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As India gears up for its upcoming budget, a key sector – the auto industry – is buzzing with anticipation.

The question remains what does the budget hold for automakers and most importantly, for you, the consumer?

With the union budget for the financial year 2024-25 approaching,

The automotive sector in India is poised with expectations of pivotal measures that could shape its growth trajectory, particularly from a consumer perspective.

Analysts anticipate a focus on bolstering rural spending to stimulate demand, buoyed by favourable monsoon forecasts and an anticipated recovery in the rural market.

This, in turn, is expected to enhance disposable incomes, potentially driving up demand for automobiles, especially in the two-wheeler segment.

The recent performance metrics have shown robust growth in the SUV and commercial vehicle sectors, attributed to improved consumer sentiment, successful price adjustments, and new model launches.

As such, industry experts and research analysts are looking towards the upcoming budget to sustain momentum and foster further growth.

Key expectations include the continuation and enhancement of schemes like Fame, with a focus on promoting electric mobility through subsidies and infrastructure development.

There is also a call for reduced GST rates on vehicles, particularly for entry-level models, aimed at making car ownership more accessible to the growing middle class.

Moreover, measures supporting research and development in electric vehicle technology, scrappage incentives, and infrastructure development are anticipated to bolster market access and consumer affordability.

The industry is keenly watching for updates on these fronts to gauge the budget's impact on fostering a conducive environment for automotive innovation and market expansion.

As India gears up for its upcoming budget, a key sector – the auto industry – is buzzing with anticipation. The question remains what does the budget hold for automakers and most importantly, for you, the consumer?

As India gears up for its upcoming budget, a key sector – the auto industry – is buzzing with anticipation. The question remains what does the budget hold for automakers and most importantly, for you, the consumer? With the union budget for the financial year 2024-25 approaching, The automotive sector in India is poised with expectations of pivotal measures that could shape its growth trajectory, particularly from a consumer perspective. Analysts anticipate a focus on bolstering rural spending to stimulate demand, buoyed by favourable monsoon forecasts and an anticipated recovery in the rural market. This, in turn, is expected to enhance disposable incomes, potentially driving up demand for automobiles, especially in the two-wheeler segment. The recent performance metrics have shown robust growth in the SUV and commercial vehicle sectors, attributed to improved consumer sentiment, successful price adjustments, and new model launches. As such, industry experts and research analysts are looking towards the upcoming budget to sustain momentum and foster further growth. Key expectations include the continuation and enhancement of schemes like Fame, with a focus on promoting electric mobility through subsidies and infrastructure development. There is also a call for reduced GST rates on vehicles, particularly for entry-level models, aimed at making car ownership more accessible to the growing middle class. Moreover, measures supporting research and development in electric vehicle technology, scrappage incentives, and infrastructure development are anticipated to bolster market access and consumer affordability. The industry is keenly watching for updates on these fronts to gauge the budget's impact on fostering a conducive environment for automotive innovation and market expansion.

India's auto industry anticipates budget boosts for growth and affordability

In its first silicon design acquisition in India, tech consulting giant Accenture has purchased Bengaluru-based Excelmax technologies.

Financial terms were not disclosed yet.

But this acquisition bolsters Accenture’s silicon design and engineering capabilities, with Excelmax providing custom silicon solutions for consumer devices, data centres, artificial intelligence (AI), and edge AI deployments, serving the automotive, telecommunications, and high-tech sectors.

The deal brings Excelmax’s 450-strong engineering team into Accenture's fold and puts a spotlight on India's becoming a key player in chip design.

Founded in 2019, Excelmax offers comprehensive semiconductor solutions, from high-level design to detailed physical layout and full turnkey execution.

Accenture noted the need for advanced chips due to emerging technologies like generative AI and connected products.

Excelmax's expertise will enhance Accenture’s capabilities across the silicon design and development spectrum.

The semiconductor market is booming due to rising AI and edge computing demands, driven by consumer electronics growth.

Accenture’s inorganic growth strategy is evident, having acquired 35 companies for 5.2 billion dollars in FY24.

This acquisition aligns with trends in the engineering design space, which has seen significant M&amp;A activity.

In its first silicon design acquisition in India, tech consulting giant Accenture has purchased Bengaluru-based Excelmax technologies. Financial terms were not disclosed yet.

In its first silicon design acquisition in India, tech consulting giant Accenture has purchased Bengaluru-based Excelmax technologies. Financial terms were not disclosed yet. But this acquisition bolsters Accenture’s silicon design and engineering capabilities, with Excelmax providing custom silicon solutions for consumer devices, data centres, artificial intelligence (AI), and edge AI deployments, serving the automotive, telecommunications, and high-tech sectors. The deal brings Excelmax’s 450-strong engineering team into Accenture's fold and puts a spotlight on India's becoming a key player in chip design. Founded in 2019, Excelmax offers comprehensive semiconductor solutions, from high-level design to detailed physical layout and full turnkey execution. Accenture noted the need for advanced chips due to emerging technologies like generative AI and connected products. Excelmax's expertise will enhance Accenture’s capabilities across the silicon design and development spectrum. The semiconductor market is booming due to rising AI and edge computing demands, driven by consumer electronics growth. Accenture’s inorganic growth strategy is evident, having acquired 35 companies for 5.2 billion dollars in FY24. This acquisition aligns with trends in the engineering design space, which has seen significant M&A activity.

Accenture acquires Excelmax to boost silicon design capabilities in India

Asian stocks opened higher today, buoyed by gains on Wall Street.

Japan’s Nikkei 225 rose 1 per cent, while South Korea’s Kospi climbed 0.3 per cent, driven by an increase in Samsung electronics despite ongoing union strikes.

Hong Kong’s Hang Seng index futures were slightly up, reflecting cautious optimism in the region.

In the US, the S&amp;P 500 and NASDAQ composite closed at all-time highs on Monday.

The S&amp;P 500 gained 0.1 per cent and the NASDAQ rose 0.3 per cent, driven by easing inflation pressures and investor optimism about the Federal Reserve's potential policy easing.

However, the Dow Jones industrial average dipped 0.1 per cent, indicating some market caution.

Crude oil prices fell to a one-week low this morning. Brent futures settled around 85 per dollar barrel, as Hurricane Beryl disrupted US Gulf Coast refineries and ports.

Analysts noted that hedging activities ahead of the storm were unwound, contributing to the price drop.

Additionally, hopes for a Gaza ceasefire added to the downward pressure on oil prices.

Gold prices also fell by more than 1 per cent in the previous session due to profit-taking after a previous rally and a shift towards riskier equities.

The precious metal’s decline followed investor speculation about potential US Federal Reserve interest rate cuts in September.

This week, markets will be closely monitoring Federal Reserve Chair Jerome Powell’s testimony before Congress, key inflation data with the June consumer price index on Thursday, and the producer price index on Friday.

Earnings reports from PepsiCo, Delta Air Lines, Citigroup, and JPMorgan Chase will also be pivotal in gauging market sentiment and economic health.

Asian stocks opened higher today, buoyed by gains on Wall Street. Japan’s Nikkei 225 rose 1 per cent, while South Korea’s Kospi climbed 0.3 per cent, driven by an increase in Samsung electronics despite ongoing union strikes.

Asian stocks opened higher today, buoyed by gains on Wall Street. Japan’s Nikkei 225 rose 1 per cent, while South Korea’s Kospi climbed 0.3 per cent, driven by an increase in Samsung electronics despite ongoing union strikes. Hong Kong’s Hang Seng index futures were slightly up, reflecting cautious optimism in the region. In the US, the S&P 500 and NASDAQ composite closed at all-time highs on Monday. The S&P 500 gained 0.1 per cent and the NASDAQ rose 0.3 per cent, driven by easing inflation pressures and investor optimism about the Federal Reserve's potential policy easing. However, the Dow Jones industrial average dipped 0.1 per cent, indicating some market caution. Crude oil prices fell to a one-week low this morning. Brent futures settled around 85 per dollar barrel, as Hurricane Beryl disrupted US Gulf Coast refineries and ports. Analysts noted that hedging activities ahead of the storm were unwound, contributing to the price drop. Additionally, hopes for a Gaza ceasefire added to the downward pressure on oil prices. Gold prices also fell by more than 1 per cent in the previous session due to profit-taking after a previous rally and a shift towards riskier equities. The precious metal’s decline followed investor speculation about potential US Federal Reserve interest rate cuts in September. This week, markets will be closely monitoring Federal Reserve Chair Jerome Powell’s testimony before Congress, key inflation data with the June consumer price index on Thursday, and the producer price index on Friday. Earnings reports from PepsiCo, Delta Air Lines, Citigroup, and JPMorgan Chase will also be pivotal in gauging market sentiment and economic health.

Asian stocks rise on Wall Street optimism; Eyes on Fed & economic data

The proliferation of obscure Chinese brands on Amazon is reshaping the online shopping landscape.

Run-of-the-mill brands dominate search results, often offering low-cost alternatives to established names.

This influx is driven by Amazon’s prioritization of independent merchants, with over half of its top sellers now based in China.

For consumers, this means a vast array of inexpensive products but often at the cost of quality and reliability.

The sheer volume of indistinguishable products can overwhelm shoppers, leading to frustrations with navigating numerous listings and sorting through potentially dubious reviews.

In the broader e-commerce industry, this trend marks a shift towards commoditization and intense price competition.

Rivals like Shein have capitalised on similar models, challenging Amazon's dominance by offering rock-bottom prices even if it means longer shipping times.

Amazon's response, including a "Direct from China" service, highlights the pressure to adapt in a market increasingly driven by cost-conscious consumers willing to sacrifice speed and brand recognition for lower prices.

The proliferation of obscure Chinese brands on Amazon is reshaping the online shopping landscape. Run-of-the-mill brands dominate search results, often offering low-cost alternatives to established names.

The proliferation of obscure Chinese brands on Amazon is reshaping the online shopping landscape. Run-of-the-mill brands dominate search results, often offering low-cost alternatives to established names. This influx is driven by Amazon’s prioritization of independent merchants, with over half of its top sellers now based in China. For consumers, this means a vast array of inexpensive products but often at the cost of quality and reliability. The sheer volume of indistinguishable products can overwhelm shoppers, leading to frustrations with navigating numerous listings and sorting through potentially dubious reviews. In the broader e-commerce industry, this trend marks a shift towards commoditization and intense price competition. Rivals like Shein have capitalised on similar models, challenging Amazon's dominance by offering rock-bottom prices even if it means longer shipping times. Amazon's response, including a "Direct from China" service, highlights the pressure to adapt in a market increasingly driven by cost-conscious consumers willing to sacrifice speed and brand recognition for lower prices.

