a milestone in labour's continued push to unionise for better wages and benefits. How this vote goes will determine whether this agreement sets a precedent for other unionised Apple stores and eventually influences labour relations in the broader retail and tech industries.

Apple has tentatively agreed to its first collective bargaining contract with the first unionised company store in the United States, marking a major development in the tech giant's labour relations.

Apple has tentatively agreed to its first collective bargaining contract with the first unionised company store in the United States, marking a major development in the tech giant's labour relations. The Coalition of Organized Retail Employees of the International Association of Machinists and Aerospace Workers, which represents workers at a retail location in Maryland, announced the agreement on Friday evening. Under the proposed three-year contract, workers would receive an average 10 per cent pay bump among other perks. The contract must be ratified by approximately 85 employees at the Towson store in Baltimore's suburbs. The vote is set for August 6. “By reaching a tentative agreement with Apple, we are giving our members a voice in their futures and a strong first step toward further gains,” the union’s negotiating committee said in a statement. “Together, we can build on this success in store after store.” Apple did not immediately respond to a request for comment. The breakthrough comes after months of very public, and at times contentious, negotiations. Employees at the Towson store voted in May to allow a strike if it came to that, saying more than a year of negotiations with management had been fruitless. This Maryland store is just one of two unionised Apple stores in the country. This store voted to unionise in June 2022. Another store, in Oklahoma City, unionised with the Communications Workers of America a few months later, but has yet to secure an Apple contract. The latest wave of unions in organising workers at top companies has been rather quite successful—from a historic victory at an Amazon warehouse in New York City to a Chipotle store in Michigan and a number of Starbucks stores across the country. Many of these new unions, though, have not secured contracts. The tentative agreement between Apple and its Towson employees is a milestone in labour's continued push to unionise for better wages and benefits. How this vote goes will determine whether this agreement sets a precedent for other unionised Apple stores and eventually influences labour relations in the broader retail and tech industries.

Apple and union workers forge path-breaking collective bargaining agreement

According to NBCUniversal, which is a subsidiary of Comcast, preliminary data released on Saturday showed the opening ceremony of the Paris Olympics pulled in 28.6 million viewers in the United States. That was the most-watched opening ceremony for a summer Games since the 2012 London Olympics.

Friday's event, featuring delegations of athletes floating down the Seine past some of the best-known landmarks of the City of Light, with singer Celine Dion performing her first public performance in years, proved to be quite the spectacle for viewers. NBCUniversal has a lot riding on its success, with $7.65 billion for the US broadcast rights to the Olympics through 2032. It is the largest Olympics media rights deal in the world.

The viewership figure, which includes NBC and streaming service Peacock, is a boon for the broadcaster compared to just 17 million viewers for the Tokyo Olympics in 2021. Less than ideal time zones for the US audience and a continuing worldwide pandemic sank the overall viewership for the Tokyo and Beijing 2022 Olympics.

Leading up to the Paris Olympics, NBCUniversal was eager to talk up its coverage in an effort to win viewers back to the event. The goodies included pop star Beyoncé, who did an introduction for Team USA in a video that aired just before the American athletes appeared on the river—the first of many celebrity engagements for the network's coverage throughout the Olympics.

NBCUniversal is also looking at making the incorporation of AI within their broadcast, including resurrecting the voice of legendary sportscaster Al Michaels. It's an innovative approach to enhance the experience of viewers while keeping the audience at high levels of engagement during all elements of the broadcast.

The record viewers for the Opening Ceremony of the Paris Olympics marked the fitting beginning for NBCUniversal in both global appeal and the network's push to rejuvenate interest in the Olympics. This kind of a start should help instil network confidence in its massive investment and strategy going forward for the Games.

According to NBCUniversal, which is a subsidiary of Comcast, preliminary data released on Saturday showed the opening ceremony of the Paris Olympics pulled in 28.

According to NBCUniversal, which is a subsidiary of Comcast, preliminary data released on Saturday showed the opening ceremony of the Paris Olympics pulled in 28.6 million viewers in the United States. That was the most-watched opening ceremony for a summer Games since the 2012 London Olympics. Friday's event, featuring delegations of athletes floating down the Seine past some of the best-known landmarks of the City of Light, with singer Celine Dion performing her first public performance in years, proved to be quite the spectacle for viewers. NBCUniversal has a lot riding on its success, with $7.65 billion for the US broadcast rights to the Olympics through 2032. It is the largest Olympics media rights deal in the world. The viewership figure, which includes NBC and streaming service Peacock, is a boon for the broadcaster compared to just 17 million viewers for the Tokyo Olympics in 2021. Less than ideal time zones for the US audience and a continuing worldwide pandemic sank the overall viewership for the Tokyo and Beijing 2022 Olympics. Leading up to the Paris Olympics, NBCUniversal was eager to talk up its coverage in an effort to win viewers back to the event. The goodies included pop star Beyoncé, who did an introduction for Team USA in a video that aired just before the American athletes appeared on the river—the first of many celebrity engagements for the network's coverage throughout the Olympics. NBCUniversal is also looking at making the incorporation of AI within their broadcast, including resurrecting the voice of legendary sportscaster Al Michaels. It's an innovative approach to enhance the experience of viewers while keeping the audience at high levels of engagement during all elements of the broadcast. The record viewers for the Opening Ceremony of the Paris Olympics marked the fitting beginning for NBCUniversal in both global appeal and the network's push to rejuvenate interest in the Olympics. This kind of a start should help instil network confidence in its massive investment and strategy going forward for the Games.

