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☆ Likely to soon see a slowdown in demand for credit, EIU says
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLikely to soon see a slowdown in demand for credit, EIU saysCailin Birch, global economist at the Economist Intelligence Unit, says a slowdown in demand for credit is likely to emerge soon among households and some businesses, as the impact of monetary tightening plays out.

☆ Hong Kong: One of the world's most expensive cities raises minimum wage by 32 cents
▼ + stars: | 2023-05-02 | by ( Jessie Yeung | ) edition.cnn.com time to read: +6 min

So when the Hong Kong government raised the minimum wage by a measly 32 cents on Monday, activists and community workers were scathing in their response. “It cannot cover basic needs in Hong Kong.”The new minimum wage now stands at 40 Hong Kong dollars ($5.1) per hour, up from the previous 37.5 Hong Kong dollars ($4.78) per hour. But Wong said this new increase will make little difference in Hong Kong, consistently ranked one of the world’s most expensive cities. The city’s median hourly wage last year was 77.4 Hong Kong dollars ($9.86), according to the Census and Statistics Department. A demonstration from the Hong Kong Women Workers Association in front of the Central Government Office on May 1, 2023.

☆ Chile’s plan for state control in lithium dismays business
▼ + stars: | 2023-04-22 | by ( ) www.cnbc.com time to read: +6 min

A lithium mining machine moves a salt by-product at the mine in the Atacama Desert in Salar de Atacama, Chile on October 25, 2022. Under the plan, all companies wanting to work in Chile's lithium sector will have to take on the yet-to-be created National Lithium Company as a partner and the "state will have control," Boric said Thursday. But Chile's business sector expressed concern. Mewes said business leaders had expected there would be a "great private sector participation" in the lithium sector and now the "state will be the one that will control" the industry. She worries about what message this sends to others in the region that are trying to build up nascent industries, considering Mexico already nationalized its lithium sector.

☆ China's supply chain is too central and efficient for companies to 'derisk' from it, analyst says
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's supply chain is too central and efficient for companies to 'derisk' from it, analyst saysMattie Bekink of the Economist Intelligence Corporate Network says the China market is "too large, too attractive, too central and too efficient" to abandon.

In February, over 150,000 Chinese tourists travelled to Thailand, the latest data from the Thai Ministry of Tourism show - a three year high but still 85% below February 2019 levels. Chinese tourists used to make up 10% of European arrivals from outside the continent. Flights to Europe are up to 80% more expensive than before the pandemic, according to ForwardKeys, a travel data firm. Chinese tourists making a comeback is crucial for regional economies. Reuters GraphicsPre-pandemic, China was Australia's top source of tourists, but numbers following Beijing's reopening of borders have only trickled back.

☆ Expect growth in Asia to accelerate this year, economist says
▼ + stars: | 2023-04-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect growth in Asia to accelerate this year, economist saysSimon Baptist of the Economist Intelligence Unit says it will be the only major economic region that will see faster growth in the year ahead.

☆ Initial banking panic has subsided, economist says
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInitial banking panic has subsided, economist saysCailin Birch of the Economist Intelligence Unit says "we've come out of the worst of it."

☆ 'It's not a pretty picture': Russia's support is growing in the developing world
▼ + stars: | 2023-03-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +8 min

Chinese President Xi Jinping met with Russian President Vladimir Putin in Moscow earlier this month and the two leaders vowed to deepen economic ties. watch nowWhile South Africa caused controversy in February by holding joint military drills with Russia and China on the anniversary of the invasion of Ukraine. The EIU said the number of neutral countries rose from 32 to 35, now representing almost 31% of the global population. However, this bloc also represents just under 68% of global GDP, highlighting an emerging disconnect between wealthy Western economies and the Global South. Countering organized Russian propaganda first requires acknowledging the problem, and building awareness about the aims and effectiveness of sanctions, she said.

However, further announcements are expected in coming weeks as China implements a reorganisation of its financial regulatory structure and other government bodies. "Opting for continuity in these critical economic roles suggests an emphasis on credibility and stability," said Mattie Bekink, China director at the Economist Intelligence Corporate Network. The U.S.-educated central bank chief Yi, appointed PBOC governor in 2018, had widely been expected to retire after being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. "It shows China wants to at least have a dialogue with the United States on monetary policy and financial cooperation," he said. The parliamentary session will end on Monday, with Xi expected to give a speech and Li, the new premier, scheduled to hold a televised media conference afterwards.

☆ Setting China's GDP growth target is a 'balancing act' for its government, says analyst
▼ + stars: | 2023-03-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSetting China's GDP growth target is a 'balancing act' for its government, says analystMattie Bekink of the Economist Intelligence Corporate Network says it's a balancing act between "credibility and confidence."