Chinese brands surge on Amazon, redefining online shopping

The International Monetary Fund (IMF) has warned that the United Kingdom, under its new Labour government, faces tough decisions due to high public debt.

In its annual economic review, the IMF stressed the need to balance public spending while stabilising debt, which is nearing 100 per cent of GDP.

This challenge arises as the country requires significant investment in sectors like healthcare, which suffers from chronic underfunding and an ageing population.

Additionally, the IMF called for ambitious reforms to boost growth.

For consumers, this means potential changes in tax policies.

The IMF suggested that the government might need to increase tax revenues by raising carbon, inheritance, and property taxes, and broadening the VAT base.

While these measures aim to control debt, they could impact household budgets and consumer spending.

The IMF also noted a soft landing for the economy after a mild recession last year, predicting 0.7 per cent growth in 2024, with a rise to 1.5 per cent in 2025 and 1.7 per cent in 2026.

Inflation is expected to hit 2.5 per cent temporarily by year-end but is currently on target.

Despite challenges like weak productivity and an ageing population, increased immigration has helped mitigate negative effects, with Brexit impacts gradually fading.

The Labour Party, led by Keir Starmer, won a landslide victory, ending 14 years of conservative rule.

New finance minister Rachel Reeves aims to stimulate growth, focusing on infrastructure projects, including onshore wind power and housing.

Consumers can expect a period of adjustment with potential tax hikes and a focus on long-term economic stability and growth, which could improve public services and infrastructure in the future.

The International Monetary Fund (IMF) has warned that the United Kingdom, under its new Labour government, faces tough decisions due to high public debt. In its annual economic review, the IMF stressed the need to balance public spending while stabilising debt, which is nearing 100 per cent of GDP.

The International Monetary Fund (IMF) has warned that the United Kingdom, under its new Labour government, faces tough decisions due to high public debt. In its annual economic review, the IMF stressed the need to balance public spending while stabilising debt, which is nearing 100 per cent of GDP. This challenge arises as the country requires significant investment in sectors like healthcare, which suffers from chronic underfunding and an ageing population. Additionally, the IMF called for ambitious reforms to boost growth. For consumers, this means potential changes in tax policies. The IMF suggested that the government might need to increase tax revenues by raising carbon, inheritance, and property taxes, and broadening the VAT base. While these measures aim to control debt, they could impact household budgets and consumer spending. The IMF also noted a soft landing for the economy after a mild recession last year, predicting 0.7 per cent growth in 2024, with a rise to 1.5 per cent in 2025 and 1.7 per cent in 2026. Inflation is expected to hit 2.5 per cent temporarily by year-end but is currently on target. Despite challenges like weak productivity and an ageing population, increased immigration has helped mitigate negative effects, with Brexit impacts gradually fading. The Labour Party, led by Keir Starmer, won a landslide victory, ending 14 years of conservative rule. New finance minister Rachel Reeves aims to stimulate growth, focusing on infrastructure projects, including onshore wind power and housing. Consumers can expect a period of adjustment with potential tax hikes and a focus on long-term economic stability and growth, which could improve public services and infrastructure in the future.

UK faces fiscal tightrope: IMF urges reforms amid high debt

As Biden faces donor backlash after a ‘disappointing’ election debate with Donald Trump, we turn the spotlight on the influence of donors in US Elections.

Two things dictate election outcomes: money &amp; sentiment.

While sentiments are mostly controlled by managing social media narratives and shifting blame.

Money can make or break a political party in real-time.

Biden’s political campaign is a prime example.

Biden has enjoyed monetary support from major businesses &amp; Hollywood investors.

But now that support is waning, as donors demand a replacement.

How will that affect Biden, who is currently working on reviving his image on social media?

Political donations provide the necessary funds for candidates to run effective campaigns, covering costs for advertising, staff, events, and outreach efforts.

The influence of donors extends beyond financial contributions,

They often sway over campaign priorities and candidate positioning on key issues.

Biden’s loss is Trump’s gain.

The former president has gained a significant financial edge over Biden.

In the second quarter, trump raised 331 million dollars, surpassing Biden’s 264 million dollars.

This fund surge includes a substantial 50 million dollar donation from Timothy Mellon and additional support from other high-profile donors.

Trump's increasing financial resources contrast sharply with Biden’s situation, where the drying up of donor funds has heightened democratic anxiety.

As the election approaches, both campaigns are vying for the crucial support of their wealthy backers, which could ultimately determine the outcome in November.

But the main question is? Can Biden’s funding exodus hurt his political prospects?

It helped Barack Obama, who secured over 500 million dollars more than Republicans in 2008, and over 250 million dollars in 2012.

The number of donors also increased considerably, with over 500,000 more donors in 2012 compared to 2008.

Over the decades, the role of donors in presidential campaigns has evolved significantly.

The emergence of super political action committees in 2010 reshaped the fundraising landscape,

Allowing donors to contribute unlimited amounts to support candidates indirectly.

In recent election cycles, these super PACs have become major players, wielding substantial financial influence through extensive advertising campaigns and grassroots mobilisation efforts.

Along with the wealthy donors, individual donors have also become important contributors.

For example, in the 2016 election cycle, 71 per cent of Hillary Clinton’s total fundraising and 40 per cent of Donald Trump's came from individual donors.

This number has only increased since then.

This reflects a trend where wealthy contributors and individuals play a critical role in financing campaigns, shaping policy agendas, and influencing voter perceptions.

The ability to attract and retain donor support often determines a candidate's financial viability and electoral competitiveness.

As Biden faces donor backlash after a ‘disappointing’ election debate with Donald Trump, we turn the spotlight on the influence of donors in US Elections. Two things dictate election outcomes: money & sentiment.

As Biden faces donor backlash after a ‘disappointing’ election debate with Donald Trump, we turn the spotlight on the influence of donors in US Elections. Two things dictate election outcomes: money & sentiment. While sentiments are mostly controlled by managing social media narratives and shifting blame. Money can make or break a political party in real-time. Biden’s political campaign is a prime example. Biden has enjoyed monetary support from major businesses & Hollywood investors. But now that support is waning, as donors demand a replacement. How will that affect Biden, who is currently working on reviving his image on social media? Political donations provide the necessary funds for candidates to run effective campaigns, covering costs for advertising, staff, events, and outreach efforts. The influence of donors extends beyond financial contributions, They often sway over campaign priorities and candidate positioning on key issues. Biden’s loss is Trump’s gain. The former president has gained a significant financial edge over Biden. In the second quarter, trump raised 331 million dollars, surpassing Biden’s 264 million dollars. This fund surge includes a substantial 50 million dollar donation from Timothy Mellon and additional support from other high-profile donors. Trump's increasing financial resources contrast sharply with Biden’s situation, where the drying up of donor funds has heightened democratic anxiety. As the election approaches, both campaigns are vying for the crucial support of their wealthy backers, which could ultimately determine the outcome in November. But the main question is? Can Biden’s funding exodus hurt his political prospects? It helped Barack Obama, who secured over 500 million dollars more than Republicans in 2008, and over 250 million dollars in 2012. The number of donors also increased considerably, with over 500,000 more donors in 2012 compared to 2008. Over the decades, the role of donors in presidential campaigns has evolved significantly. The emergence of super political action committees in 2010 reshaped the fundraising landscape, Allowing donors to contribute unlimited amounts to support candidates indirectly. In recent election cycles, these super PACs have become major players, wielding substantial financial influence through extensive advertising campaigns and grassroots mobilisation efforts. Along with the wealthy donors, individual donors have also become important contributors. For example, in the 2016 election cycle, 71 per cent of Hillary Clinton’s total fundraising and 40 per cent of Donald Trump's came from individual donors. This number has only increased since then. This reflects a trend where wealthy contributors and individuals play a critical role in financing campaigns, shaping policy agendas, and influencing voter perceptions. The ability to attract and retain donor support often determines a candidate's financial viability and electoral competitiveness.

Financial flux: Donor dynamics shift election landscape

China's central bank did not purchase any gold in June, marking the second consecutive month of no gold purchases. Last month marked the end of an 18-month buying streak that pushed Gold prices to record highs. Prices peaked at $2400 an ounce in May but suffered a decline as China awaits price correction to around $2200 per ounce.

Despite the dip, Gold prices were boosted by emerging economies like India &amp; Turkiye. India boosted its gold reserves by nine tonnes in June, bringing the total reserves to 841 tonnes. This marks the largest monthly increase in two years. India also leads among Asian G20 countries in the highest value of Gold as a percentage of total reserves.&nbsp;

China was the largest institutional buyer of Gold in 2023. This aggressive buying trend, led by China &amp; India, was to counter the geopolitical uncertainties roiling currency and stock markets. This led to a global surge in Gold prices. However, in 2024, economic slowdown and property woes have forced China to pump stimulus into the market. This has raised costs for the government, which is now waiting for Gold prices to drop before resuming buying.

Will Gold prices dip?

Gold prices have been on an upward trend, more so after Russia's war in Ukraine spooked investors to pivot to safe-haven assets. While China has been a major factor driving the Gold uptick, the prices are only expected to jump as geopolitical uncertainties continue. US Federal Reserve's rate cut bets in November offsets the lack of buying momentum from China, with India leading the Gold demand in 2024.

The World Gold Council notes that Central Banks and Emerging markets are crucial to sustaining Gold demand as supply challenges loom due to mining bottlenecks and environmental permit difficulties.

China's central bank did not purchase any gold in June, marking the second consecutive month of no gold purchases. Last month marked the end of an 18-month buying streak that pushed Gold prices to record highs.

China's central bank did not purchase any gold in June, marking the second consecutive month of no gold purchases. Last month marked the end of an 18-month buying streak that pushed Gold prices to record highs. Prices peaked at $2400 an ounce in May but suffered a decline as China awaits price correction to around $2200 per ounce. Despite the dip, Gold prices were boosted by emerging economies like India & Turkiye. India boosted its gold reserves by nine tonnes in June, bringing the total reserves to 841 tonnes. This marks the largest monthly increase in two years. India also leads among Asian G20 countries in the highest value of Gold as a percentage of total reserves. China was the largest institutional buyer of Gold in 2023. This aggressive buying trend, led by China & India, was to counter the geopolitical uncertainties roiling currency and stock markets. This led to a global surge in Gold prices. However, in 2024, economic slowdown and property woes have forced China to pump stimulus into the market. This has raised costs for the government, which is now waiting for Gold prices to drop before resuming buying. Will Gold prices dip? Gold prices have been on an upward trend, more so after Russia's war in Ukraine spooked investors to pivot to safe-haven assets. While China has been a major factor driving the Gold uptick, the prices are only expected to jump as geopolitical uncertainties continue. US Federal Reserve's rate cut bets in November offsets the lack of buying momentum from China, with India leading the Gold demand in 2024. The World Gold Council notes that Central Banks and Emerging markets are crucial to sustaining Gold demand as supply challenges loom due to mining bottlenecks and environmental permit difficulties.