Paris Olympics opening ceremony captivates US audience with record viewership

Outgoing Swiss National Bank President Thomas Jordan, who has been leading the institution for 12 years, wears a reputation for stability and doesn’t have a problem if his tenure is viewed as dull in some quarters, given that he simply did what was right for Switzerland.

In an interview with Bieler Tagblatt published Saturday, Jordan said, “It’s better to be called boring or stubborn than to be told that I’m pursuing the wrong monetary policy.” He underlined that the SNB had accepted challenges at all times and taken the appropriate decisions during his presidency.

Jordan cited the 2008 financial crisis, the UK’s departure from the European Union and the Covid pandemic, which he said the Swiss economy handled well. “Especially when we compare ourselves with our European environment, Switzerland has come through these difficult years very well,” he said.

While Jordan's presidency can be characterised as relatively uneventful, it had its share of dramatic moments. Most notably, his decision to scrap the SNB’s currency cap in 2015 without notice, sent a shockwave through markets. He has, however, defended that move and nearly eight years of negative interest rates as necessary and successful measures, given haven flows into the Swiss currency. Since his presidency began in 2012, the SNB “prevented deflation several times,” he said.

Jordan also ruled out the introduction of a new minimum exchange rate. The 61-year-old president added there was unlikely to be a future for him in political office when he leaves the central bank at the end of September. "I don't think so", he said, when asked about the prospect. "As president of the SNB, I already had a public role."

The tenure of Thomas Jordan at the SNB was marked by a number of strategic decisions that helped Switzerland sail through various economic challenges. His cautious yet decisive leadership has left an eternal mark on the institution, quite assuredly, for the stability of the system in the times of uncertainty.

Outgoing Swiss National Bank President Thomas Jordan, who has been leading the institution for 12 years, wears a reputation for stability and doesn’t have a problem if his tenure is viewed as dull in some quarters, given that he simply did what was right for Switzerland.

Outgoing Swiss National Bank President Thomas Jordan, who has been leading the institution for 12 years, wears a reputation for stability and doesn’t have a problem if his tenure is viewed as dull in some quarters, given that he simply did what was right for Switzerland. In an interview with Bieler Tagblatt published Saturday, Jordan said, “It’s better to be called boring or stubborn than to be told that I’m pursuing the wrong monetary policy.” He underlined that the SNB had accepted challenges at all times and taken the appropriate decisions during his presidency. Jordan cited the 2008 financial crisis, the UK’s departure from the European Union and the Covid pandemic, which he said the Swiss economy handled well. “Especially when we compare ourselves with our European environment, Switzerland has come through these difficult years very well,” he said. While Jordan's presidency can be characterised as relatively uneventful, it had its share of dramatic moments. Most notably, his decision to scrap the SNB’s currency cap in 2015 without notice, sent a shockwave through markets. He has, however, defended that move and nearly eight years of negative interest rates as necessary and successful measures, given haven flows into the Swiss currency. Since his presidency began in 2012, the SNB “prevented deflation several times,” he said. Jordan also ruled out the introduction of a new minimum exchange rate. The 61-year-old president added there was unlikely to be a future for him in political office when he leaves the central bank at the end of September. "I don't think so", he said, when asked about the prospect. "As president of the SNB, I already had a public role." The tenure of Thomas Jordan at the SNB was marked by a number of strategic decisions that helped Switzerland sail through various economic challenges. His cautious yet decisive leadership has left an eternal mark on the institution, quite assuredly, for the stability of the system in the times of uncertainty.

Thomas Jordan reflects on his tenure at Swiss National Bank as his departure nears

A preliminary $80 million settlement reached by six major banks in New York , including Bank of America and Citigroup Inc., would resolve the antitrust litigation accusing them of conspiring to rig European government bond prices . Filed late Friday in Manhattan federal court, the preliminary settlement involves Bank of America, Citigroup, Jefferies, NatWest, Nomura Holdings Inc., and UBS awaiting a judge's approval.

The investors, led by three public pension funds, accused the banks of collusion in online chat rooms from 2007 through 2012 whereby they would bid high prices at bond auctions to secure dominant market share and sell those same bonds at inflated prices to mutual funds, pension funds, insurers, and other investors. All six banks have denied any wrongdoing in their agreement to settle.

If approved, this settlement would add to the total settlements of $120 million. JPMorgan Chase, Natixis, State Street and UniCredit previously settled for a combined $40 million. The case is part of more than a decade of litigation in the Manhattan court, which alleged that banks conspired in multiple markets, including US Treasuries, currencies, commodities, and interest-rate benchmarks.

