A general view of the financial central district in Hong Kong, China. File/Reuters
China’s factory activity contracted unexpectedly in July after bouncing back from COVID-19 lockdowns the month before, as fresh virus flare-ups and a darkening global outlook
China’s retail sales slipped in July, dashing expectations for a modest rise, as consumers in the world’s second-largest economy failed to shake off wariness about the coronavirus, while the factory sector’s recovery struggled to pick up pace.
Global shares dipped on Friday as data out of China, the eurozone and the United States put a lid on expectations for a sustained global rebound, with traders already worried about a delay in US fiscal stimulus.
Taiwan-based electronics manufacturers Foxconn and Pegatron are among companies eyeing new factories in Mexico, people with direct knowledge of the matter said, as the US-China trade war and coronavirus pandemic prompt firms to reexamine global supply chains.
Standard Chartered on Friday rewarded shareholders with dividends and a fresh $1 billion buyback as profit rose 18 per cent, but set out underwhelming growth forecasts
Pakistan plans to seek a new loan of at least $6 billion from the International Monetary Fund to help the incoming government repay billions in debt due this year, citing a Pakistani official.
The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped by the domestic multi-year investment cycle in the region,