India & Turkiye lead global gold buying as China holds back

On Monday, China's central bank rolled out a new policy tool to manage liquidity and interest rates more effectively within the banking system.

The instrument represents temporary bond repurchase agreements and reverse repos by setting interest rates that are going to influence short-term borrowing costs.

Analysts believe that this would pave the way for a new interest rate corridor setting, with the seven-day reverse repo rate acting as a benchmarking for short-term interest rates.

Indeed, PBOC Governor Pan Gongsheng hinted earlier that the seven-day rate was already, de facto, much like a key policy rate.

The temporary repos and reverse repos would be short-term loans with a one-day maturity. The PBOC will decide whether to conduct repos or reverse repos based on market conditions.

Interest rates for such temporary agreements are set at 20 basis points below and 50 basis points above the seven-day reverse repo rate, translating to 1.6 per cent and 2.3 per cent respectively.

The step, according to analysts, "will give the PBOC the flexibility to fine-tune liquidity conditions by injecting cash through reverse repos or draining excess funds through repos."

Interest rate asymmetry, said market participants, was thought to deter excessive borrowing and also had the potential to turn into a formal policy tool in the future because of its higher rate for borrowing than lending.

Analysts say the PBOC is likely to conduct such temporary operations strategically, especially at month-ends or quarter-ends, when liquidity may need more managing.

While the response of the Chinese bond market was limited, with some pickup in yields, other analysts see that this PBOC move signals—possibly having the effect of—coolly bonding the market by tightening liquidity.

This is amid the recent comments by the PBOC about tapping a large pool of bonds for sale at any time.

(With inputs from Reuters)

On Monday, China's central bank rolled out a new policy tool to manage liquidity and interest rates more effectively within the banking system. The instrument represents temporary bond repurchase agreements and reverse repos by setting interest rates that are going to influence short-term borrowing costs.

On Monday, China's central bank rolled out a new policy tool to manage liquidity and interest rates more effectively within the banking system. The instrument represents temporary bond repurchase agreements and reverse repos by setting interest rates that are going to influence short-term borrowing costs. Analysts believe that this would pave the way for a new interest rate corridor setting, with the seven-day reverse repo rate acting as a benchmarking for short-term interest rates. Indeed, PBOC Governor Pan Gongsheng hinted earlier that the seven-day rate was already, de facto, much like a key policy rate. The temporary repos and reverse repos would be short-term loans with a one-day maturity. The PBOC will decide whether to conduct repos or reverse repos based on market conditions. Interest rates for such temporary agreements are set at 20 basis points below and 50 basis points above the seven-day reverse repo rate, translating to 1.6 per cent and 2.3 per cent respectively. The step, according to analysts, "will give the PBOC the flexibility to fine-tune liquidity conditions by injecting cash through reverse repos or draining excess funds through repos." Interest rate asymmetry, said market participants, was thought to deter excessive borrowing and also had the potential to turn into a formal policy tool in the future because of its higher rate for borrowing than lending. Analysts say the PBOC is likely to conduct such temporary operations strategically, especially at month-ends or quarter-ends, when liquidity may need more managing. While the response of the Chinese bond market was limited, with some pickup in yields, other analysts see that this PBOC move signals—possibly having the effect of—coolly bonding the market by tightening liquidity. This is amid the recent comments by the PBOC about tapping a large pool of bonds for sale at any time. (With inputs from Reuters)

China's central bank introduces new tool to manage liquidity and interest rates

Japanese worker's average base pay jumped 2.5 per cent in May. This marks the strongest growth in 31 years. This positive trend comes amid annual wage negotiations.

There is a labour shortage. However, inflation continues to outpace wage growth. Consequently, real wages have declined for the 26th consecutive month.

The Bank of Japan (BOJ) is closely monitoring wage growth. This is a key factor in determining when to raise interest rates. BOJ Governor Kazuo Ueda has stressed the need for sustained wage increases to meet the bank's 2 per cent inflation target.

Nominal wages are rising. Inflation is decaying&nbsp;their buying power. Real wages fell 1.4 per cent in May. This follows a 1.2 per cent decline in April. There are signs that the labour shortage is leading to more widespread wage hikes. Companies with 30 or more employees finally saw wage growth outpace inflation for the first time in over two years. However smaller firms are still lagging behind.

The trend is particularly positive for part-time workers. Their wages rose 4 per cent year-on-year in May. This compares to 2.7 per cent increase for full-time employees.

For instance, hotel in Sapporo increased its hourly wages for part-time workers by 15 per cent. This is significantly higher than the 4 per cent raise for full-time staff. The hotel manager attributed this decision. The need to attract part-time workers in a competitive labour market played a crucial role.

A part-time worker at the hotel mentioned the attractive pay. Also, flexible hours were reasons for returning to the workforce. This occurred after a five-year break.

Part-time workers make up a significant portion of Japan's workforce. They account for 30 per cent of the total. But their wages are considerably lower than salaried workers. On average, they earn only a third.

An economist expects the rising wages for part-time workers to eventually boost consumer spending. This will happen by increasing their purchasing power.

(With inputs from Reuters)

Japanese worker's average base pay jumped 2.5 per cent in May. This marks the strongest growth in 31 years. This positive trend comes amid annual wage negotiations.

Japanese worker's average base pay jumped 2.5 per cent in May. This marks the strongest growth in 31 years. This positive trend comes amid annual wage negotiations. There is a labour shortage. However, inflation continues to outpace wage growth. Consequently, real wages have declined for the 26th consecutive month. The Bank of Japan (BOJ) is closely monitoring wage growth. This is a key factor in determining when to raise interest rates. BOJ Governor Kazuo Ueda has stressed the need for sustained wage increases to meet the bank's 2 per cent inflation target. Nominal wages are rising. Inflation is decaying their buying power. Real wages fell 1.4 per cent in May. This follows a 1.2 per cent decline in April. There are signs that the labour shortage is leading to more widespread wage hikes. Companies with 30 or more employees finally saw wage growth outpace inflation for the first time in over two years. However smaller firms are still lagging behind. The trend is particularly positive for part-time workers. Their wages rose 4 per cent year-on-year in May. This compares to 2.7 per cent increase for full-time employees. For instance, hotel in Sapporo increased its hourly wages for part-time workers by 15 per cent. This is significantly higher than the 4 per cent raise for full-time staff. The hotel manager attributed this decision. The need to attract part-time workers in a competitive labour market played a crucial role. A part-time worker at the hotel mentioned the attractive pay. Also, flexible hours were reasons for returning to the workforce. This occurred after a five-year break. Part-time workers make up a significant portion of Japan's workforce. They account for 30 per cent of the total. But their wages are considerably lower than salaried workers. On average, they earn only a third. An economist expects the rising wages for part-time workers to eventually boost consumer spending. This will happen by increasing their purchasing power. (With inputs from Reuters)

Japanese wages see sharpest rise in 3 decades, but real wages remain negative

The United States and Australia join forces to bolster financial services in the Pacific Islands, where China is wielding growing influence.

Pacific island nations are feeling it hard as Western banks retreat and limit opportunities for key services.

"The United States is committed to addressing bank de-risking in the Pacific," told US Treasury Undersecretary Brian Nelson as he acknowledged the problems.

Traditional regional powerhouse Australia pledged to continue as an important partner to Pacific Island nations. At the same time, Australian Assistant Treasurer Stephen Jones said that they are wary of countries pursuing their self-interest at the expense of the Pacific islands, but stopped short of referring directly to China.

This comes as China has been expanding its economic and political influence across the Pacific.

China has signed trade and financing agreements with nations of Pacific Island countries, and the Bank of China has an office in every corner of the region.

It is in the context of this influence competition that officials from both the US and Australia itself have not announced concrete plans.

Mostly closed to media, comments from officials during the co-hosted US-Australia two-day Pacific Banking Forum seem to have focused on the improvement of financial integration and access to banking services.

This is an extremely important focus to the economic health of Pacific Island countries.

The Treasury Secretary of the US, Janet Yellen, noted in a virtual speech that there needs to be a "free and open, connected, prosperous, secure, and resilient" Pacific.

(With inputs from Reuters)

The United States and Australia join forces to bolster financial services in the Pacific Islands, where China is wielding growing influence. Pacific island nations are feeling it hard as Western banks retreat and limit opportunities for key services.

The United States and Australia join forces to bolster financial services in the Pacific Islands, where China is wielding growing influence. Pacific island nations are feeling it hard as Western banks retreat and limit opportunities for key services. "The United States is committed to addressing bank de-risking in the Pacific," told US Treasury Undersecretary Brian Nelson as he acknowledged the problems. Traditional regional powerhouse Australia pledged to continue as an important partner to Pacific Island nations. At the same time, Australian Assistant Treasurer Stephen Jones said that they are wary of countries pursuing their self-interest at the expense of the Pacific islands, but stopped short of referring directly to China. This comes as China has been expanding its economic and political influence across the Pacific. China has signed trade and financing agreements with nations of Pacific Island countries, and the Bank of China has an office in every corner of the region. It is in the context of this influence competition that officials from both the US and Australia itself have not announced concrete plans. Mostly closed to media, comments from officials during the co-hosted US-Australia two-day Pacific Banking Forum seem to have focused on the improvement of financial integration and access to banking services. This is an extremely important focus to the economic health of Pacific Island countries. The Treasury Secretary of the US, Janet Yellen, noted in a virtual speech that there needs to be a "free and open, connected, prosperous, secure, and resilient" Pacific. (With inputs from Reuters)

US and Australia vow to bolster Pacific banking as China expands influence

Samsung Electronics workers in South Korea began a three-day strike on Monday, calling for improvements in pay and working conditions.

The National Samsung Electronics Union (NSEU), which represents some 30,000, or close to 25%, of the company's employees in South Korea, said.

This is the second time within the year that the union comes to the streets.&nbsp;

The previous month, it coordinated an annual leave in staging a mass walkout, yet the Samsung remains adamant that this had no effect on the business.

There is also small possibility for this three-day strike to create large-scale disruption in production as low participation and automation have this as a plausible outcome.

"Some 6,540 workers will be on strike during the week, though those controlling automated parts of production lines could prevent serious disruptions," the union said.

On the other hand, Union President Son Woo-Mok explained that the involvement rate was still quite good, noting that the union was young and had to educate its members on their rights.