The case is In re European Government Bonds Antitrust Litigation, US District Court, Southern District of New York, No. 19-02601.

This settlement reflects the continued scrutiny and legal pressure on the market behaviour of major financial institutions. This litigation chapter will likely be closed with another reminder that it is important for the smooth and fair operation of markets and investor confidence.

A preliminary $80 million settlement reached by six major banks in New York , including Bank of America and Citigroup Inc., would resolve the antitrust litigation accusing them of conspiring to rig European government bond prices .

A preliminary $80 million settlement reached by six major banks in New York , including Bank of America and Citigroup Inc., would resolve the antitrust litigation accusing them of conspiring to rig European government bond prices . Filed late Friday in Manhattan federal court, the preliminary settlement involves Bank of America, Citigroup, Jefferies, NatWest, Nomura Holdings Inc., and UBS awaiting a judge's approval. The investors, led by three public pension funds, accused the banks of collusion in online chat rooms from 2007 through 2012 whereby they would bid high prices at bond auctions to secure dominant market share and sell those same bonds at inflated prices to mutual funds, pension funds, insurers, and other investors. All six banks have denied any wrongdoing in their agreement to settle. If approved, this settlement would add to the total settlements of $120 million. JPMorgan Chase, Natixis, State Street and UniCredit previously settled for a combined $40 million. The case is part of more than a decade of litigation in the Manhattan court, which alleged that banks conspired in multiple markets, including US Treasuries, currencies, commodities, and interest-rate benchmarks. The case is In re European Government Bonds Antitrust Litigation, US District Court, Southern District of New York, No. 19-02601. This settlement reflects the continued scrutiny and legal pressure on the market behaviour of major financial institutions. This litigation chapter will likely be closed with another reminder that it is important for the smooth and fair operation of markets and investor confidence.

6 major banks settle for $80 million in European bond-rigging allegations

Former Starbucks CEO Howard Schultz is lining up against a potential settlement between the coffee giant and activist investor Elliott Investment Management, the Financial Times reported. In a $2.03 billion stake at Starbucks, Schultz holds the company's sixth-largest shares. He expressed his misgivings to board members, the report said, citing sources familiar with the matter.

Elliott has built a sizable stake in Starbucks and, in recent days, has been discussing ways of improving the coffee chain's stock performance, sources familiar with the matter told Reuters last week. The coffee chain would not comment on the report, while Schultz and Elliott did not immediately respond to requests from Reuters for comment.

Schultz, who left the board of Starbucks last year, transformed what was essentially a small whole-bean business into an international coffee house chain operating more than 36,000 stores in 86 markets. He stepped down as CEO in 2023 after returning for a third term to steer the company.

Following a disappointing quarterly earnings report in April, Schultz took to LinkedIn to signal that Starbucks must overhaul its US operations. Elliott, which won board seats at Etsy, Phillips 66, and Match, in the first half of 2024, is also currently pressuring Southwest Airlines for changes. The hedge fund, managing $65.5 billion in assets as of December, also launched campaigns at Texas Instruments and Johnson Controls earlier this year.

Shares of Starbucks, down nearly 23 per cent this year, edged higher in extended trading on Friday.

This standoff between Schultz and Elliott epitomises the internal rifts underway inside Starbucks as it faces activist pressure. The resistance that Schultz offers to the settlement underlines his remaining influence and deep apprehension for the future course of the company, a resolution of this dispute being of prime importance from the future strategy and investor confidence point of view.

Former Starbucks CEO Howard Schultz is lining up against a potential settlement between the coffee giant and activist investor Elliott Investment Management, the Financial Times reported.

Former Starbucks CEO Howard Schultz is lining up against a potential settlement between the coffee giant and activist investor Elliott Investment Management, the Financial Times reported. In a $2.03 billion stake at Starbucks, Schultz holds the company's sixth-largest shares. He expressed his misgivings to board members, the report said, citing sources familiar with the matter. Elliott has built a sizable stake in Starbucks and, in recent days, has been discussing ways of improving the coffee chain's stock performance, sources familiar with the matter told Reuters last week. The coffee chain would not comment on the report, while Schultz and Elliott did not immediately respond to requests from Reuters for comment. Schultz, who left the board of Starbucks last year, transformed what was essentially a small whole-bean business into an international coffee house chain operating more than 36,000 stores in 86 markets. He stepped down as CEO in 2023 after returning for a third term to steer the company. Following a disappointing quarterly earnings report in April, Schultz took to LinkedIn to signal that Starbucks must overhaul its US operations. Elliott, which won board seats at Etsy, Phillips 66, and Match, in the first half of 2024, is also currently pressuring Southwest Airlines for changes. The hedge fund, managing $65.5 billion in assets as of December, also launched campaigns at Texas Instruments and Johnson Controls earlier this year. Shares of Starbucks, down nearly 23 per cent this year, edged higher in extended trading on Friday. This standoff between Schultz and Elliott epitomises the internal rifts underway inside Starbucks as it faces activist pressure. The resistance that Schultz offers to the settlement underlines his remaining influence and deep apprehension for the future course of the company, a resolution of this dispute being of prime importance from the future strategy and investor confidence point of view.

