Its The Economy, Stupid - Economic & Business News From Around The World

Grand Potentate said:
www.victorianow.com

Half of Canadians on the brink of financial collapse

The scary stats about Canadians' financial woes are relentless. 62% are struggling to make ends meet. 62% are spending way too much on housi.
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Click to expand...

Our economy isn’t growing like yours. Productivity hasn’t improved. This is the consequence.

The interesting thing is even though Americans are more productive since the beginning of the 21st century, and have more wealth compared to today than turn of the century, pre pandemic and post virus, they are less happy.
 
www.bbc.com

End of an era for electronics giant Toshiba

Scandal, near-bankruptcy and uncertainty have plagued the 148-year-old company for almost a decade.
www.bbc.com www.bbc.com

"For seven years, Toshiba had overstated its profit by $1.59bn (£1.25bn)."

Internal audit/governance and external audit didn't find this?
 
www.bbc.com

China’s BYD closer to taking Tesla's electric car top spot

Elon Musk's Tesla is scheduled to release quarterly production and delivery figures later on Tuesday.
www.bbc.com www.bbc.com

"Analysts say BYD owes its growth to its original business - batteries. They are among the most expensive parts of an EV and making them in-house saves BYD a lot of money."

If only Elon Musk made batteries.
 
www.nbcnews.com

Citigroup is cutting 10% of its workforce in CEO Jane Fraser's corporate overhaul

About 20,000 employees will be let go over the “medium term,” New York-based Citigroup said Friday.
www.nbcnews.com www.nbcnews.com

“'People are looking aggressively,' the source said. 'I know senior VPs who are on vacation now, but they’re never coming back.'"

If you're an SVP who has no idea you just got axed you were doomed awhile ago. More likely a lot of these folks are just burning off their PTO.
 
www.theglobeandmail.com

As Davos crowd gathers, governments urged to rein in ‘billionaire class’

Oxfam urges governments to break up monopolies and institute taxes on excess profit and wealth
www.theglobeandmail.com www.theglobeandmail.com

"An Oxfam report, which comes as business elites gather this week for the annual World Economic Forum (WEF) meeting in Davos, found that a billionaire is now either running, or is the main shareholder of, 7 out of 10 of the world’s biggest companies.

Oxfam called on Monday for governments to rein in corporate power by breaking up monopolies; instituting taxes on excess profit and wealth; and promoting alternatives to shareholder control such as forms of employee ownership.

It estimated that 148 top corporations made $1.8 trillion in profits, 52 percent up on 3-year average, allowing hefty pay-outs to shareholders even as millions of workers faced a cost of living crisis as inflation led to wage cuts in real terms."

Motivation for y'all to become billionaires.
 
www.theglobeandmail.com

Sports Illustrated to lay off significant number of employees, union says

The moves comes after Sports Illustrated’s publisher failed to make a quarterly payment, ending the licensing deal for the storied publication
www.theglobeandmail.com www.theglobeandmail.com

"The publisher, Arena Group, said in a filing earlier this month it failed to make the $3.75-million payment to Authentic Brands Group – the owner of Sports Illustrated and from whom it licenses the magazine.

That led Authentic Brands Group to end the agreement which the companies had signed in June 2019. Under that deal, Arena Group had the exclusive right and license to operate Sports Illustrated including its digital and print editions in countries including the United States, Canada and Mexico."

That's interesting. The company that owns the brand doesn't even publish sports news.
 
www.theglobeandmail.com

Tesla price cuts, delivery plan and CEO pay in focus ahead of quarterly results

Falling prices of battery materials are expected to let Tesla show a slight rise in profit margin from the previous quarter
www.theglobeandmail.com www.theglobeandmail.com

"The second most popular question was whether investors should be concerned after Musk recently tweeted that he would be uncomfortable growing the automaker to be a leader in artificial intelligence if he did not have at least 25 per cent voting control.

Musk’s previous $56-billion pay package made him one of the world’s richest people and is under judicial review."

Clearly deserves more than $56B a year if he is to take on an AI venture in addition to his already immense duties.
 
www.bbc.com

US economy surprises with faster than expected growth

The world's largest economy has continued to grow robustly, even as inflation subsides.
www.bbc.com www.bbc.com

"The world's largest economy expanded at an annual rate of 3.3% over the three months to December, the Commerce Department said.

That was down from 4.9% in the prior quarter, but much faster than the 2% many analysts had expected. For 2023, the economy grew at an annual rate of 2.5%, up from 1.9% in 2022."

