The U.S. Stock market just had its greatest week in over a year. But worries about corporate America's earnings prospects remain just below the surface. The outlook for more companies is lower than analysts' expectations this earnings season.

US earnings: More than what meets the eye?

As per the Chinese government officials, their industry's future likely rests on the shoulders of humanoid robots if the new goals of increasing mass production by 2025 and achieving an advanced level of technology by 2027 are to be met. 
 
The Ministry of Industry and Information Technology (MIIT), which oversees the industrial sector of China, uploaded a nine-page guideline on its website, which stated that humanoid robots should “realise mass production by 2025” in China. 
 
MIIT stated that the country would aim to “establish a humanoid robot innovation system, make breakthroughs in several key technologies and ensure the safe and effective supply of core components” by 2025. 
 
The ministry appealed that the humanoid robots should “become an important new engine of economic growth” in China by 2027.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/china-sizeable-hole-spotted-in-parachute-used-by-astronauts-landing-from-tiangong-space-station-watch-654309">China: Sizeable hole spotted in parachute used by astronauts landing from Tiangong space station.</a>

The document stated that by that time, “the technological innovation of humanoid robots will be significantly improved, a safe and reliable industrial supply chain system will be formed, an industrial ecology with international competitiveness will be constructed and our comprehensive strength will reach the world’s advanced level”. 
 
This is the latest step taken by China for promoting tech self-reliance and accelerating the development of its local robotics industry as it faces fierce competition from the US in major technology areas like chips.

<h2>'Humanoid robots likely to become disruptive innovation'</h2>

As per the World Robotics 2022 Report published by the International Federation of Robotics, significant progress has been made by China in industrial robotics as it overtook the United States in 2021 for the first time and became the world's fifth most automated country in the world. 
 
As per the guidelines shared on Thursday (Nov 2), industries like home services, agriculture, healthcare and logistics are likely to see a boom in the use of robots.

WATCH |&nbsp;China &amp; US need to resume comprehensive dialogue: China FM Wang Yi&nbsp;

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At the start of the document, MIIT stated that humanoid robots are likely to become another “disruptive innovation” after smartphones and computers and can emerge as a technology which is likely to change production and the pattern in which humans live “and reshape the pattern of global industrial development”. 
 
The policy document also asked the industry to emphasise the “cerebellum”, “brain” and “limbs” of humanoid robots with the help of breakthroughs in artificial intelligence like the large-language models. 
 
It appealed to the robot industry to increase the development of humanoid robots for them to be used in dangerous and harsh conditions.

(With inputs from agencies)

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As per the Chinese government officials, their industry's future likely rests on the shoulders of humanoid robots if the new goals of increasing mass production by 2025 and achieving an advanced level of technology by 2027 are to be met.

As per the Chinese government officials, their industry's future likely rests on the shoulders of humanoid robots if the new goals of increasing mass production by 2025 and achieving an advanced level of technology by 2027 are to be met. The Ministry of Industry and Information Technology (MIIT), which oversees the industrial sector of China, uploaded a nine-page guideline on its website, which stated that humanoid robots should “realise mass production by 2025” in China. MIIT stated that the country would aim to “establish a humanoid robot innovation system, make breakthroughs in several key technologies and ensure the safe and effective supply of core components” by 2025. The ministry appealed that the humanoid robots should “become an important new engine of economic growth” in China by 2027. ALSO READ | China: Sizeable hole spotted in parachute used by astronauts landing from Tiangong space station. The document stated that by that time, “the technological innovation of humanoid robots will be significantly improved, a safe and reliable industrial supply chain system will be formed, an industrial ecology with international competitiveness will be constructed and our comprehensive strength will reach the world’s advanced level”. This is the latest step taken by China for promoting tech self-reliance and accelerating the development of its local robotics industry as it faces fierce competition from the US in major technology areas like chips. 'Humanoid robots likely to become disruptive innovation' As per the World Robotics 2022 Report published by the International Federation of Robotics, significant progress has been made by China in industrial robotics as it overtook the United States in 2021 for the first time and became the world's fifth most automated country in the world. As per the guidelines shared on Thursday (Nov 2), industries like home services, agriculture, healthcare and logistics are likely to see a boom in the use of robots. WATCH | China & US need to resume comprehensive dialogue: China FM Wang Yi At the start of the document, MIIT stated that humanoid robots are likely to become another “disruptive innovation” after smartphones and computers and can emerge as a technology which is likely to change production and the pattern in which humans live “and reshape the pattern of global industrial development”. The policy document also asked the industry to emphasise the “cerebellum”, “brain” and “limbs” of humanoid robots with the help of breakthroughs in artificial intelligence like the large-language models. It appealed to the robot industry to increase the development of humanoid robots for them to be used in dangerous and harsh conditions. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Humanoid robots to shape future of Chinese economy? Ministry hints so

Israeli economy has not been spared from the impact of the war. Cafes, hotels, and malls are running empty. Factories don't have enough workers, and tourism has come crashing down. Ghadi Francis reports how the war has spelt doom for the Israeli economy.

