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☆ New York to Pay $13 Million Over Police Actions at George Floyd Protests
▼ + stars: | 2023-07-20 | by ( Colin Moynihan | ) www.nytimes.com time to read: +1 min

On the evening of June 2, 2020, Sabrina Zurkuhlen joined a protest march on the West Side Highway that was spurred by the death of George Floyd in Minneapolis eight days earlier. An officer pointed at her, the lawsuit said, lunged at her, knocked the phone from her hands and began striking her with a baton as he tackled her. That summons was later dismissed, the suit said, adding that she never recovered her phone. On Wednesday, the City of New York agreed to pay about $13.7 million to settle the class-action suit, which said that unlawful police tactics had violated the rights of protesters over several days in late May and early June of 2020. officers” at 18 specific locations in Manhattan and Brooklyn.

Persons: Sabrina Zurkuhlen, George Floyd, Zurkuhlen, lunged, “, N.Y.P.D, ” Organizations: Court Locations: Minneapolis, Vesey, Manhattan, City of New York, Brooklyn

☆ Malaysia issues license to Musk's Starlink to bring internet services to remote areas
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, July 20 (Reuters) - Malaysia has issued a license to Starlink, the satellite communications service started by Elon Musk, to provide internet services in the country, particularly in remote areas, its communications minister said on Thursday. Minister Fahmi Fadzil said in a Facebook post that Starlink, which is operated by Musk's SpaceX, would begin by providing its services to schools and higher education institutions. The government was also prepared to work with satellite communications firms, including Starlink, to ensure 100 percent internet coverage in populated areas, Fahmi said. Around three percent of populated areas in Malaysia face issues with internet access, due to geographical and infrastructure challenges, he added. The government earlier this year announced that his electric vehicle (EV) maker Tesla (TSLA.O) would open an office in Malaysia.

Persons: Elon Musk, Fahmi Fadzil, Fahmi, Anwar Ibrahim, Tesla, Rozanna Latiff, Hasnoor Hussain, Kanupriya Kapoor Organizations: Elon, Musk's SpaceX, Malaysian, Thomson Locations: KUALA LUMPUR, Malaysia, Kuala Lumpur

☆ India PM Modi calls alleged Manipur sexual assault 'shameful'
▼ + stars: | 2023-07-20 | by ( Tanvi Mehta | ) www.reuters.com time to read: +1 min

NEW DELHI, July 20 (Reuters) - Indian Prime Minister Narendra Modi on Thursday called the alleged sexual assault of women in the northeastern state of Manipur "shameful", urging heads of state governments to ensure the safety of women. Videos have surfaced on social media purporting to show two women paraded naked on a street in violence-hit Manipur after what townspeople on the videos say was a gang rape. State police have made the first arrest in the case, Manipur Chief Minister Biren Singh said on Twitter, without specifying how many people were arrested. "In a constitutional democracy it is unacceptable," said Chief Justice of India D.Y. Reporting by Tanvi Mehta and Arpan Chaturvedi; Editing by Sudipto Ganguly and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Narendra Modi, Biren Singh, Singh, Chandrachud, Modi, Tanvi Mehta, Arpan Chaturvedi, Sudipto Ganguly, William Mallard Organizations: Indian, State, Twitter, Thomson Locations: DELHI, Manipur, India

BANGKOK, July 20 (Reuters) - Chinese automakers dominated Southeast Asia's fast-growing electric vehicle market, selling three out of every four EVs in the first quarter, research firm Counterpoint Research said on Thursday. Thailand - the main regional auto manufacturing hub - is driving the transition, with the country accounting for almost 79% of all EVs sold in Southeast Asia in the first quarter, Counterpoint said. "Chinese auto groups are experiencing rapid growth and outpacing their competitors in the SEA (Southeast Asia) region, with their market share increasing from 38% a year ago to nearly 75%," Counterpoint analyst Abhilash Gupta said. With Chinese EV offerings expanding, Counterpoint said the share of EVs as a percent of total vehicle sales in Southeast Asia could reach 6% by the end of 2023. Indonesia, Thailand and Malaysia are the largest auto markets in Southeast Asia.

