Pakistan government reportedly plans to block the passports of over 2,000 beggars as agents have made begging into a big business with thriving export in the country.

Gravitas | Pak to Crack Down on Begging Business | Islamabad to Block Passport of 2,000 Beggars

Japanese workers are feeling the pinch. Real wages, which account for inflation, have fallen for a record 26th consecutive month. This is despite a positive trend in nominal wages, the actual amount workers take home.

Japan's wages fall as prices rise

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

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

Despite heavy western sanctions, the World Bank's latest report shows Russia has moved into the "high-income" category. This growth has been driven by a surge in military activity, trade, financial sector expansion, and construction. Russia's GNI per capita increased by 11.2% in 2023, even as the west aimed to cripple its economy over the Ukraine conflict.

Russia-Ukraine war: War boosts Russian GDP, but at what cost?

Japan began circulating its first new banknotes in 20 years on Wednesday (July 3), featuring three-dimensional portraits of the founders of financial institutions and a women's university in an attempt to frustrate counterfeiters.

Japan renews its banknotes for the first time in 20 years

India's Jammu and Kashmir is witnessing the ‘purple revolution’, with farmers deriving considerable economic benefits from lavender cultivation. Watch in for more details!

India: Lavender farming gaining popularity in J&K's various districts

Now, let's look at WION's monthly global economic health check. First, let's look at how global markets performed in June...

Global economic health check for June

Deadly Kenyan protests that scuppered tax hikes and a failed coup amid fading economic prospects in Bolivia this week are violent reminders of the dangers posed by faltering economies and punishing austerity measures. Watch in for more details!

Economic ills fuel deadly protests Kenya, Bolivia's failed coup

Trump's precipitous 2018 departure from the Iran nuclear deal, forecasted imminent economic collapse, but Iran's economy has managed to withstand six years of "maximum pressure" by the US. The rationale behind the Biden administration's 2021 policy extension is also rooted in the idea that Tehran is more likely to submit to Washington's demands if Iran's economy is weaker.

US Sanctions on Iran: Iran faces inflation threat as sanction cripples economy

Take a look at some of Iran's domestic and international concerns that are playing a big role in Iran's presidential polls.

Iran elections 2024: Key challenges for the new government

Iran as the country prepares for its presidential election the impact of international sanctions on the economy is a critical issue for voters. Watch to know more!

Iran Presidential elections 2024: State of Iran's economy

India's current account balance improvement in Q4 FY24, marked by a surplus of $5.7 billion, is largely due to two factors: A narrower merchandise trade deficit and an expanding services trade surplus.

India's account surplus hits 10-quarter high

The UK's deep-rooted love for sports is set to have a significant positive impact on the economy, according to a recent analysis by a credit company called experian. The company highlighted the nation's enthusiasm for sports. The forecast predicts a substantial 233 million pound boost to the UK economy, driven largely by increased consumer spending linked to these major sporting events.

UK sports fandom fuels $294 mn spending surge

The American economy may be nearing a consumer-led recession as spending patterns show worrying signs. Recent data from the US census indicate a 1.3% year-over-year drop in retail sales volume over the past quarter. This follows a 4% decrease in retail sales in q1, suggesting a potential recession.

US consumer spending falls, recession near?

Despite being the world's fastest-growing major economy, India faces the critical issue of creating sufficient employment opportunities. Ahead of the upcoming budget in July, The need for effective strategies to boost job creation are more pressing than ever.

India's economic growth faces ‘jobs’ threat

This report shows the puzzle called euro zone economic growth. The lower P-M-I data in June suggests that growth in the current quarter may be slower than initially expected. The business survey shows price pressures are easing.

Europe recovery gets reality check in June

The HSBC manufacturing index, a key indicator of business activity, has risen to 60.9 in June, up from 60.5 last month. This indicates a strong expansion in both the manufacturing and services sectors.

India's economy gains momentum

Negotiations between American Airlines and the flight attendants' union have hit another roadblock this week, raising the possibility of a strike.

The Association of Professional Flight Attendants (APFA), representing approximately 28,000 flight attendants, stated that a favourable agreement was not reached during the latest round of talks, bringing them closer to a potential strike.

However, the flight attendants cannot go on strike until the National Mediation Board (NMB) grants permission. The NMB must first establish that an impasse has been reached and that further negotiations would not be productive. This is a complex process that can make it difficult for airline workers to go on strike.

The NMB denied the APFA's request to be released from federal mediation last year, but American Airlines expressed confidence in reaching an agreement.

The airline stated to Reuters, "This agreement is within reach and we look forward to scheduling additional dates." The airline's spokesperson also added that they would continue negotiating to ensure that their flight attendants benefit from the contract.