Lee Hyun-Kuk, the vice president of the union, also warned that they were prepared to actually escalate the strikes unless they get what they want from Samsung.

One of the key demands is related to the revision of the bonus system.

According to union officials, the bonuses of blue-collar workers have been calculated differently from the company executives. T

hey argue that this is what they are fighting for in the new bonus system.

One young engineer, a new hire this year, said he knew only too well what it was like to be on the losing end of the "opaque" bonus system.

Since Samsung pledged, in 2020, not to discourage organized labour, membership in NSEU has grown.

The demand by the union comes at a very fateful moment when Samsung seems to be losing ground in the market for chips used in artificial intelligence.

The stock performance of Samsung has been defeated by its rival SK Hynix, which according to the union, is partly due to its slow development in high bandwidth memory chips that are imperative in AI processors.

But Samsung predicted a hefty jump in its second-quarter operating profit, struck by the rebound in its chip prices amid an AI boom. Its shares were marginally higher Monday but earlier hit their best level since January 2021.

(With inputs from Reuters)

Samsung Electronics workers in South Korea began a three-day strike on Monday, calling for improvements in pay and working conditions. The National Samsung Electronics Union (NSEU), which represents some 30,000, or close to 25%, of the company's employees in South Korea, said.

Samsung Electronics workers in South Korea began a three-day strike on Monday, calling for improvements in pay and working conditions. The National Samsung Electronics Union (NSEU), which represents some 30,000, or close to 25%, of the company's employees in South Korea, said. This is the second time within the year that the union comes to the streets. The previous month, it coordinated an annual leave in staging a mass walkout, yet the Samsung remains adamant that this had no effect on the business. There is also small possibility for this three-day strike to create large-scale disruption in production as low participation and automation have this as a plausible outcome. "Some 6,540 workers will be on strike during the week, though those controlling automated parts of production lines could prevent serious disruptions," the union said. On the other hand, Union President Son Woo-Mok explained that the involvement rate was still quite good, noting that the union was young and had to educate its members on their rights. Lee Hyun-Kuk, the vice president of the union, also warned that they were prepared to actually escalate the strikes unless they get what they want from Samsung. One of the key demands is related to the revision of the bonus system. According to union officials, the bonuses of blue-collar workers have been calculated differently from the company executives. T hey argue that this is what they are fighting for in the new bonus system. One young engineer, a new hire this year, said he knew only too well what it was like to be on the losing end of the "opaque" bonus system. Since Samsung pledged, in 2020, not to discourage organized labour, membership in NSEU has grown. The demand by the union comes at a very fateful moment when Samsung seems to be losing ground in the market for chips used in artificial intelligence. The stock performance of Samsung has been defeated by its rival SK Hynix, which according to the union, is partly due to its slow development in high bandwidth memory chips that are imperative in AI processors. But Samsung predicted a hefty jump in its second-quarter operating profit, struck by the rebound in its chip prices amid an AI boom. Its shares were marginally higher Monday but earlier hit their best level since January 2021. (With inputs from Reuters)

Samsung workers strike for better pay, benefits as chipmaker navigates AI challenges

The ongoing rows between the United States and China over computer chips are ideological, not fact-based, and likely to persist, the recently retired Chief Executive Officer of semiconductor equipment maker ASML, Peter Wennink, said in an interview with Dutch radio station BNR on Saturday.

Wennink, a decade-long CEO of ASML before his retirement in April, led the company to become the largest European technology group. The US has escalated its sanctions on exports of ASML's tools to China since 2018, its second-largest market after Taiwan. Most recently, it has sought to prevent the company from servicing equipment already sold to customers in China on security grounds.

'These kinds of discussions are not being conducted on the basis of facts or content or numbers or data but on the basis of ideology,'&nbsp;Wennink said.

'You can think whatever you want about that, but we're a business where the interests of your stakeholders have to be managed in balance ... If ideology cuts straight through that, I have problems with that.'

He said the company has had customers and staff in China for 30 years 'so you also have obligations.'

In a bid for balance, Wennink lobbied against excessively stringent export curbs and took concerns about intellectual property protection to the most senior Chinese politicians.

'I think in Washington, maybe they sometimes thought, that Mr. Wennink, maybe he's a friend of China,'&nbsp;he said.

'No. I'm a friend to my customers, to my suppliers, to my employees, to my shareholders.'

He said that many of the things driving the chip war are geopolitical, so this could take years and years; it might take decades.

'This is going to go on for a while,'&nbsp;he said.

The ongoing rows between the United States and China over computer chips are ideological, not fact-based, and likely to persist, the recently retired Chief Executive Officer of semiconductor equipment maker ASML, Peter Wennink, said in an interview with Dutch radio station BNR on Saturday.

The ongoing rows between the United States and China over computer chips are ideological, not fact-based, and likely to persist, the recently retired Chief Executive Officer of semiconductor equipment maker ASML, Peter Wennink, said in an interview with Dutch radio station BNR on Saturday. Wennink, a decade-long CEO of ASML before his retirement in April, led the company to become the largest European technology group. The US has escalated its sanctions on exports of ASML's tools to China since 2018, its second-largest market after Taiwan. Most recently, it has sought to prevent the company from servicing equipment already sold to customers in China on security grounds. 'These kinds of discussions are not being conducted on the basis of facts or content or numbers or data but on the basis of ideology,' Wennink said. 'You can think whatever you want about that, but we're a business where the interests of your stakeholders have to be managed in balance ... If ideology cuts straight through that, I have problems with that.' He said the company has had customers and staff in China for 30 years 'so you also have obligations.' In a bid for balance, Wennink lobbied against excessively stringent export curbs and took concerns about intellectual property protection to the most senior Chinese politicians. 'I think in Washington, maybe they sometimes thought, that Mr. Wennink, maybe he's a friend of China,' he said. 'No. I'm a friend to my customers, to my suppliers, to my employees, to my shareholders.' He said that many of the things driving the chip war are geopolitical, so this could take years and years; it might take decades. 'This is going to go on for a while,' he said.

ASML's Ex-CEO on US-China chip war: ideology over facts, decades-long battle ahead

The European Commission held consultations with the region's semiconductor industry to garner views on China's ramp-up in the production of older-generation computer chips, according to sources quoted by Reuters.

The move was in a bid to expand its forthcoming two voluntary surveys covering major chip-consuming industrial firms and the chip industry, respectively, slated for release in September. 
The Commission does not yet have any comments regarding the initiative.

The tensions with Beijing come as Brussels is increasingly protecting its industries from Chinese competition. Most recently, the Commission imposed provisional duties of up to 37.6 per cent on Chinese electric vehicles.

According to trade analysts, the tariffs could signal a more hard-line Europe when it comes to China. State subsidies mean China's semiconductor industry is heavily investing in a major expansion of output of older, or so-called legacy, chips.

That, in part, is a workaround to a set of US-led restrictions that have limited China's access to more advanced computer chips.

Although this will reduce the country's short-term reliance on foreign chips, Western governments are concerned that it could result in oversupplying the chip market—the type used for appliances and vehicles.

Margrethe Vestager, the Commission's antitrust chief, signalled that the EU may examine legacy chips following a meeting with US officials, including Commerce Secretary Gina Raimondo, in Belgium in April.

This occurred after the Commission published a 712-page report outlining the far-reaching support that Beijing was providing to domestic firms in several sectors, from semiconductors and telecommunications to renewable energy, in April.

To trade analysts, the report was an indication that Brussels might open more cases against China.

It has been said that future chip-focused questionnaires will be wider in scope than similar security-focused surveys conducted by the US Department of Commerce.

The questionnaires by the EU will gather information on where industrial companies source chips and details about chip firms' products, pricing, and guesses about their competitors, including those in China.

To ASML—the EU's largest technology group—a ramp-up in legacy chip output from China is certainly a shot in the arm to revenues that were curtailed by the United States lead in cutting-edge technology exports.

However, the issue is highly nuanced for chipmakers such as Germany's Infineon, France's STMicroelectronics, and NXP of the Netherlands.

Few other companies are as significantly exposed to chip production for automotive and electrical infrastructure as these three firms, hence the rising competitive threat of China, against which they cannot afford to offend the leadership as business partners.

It's therefore unlikely that European firms—industrial, aerospace, automotive, health-tech, and energy sector firms—will be very open to revealing the use of Chinese legacy chips.

In addition, the complexity introduced into chipmaking and packaging across borders renders it hard for companies to know the origin of their used chipsets.

In particular, German carmakers oppose the tariffs on Chinese EVs, as their sales are quite huge in China, and they have diversified chip suppliers following chip shortages during the COVID-19 pandemic.

The European Commission held consultations with the region's semiconductor industry to garner views on China's ramp-up in the production of older-generation computer chips, according to sources quoted by Reuters.

The European Commission held consultations with the region's semiconductor industry to garner views on China's ramp-up in the production of older-generation computer chips, according to sources quoted by Reuters. The move was in a bid to expand its forthcoming two voluntary surveys covering major chip-consuming industrial firms and the chip industry, respectively, slated for release in September. The Commission does not yet have any comments regarding the initiative. The tensions with Beijing come as Brussels is increasingly protecting its industries from Chinese competition. Most recently, the Commission imposed provisional duties of up to 37.6 per cent on Chinese electric vehicles. According to trade analysts, the tariffs could signal a more hard-line Europe when it comes to China. State subsidies mean China's semiconductor industry is heavily investing in a major expansion of output of older, or so-called legacy, chips. That, in part, is a workaround to a set of US-led restrictions that have limited China's access to more advanced computer chips. Although this will reduce the country's short-term reliance on foreign chips, Western governments are concerned that it could result in oversupplying the chip market—the type used for appliances and vehicles. Margrethe Vestager, the Commission's antitrust chief, signalled that the EU may examine legacy chips following a meeting with US officials, including Commerce Secretary Gina Raimondo, in Belgium in April. This occurred after the Commission published a 712-page report outlining the far-reaching support that Beijing was providing to domestic firms in several sectors, from semiconductors and telecommunications to renewable energy, in April. To trade analysts, the report was an indication that Brussels might open more cases against China. It has been said that future chip-focused questionnaires will be wider in scope than similar security-focused surveys conducted by the US Department of Commerce. The questionnaires by the EU will gather information on where industrial companies source chips and details about chip firms' products, pricing, and guesses about their competitors, including those in China. To ASML—the EU's largest technology group—a ramp-up in legacy chip output from China is certainly a shot in the arm to revenues that were curtailed by the United States lead in cutting-edge technology exports. However, the issue is highly nuanced for chipmakers such as Germany's Infineon, France's STMicroelectronics, and NXP of the Netherlands. Few other companies are as significantly exposed to chip production for automotive and electrical infrastructure as these three firms, hence the rising competitive threat of China, against which they cannot afford to offend the leadership as business partners. It's therefore unlikely that European firms—industrial, aerospace, automotive, health-tech, and energy sector firms—will be very open to revealing the use of Chinese legacy chips. In addition, the complexity introduced into chipmaking and packaging across borders renders it hard for companies to know the origin of their used chipsets. In particular, German carmakers oppose the tariffs on Chinese EVs, as their sales are quite huge in China, and they have diversified chip suppliers following chip shortages during the COVID-19 pandemic.

