Yi Gang, former head of the People’s Bank of China, emphasized the critical need for China’s policymakers to prioritize boosting domestic demand during the Bund Summit in Shanghai. This focus on domestic demand is crucial in combating deflationary pressures and reviving the sluggish economy. The emphasis on improving domestic demand is a strategic move to
Finance
Visa recently announced plans to launch a dedicated service for bank transfers, aiming to streamline account-to-account (A2A) payments in Europe. This move is a strategic shift away from the traditional credit card and direct debit processes. The new service is expected to provide users with increased control and security over their payments. While Visa did
British fintech company Zilch recently announced a significant achievement – its first-ever month of profit. This marks a crucial milestone for the company as it sets its sights on an eventual initial public offering. In a trading update, the firm revealed that it reached profitability in July 2024, just four years after its inception. This
China’s property market struggles and U.S. sanctions have had a significant impact on many of its cities, as highlighted by the Milken Institute’s best performing cities China index. Hangzhou, the capital of Zhejiang province and home to tech giants like Alibaba, has emerged as a top performer in this year’s rankings. The city’s success can
Warren Buffett’s Berkshire Hathaway made headlines as it reached a $1 trillion market capitalization, becoming the first non-technology company in the U.S. to achieve this feat. Despite its old-economy focus, Berkshire’s shares have surged more than 28% in 2024, outperforming the S&P 500’s 18% gain. The company’s market value surpassed the $1 trillion mark just
The prediction of a soft landing for the U.S. economy in 2025 comes with a warning from British fund manager abdrn. Kenneth Akintewe, head of Asian sovereign debt at abdrn, expressed concerns about the potential for a prolonged slowdown during an interview with CNBC’s “Squawk Box Asia.” Akintewe questioned whether the Federal Reserve is already
China’s video game industry made a significant impact with the release of Black Myth: Wukong, a top-tier action game set in mythological China. The game sold over 10 million units within three days of its launch, signaling a new era for Chinese AAA games on the global stage. This achievement has shown the world that
Chinese President Xi Jinping recently met with U.S. national security advisor Jake Sullivan to discuss the importance of finding a harmonious way to coexist. Despite the tensions that have arisen between the two countries in recent years, Xi emphasized China’s commitment to fostering a stable and healthy relationship with the U.S. Xi expressed his hope
Dollar General, a discount retailer catering to lower-income customers, recently faced a significant setback as it lowered its sales and profit guidance for the full year. This decision came after a weaker-than-expected performance in the market, leading to a 25% drop in the company’s shares. The company now anticipates its fiscal 2024 same-store sales to
U.S. President Joe Biden and Chinese President Xi Jinping are expected to hold a phone call in the near future, according to the White House. This announcement comes as U.S. national security adviser Jake Sullivan visits Beijing this week for discussions with China’s top diplomat, Wang Yi. Both sides have also expressed intentions for their