Oil Extends Losses due to the Global Slowdown and the Possibility of Increased Supply
Oil fell for the third day. A deepening global slowdown appeared to coincide with a surge in supply from OPEC producers. West Texas Intermediate futures fell toward $88 a barrel after falling about 5% in the previous two sessions. Growing signs of an economic downturn filtered through markets on Monday. Bearish U.S. data, including cooling […]
US and Canada: Tesla Stopped Taking Orders for Long-Range Model 3
Tesla has made a significant move and has removed the possibility of ordering the Model 3 Long Range in the United States and Canada from its website. The Tesla Model 3 LR AWD is no longer available for order and appears dimmed at the bottom of the list with the notation “Available in 2023.” It […]
Thailand Economy Grows Slower than Estimated Amid Inflation Risk
The Thailand economy grew at a slower pace than economists estimated last quarter. The faster inflation in 14 years likely weighed on sentiment and offset gains from the return of foreign tourists. Gross domestic product rose 2.5% in April-June from a year earlier. The National Council for Economic and Social Development said on Monday. Below […]
PRs75 Commemorative Banknote Marks Nation’s Commitment to Addressing Climate Change
KARACHI: The State Bank of Pakistan (SBP) on Sunday issued a commemorative Rs75 note with not only the portraits of Quaid-i-Azam Mohammad Ali Jinnah, Allama Iqbal, Mohtarma Fatima Jinnah, and Sir Syed Ahmed Khan. It is to commemorate the country’s 75 years of independence. Note also highlighting the nation’s commitment to addressing climate change. The […]
Asia Best Currency is Driven by Tourists Arriving in Thailand
Thailand’s baht recovered so in recent weeks on optimism about the country’s tourism-driven growth. It has already hit analysts’ year-end targets. The currency rose 2.3% to around 35.45 per dollar this month, leading to gains in Asia by a wide margin. Besides the increased forecasts for tourist arrivals, the advance is also driving a shrinking […]
Chinese Tech Giant Huawei Releases H1 Financial Results
SHENZHEN – Chinese tech giant Huawei’s revenue reached 301.6 billion Yuan ($44.7 billion) in the first half of 2022. Revenue reached a net profit margin of 5 percent, according to the company’s semi-annual report released Friday. As for the company’s three core businesses, the revenue of the operator’s business reached 142.7 billion Yuan. The revenue […]
Malaysia GDP Growth to Quicken on Pent-Up Demand, Zafrul Claimed
Malaysia’s economic growth will speed up this quarter after expanding at the fastest pace in a year. The growth is driven by private consumption as activities resume, Finance Minister Zafrul Aziz said. “People are underestimating the strength of pent-up demand,” he said in an interview Saturday. “Restaurants are full, traffic jams have returned. The unemployment […]
Apple Laptop Maker Profit Halved after the Chinese Plant Stumbles
Apple Inc.’s MacBook assembler Quanta Computer Inc. said its Shanghai campus recovered from Covid-related disruptions more slowly than expected, halving its profits. Net income for the second quarter came in at NT$3.96 billion ($132 million). It has down 50% and is below the average estimate of NT$4.3 billion. Sales totaled NT$270.5 billion, compared to analysts’ […]
China Provinces Promise to Meet GDP Targets Despite Falling Growth
Several Chinese provinces pledged to meet their growth targets for the year. Top leaders downplayed the national target of “around 5.5 percent” after repeated Covid-19 outbreaks and a housing market slump. At least 10 local governments said they will strive to reach their gross domestic product targets. At least seven others said they will keep […]
SoftBank Gives Up a Third of Alibaba Stake for a $34 Billion Profit
SoftBank Group Corp. expects to post a profit of more than $34 billion from the sale of its stake in Alibaba Group Holding Ltd. leveraging its most historic investment to shore up finances as global markets deteriorate. The investment giant’s board on Wednesday approved the early physical settlement. The settlement, of prepaid forward contracts for […]