EU reviews semiconductor industry amid China's legacy chip expansion

While Republicans have coalesced around Donald Trump as their nominee, there is still a divide within the party over what to do with the federal corporate tax rate if they recapture control of Washington next year.

Some members of his party would like to see it reduced to as low as 15 per cent; others would want it as high as 25 per cent. Trump himself seems to have taken a middle road on his position, offering to cut the rate to 20 per cent in a recent meeting with CEOs.

This intraparty argument has picked up steam recently while GOP chances for a big—if not dominant—performance this November seem to grow, following poor debate performance on the part of Joe Biden.&nbsp;

The party convention later this month is likely to push the tax issue front and centre for many party leaders and donors.

It boils down to a question of lower corporate tax rates at the expense of all other considerations. Although a final decision on this issue may be more than a year away, both factions have begun drawing lines in the sand.

'Ultimately you want the rate as low as possible,' said the Heritage Foundation's Richard Stern in a recent interview, arguing that the economic benefits of a cut outweigh the potential effects on America's exploding debt.

The question the party is pondering stands: can it convey the matter of corporate tax rates to voters and sell it?

'What you're looking at is people who are concerned with how popular cutting corporate taxes are going to be.'

While Republicans have coalesced around Donald Trump as their nominee, there is still a divide within the party over what to do with the federal corporate tax rate if they recapture control of Washington next year.

While Republicans have coalesced around Donald Trump as their nominee, there is still a divide within the party over what to do with the federal corporate tax rate if they recapture control of Washington next year. Some members of his party would like to see it reduced to as low as 15 per cent; others would want it as high as 25 per cent. Trump himself seems to have taken a middle road on his position, offering to cut the rate to 20 per cent in a recent meeting with CEOs. This intraparty argument has picked up steam recently while GOP chances for a big—if not dominant—performance this November seem to grow, following poor debate performance on the part of Joe Biden. The party convention later this month is likely to push the tax issue front and centre for many party leaders and donors. It boils down to a question of lower corporate tax rates at the expense of all other considerations. Although a final decision on this issue may be more than a year away, both factions have begun drawing lines in the sand. 'Ultimately you want the rate as low as possible,' said the Heritage Foundation's Richard Stern in a recent interview, arguing that the economic benefits of a cut outweigh the potential effects on America's exploding debt. The question the party is pondering stands: can it convey the matter of corporate tax rates to voters and sell it? 'What you're looking at is people who are concerned with how popular cutting corporate taxes are going to be.'

GOP clashes over corporate tax rates: balancing cuts and voter appeal

China's central bank did not buy any gold in the month of June, thereby marking the second straight month of no addition to reserves. This was a pause while gold prices eased from their record highs.

According to official data published Sunday, the People's Bank of China held 72.8 million troy ounces of gold at the end of June, while in May, it ended an 18-month buying spree during which gold prices surged to unprecedented levels.

However, despite this pause, some analysts believe that the PBOC could resume buying due to China's desire to diversify its reserves and hedge against the depreciation of currencies. In a report, the World Gold Council indicated that about 20 central banks intend to increase their gold holdings in the coming year due to geopolitical and financial risks.

The high gold price could have kept many people at bay, having hit an all-time high above $2,400 an ounce in May. Since then, prices have partially fallen as investors pulled back on expectations of a US interest rate cut this year. The announcement by the PBOC of a buying pause in May was followed by the biggest intraday fall of gold in nearly three years.

Meanwhile, central banks across the world are on a record gold-buying spree. The total central bank consumption was 1,037 tonnes in 2023, the second-highest annual purchase in history after 1,082 tonnes in 2022. While China is holding its gold purchase programme for later, India boosted its gold reserves by most in two years in June, according to the World Gold Council.&nbsp;

China's central bank did not buy any gold in the month of June, thereby marking the second straight month of no addition to reserves. This was a pause while gold prices eased from their record highs.

China's central bank did not buy any gold in the month of June, thereby marking the second straight month of no addition to reserves. This was a pause while gold prices eased from their record highs. According to official data published Sunday, the People's Bank of China held 72.8 million troy ounces of gold at the end of June, while in May, it ended an 18-month buying spree during which gold prices surged to unprecedented levels. However, despite this pause, some analysts believe that the PBOC could resume buying due to China's desire to diversify its reserves and hedge against the depreciation of currencies. In a report, the World Gold Council indicated that about 20 central banks intend to increase their gold holdings in the coming year due to geopolitical and financial risks. The high gold price could have kept many people at bay, having hit an all-time high above $2,400 an ounce in May. Since then, prices have partially fallen as investors pulled back on expectations of a US interest rate cut this year. The announcement by the PBOC of a buying pause in May was followed by the biggest intraday fall of gold in nearly three years. Meanwhile, central banks across the world are on a record gold-buying spree. The total central bank consumption was 1,037 tonnes in 2023, the second-highest annual purchase in history after 1,082 tonnes in 2022. While China is holding its gold purchase programme for later, India boosted its gold reserves by most in two years in June, according to the World Gold Council.

China’s central bank pauses gold purchases for second month

China Association of Automobile Manufacturers (CAAM) has&nbsp;expressed severe dissatisfaction over the proposed anti-subsidy tariffs set by the European Union.

CAAM alleged that although the manufacturer had cooperated with the European Commission's investigation over Chinese subsidies, the investigation ignored the facts and came up with preset results. CAAM posted this on Saturday from a Chinese messaging app called WeChat.

The EU's signed-off tariffs of up to 37.6 per cent on imports of Chinese-made electric vehicles took effect Friday. These duties are provisional for four months, during which intensive talks are expected between the two sides.

"CAAM deeply regrets this and holds it firmly unacceptable," the industry group said.

The provisional duties - between 17.4 per cent and 37.6 per cent, without backdating - are designed to prevent what European Commission President Ursula von der Leyen said could be a flood of cheap Chinese electric cars built with state subsidies.

Mao Ning, spokesperson for the Ministry of Foreign Affairs, also voiced her concerns about EU subsidies. 'China has made clear its position on many occasions regarding EU's anti-subsidy probe into EVs made in China. We are strongly opposed to this. We always believe that specific economic and trade issues should be properly settled through dialogue and negotiation. China will also take necessary measures to resolutely safeguard its legitimate rights and interests,' she said.

The EU investigation into anti-subsidies has almost four months left to run provisionally.&nbsp;

China Association of Automobile Manufacturers (CAAM) has expressed severe dissatisfaction over the proposed anti-subsidy tariffs set by the European Union. CAAM alleged that although the manufacturer had cooperated with the European Commission's investigation over Chinese subsidies, the investigation ignored the facts and came up with preset results.

China Association of Automobile Manufacturers (CAAM) has expressed severe dissatisfaction over the proposed anti-subsidy tariffs set by the European Union. CAAM alleged that although the manufacturer had cooperated with the European Commission's investigation over Chinese subsidies, the investigation ignored the facts and came up with preset results. CAAM posted this on Saturday from a Chinese messaging app called WeChat. The EU's signed-off tariffs of up to 37.6 per cent on imports of Chinese-made electric vehicles took effect Friday. These duties are provisional for four months, during which intensive talks are expected between the two sides. "CAAM deeply regrets this and holds it firmly unacceptable," the industry group said. The provisional duties - between 17.4 per cent and 37.6 per cent, without backdating - are designed to prevent what European Commission President Ursula von der Leyen said could be a flood of cheap Chinese electric cars built with state subsidies. Mao Ning, spokesperson for the Ministry of Foreign Affairs, also voiced her concerns about EU subsidies. 'China has made clear its position on many occasions regarding EU's anti-subsidy probe into EVs made in China. We are strongly opposed to this. We always believe that specific economic and trade issues should be properly settled through dialogue and negotiation. China will also take necessary measures to resolutely safeguard its legitimate rights and interests,' she said. The EU investigation into anti-subsidies has almost four months left to run provisionally.

Chinese automakers express strong dissatisfaction over EU anti-subsidy tariffs

The outperformance of Nvidia Corp. has stalled according to New Street Research analyst, Pierre Ferragu, to cut the AI-focused chipmaker from buy to neutral. Ferragu commented that it felt like the shares of Nvidia were "getting fully valued" after surging 154 per cent this year and almost 240 per cent the previous one. On Friday, Nvidia dropped 1.9 per cent while the Nasdaq 100 Index went up by 1 per cent.

Additional upside “will only materialise in a bull case, in which the outlook beyond 2025 increases materially, and we do not have the conviction on this scenario playing out yet,” Ferragu wrote.

While the “quality of the franchise is nevertheless intact,” there is, “if anything, a risk of derating” should the current outlook remain unchanged, he added.

As much as it has been the second-best performing stock among S&amp;P 500 components this year — trailing just Super Micro Computer Inc.'s gain — Nvidia's valuation has raised flags. Its stock's run, a rise of almost $1.9 trillion in market capitalisation that briefly made it the world's largest company, doesn't come cheap. According to Bloomberg data, Nvidia is trading for more than 22 times its estimated revenue in the next 12 months, making it the richest-valued stock in the S&amp;P 500 Index.

With Friday's close at $125.82, New Street set a one-year price target for Nvidia at $135.

It's not all Nvidia; New Street Research views Advanced Micro Devices Inc. as upbeat, alongside Taiwan Semiconductor Manufacturing Co. Ltd., for the very same reason: positive trends in growth and valuation.

AMD and TSMC are “the best names to own in the group, offering strong upside in both in our base and high scenarios,” New Street said in a note, adding that among other stocks with AI exposure, Broadcom Inc., Arista Networks Inc. and Micron Technology Inc. all “remain attractively valued.”

The outperformance of Nvidia Corp. has stalled according to New Street Research analyst, Pierre Ferragu, to cut the AI-focused chipmaker from buy to neutral. Ferragu commented that it felt like the shares of Nvidia were "getting fully valued" after surging 154 per cent this year and almost 240 per cent the previous one.