Persons: Abhilash Gupta, Devjyot Ghoshal, Emma Rumney Organizations: Research, Great Wall, Chinese EV, SEA, Hozon New Energy Automobile, Thomson Locations: BANGKOK, Thailand, Southeast Asia, Chinese, Asia, Indonesia, Malaysia, Vietnam, Philippines, Singapore, Myanmar

☆ How to watch the ‘Oppenheimer’ and ‘Barbie’ double feature
▼ + stars: | 2023-07-19 | by ( Scottie Andrew | ) edition.cnn.com time to read: +8 min

It’s the “Barbenheimer” double feature, and it started its life, as most phenomena do, as a meme. He says he’s seeing “Oppenheimer” first, on its opening Friday, and then “Barbie” “right after” so he gets to experience both with packed houses. Neither “Barbie” nor “Oppenheimer” seem like they’ll be boring, so ahead of both films, use the restroom. Use it again between “Oppenheimer” and “Barbie.” Gerwig’s film is also the more ICEE-friendly film, so re-up on snacks and such in between. 10:50 a.m.: Arrive 10 minutes early for “Oppenheimer,” get an extra-large popcorn and prepare for cinematic annihilation.

Persons: Greta Gerwig’s, Barbie ”, Christopher Nolan’s “, Oppenheimer, ”, Margot Robbie’s Barbie, It’s, “ Barbie ”, ‘, “ Oppenheimer, “ Barbie, Ken, Nicole Kidman’s, Nolan, you’ll, ‘ Oppenheimer, Cillian Murphy, ” can’t, Tom Cruise, Emma Mackey, Simu Liu, Margot Robbie, Ryan Gosling, —, it’s, you’ve, you’re, celebs, Christopher Nolan, Wes Anderson’s, Florence Pugh, Barbie Organizations: CNN, Warner Bros, Discovery, AMC, Pictures, Universal Locations: cliffhangers, ”, New Mexico

☆ Esopus, N.Y.: ‘Pristine Natural Surroundings’ and Stealth Wealth
▼ + stars: | 2023-07-19 | by ( Karen Angel | ) www.nytimes.com time to read: +1 min

Esopus, West Park and Ulster Park are known for expensive homes, including turn-of-the-century mansions, on parklike grounds overlooking the Hudson, along with several monasteries and other religious institutions that have helped shield the river’s west bank from development. There are antique stone houses along the Rondout Creek in the hamlet of St. Remy, and along the Wallkill River in the hamlet of Rifton and Black Creek in Esopus. The town’s other small hamlets are Connelly, which borders the Rondout Creek, and Sleightsburgh, whose peninsula-shaped park juts out into the Hudson. (Three additional hamlets are listed on the town’s website, but according to the town’s supervisor, Danielle Freer, they are now obsolete.) The West Park venue occupies a 24,000-square-foot antique Italian-style villa and an adjoining brick building that had housed a Christian Brothers monastery for a century.

Persons: Jordan Goldberg, Oliver Hazard Payne, Port Ewen, Remy, Connelly, Danielle Freer, Charles Ferri, Paul Seres Organizations: Hudson, Distillery Locations: Esopus, West Park, Ulster, Hudson, New York City, St, Wallkill, Rifton

☆ 'Margins, margins, margins': Here's what Wall Street is looking for in Tesla's 2nd-quarter earnings
▼ + stars: | 2023-07-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Wall Street is laser focused on the company's profit margins after the company cut prices for its vehicles. Here's what Wall Street expects from the EV maker's upcoming earnings report. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "Margins, margins, margins," Wedbush analyst Dan Ives wrote in a Monday note. Ultimately, Tesla's price cuts have clear implications for the company's long-term earnings power, and therefore the price of its stock.