Israel-Palestine war: How will this war hit Israeli economy harder?

China’s manufacturing activity unexpectedly contracted in October, damping hopes of increasing momentum in the world’s second-largest economy.

China's factory activity contracts in blow to economic momentum

The heads of trade for the most developed economies voiced concern that certain countries were taking advantage of the commercial weaknesses of others to further their own policy goals.

G7 unites against economic weaponisation

Trade ministers from the Group of Seven (G-7)&nbsp;have come together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives, Bloomberg reported.&nbsp;

In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. &nbsp;

While refraining from naming specific culprits, the group voiced their disapproval of actions that weaponise economic dependencies, emphasising the need for free, fair, and mutually beneficial economic and trade relationships. They also expressed concern over the increasing frequency of economic intimidation and threats, which they believe interfere with the legitimate actions of governments.&nbsp;

While the statement didn't explicitly single out any countries employing these tactics, China is widely perceived as a target.&nbsp;

China has, in recent years, used tariffs, import bans, and restrictions against nations like Australia and Lithuania in efforts to influence policies it opposes or express dissatisfaction with foreign governments' actions.&nbsp;

The G-7's outreach session also included non-member nations, such as India, Indonesia, Australia, Chile, and Kenya, emphasising the importance of keeping supply chains secure and inclusive.&nbsp;

The COVID-19 pandemic exposed vulnerabilities in supply chains for critical items like semiconductors and medical devices, leading to concerns about overreliance on specific nations for these essential commodities. Geopolitical tensions in various regions have driven governments to employ trade barriers, sanctions, and subsidies to advance their security and diplomatic objectives. As developing nations often face pressure to align with either democratic powers or the camp led by China and Russia, the G-7's outreach to non-members reflects the evolving dynamics in global trade.&nbsp;

The G-7 nations pledged to promote fair competition by discouraging protectionism and market-distorting measures, noting their concern over export control measures on critical minerals.&nbsp;

This indirect criticism is likely aimed at China, which recently imposed export restrictions on elements essential for high-tech goods like semiconductors and electric vehicle batteries. The group called for an immediate end to measures that unnecessarily restrict trade, alluding to Chinese and Russian bans on Japanese seafood imports following the release of treated wastewater from the Fukushima nuclear power plant.&nbsp;

While the G-7 issued appeals for unity and joint action, there were indications of the challenges in achieving consensus, even among developed nations. The European Union's chief trade negotiator, Valdis Dombrovskis, pointed to additional demands from the United States as the reason for the failure to reach an agreement on crucial minerals. The EU and Australia are currently engaged in critical free trade talks in Osaka, with both sides warning that a failure to reach a deal now could result in substantial delays in any potential pact. &nbsp;

(With inputs from Bloomberg)&nbsp;

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Trade ministers from the Group of Seven (G-7) have come together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives, Bloomberg reported.

Trade ministers from the Group of Seven (G-7) have come together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives, Bloomberg reported. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. While refraining from naming specific culprits, the group voiced their disapproval of actions that weaponise economic dependencies, emphasising the need for free, fair, and mutually beneficial economic and trade relationships. They also expressed concern over the increasing frequency of economic intimidation and threats, which they believe interfere with the legitimate actions of governments. While the statement didn't explicitly single out any countries employing these tactics, China is widely perceived as a target. China has, in recent years, used tariffs, import bans, and restrictions against nations like Australia and Lithuania in efforts to influence policies it opposes or express dissatisfaction with foreign governments' actions. The G-7's outreach session also included non-member nations, such as India, Indonesia, Australia, Chile, and Kenya, emphasising the importance of keeping supply chains secure and inclusive. The COVID-19 pandemic exposed vulnerabilities in supply chains for critical items like semiconductors and medical devices, leading to concerns about overreliance on specific nations for these essential commodities. Geopolitical tensions in various regions have driven governments to employ trade barriers, sanctions, and subsidies to advance their security and diplomatic objectives. As developing nations often face pressure to align with either democratic powers or the camp led by China and Russia, the G-7's outreach to non-members reflects the evolving dynamics in global trade. The G-7 nations pledged to promote fair competition by discouraging protectionism and market-distorting measures, noting their concern over export control measures on critical minerals. This indirect criticism is likely aimed at China, which recently imposed export restrictions on elements essential for high-tech goods like semiconductors and electric vehicle batteries. The group called for an immediate end to measures that unnecessarily restrict trade, alluding to Chinese and Russian bans on Japanese seafood imports following the release of treated wastewater from the Fukushima nuclear power plant. While the G-7 issued appeals for unity and joint action, there were indications of the challenges in achieving consensus, even among developed nations. The European Union's chief trade negotiator, Valdis Dombrovskis, pointed to additional demands from the United States as the reason for the failure to reach an agreement on crucial minerals. The EU and Australia are currently engaged in critical free trade talks in Osaka, with both sides warning that a failure to reach a deal now could result in substantial delays in any potential pact. (With inputs from Bloomberg) WATCH WION LIVE HERE

G-7 trade chiefs condemn weaponisation of economic dependencies: Report  

JPMorgan chase predicts that Israel's gross domestic product (GDP) is likely to contract by 11% annually in the current quarter.