The outperformance of Nvidia Corp. has stalled according to New Street Research analyst, Pierre Ferragu, to cut the AI-focused chipmaker from buy to neutral. Ferragu commented that it felt like the shares of Nvidia were "getting fully valued" after surging 154 per cent this year and almost 240 per cent the previous one. On Friday, Nvidia dropped 1.9 per cent while the Nasdaq 100 Index went up by 1 per cent. Additional upside “will only materialise in a bull case, in which the outlook beyond 2025 increases materially, and we do not have the conviction on this scenario playing out yet,” Ferragu wrote. While the “quality of the franchise is nevertheless intact,” there is, “if anything, a risk of derating” should the current outlook remain unchanged, he added. As much as it has been the second-best performing stock among S&P 500 components this year — trailing just Super Micro Computer Inc.'s gain — Nvidia's valuation has raised flags. Its stock's run, a rise of almost $1.9 trillion in market capitalisation that briefly made it the world's largest company, doesn't come cheap. According to Bloomberg data, Nvidia is trading for more than 22 times its estimated revenue in the next 12 months, making it the richest-valued stock in the S&P 500 Index. With Friday's close at $125.82, New Street set a one-year price target for Nvidia at $135. It's not all Nvidia; New Street Research views Advanced Micro Devices Inc. as upbeat, alongside Taiwan Semiconductor Manufacturing Co. Ltd., for the very same reason: positive trends in growth and valuation. AMD and TSMC are “the best names to own in the group, offering strong upside in both in our base and high scenarios,” New Street said in a note, adding that among other stocks with AI exposure, Broadcom Inc., Arista Networks Inc. and Micron Technology Inc. all “remain attractively valued.”

Nvidia's valuation peak: Is the AI chip leader losing its lead?

Talen Energy has petitioned US regulators to dismiss a challenge brought against its recent deal with Amazon data centre. The opposition, led by electric utilities such as American Electric Power and Exelon, claims that there is likely to be an increase in the power bills for the general public with such an agreement.

In a Friday filing, Talen Energy emphasised that the utilities' concerns are ill-founded. The firm has upheld its interconnection agreement regarding the Amazon data centre, which will have no bearing on grid reliability and increase utility costs to its customers.

"It is an unlawful attempt to hijack this limited interconnection service agreement amendment proceeding that they have no stake in and turn it into an ad hoc national referendum on the future of data centre load," Talen said in its filing with the Federal Energy Regulatory Commission.

The deal, announced in March, will see Talen sell electricity and a data centre campus at its nuclear power plant in Pennsylvania. This will provide Amazon Web Services with up to 960 megawatts of electricity for its data centres—enough to power about one million homes.

Tech companies are looking for vast amounts of electricity to power and cool data centres handling key modern advances such as generative AI. Nuclear energy, which is virtually carbon-free, provides continuous power, rapidly becoming one of the most preferred options for powering data centres.

Last month, a coalition of utilities—including American Electric Power and Exelon—asked the Federal Energy Regulatory Commission to either further investigate the agreement or scrap it. They argued that the interconnection agreement could shift an unfair cost to regular ratepayers of $140 million annually.

Talen Energy believes extensively that the deal has potential public benefits without increased power costs or destabilising power grids. While the company hopes for the regulatory thumbs-up on the deal, Talen claims the deal would usher in surging demand for secure, carbon-free energy needed by the rapidly growing tech industry.

Talen Energy has petitioned US regulators to dismiss a challenge brought against its recent deal with Amazon data centre. The opposition, led by electric utilities such as American Electric Power and Exelon, claims that there is likely to be an increase in the power bills for the general public with such an agreement.

Talen Energy has petitioned US regulators to dismiss a challenge brought against its recent deal with Amazon data centre. The opposition, led by electric utilities such as American Electric Power and Exelon, claims that there is likely to be an increase in the power bills for the general public with such an agreement. In a Friday filing, Talen Energy emphasised that the utilities' concerns are ill-founded. The firm has upheld its interconnection agreement regarding the Amazon data centre, which will have no bearing on grid reliability and increase utility costs to its customers. "It is an unlawful attempt to hijack this limited interconnection service agreement amendment proceeding that they have no stake in and turn it into an ad hoc national referendum on the future of data centre load," Talen said in its filing with the Federal Energy Regulatory Commission. The deal, announced in March, will see Talen sell electricity and a data centre campus at its nuclear power plant in Pennsylvania. This will provide Amazon Web Services with up to 960 megawatts of electricity for its data centres—enough to power about one million homes. Tech companies are looking for vast amounts of electricity to power and cool data centres handling key modern advances such as generative AI. Nuclear energy, which is virtually carbon-free, provides continuous power, rapidly becoming one of the most preferred options for powering data centres. Last month, a coalition of utilities—including American Electric Power and Exelon—asked the Federal Energy Regulatory Commission to either further investigate the agreement or scrap it. They argued that the interconnection agreement could shift an unfair cost to regular ratepayers of $140 million annually. Talen Energy believes extensively that the deal has potential public benefits without increased power costs or destabilising power grids. While the company hopes for the regulatory thumbs-up on the deal, Talen claims the deal would usher in surging demand for secure, carbon-free energy needed by the rapidly growing tech industry.

Power play: Will Talen's Amazon deal spark a utility battle?

Monica Kowal, TD Bank's chief compliance officer, has left the bank and revealed an internal memo at a time when the Canadian lender was under pressure from US regulators and the Justice Department over its anti-money laundering program.

Monica Kowal, who joined TD Bank in 2017, left this week. Her role will be filled by Deputy Chief Compliance Officer Erin Morrow, who will report to Chief Risk Officer Ajai Bambawale, according to the late June memo obtained by Reuters.

The memo did not say why Kowal left. Previously, CEO Bharat Masrani said the bank has acted against responsible employees, including terminating them.

TD Bank wouldn't comment on Kowal's departure, and Kowal was not available to make an immediate comment.

Morrow joined TD in January from US bank Citi, where she spent more than a decade. In recent months, TD also brought on Marcy Forman and Jacqueline Sanjuas from Citi to revamp its team, as well as Chief Global AML Officer Herbert Mazariegos from BMO.

The bank said, more than $500 million has been invested into training and the onboarding of hundreds of AML professionals, as well as bringing in dozens more executives to fortify its regulatory program. Earlier in May, Masrani admitted that the anti-money-laundering program at the bank failed in monitoring, detecting, reporting, and responding—describing the situation as "unacceptable."

TD Bank has initially provided $450 million and will pay more in fines. Analyst estimates of the fines run as high as $4 billion.

Monica Kowal, TD Bank's chief compliance officer, has left the bank and revealed an internal memo at a time when the Canadian lender was under pressure from US regulators and the Justice Department over its anti-money laundering program.

Monica Kowal, TD Bank's chief compliance officer, has left the bank and revealed an internal memo at a time when the Canadian lender was under pressure from US regulators and the Justice Department over its anti-money laundering program. Monica Kowal, who joined TD Bank in 2017, left this week. Her role will be filled by Deputy Chief Compliance Officer Erin Morrow, who will report to Chief Risk Officer Ajai Bambawale, according to the late June memo obtained by Reuters. The memo did not say why Kowal left. Previously, CEO Bharat Masrani said the bank has acted against responsible employees, including terminating them. TD Bank wouldn't comment on Kowal's departure, and Kowal was not available to make an immediate comment. Morrow joined TD in January from US bank Citi, where she spent more than a decade. In recent months, TD also brought on Marcy Forman and Jacqueline Sanjuas from Citi to revamp its team, as well as Chief Global AML Officer Herbert Mazariegos from BMO. The bank said, more than $500 million has been invested into training and the onboarding of hundreds of AML professionals, as well as bringing in dozens more executives to fortify its regulatory program. Earlier in May, Masrani admitted that the anti-money-laundering program at the bank failed in monitoring, detecting, reporting, and responding—describing the situation as "unacceptable." TD Bank has initially provided $450 million and will pay more in fines. Analyst estimates of the fines run as high as $4 billion.

Is TD Bank's compliance overhaul enough to dodge money laundering probes?

Earlier this week, the Japanese government issued its first new banknotes in two decades. These new banknotes are equipped with 3D hologram technology to fight counterfeiting, reported news agency Associated Press on Thursday (July 4).

Earlier this week, the Japanese government issued its first new banknotes in two decades. These new banknotes are equipped with 3D hologram technology to fight counterfeiting, reported news agency Associated Press on Thursday (July 4). Though the banknotes were released with much fanfare, the currency already in use would remain valid. Citing local media, the report said that people would still need older bills to use most vending machines and to pay bus fares. The government said that by the end of March 2025, nearly 7.5 billion new banknotes would have been printed. A look at the new banknotes According to Prime Minister Fumio Kishida, the new 10,000 yen, 5,000 yen and 1,000 yen bills feature people celebrating Japan's capitalism, women's equality and scientific innovation. Also read | Japan's service sector stumbles: A wake-up call for economic strategy The 10,000 yen bill has the face of Eiichi Shibusawa known as “the father of Japanese capitalism,” a key figure in building the country's modern economy. The 5,000 yen bill features Umeko Tsuda, a pioneer feminist and educator who founded a college. While, the 1,000 yen bill features physician and bacteriologist Shibasaburo Kitasato, who was instrumental in the research of tetanus and the bubonic plague. The backs of each of the bills feature Tokyo Station, wisteria flowers and ukiyo-e artist Katsushika Hokusai’s Mount Fuji, respectively. The new banknotes also feature larger printing so they’re easier to read, especially for the ageing population. 'Hope people will like new bills' Addressing a press conference at the Bank of Japan, Prime Minister Kishida said on Wednesday, "I hope the people will like the new bills, and they will help energize the Japanese economy." It may take some time for ordinary people to get hold of the new banknotes. According to the Bank of Japan, the new bills would first go to banks and other financial organisations. Then, they would be redistributed to automatic teller machines (ATMs) and stores. (With inputs from agencies)

A move to fight counterfeiting: Japan issues new banknotes with 3D hologram technology

This week, US equities eked out an all-time high on Friday as investors expected the June jobs report to entice the Federal Reserve to consider a rate cut.&nbsp;

The benchmark S&amp;P 500 inched roughly 0.6 per cent above a record close in the abbreviated session on Wednesday, and the Dow Jones Industrial Average was up 0.2 per cent. The tech-heavy Nasdaq Composite advanced 0.9 per cent, driven by gains from major tech companies.

Leading the market were Apple (AAPL), Amazon (AMZN), Alphabet (GOOG, GOOGL), and Meta (META), whose stocks hit record highs on Friday. &nbsp;

All three major gauges were in the green for the first trading week in the second half of the year.

Most focus was on the labour market Friday after 206,000 workers joined the US economy in June — blowing past the Wall Street expectation for 190,000. However, the unemployment rate peaked at 4.1 per cent, the highest since November 2021, signalling a cooling job market.

