Anshu Vats

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China's economic growth cools amid trade tensions

BEIJING (AP) — China's economic growth slowed in the quarter ending in June, adding to challenges for Beijing as its tariff battle with Washington escalates.<p>The world's second-largest economy expanded by 6.7 percent over a year earlier, down from the previous quarter's 6.8 percent, the government …

Economy

IMF: World economy likely to grow 3.9 percent this year

WASHINGTON (AP) — The International Monetary Fund is keeping its forecast for global economic growth unchanged at 3.9 percent this year despite worries about rising trade tensions and higher oil prices. But the lending agency is downgrading the outlook for Europe and Japan.<p>The IMF now predicts that …

macroeconomics

Survey of economists: US sales and employment likely to grow

DETROIT (AP) — Most U.S. business economists expect corporate sales to grow over the next three months and hiring and pay to rise with them.<p>But a majority of the economists surveyed by the National Association for Business Economics say the corporate tax cuts that the Trump administration pushed …

Economics

We estimate China only makes $8.46 from an iPhone — and that’s why Trump’s trade war is futile

<b>iPhone 8, iPhone X and iPhone 8 Plus (Getty/Justin Sullivan)</b><p>China would not be losing that much profit from tariffs on the iPhone, leading to a trade war with irreparable harm<p>Jason Dedrick • Greg Linden • Kenneth L. Kraemer<p>July 14, 2018 12:29pm (UTC)<p>This article was originally published on The …

Economics

Europe’s Dependence on the U.S. Was All Part of the Plan

Postwar U.S. statesmen designed our world order as it is for a reason. They had lived through what happened without it.<p>As feared, the president of the United States arrived at last week’s NATO summit in a mood of preposterous spleen, profound contempt and shocking rudeness. He insisted on sharing …

Geopolitics

Paychecks Lag as Profits Soar, and Prices Erode Wage Gains

Corporate profits have rarely swept up a bigger share of the nation’s wealth, and workers have rarely shared a smaller one.<p>The lopsided split is especially pronounced given how low the official unemployment rate has sunk. Throughout the recession and much of its aftermath, when many Americans were …

Income Inequality

Philippines, U.S. to start free trade talks in September

MANILA (Reuters) - The Philippines will begin negotiations on a free trade agreement with the United States in September, its ambassador to Washington said on Thursday, in a bid to expand market access for its agricultural products.<p>Jose Manuel Romualdez told reporters the first round of talks will …

Economy

Is the US NATO's piggy bank? Here's what America gives and takes

<b>(CNN) —</b> US President Donald Trump has arrived in Brussels with a clear message: NATO members must hike their defense spending and they must do it now.<p>Trump has long called on other NATO members to spend at least 2% of their gross domestic product on defense, as the transatlantic alliance's own …

Geopolitics

Trump Puts the WTO on the Ropes

Of all the postwar multilateral institutions that have come under assault from President Donald Trump, the World Trade Organization is most immediately at risk. The escalation this week of the U.S.-China trade fight—with Mr. Trump vowing to levy tariffs on another $200 billion of Chinese imports …

Globalization

These will be the world's biggest cities in 2030

Urban growth is not unique to Japan. By 2030, the United Nations predicts that the world will have 43 megacities, defined as metro areas with more than 10 million people. Most of them will be in developing regions in the Middle East, Asia, and Africa.<p>The UN recently released its annual World …

Urbanization

Trump Derides NATO as ‘Obsolete.’ Baltic Nations See It Much Differently.

RIGA, Latvia — Near midnight on the outskirts of the Latvian capital, close to 100,000 spectators joined 16,500 singers last week in a song about a mystical castle that is submerged when foreign powers hold sway only to rise again.<p>The castle is a metaphor for their nation. The foreign powers?<p>Well, …

Russia

China’s Technology Sector Takes On Silicon Valley

About 300 kilometers (186 miles) up the Yangtze River from Shanghai, the city of Nanjing is developing a research park to foster China’s next …

China

Ford is saying goodbye to cars and hello to batteries

Ford made waves recently when it announced it would stop producing cars (except for the iconic Mustang) -- in favor of SUVs, trucks and other large vehicles -- for the United States. It wasn't a big surprise and if anything it was expected since SUV and truck sales are growing while car sales …

Electric Vehicles

Now Northrop Grumman Wants to Build Japan's New Fighter Jet

Northrop and Lockheed Martin tangled over fighter jets a generation ago. Now they could be headed for a showdown in Tokyo.<p>U.S. defense giant Northrop Grumman says it is “very interested” in Japan’s F-3 program to build the nation a new fighter jet, setting up Northrop to compete against Lockheed …