JPMorgan's bleak outlook: War's toll on Israel's economy

Bitcoin rose 6 per cent&nbsp;on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.

That followed a 10 per cent&nbsp;surge&nbsp;on Monday, when bitcoin posted its best day in almost a year, and the bullishness spread across the wider crypto market and into related stocks.

Any approval by the US&nbsp;Securities and Exchange Commission (SEC) of an exchange-traded fund (ETF) that owns bitcoin on behalf of fund investors is predicted to fuel demand.

A spot bitcoin ETF, the argument goes, would allow investors previously wary of crypto access to the asset via the stock market, ushering in a new wave of capital to the sector.

"The value of ... any asset, basically, is the amount of people using it," said Steen Jakobsen, CIO at Saxo. "So the ETF would make a large audience and increase liquidity."

Bitcoin, a volatile asset whose price has doubled so far this year, was last up 3.2 per cent at $34,129. The second-largest cryptocurrency ether climbed to its highest since August.

Crypto-linked shares such as major U.S. exchange Coinbase Global&nbsp;(COIN.O)&nbsp;and bitcoin owner MicroStrategy&nbsp;(MSTR.O)&nbsp;rose in after-hours trade.

Investment giant BlackRock&nbsp;(BLK.N)&nbsp;is among&nbsp;several&nbsp;major U.S. financial firms with pending applications for bitcoin ETFs.

Speculation on their likely approval was fuelled by BlackRock's iShares ETF listing on the website of clearing house DTCC. It was unclear when or why the iShares ETF was added to the DTCC list. DTCC and BlackRock did not immediately respond to requests for comment.

Anticipation also grew after reports this month, including from&nbsp;Reuters, that the SEC won't appeal a&nbsp;court<a data-testid="Link" href="https://www.reuters.com/legal/us-court-says-sec-wrong-deny-grayscales-spot-bitcoin-etf-proposal-2023-08-29/" referrerpolicy="no-referrer-when-downgrade"> </a>ruling&nbsp;it had been wrong to reject an ETF application from crypto firm Grayscale Investments.

"The SEC being pressured by the courts increases the probability" of an ETF approval, said Standard Chartered's head of digital assets research Geoffrey Kendrick.

Last week BlackRock&nbsp;denied&nbsp;an erroneous report that its ETF had been approved.

Data on crypto derivatives analysis site Coinglass showed heavy bitcoin short-covering in the last 24 hours.

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Bitcoin rose 6 per cent on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.

Bitcoin rose 6 per cent on Tuesday to to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent. That followed a 10 per cent surge on Monday, when bitcoin posted its best day in almost a year, and the bullishness spread across the wider crypto market and into related stocks. Any approval by the US Securities and Exchange Commission (SEC) of an exchange-traded fund (ETF) that owns bitcoin on behalf of fund investors is predicted to fuel demand. A spot bitcoin ETF, the argument goes, would allow investors previously wary of crypto access to the asset via the stock market, ushering in a new wave of capital to the sector. "The value of ... any asset, basically, is the amount of people using it," said Steen Jakobsen, CIO at Saxo. "So the ETF would make a large audience and increase liquidity." Bitcoin, a volatile asset whose price has doubled so far this year, was last up 3.2 per cent at $34,129. The second-largest cryptocurrency ether climbed to its highest since August. Crypto-linked shares such as major U.S. exchange Coinbase Global (COIN.O) and bitcoin owner MicroStrategy (MSTR.O) rose in after-hours trade. Investment giant BlackRock (BLK.N) is among several major U.S. financial firms with pending applications for bitcoin ETFs. Speculation on their likely approval was fuelled by BlackRock's iShares ETF listing on the website of clearing house DTCC. It was unclear when or why the iShares ETF was added to the DTCC list. DTCC and BlackRock did not immediately respond to requests for comment. Anticipation also grew after reports this month, including from Reuters, that the SEC won't appeal a court ruling it had been wrong to reject an ETF application from crypto firm Grayscale Investments. "The SEC being pressured by the courts increases the probability" of an ETF approval, said Standard Chartered's head of digital assets research Geoffrey Kendrick. Last week BlackRock denied an erroneous report that its ETF had been approved. Data on crypto derivatives analysis site Coinglass showed heavy bitcoin short-covering in the last 24 hours. WATCH WION LIVE HERE:

Bitcoin soars to near 18-month high as ETF speculation mounts

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

Speaking at the annual Future Investment Initiative,&nbsp;Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture."

The annual Future Investment Initiative, also known as "Davos in the Desert", saw&nbsp;over 6,000 registered delegates, as well as&nbsp;global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance.

Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence.

About the war

According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died&nbsp;in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly&nbsp;and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages.

According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians.

(With inputs from AFP)

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World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development.

World Bank president Ajay Banga on Tuesday said that the current conflict between Israel and Hamas has sparked concerns about its possible influence on global economic development. Speaking at the annual Future Investment Initiative, Banga emphasised, "What just happened recently in Israel and Gaza – at the end of the day you put all this together, I think the impact on economic development is even more serious. I think we're at a very dangerous juncture." The annual Future Investment Initiative, also known as "Davos in the Desert", saw over 6,000 registered delegates, as well as global banking leaders and the presidents of South Korea, Kenya, and Rwanda in attendance. Saudi Arabia's goal of a more wealthy and peaceful West Asia stands in sharp contrast to this conflict. The nation had been working towards rebuilding ties with Iran and had entered talks regarding the recognition of Israel before the outbreak of violence. About the war According to reports, Hamas operatives entered Israel from the Gaza Strip on October 7, sparking the war. At least 1,400 individuals were killed in this operation, according to Israeli sources, the bulk of whom were civilians who died in gunfire or from burns on the first day of the raid. The 222 hostages, which included the elderly and little children, were taken, according to the Israeli officials. Numerous dual citizens and foreigners are included among the hostages. According to data from Gaza's Hamas-run health ministry, more than 5,000 Palestinians have died as a result of Israeli bombardments in retaliation for the assault, the bulk of whom were civilians. (With inputs from AFP) WATCH WION LIVE HERE

World Bank president warns of “serious” economic damage globally amid Israel-Hamas war

Canada has increased its efforts to fortify its banking sector on Thursday, by offering loan guarantees to mitigate the impending impact of the global financial crisis, which is anticipated to push the country to the brink of recession. This measure aligns with similar multibillion-dollar programs adopted in the United States and Europe, aiming to restore confidence in lending markets after numerous bank failures, primarily linked to investments in distressed U.S. mortgages.

Finance Minister Jim Flaherty emphasised the government's commitment to preserving the competitiveness of Canadian financial institutions in global wholesale markets. Reuters quoted him as saying in a statement, “The government of Canada is acting today to ensure that financial institutions in this country are not put at a competitive disadvantage when raising funds in wholesale markets to lend to consumers and businesses.”

The global economic turbulence, which has rattled world markets and plummeted consumer confidence to historically low levels, is predicted to bring Canada's economy dangerously close to recession, according to the Bank of Canada. In its quarterly report, the central bank projected a 0.4 per cent contraction in the fourth quarter of this year and zero growth in the first quarter of 2009, meeting the technical criteria for a recession, which entails two consecutive quarters of economic decline.

Bank of Canada Governor Mark Carney emphasised that while the economic outlook was sluggish, he refrained from characterising it as recessionary. Finance Minister Flaherty expressed optimism that a recession could still be averted.

To counterbalance the challenges, a substantial depreciation of the Canadian dollar may help offset the decline in commodities markets, benefiting manufacturers. Furthermore, the cumulative reduction of the bank's key interest rate by 225 basis points since December of the previous year is expected to stimulate economic growth in the months to come, noted Carney. Canada's relatively robust housing and banking sectors have positioned the country more favourably compared to other developed economies.

Despite meagre annual growth rates of 0.6 percent for 2008 and 2009, the central bank anticipates a robust recovery in 2010, with a growth rate of 3.4 percent. Carney expressed confidence in this recovery, highlighting that it is milder compared to recoveries following previous crises.

According to Reuters, Finance Minister Flaherty reasserted his commitment to maintaining the country's 11th consecutive budget surplus for the current year. However, he cautioned that this might not be sustainable in the following years and did not rule out the possibility of providing additional economic stimulus, in addition to the previously announced tax cuts.

Global leaders are set to convene in Washington next month to address the deepening worldwide economic gloom, with European leaders calling for a comprehensive overhaul of global financial system regulations. The finance ministers of G20 nations will meet in Brazil before the Washington gathering, with Carney emphasising the need to establish a process for reforming the global financial system.

Canada's program to bolster bank lending will be initiated in early November and is expected to continue for at least six months, as disclosed by Flaherty. The hope is that the country's banks will not need to utilize the program. Reuters quoted Flaherty as saying, "There may be no take-up on this, and... the excellent result would be that it's not necessary, that the banks don't take it up." He clarified that the program would be offered on a commercial fee basis and was unlikely to entail fiscal costs.

The Canadian Bankers Association welcomed these new measures, highlighting that Canadian banks are financially sound and well-capitalised even without federal government loan insurance. Nancy Hughes Anthony, the President and CEO of the Canadian Bankers Association, affirmed the strength of Canada's banking institutions.

In addition to these actions, the Canadian government had recently announced a plan to purchase up to Canadian $25 billion in mortgage assets from Canadian banks to boost liquidity and stimulate lending to consumers and businesses. The government had already acquired C$5 billion in mortgages in the program's initial phase on October 16, with a second auction of C$7 billion held more recently.