Starbucks faces internal conflict as Howard Schultz opposes Elliott settlement

The private equity firm Thoma Bravo will sell 41.6 million shares in the transatlantic exchange operator through a secondary public offering, Nasdaq announced Friday. The news sent Nasdaq shares down 2.8 per cent after hours.

The bottom line is that, in the past year, Nasdaq acquired fintech firm Adenza from Thoma Bravo in a cash-and-stock deal worth $10.5 billion, thereby providing a huge stake in the exchange operator to the private equity firm. At the current closing price of Nasdaq, the offering will raise $2.79 billion for Thoma Bravo and cut its stake to 7.4 per cent, or 42.8 million shares.

Currently, Thoma Bravo owns nearly 14.9 per cent of Nasdaq, LSEG data show. Following the sale, it will be the fifth-largest shareholder in the exchange. The remaining shares that Thoma Bravo still holds in the company will be subject to an existing contractual lock-up until May 1, 2025.

In a note last month, Morgan Stanley analyst Michael Cyprys said, Thoma Bravo-held Nasdaq shares coming to the market could be a positive catalyst to relieve an overhang on the shares.

Apart from that, Nasdaq has signed a share repurchase agreement with Thoma Bravo to buy back 1.2 million shares of its shares, based on the condition that the total repurchased shall not be over $120 million. This buyback will be funded by the exchange itself through existing cash on hand and borrowings under its commercial paper program.

Earlier this year, Borse Dubai reduced its stake in Nasdaq, relinquishing its position as the exchange's biggest shareholder to Thoma Bravo. Following this offering, Borse Dubai will reestablish itself as Nasdaq's largest shareholder.

Goldman Sachs is the sole book-running manager for the offering.

The planned sale of stakes by Thoma Bravo is characteristic of the strategic turn in Nasdaq's shareholder structure, impregnated by more general market dynamics and investor sentiment. This will likely affect Nasdaq's future financial strategies and positioning in the marketplace.

The private equity firm Thoma Bravo will sell 41.6 million shares in the transatlantic exchange operator through a secondary public offering, Nasdaq announced Friday.

The private equity firm Thoma Bravo will sell 41.6 million shares in the transatlantic exchange operator through a secondary public offering, Nasdaq announced Friday. The news sent Nasdaq shares down 2.8 per cent after hours. The bottom line is that, in the past year, Nasdaq acquired fintech firm Adenza from Thoma Bravo in a cash-and-stock deal worth $10.5 billion, thereby providing a huge stake in the exchange operator to the private equity firm. At the current closing price of Nasdaq, the offering will raise $2.79 billion for Thoma Bravo and cut its stake to 7.4 per cent, or 42.8 million shares. Currently, Thoma Bravo owns nearly 14.9 per cent of Nasdaq, LSEG data show. Following the sale, it will be the fifth-largest shareholder in the exchange. The remaining shares that Thoma Bravo still holds in the company will be subject to an existing contractual lock-up until May 1, 2025. In a note last month, Morgan Stanley analyst Michael Cyprys said, Thoma Bravo-held Nasdaq shares coming to the market could be a positive catalyst to relieve an overhang on the shares. Apart from that, Nasdaq has signed a share repurchase agreement with Thoma Bravo to buy back 1.2 million shares of its shares, based on the condition that the total repurchased shall not be over $120 million. This buyback will be funded by the exchange itself through existing cash on hand and borrowings under its commercial paper program. Earlier this year, Borse Dubai reduced its stake in Nasdaq, relinquishing its position as the exchange's biggest shareholder to Thoma Bravo. Following this offering, Borse Dubai will reestablish itself as Nasdaq's largest shareholder. Goldman Sachs is the sole book-running manager for the offering. The planned sale of stakes by Thoma Bravo is characteristic of the strategic turn in Nasdaq's shareholder structure, impregnated by more general market dynamics and investor sentiment. This will likely affect Nasdaq's future financial strategies and positioning in the marketplace.

Thoma Bravo to offload significant Nasdaq stake in $2.8 billion secondary public offering

The Bitcoin Conference in Nashville saw high-calibre speakers, with Former President Donald Trump and presidential candidate Robert F. Kennedy Jr. This event has given a major push to bitcoin, underlining its ever-growing impact on discourse and acceptance in the mainstream. Moderated by Rob Nelson, the Roundtable anchor, joined by Noah Newton, CEO of Moby Media, and Sasha Mitchell, head of operations at BeL2.

Nelson started off by highlighting the importance of the event. “The Bitcoin Conference this week in Nashville will feature major political figures, including former President Trump and presidential candidate RFK Jr.,” he said, pointing out that their involvement shows how far bitcoin has come. The US government's sizable stash of more than 200,000 bitcoin, worth about $13 billion, is another indication of where cryptocurrency stands in national finance.

