The China Mail - Economy

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Scandic Trust Group strengthens sales network with First Idea Consultant

As the Hong Kong daily "HongKong Telegraph" recently learned, the SCANDIC TRUST GROUP, an internationally operating conglomerate that is not active in the hotel industry, is expanding its international sales network: After successfully passing a thorough KYC and AML check (process control to verify identity, prevent money laundering, terrorism financing and all corporate activities) by bankers, the Dubai‑based and internationally active corporate association "FIRST IDEA CONSULTANT" will be integrated into the SCANDIC TRUST GROUP as a new sales partner under the name "SCANDIC SETUP".FIRST IDEA CONSULTANT, founded by internationally experienced bankers under the leadership of Amir Aslam, has for years successfully supported international founders and investors in the legally compliant establishment of companies and business accounts in the Gulf states of the GCC (Gulf Cooperation Council). Thanks to a multilingual team of experts in German, English, Russian, Ukrainian, Hindi, Arabic and Chinese, clients worldwide are accompanied professionally.

Zuckerbergs put AI at heart of pledge to cure diseases

The Chan Zuckerberg Initiative, a nonprofit launched by Mark Zuckerberg and his wife aimed at curing all disease, on Thursday announced it was restructuring to focus its efforts on using artificial intelligence to achieve that goal.

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Stocks higher as traders weigh China-US row, tech earnings

Global stock markets mostly rose on Thursday as investors weighed strong tech earnings and hopes that the latest flare-up in US-China trade tensions might ease.

US Fed chair contender backs October rate cut

A top contender to run the US Federal Reserve threw his support Thursday behind a quarter-point rate cut later this month, claiming he believed inflation would soon cool.

Armani names executive close to designer as new CEO

The Armani Group on Thursday named a senior manager who worked alongside Giorgio Armani to take over as chief executive of the luxury empire following the designer's death.

Greece lawmakers back plan to allow 13-hour workday

Greece's parliament on Thursday approved a government-backed bill allowing people to work 13-hour days, despite fierce objections from trade unions and opposition parties.

Stocks fluctuate as traders weigh China-US row, tech earnings

Stock markets were mixed Thursday as investors weighed the latest volleys in the China-US trade war and strong tech earnings.

Pope slams millions facing hunger worldwide as 'collective failure'

Pope Leo XIV on Thursday slammed the world's failure to stop millions of people going hungry, blaming a "soulless economy" and calling on people to rethink their lifestyles and priorities.

Nestle to cut 16,000 jobs worldwide

Nestle, the Swiss food giant whose brands include Nespresso coffee and Perrier water, announced Thursday plans to cut 16,000 jobs worldwide over the next two years, sending its share price soaring.

Markets mixed as traders weigh China-US row, rate cut hopes

Markets were mixed on Thursday as investors weighed the latest volleys in the China-US trade war and expectations that the Federal Reserve will continue cutting interest rates this year.

Markets mostly rise as traders weigh China-US row, rate cut hopes

Most markets rose Thursday as investors weighed the latest volleys in the China-US trade war and expectations that the Federal Reserve will continue cutting interest rates this year.

One year on, Italian migrant camps in Albania near-empty

One year after Italy opened migrant camps in Albania intended to hold people intercepted at sea, the legally contested centres lie almost empty.

AI boom delivers record net profit for Taiwan's TSMC

Taiwanese tech titan TSMC reported Thursday a forecast-busting record net profit for the third quarter on skyrocketing demand for microchips used to power iPhones and artificial intelligence.

Nestle says to cut 16,000 jobs worldwide over next two years

Nestle, the Swiss food giant whose brands include Nespresso coffee and Perrier water, will eliminate 16,000 jobs worldwide over the next two years, its new chief executive said on Thursday.

Asia stocks rise as traders weigh China-US row, rate cut hopes

Asian equities edged up Thursday as investors weighed the latest volleys in the China-US trade war and expectations that the Federal Reserve will continue cutting interest rates this year.