While there have been signs of improvement in global and Canadian money markets over the past two weeks, Carney cautioned against premature relaxation, stating that it was not yet time to withdraw the extraordinary liquidity injections that the central bank had initiated.

(With inputs from Reuters)

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Canada has increased its efforts to fortify its banking sector on Thursday, by offering loan guarantees to mitigate the impending impact of the global financial crisis, which is anticipated to push the country to the brink of recession.

Canada has increased its efforts to fortify its banking sector on Thursday, by offering loan guarantees to mitigate the impending impact of the global financial crisis, which is anticipated to push the country to the brink of recession. This measure aligns with similar multibillion-dollar programs adopted in the United States and Europe, aiming to restore confidence in lending markets after numerous bank failures, primarily linked to investments in distressed U.S. mortgages. Finance Minister Jim Flaherty emphasised the government's commitment to preserving the competitiveness of Canadian financial institutions in global wholesale markets. Reuters quoted him as saying in a statement, “The government of Canada is acting today to ensure that financial institutions in this country are not put at a competitive disadvantage when raising funds in wholesale markets to lend to consumers and businesses.” The global economic turbulence, which has rattled world markets and plummeted consumer confidence to historically low levels, is predicted to bring Canada's economy dangerously close to recession, according to the Bank of Canada. In its quarterly report, the central bank projected a 0.4 per cent contraction in the fourth quarter of this year and zero growth in the first quarter of 2009, meeting the technical criteria for a recession, which entails two consecutive quarters of economic decline. Bank of Canada Governor Mark Carney emphasised that while the economic outlook was sluggish, he refrained from characterising it as recessionary. Finance Minister Flaherty expressed optimism that a recession could still be averted. To counterbalance the challenges, a substantial depreciation of the Canadian dollar may help offset the decline in commodities markets, benefiting manufacturers. Furthermore, the cumulative reduction of the bank's key interest rate by 225 basis points since December of the previous year is expected to stimulate economic growth in the months to come, noted Carney. Canada's relatively robust housing and banking sectors have positioned the country more favourably compared to other developed economies. Despite meagre annual growth rates of 0.6 percent for 2008 and 2009, the central bank anticipates a robust recovery in 2010, with a growth rate of 3.4 percent. Carney expressed confidence in this recovery, highlighting that it is milder compared to recoveries following previous crises. According to Reuters, Finance Minister Flaherty reasserted his commitment to maintaining the country's 11th consecutive budget surplus for the current year. However, he cautioned that this might not be sustainable in the following years and did not rule out the possibility of providing additional economic stimulus, in addition to the previously announced tax cuts. Global leaders are set to convene in Washington next month to address the deepening worldwide economic gloom, with European leaders calling for a comprehensive overhaul of global financial system regulations. The finance ministers of G20 nations will meet in Brazil before the Washington gathering, with Carney emphasising the need to establish a process for reforming the global financial system. Canada's program to bolster bank lending will be initiated in early November and is expected to continue for at least six months, as disclosed by Flaherty. The hope is that the country's banks will not need to utilize the program. Reuters quoted Flaherty as saying, "There may be no take-up on this, and... the excellent result would be that it's not necessary, that the banks don't take it up." He clarified that the program would be offered on a commercial fee basis and was unlikely to entail fiscal costs. The Canadian Bankers Association welcomed these new measures, highlighting that Canadian banks are financially sound and well-capitalised even without federal government loan insurance. Nancy Hughes Anthony, the President and CEO of the Canadian Bankers Association, affirmed the strength of Canada's banking institutions. In addition to these actions, the Canadian government had recently announced a plan to purchase up to Canadian $25 billion in mortgage assets from Canadian banks to boost liquidity and stimulate lending to consumers and businesses. The government had already acquired C$5 billion in mortgages in the program's initial phase on October 16, with a second auction of C$7 billion held more recently. While there have been signs of improvement in global and Canadian money markets over the past two weeks, Carney cautioned against premature relaxation, stating that it was not yet time to withdraw the extraordinary liquidity injections that the central bank had initiated. (With inputs from Reuters) WATCH WION LIVE HERE

Canada takes action to prevent recession amid global financial crisis

The world's largest economy likely grew at the fastest pace in almost two years during the third quarter. With major economies failing amid rising inflation and geopolitical tensions, the US continues to dominate the global economic landscape.

Consumer spending drives the American economy

A recent Federal Reserve survey on financial stability may not be good news for the US economy. Persistent high inflation & losses in the commercial real estate market seem to be the top concerns of Americans. The latest version of the central bank's semiannual report finds that 75% of respondents cite these two issues as prominent near-term risks.

What concerns the average US citizen

Chinese President Xi Jinping is organising a high-profile international forum in Beijing this week, aiming to spotlight China's role in supporting global economic development over the past decade and projecting its aspirations as an alternative global leader to the United States.