The negotiations began in January 2020 but were paused due to the pandemic and resumed in June 2021.

Earlier this month, American Airlines offered its flight attendants a 17 per cent immediate wage increase in the new contract, but the offer was unanimously rejected by the APFA.

(With inputs from Reuters)

Negotiations between American Airlines and the flight attendants' union have hit another roadblock this week, raising the possibility of a strike. The Association of Professional Flight Attendants (APFA), representing approximately 28,000 flight attendants, stated that a favourable agreement was not reached during the latest round of talks, bringing them closer to a potential strike.

Negotiations between American Airlines and the flight attendants' union have hit another roadblock this week, raising the possibility of a strike. The Association of Professional Flight Attendants (APFA), representing approximately 28,000 flight attendants, stated that a favourable agreement was not reached during the latest round of talks, bringing them closer to a potential strike. However, the flight attendants cannot go on strike until the National Mediation Board (NMB) grants permission. The NMB must first establish that an impasse has been reached and that further negotiations would not be productive. This is a complex process that can make it difficult for airline workers to go on strike. The NMB denied the APFA's request to be released from federal mediation last year, but American Airlines expressed confidence in reaching an agreement. The airline stated to Reuters, "This agreement is within reach and we look forward to scheduling additional dates." The airline's spokesperson also added that they would continue negotiating to ensure that their flight attendants benefit from the contract. The negotiations began in January 2020 but were paused due to the pandemic and resumed in June 2021. Earlier this month, American Airlines offered its flight attendants a 17 per cent immediate wage increase in the new contract, but the offer was unanimously rejected by the APFA. (With inputs from Reuters)

American Airlines strike looms as talks stall

We turn our attention to China's property market crisis. House prices in china continued their steep decline in May. This shows the country's strongest measures to prop up the real estate market have failed to rekindle demand. Take a look at this next report for more.

China's house price slump deepens despite stimulus

India's monsoon season has delivered 20% less rainfall than usual, raising concerns for the agriculture sector, which relies heavily on these rains. The Indian meteorological department reports that since June 1, most regions, except a few southern states, have seen significant shortfalls, with the northwest experiencing severe heatwaves.

How rains in India affect global consumers

This week, global markets are poised for several key developments across major economies, influencing investor sentiment and economic policy decisions.

The week ahead: Risks & opportunities

Pakistan’s central bank lowered its benchmark rate by a bigger margin than expected, the first reduction in four years, after consumer prices eased in the South Asian nation. Gravitas reports.

Gravitas | The state of Pakistan's economy: Pakistan cuts benchmark interest rate

A general strike demanding higher wages brought nigeria to a standstill. Nigeria has africa’s largest population and it’s one of the world’s top oil producers. Yet the nation of more than 200 million people has struggled with corruption, economic mismanagement and a weak currency. Union leaders want a higher minimum wage and blame recent reforms by president bola Tinubu for worsening the situation.

Nigeria's economical turmoil persists as Microsoft moves base to Kenya

We turn our attention to economic data out of the US Slowing economic activity and easing inflation points to the federal reserve on track to cut interest rates at least once before the end of the year.

US Economy grows slower than previously estimated in Q1

Now, we turn our attention to the Russian economy. Is the Russian economy overheating? Likely, because the latest inflation surge has taken the Russian central bank by surprise.

Russia's overheating economy puts rate hike back on table

Ahead of India's election result announcement, S&P has upgraded India's sovereign rating outlook to "positive," citing the country's robust economic expansion. Analysts forecast GDP growth to remain near 7 percent annually for the next three years. This positive outlook is driven by several factors.

S&P global upgrades India's outlook to 'positive' amid 7% growth

Pakistan's new government is looking to revive its economy with the help of China's belt and road initiative. B-R-I is a massive development project involving infrastructure investments in many countries.

Pakistan pushes for China-Pakistan projects

Sri Lanka famed tea industry, a $1.3 billion economic engine, is facing a significant challenge. The government has mandated a 70% wage increase for tea workers, raising their daily pay from $3.3 to $5.6.

Sri Lanka tea producers protest wage hike mandate

France is reducing unemployment benefits in an effort to get more people back into the workforce. The current maximum duration of benefits will be cut from 18 months to 15 months, and the required work history to qualify for benefits will also be extended. Watch in for more details!

France cuts jobless benefits by 17% to increase workforce participation

The International Monetary Fund (IMF) and Pakistan are making headway on a potential new loan agreement. Here are the latest developments on that front. Watch in for more details!

IMF warns of challenges ahead for Pak economy

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