UK GDP Grows by 0.4% in August to Reduce Gap With Pre-Pandemic Levels
(ONS) UK gross domestic product increased by 0.4% in August, more than a surge of 0.1% the previous month. The GDP is now 0.8% below the levels before the coronavirus…
GM Seeks $1.9B Refund From LG Electronics Over Bolt Recall Costs
(WSJ) General Motors Company has said that it will recover from LG Electronics Inc. about $2 billion it incurred in the recall of Chevrolet Bolt electric models due to battery…
China’s Exports and Trade Balance in September Beat Forecasts
(NBS) China posted a 28.1% year-over-year surge in exports in September, higher than the forecasted 21% increase, boosted by robust global demand. August’s exports rose by a lower 25.6%. The…
US Job Openings Fall from July’s Record to 10.4M in August
(BLS) The US posted 10.4 million jobs opening on the last business day of August, down by 6.6% or 659,000 from July’s record high. The Northeast and Midwest regions saw…
Euro Area’s Economic Sentiment Hits the Lowest in About 1.5 Years in October
(ZEW) The Economic Sentiment Index in the Euro Area was 21 in October, the lowest since March 2020. The sentiment index reflected the fifth consecutive month of decline following renewed…
Facebook Suffers a Blow as Digital Currency Engineers Leave for Andreessen Horowitz
(CNBC) Facebook’s top digital currency engineers Riyaz Faizullabhoy and Nassim Eddequiouaq have left to join Andreessen Horowitz, a leading crypto venture firm. Faizullabhoy is joining the venture capital firm as…
Venezuela’s Maiquetia Airport Considers Crypto Payments
(elsiglo) Venezuela’s Simón Bolívar International Airport is working to enable the use of cryptocurrencies as payment options. Airport director Freddy Borges has reportedly lined up Bitcoin, Dash, and the country’s…
Beijing Targets State Banks Over Ties With Big Private Firms in Latest Crackdown
(WSJ) Chinese President Xi Jinping is scrutinizing the relationships that China state banks and financial institutions have established with large private sector firms in the latest crackdown. China will target…
UK Posts a 0.5% Quarter Over Quarter Improvement in Employment Rate
(ONS) UK employment rate stood at 75.3% in the June to August quarter, up 0.5% from the previous quarter. The employment rate is now only 1.3% below the pre-pandemic quarter.…
NatWest UK Posts Improvements in Business Activity in Sept. Amid Price Pressures
(IHS Markit) NatWest UK nations and regions posted increases in business activity in September despite a record output price inflation. Wales posted the fastest increase in business activity, with the…
Shift from Tech to Bank Stocks, O’Rourke Advises as Rate Hike Looms
(Bloomberg) Investor Michael O’Rourke is advising investors to ditch growth tech stocks for banks since the expected interest rate increase will benefit the latter. O’Rourke says although tech stocks had…
Charlie Munger Boosted Alibaba Holdings by 83% as Other Investors Sold Stock
(SEC Filing) Charlie Munger’s Daily Journal increased its stake in Alibaba by 83% to more than 300,000 in the third quarter as other investors sold the stock. The investment by…
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