United sees demand 'strengthening' as profits edge lower

United Airlines reported a slight dip in profits Wednesday as operating expenses ticked higher, adding that a strengthening demand outlook would boost fourth-quarter results.

Syria won't wait for global community to reform economy: Finance Minister

Syria is in a hurry to rebuild its war-torn economy and will not wait for the international community to begin making those changes, the country's finance minister said Wednesday.

US says working on new $20 bn 'facility' for Argentina

US Treasury Secretary Scott Bessent on Wednesday said he was working to help corral the private sector around a new $20 billion "facility" to support Argentina's embattled economy.

Dutch tech giant ASML posts stable profits, warns on China

Dutch tech giant ASML warned Wednesday of a steep fall in its China business next year, as it booked flat net profits in the third quarter of 2025 compared to the same period last year.

Canada fears for auto jobs after Stellantis announces US investment

Canadian leaders said Wednesday that Jeep-maker Stellantis's decision to invest $13 billion in the United States threatens Canadian jobs, urging action to counter what they called another casualty of President Donald Trump's trade war.

Greece weighs disputed 13-hour workday reform

Greece's parliament on Wednesday debated a controversial reform proposed by the conservative government, which would allow 13-hour workdays under exceptional circumstances, drawing fire from unions and opposition parties.

'Absolutely critical' to boost growth in Europe: IMF official

It is absolutely critical for European countries to boost growth and productivity to catch up with the United States, a senior IMF official told AFP, calling on policymakers to make "smarter" spending choices.

Huge telecom takeover bid raising alarms in France is rejected

French telecom firm SFR on Wednesday rejected a buyout bid by three rivals, as the government and labour unions warned the deal could harm consumers and employees.

Stocks rise on US rate cut hopes, strong company earnings

Stocks mostly rose and the dollar retreated Wednesday on hopes for further US interest rate cuts and a solid set of company earnings.

Markets rally, dollar weakens as Fed cut hopes trump trade war fears

Stocks jumped and the dollar retreated Wednesday as trade war fears were overshadowed by comments from Federal Reserve boss Jerome Powell that suggested the bank would cut interest rates again this month.

Kenyan opposition leader Raila Odinga dies in India

Kenyan opposition leader Raila Odinga has died at the age of 80 during a health visit to India, local police said Wednesday -- a political earthquake that could transform politics in the East African nation.

US Supreme Court to hear pivotal minority voting rights case

The US Supreme Court hears a case involving Black voters on Wednesday that could have lasting repercussions on whether Democrats or Republicans control the House of Representatives.

Dutch tech giant ASML posts stable profits, warns on China sales

Dutch tech giant ASML warned Wednesday of a steep fall in its China business next year, as it booked flat net profits in the third quarter of 2025 compared with the same quarter last year.

Dutch tech giant ASML: China sales to dip 'signficantly' in 2026

Dutch tech giant ASML said on Wednesday it expected its sales in China to fall significantly next year, as it booked flat net profits in the third quarter of 2025 compared with the same quarter last year.

China consumer spending falls as pressure on economy builds

China's consumer prices continued to fall last month, with official data highlighting the battle leaders face in trying to kickstart domestic spending in the world's number two economy while fighting a trade war with the United States.

Asian markets rally as Fed cut hopes trump trade war fears

Stocks jumped Wednesday as trade war fears were overshadowed by comments from Federal Reserve boss Jerome Powell that suggested the bank would cut interest rates again this month.

Mixed day for global stocks amid trade angst, Powell comments

European and US stock markets fell before recovering somewhat as markets weighed trade tensions between Beijing and Washington and digested fresh Federal Reserve commentary.

Brazil, other nations agree to quadruple sustainable fuels

Brazil, India, Italy and Japan vowed Tuesday to quadruple their production and consumption of renewable fuels, hoping other countries will join the pledge during UN climate talks in November.

Trump threatens to end cooking oil purchases from China

US President Donald Trump slammed China's halt of American soybean purchases as an "economically hostile act," warning Tuesday that his country could in turn stop buying cooking oil from the world's second-biggest economy.

The China Mail - Economy (English)