Persons: Tesla, Dan Ives, Ives, Ryan Brinkman, " Brinkman Organizations: EV, Service, Wall Street, Ford, General Motors, Tesla, Yahoo Finance, JPMorgan, Bloomberg Locations: Wall, Silicon

☆ Price of N.Y.C. Subway Ride Is Set to Go Up for the First Time in Years
▼ + stars: | 2023-07-19 | by ( Ana Ley | More About Ana Ley | ) www.nytimes.com time to read: +1 min

Ever since the coronavirus pandemic decimated subway ridership in New York City, the Metropolitan Transportation Authority has resisted raising the price of a ride out of fear that even more people would abandon mass transit. But after years of financial uncertainty, the authority now intends to balance its budget, and to do so, it wants to raise the base fare for subway and bus trips for the first time in eight years, to $2.90 from $2.75 by late August. On Wednesday, the M.T.A.’s board is widely expected to vote to approve the proposed fare increase. The decision will almost certainly reverberate across the United States, where transit systems of every size have experienced steep and lingering losses as many white-collar commuters continue to work from home at least part of the time. A May 2023 survey by the American Public Transportation Association found that larger cities have been hit especially hard — 71 percent of transit agencies with budgets greater than $200 million are predicting shortfalls in their operating budgets.

Organizations: Metropolitan Transportation Authority, American Public Transportation Association Locations: New York City, United States

☆ How Well Do You Know Your Baseball Hall of Famers?
▼ + stars: | 2023-07-19 | by ( Tyler Kepner | ) www.nytimes.com time to read: 1 min

There has always been an art to the language used on the plaques at the National Baseball Hall of Fame and Museum in Cooperstown, N.Y. The language, however, has evolved over the years, from spartan descriptions in the early days to stat-stuffed entries in more recent years. The plaques for this year’s Hall of Famers, Scott Rolen and Fred McGriff, will be revealed this weekend, and they will surely tell tales of Rolen’s fielding prowess and McGriff’s consistent power. But how identifiable are other Hall of Famers based on what was written about them? To test that, we are asking you to pick the Hall of Famer based on how he is described in the first line of his plaque.

Persons: Scott Rolen, Fred McGriff Organizations: National Baseball Hall of Fame, of Famers, of Famer Locations: Cooperstown, N.Y

☆ The Cybertrucks that never came to be: This newly shared photo of Elon Musk shows early, more curvy designs for Tesla's truck in the background
▼ + stars: | 2023-07-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Walter Isaacson shared a photo that provides a rare peek at Tesla's early Cybertruck designs. Walter Isaacson shared a photo that appeared to have some previously unseen Cybertruck details in the background. Isaacson shared a photo with some early designs ideas for the Cybertruck in the background. Even a scaled back early design of the Cybertruck looks out of place next to a Ford pickup truck. Walter Isaacson on TwitterOther pictures on the board appear to be more reminiscent of Tesla's current design for the electric pickup truck.

Persons: Walter Isaacson, Tesla, Elon Musk's, Tesla's Cybertruck, Franz von Holzhausen, Elon Musk, Isaacson, CNBC's, Musk, James Bond's Lotus, Ridley Scott's, Saxon Organizations: Twitter, Silverado, DeLorean Locations: Ford, Texas

☆ Newly Published, From a Bayou Thriller to Drugs in America
▼ + stars: | 2023-07-19 | by ( ) www.nytimes.com time to read: +1 min

A young Colombian American grapples with injury, a fractured family and his personal identity in this transnational coming-of-age journey. QUICK FIXES: Drugs in America From Prohibition to the 21st Century Binge, by Benjamin Y. Fong. In this account, Fong examines America’s historical relationship to nine different drugs, highlighting the tension between an embrace of pharmaceuticals and the belligerence of the “war” on drugs. FRAGMENTED: A Doctor’s Quest to Piece Together American Health Care, by Ilana Yurkiewicz. Discontinuities caused by insurance companies, reliance on software and contemporary medical culture are the U.S. health care system’s “greatest problem,” writes Yurkiewicz.