As tensions rise in the Middle East, where the US&nbsp;traditionally acts as a power broker, China's growing influence and involvement in peace efforts are gaining significance.

The two-day event would bring&nbsp;together leaders, representatives, and delegations from over 140 countries, including Middle Eastern and Global South nations. This marks China's first time hosting such an event since emerging from nearly three years of pandemic isolation, reported CNN.

<h2>Secrecy surrounds the event</h2>

Beijing has maintained an unusually secretive approach to the forum. The dates were only announced six days before the event, and, as of Monday (Oct 16), no list of attendees had been released. It is likely that some top leaders from major Western powers have not received invitations.

Prominent Western leaders are expected to be missing, but Russian President Vladimir Putin, amid the Ukraine conflict, plans to attend the forum. This marks a critical moment for Xi, as it's been a decade since the launch of his signature foreign policy, the Belt and Road Initiative (BRI).

<a href="https://www.wionews.com/world/no-bad-men-in-xis-rule-decoding-the-mystery-of-chinas-disappearing-ministers-639747">Also read |&nbsp;No 'bad men' in Xi's rule? Decoding the mystery of China's disappearing ministers</a>

The forum will serve as a platform to map out the future direction of the Belt and Road Initiative, which has channelled substantial Chinese financing into infrastructure projects worldwide, expanding China's global influence over the past decade.

In addition to celebrating the BRI's achievements, Chinese officials aim to present a broader vision for China's impact on the world stage, promoting an alternative to the liberal world order championed by democratic countries.

China faces economic challenges and perceives efforts to contain its rise by the US, making global support crucial.

Watch |&nbsp;China to host Belt and Road forum in Beijing Oct 17-18

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<h2>Building global partnerships</h2>

Xi's strategy involves building a coalition of support from developing and emerging economies. The forum gathers nations like Russia, which have aligned with China, especially in response to the Ukraine conflict, which has brought the US&nbsp;and its allies closer while pushing Moscow and Beijing to strengthen alternative groups like BRICS.

&nbsp;

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Chinese President Xi Jinping is organising a high-profile international forum in Beijing this week, aiming to spotlight China's role in supporting global economic development over the past decade and projecting its aspirations as an alternative global leader to the United States.

Chinese President Xi Jinping is organising a high-profile international forum in Beijing this week, aiming to spotlight China's role in supporting global economic development over the past decade and projecting its aspirations as an alternative global leader to the United States. As tensions rise in the Middle East, where the US traditionally acts as a power broker, China's growing influence and involvement in peace efforts are gaining significance. The two-day event would bring together leaders, representatives, and delegations from over 140 countries, including Middle Eastern and Global South nations. This marks China's first time hosting such an event since emerging from nearly three years of pandemic isolation, reported CNN. Secrecy surrounds the event Beijing has maintained an unusually secretive approach to the forum. The dates were only announced six days before the event, and, as of Monday (Oct 16), no list of attendees had been released. It is likely that some top leaders from major Western powers have not received invitations. Prominent Western leaders are expected to be missing, but Russian President Vladimir Putin, amid the Ukraine conflict, plans to attend the forum. This marks a critical moment for Xi, as it's been a decade since the launch of his signature foreign policy, the Belt and Road Initiative (BRI). Also read | No 'bad men' in Xi's rule? Decoding the mystery of China's disappearing ministers The forum will serve as a platform to map out the future direction of the Belt and Road Initiative, which has channelled substantial Chinese financing into infrastructure projects worldwide, expanding China's global influence over the past decade. In addition to celebrating the BRI's achievements, Chinese officials aim to present a broader vision for China's impact on the world stage, promoting an alternative to the liberal world order championed by democratic countries. China faces economic challenges and perceives efforts to contain its rise by the US, making global support crucial. Watch | China to host Belt and Road forum in Beijing Oct 17-18 Building global partnerships Xi's strategy involves building a coalition of support from developing and emerging economies. The forum gathers nations like Russia, which have aligned with China, especially in response to the Ukraine conflict, which has brought the US and its allies closer while pushing Moscow and Beijing to strengthen alternative groups like BRICS. WATCH WION LIVE HERE:

What to expect from China's Belt and and Road Forum in Beijing?

The world bank is in talks to provide a 1 billion dollar loan to help south africa reform its energy sector, as the country tries to overcome record power cuts that have crippled the economy. A Reuters report states that the loan, which would be given to the government rather than to state utility Eskom, is under discussion.

World bank loan likely for South Africa

Prominent billionaire investor Ray Dalio is a really worried man these days. That's because he is concerned over the high valuation of US stocks, growing debt levels, political disagreements, & geopolitical uncertainties.

What Ray Dalio about the current state of the US economy

The UK businesses are struggling to battle with the issue of shoplifting. UK Retail giants are reporting losses amounting to millions of dollars and now British businesses are seeking government help as shops are suffering unprecedented thefts and violence. According to the British Retail Consortium, shoplifting is up to 27%!