My funds and ETF were banking on close to 5% for a few more quarters.
 
www.bbc.com

Evergrande: Crisis-hit Chinese property giant ordered to liquidate

The Hong Kong order may matter little in the mainland, where most of the property giant's assets are held.
www.bbc.com www.bbc.com

"But Judge Chan turned it down, describing the idea as 'not even a restructuring proposal, much less a fully formulated proposal'. Instead she ordered the start of the process to unwind Evergrande, appointing liquidators at Alvarez & Marsal Asia to oversee it."

One more extension...just one more. I'll find the money. I swear on xyz's life.
 
www.theglobeandmail.com

AI companies face growing competition, slower technology gains

Performance gains in large language models could be starting to slow down, and competition is expected to become a lot more intense
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“Everybody is building more or less the same technology, scraping the same data.”

I wait for the day where everyone comes out with the exact same (aka asinine) product launches, press releases, and corporate strategies.
 
www.bbc.com

US weapons sales abroad hit record high in 2023, boosted by Ukraine war

Sales negotiated by the US government spiked 56%, as Russia's invasion of Ukraine stoked demand.
www.bbc.com www.bbc.com

"Poland bought Apache helicopters for $12bn, and also paid $10bn for High Mobility Artillery Rocket Systems (Himars) and $3.75bn for M1A1 Abrams tanks, the department said in a report for the US government's fiscal year that ended in October. It also spent $4bn on Integrated Air and Missile Defence Battle Command Systems.

Germany, meanwhile, spent $8.5bn spent on Chinook helicopters. Bulgaria paid $1.5bn for Stryker armoured vehicles and Norway bought $1bn worth of multi-mission helicopters.

The Czech Republic bought $5.6bn in F-35 jets and munitions.

Outside of Europe, the weapons report showed that South Korea paid $5bn for F-35 jets and Australia spent $6.3bn on C130J-30 Super Hercules planes. Japan reached a $1bn deal for an E-2D Hawkeye surveillance plane."

USA!! USA!! USA!!
 
www.theglobeandmail.com

Saudi Arabia’s surprise oil capacity U-turn was months in the making, source says

An industry source told Reuters on Wednesday that the move by Saudi Arabia was spurred by uncertainty over the oil market’s need for additional spare capacity
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"HSBC said there was little space for more Saudi oil, with rising non-OPEC supply and a slowdown in global demand growth expected to 'crowd out OPEC barrels in the medium term.'"

Does that mean they will run out of money to buy up everything? (i.e. sports)
 
news.sky.com

Inflation may drop to 2% in months - as Bank of England holds interest rate for fourth time in a row

The Bank also upgraded its economic growth forecasts for the coming years, projecting annual growth rates of 0.5% by early 2025, compared with the zero growth previously expected.
news.sky.com news.sky.com

"He pointed to the fact that while the consumer price index measure of annual inflation is set to drop to 2% in April, it will later bounce back, mostly due to energy costs."

It will drop 2% in one quarter? That's ambitious.
 
www.bbc.com

Big US jobs rise in January surprises again

Employers added 353,000 jobs, while the unemployment rate held steady at 3.7%, official figures show.
www.bbc.com www.bbc.com

"These numbers show the US economy to be strong and will sway anyone thinking a March rate cut was on the way to look further out. Any thoughts of recession are off the mark as well for now."

If inflation is going into the target range and the GDP and employment is still growing, isn't a rate cut okay or the point was to push everything into a depression (regardless of inflation)?
 
www.bbc.com

Does Germany’s economy need more than a cup of coffee?

Germany's growth is being held back by the twin shocks of expensive energy and higher interest rates.
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"After very successful periods since 2012 and these years of crisis, Germany is a tired man after a short night, and the low growth expectations are probably a wake up call,"

Poor man.
 
www.bbc.com

Why US economy is powering ahead of Europe's

A fast-growing economy, low jobless numbers and falling inflation - how the US outpaced competitors.
www.bbc.com www.bbc.com

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So far YTD enjoying my total pivot to US ETFs.

IMF is generous to Canada. Most major banks here have economists predicting 0.8% growth.
 
apnews.com

Japan slips into a recession and loses its spot as the world's third-largest economy

A weaker Japanese yen was a key factor in the drop to fourth place, since comparisons of nominal GDP are in dollar terms.
apnews.com apnews.com

"The U.S. remains the world’s largest economy by far, with GDP at $27.94 trillion in 2023, while China’s was $17.5 trillion. India’s is about $3.7 trillion but growing at a sizzling rate of around 7%."

It was inevitable. I was surprised Germany is fourth and India wasn't higher. I would have thought India eclipses Japan.

“Several years ago, Japan boasted a powerful auto sector, for instance. But with the advent of electric vehicles, even that advantage is shaken,”

Tesla! BYD!
 
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