US Output PMI Eases to an Eight-Month Low with a Record Inflation
(IHS Markit) The US Composite Output Index dropped to an eight-month low of 55.4 in August, from 59.9 recorded in July. The output was weighed down by supply shortages and…
China’s Ansteel’s 51% Stake in Benxi Steel to Make it Third-Biggest Globally
(Bloomberg) China is set to dominate the global steel making, with 51% stake by Ansteel Group in Benxi Steel Group Co. set to make it the third-biggest steel maker in…
UK’s Private Sector Output Hits a Six-Month Low as Supply Constraints Bite
(IHS Markit) The UK Composite Output Index hit a six-month low of 55.3 in August, from 59.2 in July as activity slowed due to supply chain constraints and staff shortages.…
Iran to Resume Crypto Mining Next Month after 4-Month Ban
(Beincrypto) Iran government will end ban on cryptocurrency mining starting September 22, as it expects massive power consumption to cool down then. Iran had banned crypto mining activities in the…
PayPal Starts Crypto Services in the UK after Weeks of Speculation
(PayPal) PayPal users in the UK can now buy, hold, and sell cryptocurrencies through the digital wallet. PayPal cites the “digitization of money,” especially during the Covid pandemic as key…
Battery LG Chem Tumbles on Investor Concerns of GM’s Recall of 73,000 Cars
(Reuters) Shares of battery maker LG Chem plunged 10% on Monday following news that General Motors Co. would recall 73,000 Chevrolet Bolt cars. LG Chem was weighed by the news…
Coinbase Makes a Test Case of Investing in Crypto
(Coinbase) Coinbase has said it will allocate 10% of its quarterly net income into cryptocurrencies in a move aiming to encourage their adoption. The new policy by Coinbase will see…
Uber Acquires HKTaxi App to Enter the Hong Kong Cab Market
(SCMP) US ride hailing giant Uber has bought Hong Kong’s most popular cab app HKTaxi as it pushes to gain traction in the local market. With access by at least…
China Telecom Gains 34% in Shanghai after Becoming Biggest IPO of 2021
(Reuters) China Telecom Corp. began trading on the Shanghai exchange on a strong footing, with the shares up 34% on Friday, defying tough data protection laws by Beijing. The listing…
Toyota Shares Plunge by 3.5% on Its Intention to Cut Production by 40%
(WSJ) Toyota Motor Corporation has announced it will reduce output by 40% in September as global shortages in semiconductors bite. Shares fell 3.5% on the announcement. Toyota’s announcement comes amid…
UK Retail Sales Plunge by 2.5% in July but Remain Above Pre-Pandemic Levels
(Office for National Statistics) Retail sales in the UK declined by 2.5% between June and July as soccer frenzy waned and Covid-19 pandemic cases bite. Despite the July fall, retail…
Robinhood Sinks to $502 Million Loss in Q2 Despite a Jump in Assets under Custody
(Robinhood) Robinhood announced a net loss of $502 million in the second quarter, from a profit of $57.6 million in the same quarter last year. The net loss came despite…
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