Aviation

Japan unveils bullish GDP growth estimates for FY2019

TOKYO (Reuters) - Japan's government forecast on Friday the economy will grow faster than private-sector projections in fiscal 2019, with exports, domestic private consumption and capital spending expected to offset the hit from a planned sales tax hike.<p>The Cabinet Office's projections, presented …

Economy

Malaysia's Mahathir to visit China for talks on projects

PUTRAJAYA, Malaysia (AP) — Prime Minister Mahathir Mohamad said Friday he will visit Beijing next month to renegotiate terms for China-backed rail and gas pipeline projects in Malaysia worth more than $22 billion.<p>The government has ordered Chinese state-owned companies to suspend work on the $20 …

Economic Development

Fintech could be bigger than ATMs, PayPal, and Bitcoin combined

Fintech broke onto the scene as a disruptive force following the 2008 crisis, but the industry's influence on the broader financial services system is changing.<p>The fintech industry no longer stands clearly apart from financial services proper, and is increasingly growing embedded in mainstream …

Financial Services

China Tariff Escalation Would Hit These 10 U.S. Seaports And Airports Particularly Hard

Add five U.S. airports and five seaports to the list of those with a great deal to fear because the tariff battle that went into effect Friday between China and the U.S. appears likely to escalate.<p>These five seaports and five airports, in particular, have a great deal to fear because like other …

Globalization

EU rivals gaining on Britain as top spot for investment in finance: EY

LONDON (Reuters) - Britain's lead as the top European destination for international investment in financial services is starting to narrow as continental rivals vying for its business are boosted by Brexit, according to a report published on Monday.<p>The report, by accounting and consulting firm EY, …

Financial Services

BOJ keeps upbeat view on regional Japan, labor shortages cloud outlook

TOKYO (Reuters) - The Bank of Japan maintained its upbeat economic assessment for all nine regions of the country but some areas saw companies fret about rising costs from labor shortages, a sign that a tightening job market could constrain business activity.<p>In a quarterly report on regional …

Economy

More major multinationals cease business with Iran over reimposed U.S. sanctions

Dutch airline KLM and cargo shipping leader CMA CGM have joined the growing list of major multinational companies ending their business with Iran …

South Asia

Bankers Quit Goldman, Citigroup for Biotech Riches in Hong Kong

Investment bankers in Hong Kong are catching biotech fever.<p>At least seven senior bankers and analysts from top-tier securities firms have quit to …

Hong Kong

Israel presented U.S. with "red lines" for Saudi nuclear deal

Israel has presented the Trump administration with its "red lines" for the nuclear deal the United States is currently negotiating with Saudi Arabia …

South Asia

UK government food agency is putting meat on the blockchain

In a move that inspires one to cry out “blockchainify everything,” the UK’s Food Standards Agency has announced that it’s recent blockchain-focused pilot programme proved a success.<p>This marks the first time the country has used distributed ledger tech to regulate compliance within the local food …

Blockchain

China’s “debt trap” is even worse than we thought

An egotistical president, an influx of foreign cash, and a massive pile of debt led to Sri Lanka handing over an entire port to China in December 2017, on a century-long lease.<p>That handover gave China a strategic foothold just 100 miles from its rival India, akin to how the Soviet Union’s foothold …

Sri Lanka

Graphene could soon make your computer 1000 times faster

<b>In brief</b><p>Researchers from several universities have teamed up to develop a radical kind of transistor. Instead of using silicon, the team used …

Nanotech

Trump continues to threaten WTO departure

President Trump said Monday that the World Trade Organization (WTO) has treated the U.S. "very badly" and if nothing changes "we will be doing …

Globalization

Why China Is Becoming the New Silicon Valley

Beijing and Shanghai are ramping up to compete with Silicon Valley fundraising levels, buoyed by large rounds to hot startups like Didi, Toutiao, Mobike and Ele.me<p>3 min read<p>Working at a Silicon Valley is a dream for many, but only lucky ones get the opportunity. The home of world's largest …

Silicon Valley

Indians Are Falling Out of Love With Gold

Indians’ love affair with gold is cooling.<p>Imports slumped more than 25 percent to 54 metric tons in June from a year earlier, a person familiar with …

India

A two-day crash in Zimbabwe’s mobile money system shows the vulnerabilities of going cashless

Harare, Zimbabwe<p>Although mobile money has become the leading transaction platform in Zimbabwe, its weaknesses came into focus this week after the dominant EcoCash network in Zimbabwe went down for two days, and left many consumer businesses floundering in an already difficult economy.<p>EcoCash, which …

Africa