Persons: Shumona Sinha, Teresa Lavender Fagan, GREGORIO PASOS, Rodrigo Restrepo Montoya, Benjamin Y, Fong, Ilana Yurkiewicz, ” Organizations: Health Locations: Paris, Colombian American, America, U.S

☆ George Santos got to change his bail conditions so it's easier to dine out and go shopping
▼ + stars: | 2023-07-19 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

George Santos needs to tell authorities whenever he wants to travel outside of New York or DC. His lawyer says that requirement makes it cumbersome to go shopping and dine out. A judge let him his bail conditions ahead of his criminal trial to make things easier. Doing so, Murray wrote in the filing, would make it easier for Santos to live his life. Prosecutors don't oppose the proposed bail modification, Murray wrote in the letter.

Persons: George Santos, Joseph Murray, Murray, Santos, Prosecutors, Anne Y, Shields, He's Organizations: Service, New York Rep, Republican, of Columbia, District of Columbia Locations: New York, Wall, Silicon, Washington, District

☆ Alexis Ohanian says you'll never achieve a perfect work-life balance. He's right.
▼ + stars: | 2023-07-19 | by ( Caralynn Matassa | ) www.businessinsider.com time to read: +3 min

Alexis Ohanian recently told Entrepreneur he doesn't think anyone can accomplish work-life balance. Ohanian's point is that sometimes, work needs to be the priority — and other times, life needs to be. Alexis Ohanian (left), Olympia Ohanian (center), and Serena Williams. Ringo Chiu/Reuters"There are times in your life where you will need to focus on the career, the work," Ohanian said. So it's refreshing to hear Ohanian explicitly lay out that while routines and consistency are important, flexibility is also essential.

Persons: Alexis Ohanian, It's, Ohanian, You'll, Serena Williams, Ringo Chiu, We've Organizations: Service Locations: Wall, Silicon

☆ US opens special probe into fatal Tesla crash
▼ + stars: | 2023-07-18 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

[1/2] Tesla Model 3 vehicles are shown for sale at a Tesla facility in Long Beach, California, U.S., May 22, 2023. Since 2016, the U.S. auto safety regulator has opened more than three dozen Tesla special crash investigations in cases where systems such as Autopilot were suspected of being used, with 22 crash deaths reported through Tuesday. The Tesla driver suffered serious injuries and two other Tesla passengers suffered moderate injuries. A local California fire department said a Tesla struck one of its fire trucks and that the Tesla driver was pronounced dead at the scene. The other investigation in March involves a 2022 Tesla Model Y that struck and seriously injured a 17-year-old student who got off a school bus in North Carolina.

Persons: Mike Blake WASHINGTON, Tesla, David Shepardson, Doina Chiacu, Chizu Nomiyama, Deepa Babington Organizations: Tesla, REUTERS, Traffic Safety Administration, Subaru Impreza, Patrol, Subaru, California Highway Patrol, NHTSA, Thomson Locations: Long Beach , California, U.S, California, South Lake, Contra Costa County , California, North Carolina

GRUENHEIDE, Germany, July 18 (Reuters) - Tesla (TSLA.O) on Tuesday sought to assuage Brandenburg state residents' concerns by holding a question-and-answer session on the EV maker's planned expansion that would make its local plant the biggest car factory in the country. Tesla, which currently produces around 5,000 cars a week, hopes to double the plant's production capacity to 1 million vehicles a year and add 50 gigawatt hours of battery production capacity, though it has not provided a timeline. While Volkswagen still holds the highest EV market share in the region, Tesla is making its mark. Tesla has long argued that the plant's impact is relatively low and referred to the benefits of EVs in combating climate change. "Water isn't a Tesla problem - it's a general problem," said 68-year-old local resident Matthias Handschick.

