Massive Lines at Costco’s China opening amid trade war
31 August 2019 | 12:36 pm
Costco Wholesale Corp.’s first outlet in China opened on Tuesday and was soon overrun with customers willing to fight over discounted products and wait hours to pay for their purchases. The frenzy at Costco’s store comes at a time when the U.S. and China are locked in a tit-for-tat tariff war that shows no signs of abating and is making American firms wary of investing in the largest Asian economy.
In its first space mission, Japanese company ispace Inc. has built the lander that is carrying the United Arab Emirates' Moon rover, as well as other payloads for government agencies from the US, Canada and Japan. Created over a decade ago, it could be the first private company to land on the Moon's surface.
Germany managed to stave off a full recession in 2022, with the economy performing better than expected. Although Russia's war in Ukraine and high energy prices slowed growth, the economy "managed to perform well."
Following years of political and economic crises, Lebanon's population structure has changed, and not for the better. Experts believe that the structural inequality will only widen in future.
This week, a major upheaval hit one of India’s top business empires. Adani Group has operations in everything from coal mining to telecoms. Its seven main units were recently worth an estimated $220 billion. But a blistering report by an American investor research firm accusing the conglomerate of massive fraud and market manipulation has sent its stock price plummeting, along with the personal fortune of billionaire founder Gautam Adani.
In his State of the Union address, US President Joe Biden underlined slowing inflation and low unemployment as signs that the country's economy is resilient and ready to compete with China in key sectors. Looking forward, he aims to reduce the deficit and raise the debt ceiling by increasing taxes on wealth.
The Indian economy is expected to grow 6.9 % in the 2023 fiscal year, the World Bank has forecasted. But despite economic growth, India still has one of the highest levels of income inequality in the world.
Vladimir Putin claims the Russian economy has withstood Western sanctions, as he prepares to mark one year since the invasion of Ukraine. While Russia's GDP has contracted less than many analysts expected, Beata Javorcik of the EBRD explains that's largely the result of years of "sanctions-proofing", and doesn't mean that households and businesses aren't suffering.
A new 9-month long cross-border investigation exposes the flaws of “green” forestry labels. Environmental auditors overlook harm by “sustainable" companies, hindering climate efforts.
The Chinese Communist Party is expected to unveil its lowest economic growth target in decades amid an ongoing slump in the country's real estate market. Also on the show: Mexico plans food tariff cuts to confront high inflation, and Franco-Angolan business ties take centre stage as President Emmanuel Macron visits Luanda.
The European Union is looking at how to boost ammunition supplies in both the short and long term at a meeting in Stockholm. A top EU official has called for "a war economy."
US President Joe Biden unveils a $6.8 trillion budget proposal with key provisions aimed at boosting American competitiveness against China, while Beijing rails against economic containment and suppression. Plus, a sell-off in US bank shares sparked by a run on a small California lender spreads to Asia and Europe as markets tumble.
With food and fuel prices soaring and a currency in freefall, many young Nigerians are worried they will never experience financial stability. But is the situation really hopeless? We ask young entrepreneurs and business owners in Abuja how they are securing their future against the odds.
1 hour ago
As the West cracks down on Chinese tech, video surveillance firms are also facing increased scrutiny. But global demand for Chinese surveillance cameras isn't waning, despite fears they could be used for spying.
1 hour ago
Following weeks of mass protests and a day of nationwide turmoil, Israeli Prime Minister Benjamin Netanyahu has yielded to pressure and agreed to postpone his controversial judicial reforms as of March 27th. This decision was a significant reversal for his government, which had fired the defense minister just a day earlier in response to his demands for a delay in the divisive law.
1 hour ago
Kenyan President William Ruto vowed on Tuesday to protect his citizens amid the ongoing anti-government protests, which have seen many lose their homes and businesses in the aftermath, while opposition leader Raila Odinga said he will continue on with demonstrations.
2 hours ago
The Orthodox monks accused of Russia links have been ordered out of the Kyiv-Pechersk Lavra monastery. But they refuse to vacate the complex.
2 hours ago
For many children in Ghana, cerebral palsy can mean a lifetime of exclusion, particularly from the world of sports. But one club in the country is trying to change all that.