☆ Xi's planned revival of Chinese financial watchdog exerts more party control
▼ + stars: | 2023-03-01 | by ( Joe Cash | ) www.reuters.com time to read: +4 min

BEIJING, March 1 (Reuters) - Plans by China's Communist Party to revive a high-level economic watchdog after two decades signal President Xi Jinping push to increase oversight of the financial sector, analysts say, part of a wider tightening of control by Xi and the party. "Through the CFWC, Xi and his allies could more rapidly roll out a reshuffle to replace the remaining legacy technocrats with people more loyal to them," he said. China's financial sector is overseen by the People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, with the cabinet's Financial Stability and Development Committee at the top. Under the new proposed structure, the party would take on a direction-setting role for the economy and regulatory bodies. "But this could also lead to policies replacing some market forces, which may not be ideal for financial liberalisation", she said.

☆ China urban employment, per capita spending logged rare declines in 2022
▼ + stars: | 2023-02-28 | by ( Joe Cash | ) www.reuters.com time to read: +2 min

BEIJING, Feb 28 (Reuters) - China's urban employment fell for the first time in six decades last year and per capita spending also marked a rare decline, as harsh COVID-19 curbs ravaged the world's second-biggest economy. The new data from the National Bureau of Statistics also showed the smallest income growth in more than three decades. The number of China's urban jobs dropped by 8.4 million to 459.31 million, the first drop since 1962. Per capita spending fell 0.2% in real terms, the statistics bureau data showed. Disposable income per capita in China grew by just 2.9% in real terms, the second smallest rise since 1989.

☆ China per capita spending last year marked rare decline in real terms
▼ + stars: | 2023-02-28 | by ( Joe Cash | ) www.reuters.com time to read: +2 min

BEIJING, Feb 28 (Reuters) - Per capita spending in China fell 0.2% in real terms last year as harsh COVID curbs took their toll on consumer appetite, marking only the third such decline since records for that data began in 1980. That in turn was a rebound from a decline of 4% in 2020 during the initial throes of the coronavirus pandemic. As a result, income per capita in China grew by just 2.9% in real terms, the second smallest rise since 1989 and retail sales fell 0.2%, the second worst performance since 1968. Xu Tianchen, an economist at the Economist Intelligence Unit said, a steep drop in income growth for China's lowest income earners was a key factor behind the weak spending data. Rural areas performed better than urbanised zones, with the incomes of rural households growing by 4.2% in real terms on the year, compared with 1.9% growth in real terms for urban residents.

☆ The small European nation of Switzerland beat sky-high inflation. Here's how
▼ + stars: | 2023-02-27 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +8 min

watch nowZURICH — As many countries across the globe battle stubbornly high inflation, the rise in prices has been far less dramatic in Switzerland, a small mountainous nation in western Europe. The stability of the Swiss francAnother reason for Switzerland's relative price stability stems from the strong Swiss franc. While many currencies plunged against an appreciating U.S. dollar, the Swiss franc held steady amid volatility in Europe. The Swiss franc is heavily backed by large reserve of gold, bonds and financial assets, which help the Swiss National Bank ensure the currency's stability during times of volatility. A stronger Swiss franc provides an effective discount on those imports.

☆ Russia's budget deficit has surged. But economists say Moscow won't drain its war chest any time soon
▼ + stars: | 2023-02-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +8 min

However, both the Russian finance ministry and the central bank maintain that all of this is within their models. Christopher Granville, managing director of global political research at TS Lombard, noted two further factors distorting the most recent deficit figures. watch nowThe actual Urals price dived as a result, averaging just $46.8 per barrel during the period from mid-December to mid-January, according to the Russian finance ministry. The finance ministry also flagged massive advance payments for state procurement in January, which totaled five times those of January 2022. "Also, it has plans to issue debt, but this can only be done domestically so it's like a closed circuit — Russian banks buying debt from the Russian state, etcetera etcetera.

☆ US-China trade defies talk of decoupling to hit record high in 2022
▼ + stars: | 2023-02-08 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Trade between the United States and China hit a record high in 2022, even as political tension heightened between the world’s top two economies. The bilateral goods trade between the countries rose to $690.6 billion last year, according to official US data, which was released Tuesday. Exports to China increased by $2.4 billion to $153.8 billion, while imports of Chinese products rose by $31.8 billion to $536.8 billion according to the US Bureau of Economic Analysis. “Supply chains are sticky, particularly those linked to China,” Nick Marro, lead analyst for global trade at the Economist Intelligence Unit, told CNN. In October 2022, his administration imposed sweeping new curbs designed to curtail China’s access to technology critical to its growing military power.

☆ China fell in EIU's democracy index partly because of its Covid restrictions, analyst says
▼ + stars: | 2023-02-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina fell in EIU's democracy index partly because of its Covid restrictions, analyst saysFei Xue of the Economist Intelligence Unit says the country has been a laggard in terms of lifting Covid restrictions on social and economic life.

