China stock market crash

Pakistan’s stock exchange briefly halted trading Friday after its benchmark index plunged sharply following an announcement by the newly elected Prime Minister Shahbaz Sharif that he was imposing a new, 10% tax on major industries. Sharif, who appeared on the state-run Pakistan Television TV and almost all other stations in the country, warned that the economy was on the verge of bankruptcy. He said he was taking the measures to “save the country and avoid further taxes on the poor." The new tax would apply to industries such as cement, steel, sugar, banking, textile and others. There would also be new, graduated taxes on the wealthy. The measures are expected to go into effect on July 1, following approval by parliament. Following the broadcast, the Karachi Stock Exchange benchmark index, known as KSE-100, plunged more than 2,000 points or 4.8%, sending the market into shock and forcing administrators to briefly halt the trading. It was the last working day of … [Read more...] about Pakistan stock market plunges on new govt tax on industries

Stocks fell sharply Tuesday morning as record inflation, supply chain constraints and soaring energy prices weigh on economic growth. The S&P plunged 78 points, or 2.0%, to 3,747 as of 10 a.m. Thursday. The Dow Jones Industrial Average was also down 2.0%, while the tech-heavy Nasdaq was down 1.7%. The war in Ukraine and its impact on energy supplies are casting a shadow over the economic outlook at a time when the central bank is raising interest rates to slow inflation. The Federal Reserve boosted rates by 0.75% in June — its biggest hike since 1994 — amid the nation's fiercest bout with inflation in 40 years, but some economists warn the rate hikes could tip the U.S. into recession. Supply chain tensions with China Benchmarks in Asia were mostly higher on hopes for an easing of trade tensions between Beijing and Washington. COVID-19 lockdowns earlier this year in major Chinese cities have impacted not just the country's post-pandemic recovery, but has put a … [Read more...] about U.S. stocks fall as inflation and energy prices weigh on growth

China, which 
is already the world’s largest market for electric vehicles, is charging forward in 
the global race to dominate the industry. More than one million electric cars were sold in the country last year – representing half of global sales. The government has installed about a million charging stations on the streets, which is a far cry from the 15,800 public units in the UK. With 100 companies tinkering 
with EVs and investment dollars flooding in, it 
is easy to see how China is poised to win. “China’s market has 
huge room for growth,” said Siyi Mi of Bloomberg New Energy Finance, a research firm. Shenzhen-based BYD (Build Your Dreams) is neck-to-neck with Tesla in the race to become the world’s leading manufacturer of electric vehicles. It 
sold 250,000 last year and 
is this year expected to sell more electric cars than those powered by fossil fuel. BYD said its Qin model, a plug-in hybrid, was the world’s most popular electric car. It is rolling out a … [Read more...] about Can other countries catch up with China’s electric car dominance?

Global financial markets are enduring a day of turmoil over rising fears of a recession for the US and Europe as economic growth is challenged by surging inflation.. There was a rush for safe havens in Europe on Tuesday, later mirrored in the US, with stock markets plunging and the pound and euro coming under intense pressure from the dollar - a traditional place of shelter in volatile times. Sterling hit its lowest level against the greenback since the start of the pandemic at $1.19 - a plunge of almost two cents on the day - while the single currency slumped to a 20-year low versus the dollar . Traders reported that while a strong dollar was evident, there were particular concerns in Europe over mounting gas prices as Norway, the second-largest supplier on the continent after sanctions-hit Russia, got to grips with a strike that was affecting exports. The Bank of England also added to the gloom when its latest Financial Stability Report warned that the economic … [Read more...] about Oil prices down 9% but pound slumps as recession fears grip global markets

US Trade Representative Katherine Tai on Monday announced that Washington will seek new trade talks with China. Washington believes Beijing has not honored its commitments under an agreement signed with the former US President Donald Trump in January 2020 known as the "phase one" trade deal . US President Joe Biden had also kept in place the tariffs imposed by his predecessor as Tai conducted a review of US trade strategy toward China . What could be expected from the US-China talks? In a speech about the review on the US-China trade relationship, Tai said the US "will discuss with China its performance under the phase one agreement." "In the coming days, I intend to have frank conversations with my counterpart in China," she said. Tai also announced the launch of "a targeted tariff exclusion process" for exemptions from customs tariffs imposed during the Trump era. Tai also reiterated Washington's concerns over China's "state-centered and non-market trade … [Read more...] about US seeks ‘frank conversations’ on trade with China

