WORLD
China’s bruised middle class has bad news for global brands
Interviews with 20 college-educated people across five top-tier Chinese cities show how the nation’s middle to upper class — a consumer powerhouse targeted by global brands — is pulling back.
WORLD
Chinese media expose prompts probe into illegal baby surrogacies
Undercover reporters at Shanghai-based The Paper visited clinics in Hangzhou and Xiamen controlled by Longduhua Medical Group (Hong Kong) Ltd., which provides surrogacy, a practice that’s illegal under Chinese law.
BUSINESS
Adani secures power purchase pacts for 8GW of solar projects
The green energy arm of billionaire Gautam Adani’s coal-to-airports conglomerate signed a 25-year contract with Solar Energy Corp. of India, or Seci, for the remaining 1.8 gigawatts, it said Monday.
WORLD
China unveils a new Naval Chief as Maritime tensions climb
Hu Zhongming was promoted to the rank of general at a ceremony in Beijing attended by President Xi Jinping on Monday, the official Xinhua News Agency reported.
WORLD
Japan’s business service price growth holds at 30-year high
The country’s services producer price index, a gauge measuring the costs of a range of goods and services provided by businesses to other firms and government entities, rose 2.3% in November from a year earlier, the BOJ said Tuesday.
WORLD
The oldest businesses in the world share their secrets
Here are some longevity lessons from businesses with more than ample experience.
WORLD
Kim Jong Un set to helm key 2024 policy meeting at the peak of his powers
Kim is arguably at the peak of his power since he took office about a dozen years ago, with arms transfers to Russia in recent months likely boosting his sanctions-hit economy.
WORLD
UK economy forecast to narrow GDP gap with Germany by 2038
The Centre for Economics and Business Research predicted that GDP growth in the UK will settle between 1.6% and 1.8% in the period up until 2038, helping it retain its position as the world’s sixth-largest economy.
WORLD
Goldman’s painful 2023 lesson on China forces rethink of emerging markets
The expectation was that a bounce in the world’s second-largest economy would be the wave that lifted all boats, helping emerging markets globally to a banner year.
WORLD
China is softening stance on gaming after $80 billion rout
China allowed 105 domestic games on Monday, the latest sign that Beijing is easing its attitude following a $80 billion meltdown last week as a result of its effort to tighten industry controls.
BUSINESS
Charting the global economy: Festive cheer for Fed as US inflation softens, BOJ sticks with negative rates
World’s five largest container liners — with 65% of global capacity — have suspended transits through the Red Sea. This means higher shipping costs and longer delivery timelines. How will this affect inflation in Europe?
BUSINESS
Poll sees Fed rate cuts later than what Street is expecting
Bloomberg’s monthly survey shows the median expectation is for the US central bank to reduce the benchmark rate by 25 basis points at the June 2024 policy meeting, followed by three more cuts in the second half of the year. The benchmark has been in a range of 5.25% to 5.5% since July.
BUSINESS
Tencent leads $80 billion rout as China rekindles crackdown fear
The top gaming regulator on December 22 published draft rules broadly designed to clamp down on practices that encourage players to spend more money and time online.
WORLD
US to gather intelligence on Chinese chipmakers as Biden mulls tariffs
US Commerce Department to assess Chinese legacy semiconductor production, aiming to gauge US companies' dependence on China for crucial but not cutting-edge chips.
WORLD
Tencent sheds $54 billion as China unveils latest gaming curbs
Beijing’s top gaming regulator on Friday published draft rules broadly designed to clamp down on practices that encourage players to spend more money and time online.
BUSINESS
MUFG to build India operations amid slowdown in China
Mitsubishi UFJ Financial Group Inc., Japan's largest bank, is exploring additional expansion opportunities in India. This move follows the bank's previous strategic investments aimed at tapping into the growth potential of the South Asian nation.
BUSINESS
Blackstone to buy 80% of Sony payment unit for $280 million
Blackstone Inc. is set to acquire a majority stake in a payment service provider affiliated with Sony Group Corp. for approximately $280 million, according to a source familiar with the matter.
BUSINESS
Adani family plans $1 billion investment in green energy arm
The company board will consider fundraising proposals on December 26, including evaluating options such as selling shares or convertible securities, it said in a filing Wednesday without sharing any more details.
BUSINESS
Apple stops online sales of watches; older models can’t be fixed
Apple Inc. has halted sales of the Apple Watch Series 9 and Ultra 2 in the US ahead of a patent-related ban. Additionally, out-of-warranty repairs for these models will no longer be available, posing potential challenges for consumers.
BUSINESS
Zomato said to make takeover offer for closely held Shiprocket
Shiprocket was last valued at about %1.2 billion, data shows. Zomato is backed by investors from Temasek to PayPal
BUSINESS
Shippers know the Suez is always a crisis waiting to happen
Houthi attacks on civilian vessels, rerouting strategies, and calls for a 40-nation military alliance to protect 15% of global maritime traffic pose challenges for the Suez Canal. Despite recurrent emergencies, the vital waterway connecting Europe to the Indian Ocean demands continuous preparedness from shippers.
BUSINESS
Sony, Zee have until late January to close $10 billion merger
Sony Group Corp. and Zee Entertainment Enterprises Ltd. have a one-month grace period, beginning Thursday, to finalize the merger of their India operations, forming a $10 billion media conglomerate, as per sources.
BUSINESS
Rice prices scale fresh 15-year high as supply risks linger
Prices most recently rallied to that milestone in early August in the wake of sweeping export curbs from top shipper India and as dry weather threatened the Thai crop.
TRENDS
Rotary, Lions club membership soar in India while falling in US
Founded in Chicago more than a century ago as a fellowship of civic-minded professionals, Rotary has been fading in popularity for decades in the US.