Newton shared his view on the future of bitcoin in national reserves. “I think most countries will soon allocate a percentage of their reserves to bitcoin,” he predicted. Newton highlighted bitcoin’s rapid growth, noting, “Look at where bitcoin was in 2017 compared to now. The cat’s out of the bag.” Optimistic about the involvement of influential figures like Trump and RFK Jr., their participation at the conference indicates to him a bullish sign for bitcoin's future.

Nelson also theorised on larger implications of political and business leaders making a move toward bitcoin. Elon Musk's recent activity on X, featuring a cryptic comment from Bitcoin CEO David Bailey, indicates increasing engagement from tech leaders. Nelson observed, “We’re seeing more and more tech, business, and political leaders getting into the bitcoin space publicly.”

Sasha Mitchell went on to explain the greater purview of blockchain technology: "We're looking at two core categories: Finance and digital rights management." He pointed out that the blockchain can efficiently manage digital rights and create trust in a trustless environment. Two current movements, he brought out, were governments and enterprises moving into the bitcoin space, involving the new opportunities the technology presents for new types of smart economies.

The conference of Bitcoin in Nashville not only showed the growing clout of cryptocurrency but also gave a cue from the future when digital assets will play a big role in national and global finance. The engagement of influential figures and growing interest from both the public and private sectors hint toward a promising trajectory for Bitcoin and blockchain.

The Bitcoin Conference in Nashville saw high-calibre speakers, with Former President Donald Trump and presidential candidate Robert F. Kennedy Jr. This event has given a major push to bitcoin, underlining its ever-growing impact on discourse and acceptance in the mainstream.

The Bitcoin Conference in Nashville saw high-calibre speakers, with Former President Donald Trump and presidential candidate Robert F. Kennedy Jr. This event has given a major push to bitcoin, underlining its ever-growing impact on discourse and acceptance in the mainstream. Moderated by Rob Nelson, the Roundtable anchor, joined by Noah Newton, CEO of Moby Media, and Sasha Mitchell, head of operations at BeL2. Nelson started off by highlighting the importance of the event. “The Bitcoin Conference this week in Nashville will feature major political figures, including former President Trump and presidential candidate RFK Jr.,” he said, pointing out that their involvement shows how far bitcoin has come. The US government's sizable stash of more than 200,000 bitcoin, worth about $13 billion, is another indication of where cryptocurrency stands in national finance. Newton shared his view on the future of bitcoin in national reserves. “I think most countries will soon allocate a percentage of their reserves to bitcoin,” he predicted. Newton highlighted bitcoin’s rapid growth, noting, “Look at where bitcoin was in 2017 compared to now. The cat’s out of the bag.” Optimistic about the involvement of influential figures like Trump and RFK Jr., their participation at the conference indicates to him a bullish sign for bitcoin's future. Nelson also theorised on larger implications of political and business leaders making a move toward bitcoin. Elon Musk's recent activity on X, featuring a cryptic comment from Bitcoin CEO David Bailey, indicates increasing engagement from tech leaders. Nelson observed, “We’re seeing more and more tech, business, and political leaders getting into the bitcoin space publicly.” Sasha Mitchell went on to explain the greater purview of blockchain technology: "We're looking at two core categories: Finance and digital rights management." He pointed out that the blockchain can efficiently manage digital rights and create trust in a trustless environment. Two current movements, he brought out, were governments and enterprises moving into the bitcoin space, involving the new opportunities the technology presents for new types of smart economies. The conference of Bitcoin in Nashville not only showed the growing clout of cryptocurrency but also gave a cue from the future when digital assets will play a big role in national and global finance. The engagement of influential figures and growing interest from both the public and private sectors hint toward a promising trajectory for Bitcoin and blockchain.

Bitcoin Conference in Nashville spotlights cryptocurrency’s ascendancy with high-profile speakers

California's court upheld a measure allowing Uber and Lyft to consider drivers in the most populous US state as independent contractors rather than employees entitled to more benefits.

The ruling comes a welcome relief for the ride-hailing companies, who had vowed to end or limit services in case the verdict was the other way round. The Service Employees International Union (SEIU) and four drivers who legally moved against a 2020 ballot measure known as proposition 22, which preserve4s drivers' contractor status.

Uber in a statement said, 'the will of the nearly 10 million Californians who voted to deliver historic benefits and protections to drivers, while protecting their independence.'

Meanwhile, the union expressed disappointment by the ruling, stating that they will continue to fight for their rights. 'Gig workers are determined to ensure fairness in the gig economy,' Tia Orr, executive director at SEIU California said.

The issue of treating gig workers as employees or contractors has been an issue across ride-hailing companies. Studies show that treating drivers as contractors saves up to 30 per cent for the companies, who have to otherwise spend on minimum wage, overtime pay and reimbursements for expenses. Uber and Lyft are among companies that spent more than $200 million on a campaign to promote flexibility.

California's court upheld a measure allowing Uber and Lyft to consider drivers in the most populous US state as independent contractors rather than employees entitled to more benefits.