Vice Premier and economic supremo Liu He said China was "ready to defend itself" against US President Donald Trump's planned tariffs. Liu spoke on Saturday with US Treasury Secretary Steven Mnuchin, according to China's Xinhua News Agency. Liu said to Mnuchin that Trump's plan to level tariffs on nearly $50 billion (€40.4 billion) in Chinese imports violated international trade rules and that China was "ready and capable of defending its national interests and hopes both sides will remain rational," according to Xinhua. An investigation under the 1974 US Trade Act has found that China engages in unfair trade practices by obliging US investors to turn over key technologies to Chinese firms, according to US officials. However, Xinhua cited Liu as saying the investigation report "violates international trade rules and is beneficial to neither Chinese interests, US interests nor global interests." He said that Trump's executive order was not beneficial to the US or the world's … [Read more...] about Vice Premier Liu He says China ready to ‘defend itself’ against US tariffs

Top representatives from the United States and Chinese held a virtual meeting on Tuesday to discuss a range of economic issues against the backdrop of soaring inflation in the US and much of the world, and the war in Ukraine. US Treasury Secretary Janet Yellen and Chinese Vice Premier Liu He discussed issues ranging from the impact of the Ukraine war on the global economy, supply chain disruptions, and US tariffs on Chinese goods, according to the two countries' statements on the talks afterwards, which focused on different issues. Both countries released statements that addressed their own concerns . China raises US tariffs, US raises Chinese market practices China said it expressed concern "about issues such as the United States canceling tariffs and sanctions on China and fair treatment of Chinese enterprises." China's state news agency, Xinhua, said that the officials discussed that "jointly maintaining the stability of the global industrial and supply chains is in … [Read more...] about US, China officials address trade concerns amid Ukraine war

Millions of barrels of oil President Joe Biden released from the United States’ Strategic Petroleum Reserve found their way to European and Asian nations, including China , according to a Tuesday report from Reuters . Biden has frequently touted the release of one million barrels of oil per day as an “unprecedented” move to “provide a historic amount of supply” as Americans face surging prices at the pumps. Indeed, the national average price of gas in the United States is currently $4.80 per gallon, according to AAA , with the national average temporarily surpassing $5.00 per gallon last month. However, Reuters found through customs data that at least five million barrels of oil were exported to Europe and Asia last month as the strategic reserve drains to its lowest level since 1986. American oil refiner Phillips 66, for instance, shipped 470,000 barrels of sour crude from Texas to Trieste, Italy, while Atlantic Trading & Marketing (ATMI) — a division of … [Read more...] about Stunning Amount Of Oil Released By Biden Found Its Way To China, Other Countries | The Daily Wire

City banks defy Brussels to out-earn French rivals PM urged to back bid for factory at heart of Britain’s food supply FTSE 100 rises 1pc Matthew Lynn: Biden’s global tax plan is sinking rapidly — and good riddance Sign up here for our daily business briefing newsletter T he Kremlin is poised to cut future spending plans by £24bn as Western sanctions against Russia bite. Defence, technology and transport budgets are all set to be trimmed, according to Russian media. More than 1.6 trillion roubles, or £24bn, has been slashed from the Russian state budget over the next three years as Moscow braces for a two-year recession. Spending will be 557bn roubles (£8.2bn) lower in 2023 than previously approved plans, with similar cuts pencilled in for the following two years. The budget tweaks are minor compared to the size of Moscow’s overall budget but the figures are one of the first signs of the fiscal blow being dealt by the conflict in Ukraine. The 2023 … [Read more...] about Kremlin slashes spending by £24bn as West’s sanctions batter Russia

Live Updates Today is Day 26 of Russia's full-scale invasion of Ukraine. Ukraine rejects Russia's ultimatum in Mariupol . Russia said people could leave the besieged port city if they surrendered. About 300,000 are trapped. Strategically important Mariupol has been turned to rubble with weeks of Russian shelling, with 90 percent of buildings estimated to be damaged. Olena Zelenska , Ukraine's first lady, tells citizens in the city: "Please hold on, dear people, I beg you." In Kyiv, shelling that struck a shopping mall has reportedly left eight dead. Across Ukraine, about 10 million have fled their homes, according to the United Nations' refugee agency; about 3.4 million traveled abroad . Joe Biden will seek to rally U.S. allies in Europe this week, speaking with leaders in Germany, Britain, France, and Italy later Monday. He will travel to Belgium on Wednesday for a NATO emergency meeting about the war and then visit with Polish President Andrzej Duda in … [Read more...] about Ukraine War: Chernobyl staff rotate after working 27 days