Shoplifting increases as cost of living crisis looms over the UK

The Russian Rouble stages a significant comeback defying recent volatility in geopolitical tensions. The Rouble rebounded after slumping to its lowest point in over 18 months against the dollar and this plunge was largely due to reduced foreign currency supply but it found solid ground as oil prices surged amid geopolitical tensions in West Asia.

Russian Rouble recovers amid geopolitical crisis and oil spike

If global growth has slowed down in 2023, the coming year is unlikely to be any different for the world economy. A new forecast issued by the United Nations has asked the world to be prepared for "stalling and divergent" growth next year. The UN’s trade and development report stated that global economic growth will rise slightly, from 2.4% in 2023 to 2.5% in 2024.

UN’s warning on global economy

"I am very optimistic about the U.S. economic outlook. Short term: inflation is coming down in the context of an extremely strong labor market," Yellen said at a Fortune CEO event on Tuesday.

US Treasury's Yellen is 'very optimistic' about outlook for US economy

According to a recent Gallup survey, a majority of Americans say Republicans will do a better job bolstering the economy, giving the republican party its widest lead over the democratic party in terms of economic policy in over three decades.

Republicans better at managing the economy?

Chinese youth are now increasingly turning to lottery tickets as they aspire to secure a better economic future. What does this phenomenon reveal about their economic challenges and the state of China's economy let's dive in to find out.

Explained: What do lottery sales say about China's economy?

Shares in Chinese property giant Evergrande rose as trading resumed on Tuesday, following a suspension last week when the heavily indebted company announced its boss was under criminal investigation.

The firm has become a symbol of China's ballooning property-sector crisis, which has seen several high-profile firms engulfed in a sea of debt, fuelling fears about the country's wider economy and a possible global spillover.

Last Thursday, Evergrande said its founder and chairman Xu Jiayin was suspected of "illegal crimes" after reports he was being held by police. The same day, the firm's stocks were suspended in Hong Kong.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/evergrande-crisis-deepens-chairman-under-surveillance-trading-suspended-liquidation-looms-640441">Evergrande crisis deepens: Chairman under surveillance; trading suspended as liquidation looms</a>

When trading resumed Tuesday, its share price initially jumped more than 60 per cent before dropping to 10 per cent and then rising again.

"Looks like the gains are driven by speculative money," Willer Chen, a senior research analyst at Forsyth Barr Asia Ltd, told Bloomberg.

"With this volatility, I really don't know if there's any chance for any proper investor to make money on this name."

Evergrande estimated it had debts of $328 billion at the end of June.

And the company warned last month it was unable to issue new debt because its subsidiary, Hengda Real Estate Group, was being investigated. Key meetings planned for debt restructuring were shelved.

The firm said it was "necessary to reassess the terms" of the plan in order to suit the "objective situation and the demand of the creditors".

Also read |&nbsp;​​​​​​​<a href="https://www.wionews.com/business-economy/china-evergrandes-first-half-net-loss-shrinks-to-45-billion-629813">China Evergrande's first-half net loss shrinks to $4.5&nbsp;billion</a>

Its property arm missed a key bond payment last week, and the Chinese financial website Caixin reported that former executives had been detained.

Given the changing status of the Evergrande crisis and the property market contributing to one-third of the country's economic activity, SPI Asset Management's Stephen Innes said he could not "see China sitting back and watching the real estate market crumble".&nbsp;

"This extensive reliance on the property sector raises concerns about its potential impact on various related industries, ranging from construction materials like steel and cement to household appliances and other consumer goods," he told AFP.

"Any disruptions or downturns in the property market can have far-reaching consequences for these allied industries."

<h2>Vanished life savings</h2>

China's property sector has long been a pillar of growth -- along with construction it accounts for about a quarter of GDP -- and it experienced a dazzling boom in recent decades.

However, the massive debt accrued by its biggest players has been seen by Beijing as an unacceptable risk for China's financial system and overall economic health.

Authorities have gradually tightened developers' access to credit since 2020, and a wave of defaults has followed -- notably that of Evergrande.

The long-running housing crisis has wreaked misery on the lives of homebuyers across the country, who have often staked life savings on properties that never materialised.

A wave of mortgage boycotts spread nationwide last summer, as cash-strapped developers struggled to raise enough to complete homes they had already sold in advance -- a common practice in China.

Policymakers have come under intense pressure in recent months to unveil measures to support the economy, particularly the property sector.

But they are not keen on the type of bonanza unveiled in 2008 during the financial crisis, meaning the government could struggle to hit its growth target of around five percent for this year. That would represent one of its worst performances in decades, excluding during the pandemic.

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Shares in Chinese property giant Evergrande rose as trading resumed on Tuesday, following a suspension last week when the heavily indebted company announced its boss was under criminal investigation.