☆ Europe is set to ramp up its oil war against Russia — and markets are bracing for more disruption
▼ + stars: | 2023-02-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The European Union's ban on Russian oil product exports is slated to kick in on Feb. 5. The Group of Seven implemented a $60 price cap on Russian oil on Dec. 5. "We also expect this to put upward pressure on prices for oil products more generally." Yet this also means that they will continue to take cheap imported crude oil and process it domestically rather than buying refined oil." "This will create logistical challenges and higher transport costs if Russia seeks to redirect product flows to Asia, as it has done with crude oil," analysts at Eurasia Group said.

☆ Luxury stocks rally from China reopening, but world's largest luxury market may choose to shop 'in-house'
▼ + stars: | 2023-02-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +4 min

In the past, trips abroad often included personal luxury purchases for affluent Chinese consumers looking to take advantage of currency and tax benefits. CFOTO | Future Publishing | Getty Images"China's domestic luxury consumption should far exceed that of overseas luxury consumption," said Zhang, who estimates that in the long run, domestic luxury consumption will account for 70% of the Chinese luxury consumers' spending, and a mere 30% from abroad. That would be the inverse of spending patterns before 2017, when over 70% of Chinese luxury spending took place outside of China, according to Zhang. He added it is unlikely the share of overseas luxury shopping for Chinese consumers will recover to pre-pandemic levels of over 70%. The increasing digitalization of shopping processes has also facilitated Chinese shopping online for luxury goods, Bain & Co said in a report.

The difference with TikTok is that the app has kept out of the crosshairs of commercial interests in Europe. "The user base of TikTok is a lot bigger than a lot of people in Europe think," he said. More than half of people aged 16 to 24 in France and Germany use TikTok, according to data.ai. He is worried the platform poses "several unacceptable risks for European users," including "data access by Chinese authorities, censorship, [and] tracking of journalists." Why Europe's tone is changingLast month, ByteDance admitted to using two journalists' TikTok data to locate their physical movements, according to a widely-reported internal memo.

☆ Chinese consumer recovery will come later than expected, EIU says
▼ + stars: | 2023-01-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese consumer recovery will come later than expected, EIU saysCailin Birch, global economist at The Economist Intelligence Unit, discusses the impact of China's reopening on the global economy.

☆ Casinos in Macau, the Vegas of the East, have managed to renew crucial gaming licenses. But there's a hefty catch — they need to pump in $15 billion into non-gaming sectors.
▼ + stars: | 2022-12-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Macau's six casino operators pledged to invest nearly $15 billion in non-gaming sectors. In return for the investments, Macau's government has renewed their gaming licenses. Gaming licenses for the six major casino operators had expired back in June, throwing into question Macau's future as a gambling hub. The new 10-year gaming licenses come into effect on January 1, 2023. Among the six gaming companies, Sands China has committed to spending the most in non-gaming projects — about 27.8 billion patacas, or $3.5 billion.

☆ The 11 most expensive cities in the world
▼ + stars: | 2022-12-06 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

Singapore and New York are the most expensive cities among the 172 analyzed in the survey. 1 most expensive cities in a recent ranking from EIU. Feldman said it "can be seen due to expensive prices in groceries, personal care, domestic help, and fashion." On the other side of the US from New York, Los Angeles and San Francisco in California are considered expensive cities. Below are the most expensive cities per the new report.

☆ Singapore and New York are the most expensive cities to live in, EIU says
▼ + stars: | 2022-12-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +5 min

New York City, along with Singapore, is the most expensive city to live in, according to the Economist Intelligence Unit. Alexander Spatari | Moment | Getty ImagesSingapore has once again been ranked as the most expensive city to live in, sharing the top spot with New York City this year, according to the Economist Intelligence Unit (EIU). San Francisco — which did not make the top 10 last year — is now the eighth most expensive city to live in. Japan's Osaka is the 43rd most expensive city to live in, a big drop from its 10th position in 2021. Japan's Osaka is the 43rd most expensive city to live in, according to the Economist Intelligence Unit.

☆ China decoupling takes one step forward, one back
▼ + stars: | 2022-11-29 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +7 min

It has pushed for reshoring production of electric vehicles and silicon chips, and legislated to delist Chinese companies from New York. Europe, Japan, Australia and India have implemented their own measures ranging from restrictions on Chinese investment, excluding equipment from telecoms networks, and banning consumer apps. The impact the pandemic has had on Chinese supply chains has retroactively validated the push to separate. For politicians who hope to replicate the Chinese supply chain via tax tweaks, subsidies and sanctions, it’s worth remembering China started building out the requisite logistical infrastructure in the 1980s. Non-financial outbound direct investment in the same 10-month period rose 10.3% year-on-year to 627.4 billion yuan, Shu said.

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