Admin October 3, 2024
Boom or bust ahead? Is it time for China to sober up after the stock rally?
Beijing’s substantial stimulus measures have led to a week-long stock rally. However, worries about a potential stock market crash are rising. An economist urged caution and predicted more fiscal measures amidst the ongoing property market slump. The central bank’s recent actions aimed to support the economy and boost market confidence might need careful monitoring.
China ready for $1.4 trillion fiscal bazooka, top economist says
China could boost its economy by issuing up to 10 trillion yuan in special debt, according to Jia Kang, former head of a Ministry of Finance-affiliated research institute. He suggests the funds would stimulate jobs, income, and consumption. Discussions on Beijing’s fiscal strategies and potential impacts continue among economists.
When Bank of America customers saw zero balance in their account
Bank of America encountered a major outage on October 2, 2024, disrupting services for customers nationwide who faced issues logging in and saw their account balances drop to zero. Online transactions were flagged as invalid, raising concerns about missing funds. The glitch primarily affected the mobile app and website.
Uber, Lyft drivers use Teslas as makeshift robotaxis, raising safety concerns
A self-driving Tesla used for Uber collided with an SUV in Las Vegas, causing worries about the safety of autonomous ride-hailing services. Federal and state authorities say drivers are responsible for their vehicles, even when using driver-assist software like Tesla’s Full Self-Driving. Tesla is planning to expand its autonomous vehicle network.
SWIFT to trial live digital currency transactions next year
SWIFT plans to trial live transactions of tokenised assets and digital currencies next year. The initiative aims to make trading quicker and more efficient. Despite banks exploring tokenisation, market adoption has been slow. Central banks are also testing digital currencies to facilitate these trades.
Russia sets coal mining, new energy ambition in India
Russia is aiming to boost coal mining projects and energy collaboration in India, leveraging its significant coal resources amid global shortages. Alexander Novak highlighted potential areas like mining, processing, marketing, and power generation. Russia also leads in oil supply to India, with significant engagement at the Russian Energy Week Forum attended by over 5,300 participants.
US securities regulator’s top cop to leave agency
Gurbir Grewal, after a significant three-year tenure focusing on enforcement against Wall Street and cryptocurrency firms, is stepping down as SEC’s enforcement director. Grewal’s leadership saw major actions against Binance, Coinbase, and FTX, and hefty fines levied on financial firms for off-channel communications.
Starbucks new CEO wastes no time in overhauling executive ranks
After joining Starbucks in September, CEO Brian Niccol swiftly reorganized the leadership, eliminating the recently created global chief merchant and product officer role. His actions aim to reverse the company’s declining sales by enhancing cafe ambiance, worker experience, and morning service speed, following two consecutive negative quarters.
LVMH announces 10-year sponsorship deal with Formula 1
French luxury brand LVMH has secured a 10-year sponsorship deal with Formula 1. This partnership includes its Louis Vuitton, Moet Hennessy and TAG Heuer brands. The agreement, beginning in 2025, aims to enhance LVMH’s presence in sports, combining brand exposure with hospitality, travel and entertainment. This follows their recent sponsorship of the Paris Olympics.
Several airlines in the Gulf adjust routes after Iran’s attack on Israel
Gulf airlines have revised flight routes for passenger safety due to Iran’s attack on Israel. Etihad, Emirates, Qatar Airways, Flydubai, and Kuwait Airways made adjustments following regional airspace closures. The airlines are closely monitoring the situation and are in contact with authorities for further developments.
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Bangladesh decision to remove physical inspection of Pakistani goods may lead to export of illegal items
Bangladesh’s National Board of Revenue has discontinued mandatory 100% physical inspection of Pakistani imports, raising concerns about potential illegal transfers of arms and contraband. Instead, Pakistani goods will be examined based on risk assessment. Imports from Pakistan include raw materials for the garment industry, among other goods.
East and Gulf Coast dockworkers go on strike first time in nearly 50 years; Here is all you need to know
Thousands of dockworkers in US East and Gulf coasts began a strike, affecting major ports like New Jersey, Virginia, and Texas. The strike follows stalled wage negotiations. Key cargo, including consumer goods and manufacturing parts, will be disrupted. The first strike at these ports since 1977, it may cost the economy significantly daily without imminent presidential intervention.
Inflation in Europe falls below 2 per cent, opens way for faster rate cuts
Eurozone inflation dropped to 1.8% in September, falling below the European Central Bank’s 2% target for the first time in over three years. This decline is attributed to falling energy prices. Economists are now considering the possibility of a rate cut at the ECB’s October 17 meeting. The bank has already trimmed rates twice in response to economic conditions.
Sony’s PlayStation network outage: What caused the worldwide disruption in PSN services
Playstation Network Status: PlayStation users are currently facing a widespread outage on Sony’s PlayStation Network. Many are encountering errors while trying to access PSN on multiple consoles including PS4, PS5, PS Vita, and PS3. The official status page confirms issues with launching games, apps, or network features. Users speculate the PSN servers might have been hacked.
Qatar Airways to buy 25% Virgin Australia stake, raising heat on Qantas
Qatar Airways will purchase a 25% stake in Virgin Australia from Bain Capital. The deal, which requires approval from the Australian government, aims to boost Virgin Australia and provide more access for Qatar Airways. Virgin Australia will launch new flights to Doha, enhancing competition and providing more options for travelers.
Ravi Ahuja to succeed Tony Vinciquerra as Sony Pictures CEO
Tony Vinciquerra, CEO of Sony Pictures Entertainment (SPE) since 2017, will step down from his role on January 2, 2025, passing the baton to COO Ravi Ahuja. Vinciquerra will stay with the company in an advisory role as non-executive chairman until December 2025. Ahuja, who has overseen key production and M&A activities since joining SPE in 2021, is expected to lead the studio into its next phase of growth.
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