Indications of slackening in labour data have been supporting the view that inflation would slow further, providing room for the Federal Reserve to lower interest rates from their twenty-year highs. Traders were now pricing in a 75 per cent chance of a cut in September, according to CME's FedWatch tool. &nbsp;

The 10-year Treasury yield dipped to 4.27 per cent, sliding further after being down through much of the week.

Investors are scouring Friday's jobs data for signs of whether the slowing job growth suggests labour markets are normalising post-pandemic or is an early signal of a broader economic slowdown.

This week, US equities eked out an all-time high on Friday as investors expected the June jobs report to entice the Federal Reserve to consider a rate cut. The benchmark S&P 500 inched roughly 0.

This week, US equities eked out an all-time high on Friday as investors expected the June jobs report to entice the Federal Reserve to consider a rate cut. The benchmark S&P 500 inched roughly 0.6 per cent above a record close in the abbreviated session on Wednesday, and the Dow Jones Industrial Average was up 0.2 per cent. The tech-heavy Nasdaq Composite advanced 0.9 per cent, driven by gains from major tech companies. Leading the market were Apple (AAPL), Amazon (AMZN), Alphabet (GOOG, GOOGL), and Meta (META), whose stocks hit record highs on Friday. All three major gauges were in the green for the first trading week in the second half of the year. Most focus was on the labour market Friday after 206,000 workers joined the US economy in June — blowing past the Wall Street expectation for 190,000. However, the unemployment rate peaked at 4.1 per cent, the highest since November 2021, signalling a cooling job market. Indications of slackening in labour data have been supporting the view that inflation would slow further, providing room for the Federal Reserve to lower interest rates from their twenty-year highs. Traders were now pricing in a 75 per cent chance of a cut in September, according to CME's FedWatch tool. The 10-year Treasury yield dipped to 4.27 per cent, sliding further after being down through much of the week. Investors are scouring Friday's jobs data for signs of whether the slowing job growth suggests labour markets are normalising post-pandemic or is an early signal of a broader economic slowdown.

Record highs and rate cut hopes: what’s driving US equities?

Rachel Reeves becomes Britain's first female finance minister after the Labour Party's landslide election victory on Friday.

Reeves, born on February 13, 1979, is a former chess champion and an ex-Bank of England economist who joined the party at the age of 16. She became the Labour's finance policy chief in 2021 and then served as the shadow Chancellor of the Exchequer. She has been a member of Parliament for Leeds West from 2010 to 2024. Now, the main question is: what will be her opening 'gambit' in this tricky fiscal situation?

The party has promised investments in health and education and also stressed the need to balance the books. Reeves has emphasised the need for fiscal stability amid public debt nearing 100 per cent of GDP, a level not seen since the 1960s. Reeves said in her opening remarks post-victory, 'And as Chancellor, I will put forward a new charter for budget responsibility, a new fiscal lock guaranteeing in law that any government making permanent and significant tax and spending changes will be subject to an independent forecast from the Office for Budget Responsibility.'

Reeves also criticised previous financial reforms. 'Never again. Never again will we allow a repeat of the devastation that Liz Truss and the Tory party have inflicted upon family finances. Never again will a prime minister or chancellor be allowed to rush through plans that are uncosted, unscrutinised and wholly detached from economic reality,' she said.

Labour Party leader Keir Starmer has been vocal about boosting economic growth and the need for private capital investments. The party has announced reforms in the pensions and savings industry, which could potentially help Britain's businesses. Speculations surround tax reforms. However, analysts at JP Morgan expect the party's policies to be 'neutral' for the sector.

British Pound and Stocks surged on Friday following Labour's victory. But can this growth be sustained as economic realities kick in? Reeves seems confident about the future when she says, 'What people will be asking themselves at the next election is this - are me and my family better off with a Conservative government? And the answer is no.'

Rachel Reeves becomes Britain's first female finance minister after the Labour Party's landslide election victory on Friday. Reeves, born on February 13, 1979, is a former chess champion and an ex-Bank of England economist who joined the party at the age of 16.

Rachel Reeves becomes Britain's first female finance minister after the Labour Party's landslide election victory on Friday. Reeves, born on February 13, 1979, is a former chess champion and an ex-Bank of England economist who joined the party at the age of 16. She became the Labour's finance policy chief in 2021 and then served as the shadow Chancellor of the Exchequer. She has been a member of Parliament for Leeds West from 2010 to 2024. Now, the main question is: what will be her opening 'gambit' in this tricky fiscal situation? The party has promised investments in health and education and also stressed the need to balance the books. Reeves has emphasised the need for fiscal stability amid public debt nearing 100 per cent of GDP, a level not seen since the 1960s. Reeves said in her opening remarks post-victory, 'And as Chancellor, I will put forward a new charter for budget responsibility, a new fiscal lock guaranteeing in law that any government making permanent and significant tax and spending changes will be subject to an independent forecast from the Office for Budget Responsibility.' Reeves also criticised previous financial reforms. 'Never again. Never again will we allow a repeat of the devastation that Liz Truss and the Tory party have inflicted upon family finances. Never again will a prime minister or chancellor be allowed to rush through plans that are uncosted, unscrutinised and wholly detached from economic reality,' she said. Labour Party leader Keir Starmer has been vocal about boosting economic growth and the need for private capital investments. The party has announced reforms in the pensions and savings industry, which could potentially help Britain's businesses. Speculations surround tax reforms. However, analysts at JP Morgan expect the party's policies to be 'neutral' for the sector. British Pound and Stocks surged on Friday following Labour's victory. But can this growth be sustained as economic realities kick in? Reeves seems confident about the future when she says, 'What people will be asking themselves at the next election is this - are me and my family better off with a Conservative government? And the answer is no.'

Rachel Reeves's first 'move': Britain gets its first female Finance Minister

Bitcoin tumbled to a four-month low on Friday, heading for its worst weekly performance in a year, with its decline driven by uncertainties surrounding Joe Biden's potential continuation as the Democrats' US presidential candidate and concerns over possible increases in crypto supply.

Prices for Bitcoin fell by 5 per cent to as low as $55,366, the lowest since the end of February, and recorded a 10 per cent loss for the week. Ether also slid by 8 per cent to $2,891, marking its lowest level in a month and a half.

Bitcoin was on a strong run in the first quarter after reaching an all-time high of $73,803.25 in mid-March when the first US exchange-traded fund was launched. From that all-time high, it has lost more than 21 per cent of its value.

Market players are now concerned that &nbsp;Biden could be replaced with a more anti-crypto advocate as far as the Democratic Party's presidential nominee; after a dismal performance in the first debate compared to Trump.

To pile on the problems, market observers pointed out reports that Mt. Gox, the former leading cryptocurrency exchange until it went defunct in 2014, is currently repaying its creditors. This is fuelling the likelihood of Bitcoin possibly coming under more downward pressure in the case that such creditors should decide to divest such coins.

This has been a factor in the fall of Bitcoin because investors are nervous about political risk, coupled with the possibility of too much supply in the market.

Bitcoin tumbled to a four-month low on Friday, heading for its worst weekly performance in a year, with its decline driven by uncertainties surrounding Joe Biden's potential continuation as the Democrats' US presidential candidate and concerns over possible increases in crypto supply.

Bitcoin tumbled to a four-month low on Friday, heading for its worst weekly performance in a year, with its decline driven by uncertainties surrounding Joe Biden's potential continuation as the Democrats' US presidential candidate and concerns over possible increases in crypto supply. Prices for Bitcoin fell by 5 per cent to as low as $55,366, the lowest since the end of February, and recorded a 10 per cent loss for the week. Ether also slid by 8 per cent to $2,891, marking its lowest level in a month and a half. Bitcoin was on a strong run in the first quarter after reaching an all-time high of $73,803.25 in mid-March when the first US exchange-traded fund was launched. From that all-time high, it has lost more than 21 per cent of its value. Market players are now concerned that Biden could be replaced with a more anti-crypto advocate as far as the Democratic Party's presidential nominee; after a dismal performance in the first debate compared to Trump. To pile on the problems, market observers pointed out reports that Mt. Gox, the former leading cryptocurrency exchange until it went defunct in 2014, is currently repaying its creditors. This is fuelling the likelihood of Bitcoin possibly coming under more downward pressure in the case that such creditors should decide to divest such coins. This has been a factor in the fall of Bitcoin because investors are nervous about political risk, coupled with the possibility of too much supply in the market.

Bitcoin's plunge: political uncertainty and supply fears shake the market

Oil is steady near a two-month high, though mixed signals are emanating from the market. West Texas Intermediate (WTI) moved higher to break $84 a barrel, after notching its highest close since mid-April on Wednesday. Brent crude also inched up slightly on Thursday.

The demand came as US crude inventory posted a huge draw — it declined by more than 12 million barrels last week, registering its biggest drop in almost one year. In addition, Reuters reported that Rosneft and Lukoil said they would cut export of oil from the Black Sea port of Novorossiysk in July as they resume operations at their refineries.

However, this left any gains in check following Saudi Aramco's move to cut the price of its key Arab Light grade price by 60 cents a barrel to $1.80 a barrel above the regional benchmark for August shipments, less than the forecast 90-cent cut by traders and refiners polled.

Another factor that contributed to the market was the reduced threat to oil and gas production in the Gulf of Mexico by Hurricane Beryl. Information from the hurricane centre and the Bureau of Ocean Energy Management showed that the storm passed without striking major drilling areas and platforms in US federal waters. Major platforms, notably Exxon Mobil Corp's Hoover, Occidental Petroleum Corp's Boomvang and Shell Plc's Perdido, that were on the path Wednesday are now clear.

Oil prices have risen more than 14 per cent from early June lows on OPEC+ limitations on supply and expectations of stronger summer demand. This has been accompanied by geopolitical risks and the bullishness of the equity markets. One offset has been worrying about demand in China, the world's largest importer of crude. Buying by China has been lacklustre, sparking questions over future appetite.

“Geopolitics and weather are keeping oil prices well supported in the $80s for now,” Citigroup Inc. analysts including Eric Lee said in a note. “There are reasons to believe that current strength can ease, based on physical market and demand signals, even though hurricanes need to be carefully watched.”

In the final analysis, record decline in US stockpiles and supply cuts by big producers underpin prices as reduced pricing from Saudi Aramco and weak demand signals from China combine to balance the market.

Oil is steady near a two-month high, though mixed signals are emanating from the market. West Texas Intermediate (WTI) moved higher to break $84 a barrel, after notching its highest close since mid-April on Wednesday.