California's court upheld a measure allowing Uber and Lyft to consider drivers in the most populous US state as independent contractors rather than employees entitled to more benefits. The ruling comes a welcome relief for the ride-hailing companies, who had vowed to end or limit services in case the verdict was the other way round. The Service Employees International Union (SEIU) and four drivers who legally moved against a 2020 ballot measure known as proposition 22, which preserve4s drivers' contractor status. Uber in a statement said, 'the will of the nearly 10 million Californians who voted to deliver historic benefits and protections to drivers, while protecting their independence.' Meanwhile, the union expressed disappointment by the ruling, stating that they will continue to fight for their rights. 'Gig workers are determined to ensure fairness in the gig economy,' Tia Orr, executive director at SEIU California said. The issue of treating gig workers as employees or contractors has been an issue across ride-hailing companies. Studies show that treating drivers as contractors saves up to 30 per cent for the companies, who have to otherwise spend on minimum wage, overtime pay and reimbursements for expenses. Uber and Lyft are among companies that spent more than $200 million on a campaign to promote flexibility.

Gig economy in focus: California rules in favour of Uber, Lyft classifying drivers as 'contractors'

The US economy grew more strongly than expected in the second quarter, at a robust annualised rate of 2.8 per cent, according to figures from the Commerce Department on Thursday.

This was a long way above expectations from economists who had been suggesting a 2.0 per cent growth rate, pointing to much more resilience than otherwise thought in the face of steep interest rate hikes that the Federal Reserve has applied over the past year.

That outperformance was all the more notable given the central bank's target of 1.8 per cent noninflationary growth.

But there was a silver lining for the Fed: the cooling of inflation, as measured by the core PCE price index—a key metric that strips out volatile food and energy components.

It decelerated to a 2.9 per cent rate from the previous quarter's 3.7 per cent, getting closer to the Fed's 2 per cent target.

One economist remarked, "The economy continues to outperform its global peers despite hefty rate hikes."

Resilience has been driven by a robust labour market, even as the unemployment rate edged up to a 2-1/2 year high of 4.1 per cent.

A combination of stronger-than-anticipated growth with softer core inflation set the stage for the Fed to lower interest rates as early as September.

There are now three full interest rate cuts priced into the financial market for the remainder of the year. The central bank gathers next week for its next policy meeting.

While the near-term economic outlook looks good, there are darker signs on the horizon. Indicators in the labour market show it cooling off, which could sap the steam of wage growth.

Also, the saving rate is still below its pre-pandemic levels, while the impact of the full force of the Fed's interest rate hikes remains in the future.

Economists also refer to the possibility of new tariffs in case of the re-election of former US President Donald Trump, which would disrupt the supply chains and discourage investment.

However, recession is not expected in the near time, and generally, the on-year outlook remains optimistic and underpinned by the easing of monetary policy anticipated this year.

(With inputs from Reuters)

The US economy grew more strongly than expected in the second quarter, at a robust annualised rate of 2.8 per cent, according to figures from the Commerce Department on Thursday.

The US economy grew more strongly than expected in the second quarter, at a robust annualised rate of 2.8 per cent, according to figures from the Commerce Department on Thursday. This was a long way above expectations from economists who had been suggesting a 2.0 per cent growth rate, pointing to much more resilience than otherwise thought in the face of steep interest rate hikes that the Federal Reserve has applied over the past year. That outperformance was all the more notable given the central bank's target of 1.8 per cent noninflationary growth. But there was a silver lining for the Fed: the cooling of inflation, as measured by the core PCE price index—a key metric that strips out volatile food and energy components. It decelerated to a 2.9 per cent rate from the previous quarter's 3.7 per cent, getting closer to the Fed's 2 per cent target. One economist remarked, "The economy continues to outperform its global peers despite hefty rate hikes." Resilience has been driven by a robust labour market, even as the unemployment rate edged up to a 2-1/2 year high of 4.1 per cent. A combination of stronger-than-anticipated growth with softer core inflation set the stage for the Fed to lower interest rates as early as September. There are now three full interest rate cuts priced into the financial market for the remainder of the year. The central bank gathers next week for its next policy meeting. While the near-term economic outlook looks good, there are darker signs on the horizon. Indicators in the labour market show it cooling off, which could sap the steam of wage growth. Also, the saving rate is still below its pre-pandemic levels, while the impact of the full force of the Fed's interest rate hikes remains in the future. Economists also refer to the possibility of new tariffs in case of the re-election of former US President Donald Trump, which would disrupt the supply chains and discourage investment. However, recession is not expected in the near time, and generally, the on-year outlook remains optimistic and underpinned by the easing of monetary policy anticipated this year. (With inputs from Reuters)

US economy surges in Q2, inflation eases, rate cut anticipation grows

Meta Platforms is close to having to pay its first antitrust fine in the European Union, according to those familiar with the matter, after regulators have decided the company's alleged anti-competitive practices.

The tech giant is under pressure over its classified ads service, Facebook Marketplace, which the EU Commission believes has been unfairly bundled with the core Facebook social network.

Furthermore, it's alleged by the Commission that Meta has imposed unfavourable terms on rival classified ad services advertising on its platforms.