Persons: Tesla, Emily, Matthias Handschick, Victoria Waldersee, Nette Noestlinger, Leon Malherbe, Christoph Steitz, Louise Heavens, Matthew Lewis Organizations: EV, Volkswagen, Reuters, Thomson Locations: GRUENHEIDE, Germany, Brandenburg, Wolfsburg, Europe, Gruenheide

☆ Tesla to hold citizen information session on expansion plans for German plant
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

BERLIN, July 18 (Reuters) - Tesla (TSLA.O) is due to hold a question-and-answer session on Tuesday for citizens in the German state of Brandenburg on the ramifications of a planned expansion of its EV and battery plant which would make the site the biggest car plant in the country. The event could help the U.S. carmaker prevent delays to securing the go-ahead from local authorities for the expansion plans similar to those it faced in preparing to open the plant, when numerous citizen objections put it behind schedule. Local environmental groups have expressed several concerns over the electric vehicle (EV) plant from the impact of tree-felling to its water usage. Tesla has long argued the plant's impact is relatively low and pointed to the benefits of EVs in combating climate change. While Volkswagen still holds the highest market share in EVs in the region, Tesla is making its mark.

Persons: Tesla, Victoria Waldersee, Christoph Steitz, Rachel More, Himani Sarkar, Louise Heavens Organizations: Volkswagen, Thomson Locations: BERLIN, German, Brandenburg, Germany, Wolfsburg, EVs, Europe

One senior Taiwan fund manger told Reuters that third quarter profit would bounce back given expectations for AI demand and launches of new iPhones ahead of the year-end holiday shopping season. The second quarter is traditionally a slow period for sales for the tech industry with demand usually picking up in the third quarter and towards the year-end shopping season. TSMC , Asia's most valuable listed company, posted a surprise rise in net profit for the quarter ended March, up 2% from a year earlier. The company will provide guidance for the third quarter and update previous forecasts on its earnings call at 0600 GMT on Thursday. ($1 = 30.9600 Taiwan dollars)Reporting by Faith Hung and Ben Blanchard Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: TSMC, TSMC's, Faith Hung, Ben Blanchard, Shri Navaratnam Organizations: TAIPEI, Taiwan Semiconductor Manufacturing Co, Nvidia, Reuters, Investment, EV, Thomson Locations: Taiwan, China, Taipei

☆ Stocks making the biggest moves premarket: Bank of America, Pinterest, Masimo & more
▼ + stars: | 2023-07-18 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves before the bell:Bank of America — Bank of America added 0.4% in the premarket after beating top and bottom line estimates for the second quarter. Bank of N.Y. Mellon — The bank reported better-than-expected profit and revenue for the second quarter. However, the stock fell more than 1%PNC Financial — PNC shares fell 2.7% in the premarket after posting lower-than-expected quarterly revenue, even as earnings beat forecasts. Novartis — Novartis jumped 2.9% in premarket action after the drug maker raised its full-year outlook on strong pharmaceutical sales. Norwegian Cruise Line — The cruise line operator's stock slid 1.8% in premarket action after Truist downgraded the stock to a hold from a buy.

Persons: Masimo — Masimo, Pinterest — Pinterest, Evercore, Truist Organizations: of America — Bank of America, Bank, N.Y, Mellon, PNC Financial, PNC, Verizon, Novartis, Sandoz, Evercore ISI, Norwegian Cruise Locations: San Francisco ., BofA, Norwegian

☆ This social media stock can rally 40% as ad spending improves, Evercore ISI says
▼ + stars: | 2023-07-18 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Analyst Mark Mahaney upgraded the visual discovery platform to outperform from in line and raised his price target by $11 to $41. Mahaney's new price target implies the stock could rally 40.7% over the next year. The result: "Generating very high double digit EBITDA growth (e.g. He also called current valuation reasonable, at 27 times and 21 times enterprise value-to-EBITDA for 2024 and 2025, respectively. The $41 price target is based on a 30-times EBITDA at $833 million in 2025.

