With more than 41 percent of exhibitors at the Munich IAA mobility show headquartered in Asia, analysts say European carmakers will need to prove their ability to compete with China in the electric vehicle age.
China's largest property developer, Country Garden, warned that it is on the brink of default as it reported a staggering loss of almost $7 billion for the first half of the year, deepening a real estate crisis that threatens to unravel the country's already fragile economy.
Toyota said it was suspending operations at 14 manufacturing plants in Japan due to a system malfunction. The company was investigating the issue, and did not suspect cyberattack.
The annual meeting (24-26 August) hosted by the US Federal Reserve will be closely watched, especially Federal Reserve chair Jerome Powell on Friday. While the policy of raising interest rates to lower inflation is no longer in doubt, observers will be watching out for clues as to when the US central bank might consider lowering rates again. The Federal Reserve has repeatedly stressed the importance of reaching the 2 percent inflation target.
Strengthening the New Development Bank (NDB) — or the so-called BRICS Development Bank — is top agenda of the BRICS summit agenda. Could the NDB, backed by the five emerging world economies: Brazil, Russia, China, India and South Africa, replace existing financial institutions, such as the IMF, in lending funds to developing nations?
As BRICS leaders meet in Johannesburg on Tuesday, they will be sure to discuss ways to increase commercial exchanges within the bloc of emerging economies comprised of Brazil, Russia, India, China and South Africa. The group, which represents 16% of global trade, will also look to encourage the use of local currencies in exchanges. However, the Brazilian idea of creating a common currency for the bloc appears to now be on the back burner.
The People's Bank of China announced it was cutting its key one-year interest rate for the second time in three months on Monday, but left its five-year rate unchanged.
Beijing green-lighted the resumption of North Korea's Air Koryo flights between the two countries. The move comes as they both ease travel restrictions after strict COVID measures.
Ex-software engineer brings in $129,000 a year making pasta in her kitchen—and selling it for up to $240 a box
Fiona Afshar has written software, worked as a florist and raised three kids. She never thought she'd cook for money. Growing up in Iran, she was taught food meant love. "The more we feed you, the more we love you," Afshar, 57, tells CNBC Make It. In 2018, she started her Instagram @cookingwithfiona, specifically to post instructional cooking videos she'd filmed for her daughter.
It's being hailed as an electric vehicle breakthrough: the solid-state battery. The auto industry is investing heavily in the technology, which could improve driving range and safety while cutting production costs.
The UN said over 1 million barrels of oil have been removed from the tanker, off Yemen's Red Sea coast. For years, the UN and other organizations had sounded the alarm over the dangers surrounding the corroding vessel.