It could be as high as $13.4 billion, although past EU fines indicate that the actual fine will likely be much lower.

The Commission is to adopt its final decision in the next few months before antitrust chief Margrethe Vestager leaves in November.

Meta has always denied any wrongdoing, arguing its product innovations benefit consumers and rivals alike. Indeed, it even attempted to settle an investigation by offering limits on how it uses competitor advertising data to boost Facebook Marketplace, but this was rejected by the EU.

It is the latest of a line in regulatory challenges for Meta, already facing a separate charge at the Commission over its failure to comply with new tech rules about its ad model.

With the digital world evolving, there has been increased pressure on tech giants to observe antitrust regulations.

If the court rules against Meta, this could dramatically change how it works in Europe and might set a legally binding precedent for future antitrust actions against other tech companies.

(With inputs from Reuters)

Meta Platforms is close to having to pay its first antitrust fine in the European Union, according to those familiar with the matter, after regulators have decided the company's alleged anti-competitive practices.

Meta Platforms is close to having to pay its first antitrust fine in the European Union, according to those familiar with the matter, after regulators have decided the company's alleged anti-competitive practices. The tech giant is under pressure over its classified ads service, Facebook Marketplace, which the EU Commission believes has been unfairly bundled with the core Facebook social network. Furthermore, it's alleged by the Commission that Meta has imposed unfavourable terms on rival classified ad services advertising on its platforms. It could be as high as $13.4 billion, although past EU fines indicate that the actual fine will likely be much lower. The Commission is to adopt its final decision in the next few months before antitrust chief Margrethe Vestager leaves in November. Meta has always denied any wrongdoing, arguing its product innovations benefit consumers and rivals alike. Indeed, it even attempted to settle an investigation by offering limits on how it uses competitor advertising data to boost Facebook Marketplace, but this was rejected by the EU. It is the latest of a line in regulatory challenges for Meta, already facing a separate charge at the Commission over its failure to comply with new tech rules about its ad model. With the digital world evolving, there has been increased pressure on tech giants to observe antitrust regulations. If the court rules against Meta, this could dramatically change how it works in Europe and might set a legally binding precedent for future antitrust actions against other tech companies. (With inputs from Reuters)

Meta braces for first EU antitrust fine

In a few weeks, the quarterly earnings of fast food giants like McDonald's, Burger King, and Wendy's will be discussed.

What has been interesting to investors lately is their newly rolled-out value meals. It appears to be an attempt against rising menu prices, in line with capturing the budget-oriented consumer.

"The key question is how consumers are responding to these value deals and discounts," said BTIG analyst Peter Saleh. "More importantly, how long will these promotions need to last to bring customers back?"

The chains have been touting a few of these value meals in the past few months, such as McDonald's $5 value meal and Burger King's $5 "Your Way Meal." Wendy's added a budget $3 breakfast deal to the fray.

Still, some analysts are sceptical about those deals' staying power.

"Offering value through limited-time discounts only extends to a few items, like the McDouble or McChicken," said Danilo Gargiulo, senior analyst at Bernstein. "These deals might not be as attractive as premium offerings like the Big Mac or Burger King's Whopper Junior."

While the value meals were rolled out towards the end of the quarter, customer traffic has yet to see major bumps.

According to data from Placer.ai, there was a small uptick in foot traffic between April and June: 0.4 per cent for McDonald's, 1.6 per cent for Burger King, and 1.4 per cent for Wendy's.

Ahead, though, the earnings reports tell a potentially different story.

Analysts said that McDonald's, which reports first on Monday, could post its first profit decline in six quarters, coupled with slower same-store sales growth from the year-earlier period.

The trends are expected to play out similarly for Wendy's and Burger King's parent, Restaurant Brands International.

"The entire fast-food industry appears to be slowing," said Morgan Stanley analyst Brian Harbour. "From what we can tell, customer demand is soft despite promotional activity."

These reports will be crucial to determining whether value meals are an effective, long-term strategy for fast food chains battling inflation and keeping the loyalty of customers.

(With inputs from Reuters)

In a few weeks, the quarterly earnings of fast food giants like McDonald's, Burger King, and Wendy's will be discussed. What has been interesting to investors lately is their newly rolled-out value meals.