Persons: Mark Mahaney, Bill Ready, Mahaney, — CNBC's Michael Bloom Organizations: Mahaney, Amazon

☆ Meet the $1 billion water-recycling startup helping the likes of Coca-Cola, BMW, and TSMC curb their usage and clamp down on pollution
▼ + stars: | 2023-07-18 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +8 min

The water-recycling firm Gradiant became one of the first in the space to be valued at $1 billion. Bajpayee's Gradiant helps industrial businesses get this under control by treating and recycling used water. Gradiant has raised over $400 million from investors to date and counts BMW, Coca-Cola, Pfizer, and Taiwan Semiconductor Manufacturing Co. as customers. "If you think about it, ever since the industrial revolution, we've just been taking water from nature," Bajpayee told Insider. Bajpayee added that the company used fewer and, "in some cases," no chemicals in its treatments.

Persons: Gradiant, Anurag Bajpayee, we've, Bajpayee, MIT spinout, Iris, Extantia, Leonardo DiCaprio, Lindsey Higgins, Higgins Organizations: BMW, Cola, Pfizer, Taiwan Semiconductor Manufacturing, MIT, Synthesis Locations: Microsoft's, South America

☆ Zucchini to Go at Gwyneth Paltrow’s Home and 125 Years of the Parrish Art Museum
▼ + stars: | 2023-07-18 | by ( Katie Van Syckle | More About Katie Van Syckle | ) www.nytimes.com time to read: 1 min

“Careful!” Gwyneth Paltrow called to her daughter, Apple Martin, who was walking in black Gucci heels down a stone path on the family’s property in Amagansett, N.Y. It was a muggy, overcast Saturday night, and nearby, the actress Blythe Danner, Ms. Paltrow’s mother, mingled as guests arrived for the tented, 46-person dinner near the trampoline and treehouse in the manicured yard. The stylist Rachel Zoe said she was just focused on being on time as she was getting ready: “Gwyneth is very punctual, and if she is like, sitting at 7, it is 7, maybe even 6:59.”The dinner was hosted by Ms. Paltrow and her stylist, Elizabeth Saltzman, and the occasion was the release of a new Goop serum and a Gucci summer collection. Attendees included Jimmy Fallon, Jodie Comer, Cleo Wade, Jerry and Jessica Seinfeld, and Dr. Julius Few, a plastic surgeon who worked on the new product.

Persons: Gwyneth Paltrow, Apple Martin, Gucci, Blythe Danner, Ms, Paltrow’s, Rachel Zoe, Gwyneth, Paltrow, Elizabeth Saltzman, Jimmy Fallon, Jodie Comer, Cleo Wade, Jerry, Jessica Seinfeld, Julius Few Locations: Amagansett, N.Y

☆ Here are Tuesday's biggest analyst calls: Apple, Alphabet, Pinterest, Netflix, Amazon, Nvidia & more
▼ + stars: | 2023-07-18 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Jefferies reiterates Apple as buy Jefferies said it's expecting a "quiet quarter" when the company reports earnings Aug. 3. Wells Fargo reiterates Netflix as overweight Wells said it's bullish heading into the company's earnings report Wednesday. Jefferies reiterates Alphabet as buy Jefferies said it's bullish heading into Alphabet earnings next week. Bank of America downgrades Lumentum to neutral from buy Bank of America called the stock an "overstated" AI beneficiary. JPMorgan reiterates Amazon as overweight JPMorgan said the e-commerce giant is its top pick heading into earnings. "