Shares in Chinese property giant Evergrande rose as trading resumed on Tuesday, following a suspension last week when the heavily indebted company announced its boss was under criminal investigation. The firm has become a symbol of China's ballooning property-sector crisis, which has seen several high-profile firms engulfed in a sea of debt, fuelling fears about the country's wider economy and a possible global spillover. Last Thursday, Evergrande said its founder and chairman Xu Jiayin was suspected of "illegal crimes" after reports he was being held by police. The same day, the firm's stocks were suspended in Hong Kong. Also read | Evergrande crisis deepens: Chairman under surveillance; trading suspended as liquidation looms When trading resumed Tuesday, its share price initially jumped more than 60 per cent before dropping to 10 per cent and then rising again. "Looks like the gains are driven by speculative money," Willer Chen, a senior research analyst at Forsyth Barr Asia Ltd, told Bloomberg. "With this volatility, I really don't know if there's any chance for any proper investor to make money on this name." Evergrande estimated it had debts of $328 billion at the end of June. And the company warned last month it was unable to issue new debt because its subsidiary, Hengda Real Estate Group, was being investigated. Key meetings planned for debt restructuring were shelved. The firm said it was "necessary to reassess the terms" of the plan in order to suit the "objective situation and the demand of the creditors". Also read | China Evergrande's first-half net loss shrinks to $4.5 billion Its property arm missed a key bond payment last week, and the Chinese financial website Caixin reported that former executives had been detained. Given the changing status of the Evergrande crisis and the property market contributing to one-third of the country's economic activity, SPI Asset Management's Stephen Innes said he could not "see China sitting back and watching the real estate market crumble". "This extensive reliance on the property sector raises concerns about its potential impact on various related industries, ranging from construction materials like steel and cement to household appliances and other consumer goods," he told AFP. "Any disruptions or downturns in the property market can have far-reaching consequences for these allied industries." Vanished life savings China's property sector has long been a pillar of growth -- along with construction it accounts for about a quarter of GDP -- and it experienced a dazzling boom in recent decades. However, the massive debt accrued by its biggest players has been seen by Beijing as an unacceptable risk for China's financial system and overall economic health. Authorities have gradually tightened developers' access to credit since 2020, and a wave of defaults has followed -- notably that of Evergrande. The long-running housing crisis has wreaked misery on the lives of homebuyers across the country, who have often staked life savings on properties that never materialised. A wave of mortgage boycotts spread nationwide last summer, as cash-strapped developers struggled to raise enough to complete homes they had already sold in advance -- a common practice in China. Policymakers have come under intense pressure in recent months to unveil measures to support the economy, particularly the property sector. But they are not keen on the type of bonanza unveiled in 2008 during the financial crisis, meaning the government could struggle to hit its growth target of around five percent for this year. That would represent one of its worst performances in decades, excluding during the pandemic. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China's Evergrande resumes Hong Kong trading

Nearly 90 retail leaders in the UK have come together, urgently appealing to the UK government to take immediate action, including tougher penalties for shoplifters and the creation of a new offence - assaulting a retail worker.

Shoplifting soars in UK amid cost-of-living crisis

Vahram Stepanyan, the Fund's country representative in Ukraine, announced on Sunday that the organization will start meeting with government representatives and other stakeholders there on Sunday to talk about policy objectives and difficulties.

IMF holds meetings in Ukraine to discuss economic challenges

In a world where economic landscapes are constantly evolving, there's one nation that's been making headlines with its explosive growth. Guyana, a South American nation, is on the cusp of a remarkable transformation. It is poised to become the world's fastest-growing economy, driven primarily by its expanding oil sector.

Guyana's explosive economic growth

Nigeria is the country with the largest economy in the African continent has been struggling with poor economic growth and skyrocketing inflation. The inflation numbers hit an 18-year high of 25.8 per cent in August. But with President Bola Tinubu taking office in May hopes were high that his administration would be able to curb the crisis.

Nigeria: Africa's biggest economy under threat

The Afghan currency has become the 'best performing' in this quarter. It has even outpaced the value of the Pakistani rupee. Priyanka Sharma asks: Is Afghanistan a better economic bet than Pakistan?

Gravitas: Afghan currency becomes 'best performing' | Afghani beats Pakistani rupee

The British are having to choose between soap and food - so crippling is the cost-of-living crisis. Priyanka Sharma tells you more.

Gravitas: The not so Great Britain

Rising gas prices and high-interest rates contributed to greater economic uncertainty and dampened consumer confidence in September, dropping the key economic indicator to the lowest level in four months, according to data released Tuesday.

US: Consumer confidence dives to month low; home sales tumble

With the war in Ukraine stretching to 580 days, tensions are mounting along the frontlines. The global economic order has changed significantly since February 2022 when the war began. What is the human cost of war and what does the number suggest? Take a look.

Unfolding Tragedy: Ukraine war's human and economic costs

In Nigeria, the cost of living crisis has gripped the country where labour unions are planning to start an indefinite strike next week.

Nigeria: Labour unions to go on indefinite strike firm next week

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