In a few weeks, the quarterly earnings of fast food giants like McDonald's, Burger King, and Wendy's will be discussed. What has been interesting to investors lately is their newly rolled-out value meals. It appears to be an attempt against rising menu prices, in line with capturing the budget-oriented consumer. "The key question is how consumers are responding to these value deals and discounts," said BTIG analyst Peter Saleh. "More importantly, how long will these promotions need to last to bring customers back?" The chains have been touting a few of these value meals in the past few months, such as McDonald's $5 value meal and Burger King's $5 "Your Way Meal." Wendy's added a budget $3 breakfast deal to the fray. Still, some analysts are sceptical about those deals' staying power. "Offering value through limited-time discounts only extends to a few items, like the McDouble or McChicken," said Danilo Gargiulo, senior analyst at Bernstein. "These deals might not be as attractive as premium offerings like the Big Mac or Burger King's Whopper Junior." While the value meals were rolled out towards the end of the quarter, customer traffic has yet to see major bumps. According to data from Placer.ai, there was a small uptick in foot traffic between April and June: 0.4 per cent for McDonald's, 1.6 per cent for Burger King, and 1.4 per cent for Wendy's. Ahead, though, the earnings reports tell a potentially different story. Analysts said that McDonald's, which reports first on Monday, could post its first profit decline in six quarters, coupled with slower same-store sales growth from the year-earlier period. The trends are expected to play out similarly for Wendy's and Burger King's parent, Restaurant Brands International. "The entire fast-food industry appears to be slowing," said Morgan Stanley analyst Brian Harbour. "From what we can tell, customer demand is soft despite promotional activity." These reports will be crucial to determining whether value meals are an effective, long-term strategy for fast food chains battling inflation and keeping the loyalty of customers. (With inputs from Reuters)

Fast Food chains' value meals under scrutiny as results loom

Remy Cointreau reported a steeper-than-expected first-quarter sales drop on Wednesday, with its troubles in the United States now encompassing the liqueurs and spirits division and its Asian operations beginning to falter. The maker of Remy Martin cognac and Cointreau liqueur had organic sales slide 15.6 per cent in the quarter, beating the 13.6 per cent fall analysts forecasted. The company left its full-year guidance unchanged.

Remy had already said the first half would be tough, as it still struggles with weak demand in the United States and a slowing economy in China — two of its key markets for cognac. Cognac makes up around 70 per cent of Remy's sales. Although a 12.2 per cent organic sales decline at the cognac division was better than analysts expected, the liqueurs and spirits business saw a 20.4 per cent organic sales drop, more than twice what analysts had predicted.

The entire spirits industry is seeing a significant slowdown in sales following a post-pandemic surge when consumers, flush with cash, indulged in high-end liquor and producers raised prices. However, Remy has been hit harder in the United States, where cognac has seen poor demand, than elsewhere. Retailers and wholesalers have reduced stock, and rivals are engaged in heavy promotional activity.

These trends continued to press heavily on the cognac business of Remy and more firmly than in the last quarter on its liqueurs and spirits division. The unit houses brands such as Cointreau, The Botanist gin and Bruichladdich whisky.

This was also affected by European sales being significantly down owing to high inflation and heavy promotions by rivals, reduced demand in Southeast Asia, and a whisky destocking in China.

At the group level, Remy referred to the Chinese market as "sluggish." Although cognac sales were surprisingly brisk during the fourth quarter of last year, executives warned that this may not last. More broadly, sales in the Asia Pacific region edged down.

The outlook for Remy Cointreau is increasingly difficult, with sales falling more precipitously than expected, driven by a mix of specific market and sector dynamics. How well it navigates these challenges will be important in stabilising operations worldwide and sustaining investors' confidence.

Remy Cointreau reported a steeper-than-expected first-quarter sales drop on Wednesday, with its troubles in the United States now encompassing the liqueurs and spirits division and its Asian operations beginning to falter.

Remy Cointreau reported a steeper-than-expected first-quarter sales drop on Wednesday, with its troubles in the United States now encompassing the liqueurs and spirits division and its Asian operations beginning to falter. The maker of Remy Martin cognac and Cointreau liqueur had organic sales slide 15.6 per cent in the quarter, beating the 13.6 per cent fall analysts forecasted. The company left its full-year guidance unchanged. Remy had already said the first half would be tough, as it still struggles with weak demand in the United States and a slowing economy in China — two of its key markets for cognac. Cognac makes up around 70 per cent of Remy's sales. Although a 12.2 per cent organic sales decline at the cognac division was better than analysts expected, the liqueurs and spirits business saw a 20.4 per cent organic sales drop, more than twice what analysts had predicted. The entire spirits industry is seeing a significant slowdown in sales following a post-pandemic surge when consumers, flush with cash, indulged in high-end liquor and producers raised prices. However, Remy has been hit harder in the United States, where cognac has seen poor demand, than elsewhere. Retailers and wholesalers have reduced stock, and rivals are engaged in heavy promotional activity. These trends continued to press heavily on the cognac business of Remy and more firmly than in the last quarter on its liqueurs and spirits division. The unit houses brands such as Cointreau, The Botanist gin and Bruichladdich whisky. This was also affected by European sales being significantly down owing to high inflation and heavy promotions by rivals, reduced demand in Southeast Asia, and a whisky destocking in China. At the group level, Remy referred to the Chinese market as "sluggish." Although cognac sales were surprisingly brisk during the fourth quarter of last year, executives warned that this may not last. More broadly, sales in the Asia Pacific region edged down. The outlook for Remy Cointreau is increasingly difficult, with sales falling more precipitously than expected, driven by a mix of specific market and sector dynamics. How well it navigates these challenges will be important in stabilising operations worldwide and sustaining investors' confidence.

Remy Cointreau faces slump in first quarter sales