Oil is steady near a two-month high, though mixed signals are emanating from the market. West Texas Intermediate (WTI) moved higher to break $84 a barrel, after notching its highest close since mid-April on Wednesday. Brent crude also inched up slightly on Thursday. The demand came as US crude inventory posted a huge draw — it declined by more than 12 million barrels last week, registering its biggest drop in almost one year. In addition, Reuters reported that Rosneft and Lukoil said they would cut export of oil from the Black Sea port of Novorossiysk in July as they resume operations at their refineries. However, this left any gains in check following Saudi Aramco's move to cut the price of its key Arab Light grade price by 60 cents a barrel to $1.80 a barrel above the regional benchmark for August shipments, less than the forecast 90-cent cut by traders and refiners polled. Another factor that contributed to the market was the reduced threat to oil and gas production in the Gulf of Mexico by Hurricane Beryl. Information from the hurricane centre and the Bureau of Ocean Energy Management showed that the storm passed without striking major drilling areas and platforms in US federal waters. Major platforms, notably Exxon Mobil Corp's Hoover, Occidental Petroleum Corp's Boomvang and Shell Plc's Perdido, that were on the path Wednesday are now clear. Oil prices have risen more than 14 per cent from early June lows on OPEC+ limitations on supply and expectations of stronger summer demand. This has been accompanied by geopolitical risks and the bullishness of the equity markets. One offset has been worrying about demand in China, the world's largest importer of crude. Buying by China has been lacklustre, sparking questions over future appetite. “Geopolitics and weather are keeping oil prices well supported in the $80s for now,” Citigroup Inc. analysts including Eric Lee said in a note. “There are reasons to believe that current strength can ease, based on physical market and demand signals, even though hurricanes need to be carefully watched.” In the final analysis, record decline in US stockpiles and supply cuts by big producers underpin prices as reduced pricing from Saudi Aramco and weak demand signals from China combine to balance the market.

Can a drop in US stockpiles hold price amid mixed market signals?

Lewis Hamilton has hinted 'anything's possible' over rumours that link the seven-time Formula 1 World Champion and keen motorcycle rider with the purchase of Italy's Gresini MotoGP team.

Speculation that he could be close to moving to MotoGP has spiked after reports Formula One and MotoGP are set to come under common ownership, as US-based Liberty Media, which owns the commercial rights to F1, announced a takeover of MotoGP's parent company, Dorna, last April.

Reports in Italian and British media indicate that Hamilton is mulling an investment in the sport. He took part in a sponsor-organized swap of machines with MotoGP legend Valentino Rossi in 2019.

"I've always loved MotoGP. I'm interested in the potential growth of the sport, but I haven't looked that far into it just yet," Hamilton said at the British Grand Prix when asked specifically if he was interested in buying Gresini.

"But anything's possible. I'm definitely interested in, as I said before, about equity and already with the (Denver) Broncos, it was already a first step in team ownership.

"And so, yeah, I think over the next five to 10 years, there'll be hopefully more. We'll see where."

In August 2022, Hamilton further immersed himself in sports teams ownership, with the National Football League's Denver Broncos.&nbsp;

Also in 2022 he was involved in a failed bid for Premier League side Chelsea.

Hamilton's possible investment in Gresini MotoGP would become the tip of his bigger agenda of sports representation and diversity. Racing world observers now eagerly await developments on this count, as speculation runs rife about whether or not Hamilton will take up ownership of the MotoGP team.

Lewis Hamilton has hinted 'anything's possible' over rumours that link the seven-time Formula 1 World Champion and keen motorcycle rider with the purchase of Italy's Gresini MotoGP team.

Lewis Hamilton has hinted 'anything's possible' over rumours that link the seven-time Formula 1 World Champion and keen motorcycle rider with the purchase of Italy's Gresini MotoGP team. Speculation that he could be close to moving to MotoGP has spiked after reports Formula One and MotoGP are set to come under common ownership, as US-based Liberty Media, which owns the commercial rights to F1, announced a takeover of MotoGP's parent company, Dorna, last April. Reports in Italian and British media indicate that Hamilton is mulling an investment in the sport. He took part in a sponsor-organized swap of machines with MotoGP legend Valentino Rossi in 2019. "I've always loved MotoGP. I'm interested in the potential growth of the sport, but I haven't looked that far into it just yet," Hamilton said at the British Grand Prix when asked specifically if he was interested in buying Gresini. "But anything's possible. I'm definitely interested in, as I said before, about equity and already with the (Denver) Broncos, it was already a first step in team ownership. "And so, yeah, I think over the next five to 10 years, there'll be hopefully more. We'll see where." In August 2022, Hamilton further immersed himself in sports teams ownership, with the National Football League's Denver Broncos. Also in 2022 he was involved in a failed bid for Premier League side Chelsea. Hamilton's possible investment in Gresini MotoGP would become the tip of his bigger agenda of sports representation and diversity. Racing world observers now eagerly await developments on this count, as speculation runs rife about whether or not Hamilton will take up ownership of the MotoGP team.

Is Lewis Hamilton shifting gears to MotoGP ownership?

A Labour Department employment report shows that US employers added 206,000 jobs in June, and the unemployment rate slightly surged to 4.1 per cent.

That, perhaps, could have improved the Fed's odds of taming inflation without triggering a recession. Annual wage growth rose 10 cents to $35. Wages have been at their weakest in three years, complementing an across-the-board moderation in prices during May.

This is another indication of the disinflationary trend that had resumed after a surge in inflation earlier in the year. The report could bolster Fed policymakers' confidence in the inflation outlook and might bring the US central bank closer to interest rate cuts later in the year.

Optimism still prevails in financial markets concerning a potential September start of the Fed's easing cycle after 2022 and 2023's record aggressive tightening phase. Fed Chair Jerome Powell indicated this week that while the economy had returned to a "disinflationary path," more data was needed before rate cuts.

The economy is moving into a reasonable and sustainable pace of employment growth," said Brian Bethune, an economics professor at Boston College.

He indicated there was no huge wholesale decline that would be an indicator the economy was due for a downturn, confirming the "soft landing" the economy was on.

A Reuters survey of economists expected non-farm payrolls to rise by 190,000 in June after May's surge of 272,000. In fairness, looking at the past twelve months, job gains have run an average of about 230,000 jobs a month.

Economists interviewed by Reuters say at least 150,000 positions per month are needed to keep the economy up with the growing workforce, buoyed by a surge of immigration.

The unemployment rate, which accelerated to 4.0 per cent in May for the first time since January 2022 on volatile youth unemployment, rose to 4.1 per cent in June.

The lagging measure of employment, the Quarterly Census of Employment and Wages, better known as QCEW, so far indicated a much more modest pace of job growth through the fourth quarter of 2023 compared to payroll data.

Other economists argue that data from QCEW—which is based on business reports to state unemployment insurance programs—misses part of the undocumented immigrant contribution. They add that such workers had a significant contribution to employment growth last year. "Payrolls are on track to be revised downward, but we believe that's not because payrolls are overcounting but because QCEW is undercounting," said Sam Coffin, an economist at Morgan Stanley.

The lion's share of the gains in recent months have come from healthcare, leisure and hospitality, and state and local government education, all of which have been rebuilding the staffing lost during the pandemic.

The central bank has held its benchmark overnight interest rate in a 5.25 per cent-5.50 per cent range since last July. Minutes from the Fed's June meeting, which were released on Wednesday, showed that policymakers acknowledged a cooling economy and receding price pressures.

Some economists counter that the labour market is not truly underpinning inflation; there are improvements in worker productivity.

Kevin Rinz, a senior fellow at the Washington Center for Equitable Growth, noted that wage growth had declined from earlier in the expansion and that productivity growth had returned to a normal relationship with wage growth.

"It may not be necessary to further constrain the labour market to get inflation lower," Rinz said.

A Labour Department employment report shows that US employers added 206,000 jobs in June, and the unemployment rate slightly surged to 4.1 per cent. That, perhaps, could have improved the Fed's odds of taming inflation without triggering a recession.

A Labour Department employment report shows that US employers added 206,000 jobs in June, and the unemployment rate slightly surged to 4.1 per cent. That, perhaps, could have improved the Fed's odds of taming inflation without triggering a recession. Annual wage growth rose 10 cents to $35. Wages have been at their weakest in three years, complementing an across-the-board moderation in prices during May. This is another indication of the disinflationary trend that had resumed after a surge in inflation earlier in the year. The report could bolster Fed policymakers' confidence in the inflation outlook and might bring the US central bank closer to interest rate cuts later in the year. Optimism still prevails in financial markets concerning a potential September start of the Fed's easing cycle after 2022 and 2023's record aggressive tightening phase. Fed Chair Jerome Powell indicated this week that while the economy had returned to a "disinflationary path," more data was needed before rate cuts. The economy is moving into a reasonable and sustainable pace of employment growth," said Brian Bethune, an economics professor at Boston College. He indicated there was no huge wholesale decline that would be an indicator the economy was due for a downturn, confirming the "soft landing" the economy was on. A Reuters survey of economists expected non-farm payrolls to rise by 190,000 in June after May's surge of 272,000. In fairness, looking at the past twelve months, job gains have run an average of about 230,000 jobs a month. Economists interviewed by Reuters say at least 150,000 positions per month are needed to keep the economy up with the growing workforce, buoyed by a surge of immigration. The unemployment rate, which accelerated to 4.0 per cent in May for the first time since January 2022 on volatile youth unemployment, rose to 4.1 per cent in June. The lagging measure of employment, the Quarterly Census of Employment and Wages, better known as QCEW, so far indicated a much more modest pace of job growth through the fourth quarter of 2023 compared to payroll data. Other economists argue that data from QCEW—which is based on business reports to state unemployment insurance programs—misses part of the undocumented immigrant contribution. They add that such workers had a significant contribution to employment growth last year. "Payrolls are on track to be revised downward, but we believe that's not because payrolls are overcounting but because QCEW is undercounting," said Sam Coffin, an economist at Morgan Stanley. The lion's share of the gains in recent months have come from healthcare, leisure and hospitality, and state and local government education, all of which have been rebuilding the staffing lost during the pandemic. The central bank has held its benchmark overnight interest rate in a 5.25 per cent-5.50 per cent range since last July. Minutes from the Fed's June meeting, which were released on Wednesday, showed that policymakers acknowledged a cooling economy and receding price pressures. Some economists counter that the labour market is not truly underpinning inflation; there are improvements in worker productivity. Kevin Rinz, a senior fellow at the Washington Center for Equitable Growth, noted that wage growth had declined from earlier in the expansion and that productivity growth had returned to a normal relationship with wage growth. "It may not be necessary to further constrain the labour market to get inflation lower," Rinz said.

US job growth eases, unemployment slightly upticks in June