Persons: Jefferies, it's, Wells, Truist, Piper Sandler, Dave, Buster's, Piper, Bernstein, Goldman Sachs, Goldman, Max, Roth, Uber, Roth MKM, it's bullish, Morgan Stanley, Evercore, Marvell, Williams Deutsche, Sherwin Williams, JPMorgan Organizations: Apple, Netflix, Argus, Warner Brothers Discovery, Citi, Polaris Citi, 2Q, Bank of America, Nvidia, American Express, Digital, Marvell Technology Inc, Global, Inc, Deutsche Bank, Sherwin, JPMorgan Locations: capex

2 oil consumer, while Libya resumed production on the weekend. "The GDP came in below expectations, so will do little to ease concerns over the Chinese economy," said Warren Patterson, ING's head of commodities research. "Apparent oil demand grew at a strong pace year on year, but the market seems focused on the headline (GDP) numbers," Patterson said. "They are stockpiling crude at low prices, and waiting for recession to hit the West before going full on with stimulus," Grasso said. Reporting by Florence Tan and Mohi Narayan; Editing by Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: China's, Warren Patterson, ING's, Patterson, Stefano Grasso, Grasso, El, Vandana Hari, Hari, Florence Tan, Mohi Narayan, Tom Hogue, Sonali Paul Organizations: Brent, U.S . West Texas, National Bureau, Statistics, Shell, Vanda Insights, Thomson Locations: China, Libya, U.S, Beijing, 8VantEdge, Singapore, Nigerian, Russia, Moscow, Saudi Arabia

On a year-on-year basis, GDP expanded 6.3% in the second quarter, accelerating from 4.5% in the first three months of the year, but the rate was well below the forecast for growth of 7.3%. "The data suggests that China's post-COVID boom is clearly over," said Carol Kong, economist at Commonwealth Bank of Australia in Sydney. The latest data raises the risk of China missing its modest 5% growth target for 2023, some economists say. Authorities are likely to roll out more stimulus steps including fiscal spending to fund big-ticket infrastructure projects, more support for consumers and private firms, and some property policy easing, policy insiders and economists said. So I think this does raise greater urgency for more policy support soon."

Persons: Carol Kong, Alvin Tan, Harry Murphy Cruise, Kevin Yao, Ellen Zhang, Joe Cash, Shri Navaratnam Organizations: National Bureau, Statistics, Reuters, Commonwealth Bank of Australia, Analysts, Authorities, Asia FX, RBC Capital Markets, stoke, Moody’s, Thomson Locations: BEIJING, Shanghai, Sydney, China, Asia, Singapore

☆ Instant View: China's Q2 GDP growth slows to 0.8% q/q, raises stimulus expectations
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +11 min

"Consumers are not spending, mainly driven by the bleak outlook for the property market. Disappointing retail numbers and property market sales show it doesn't seem that the boost from rate cuts is sufficient. ..the property market is beginning another slowdown - the government will have to come up with more stimulus for property." "Nonetheless, we think more stimulus is required to stabilise and restore confidence in the property market." ZHIWEI ZHANG, CHIEF ECONOMIST, PINPOINT ASSET MANAGEMENT, HONG KONG"Nominal GDP growth turns out to be lower than real GDP growth in Q2, the first time since comparable data are available in Q4 2016.

Persons: CHRISTOPHER WONG, LOUIS KUIJS, CAROL KONG, XING ZHAOPENG, KEN CHEUNG, ALVIN TAN, VISHNU VARATHAN, MARCO SUN, CHEN, TONY SYCAMORE, ZHIWEI ZHANG, JING LIU Organizations: Gross, National Bureau, Statistics, Shanghai, NBS, BANK OF, ANZ, MIZUHO BANK, OF, OF ASIA FX, RBC, MUFG BANK, IG, SYDNEY, Friday's, BANK OF SINGAPORE, HSBC, stoke, Authorities, Reuters, U.S, Thomson Locations: U.S, SINGAPORE, ASIA, HONG KONG, SYDNEY, CHINA, SHANGHAI, OF ASIA, China

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