Ultra-rich fueling sales of luxury brands despite inflation and recession fears
High-end luxury brands are reporting strong sales even as retailers catering to more mainstream customers cite a pullback in consumer spending.
Financial News
U.S. is ‘not going anywhere,’ Middle East envoy says, as China’s Xi expected to visit Saudi Arabia
The U.S. disputed claims that a forthcoming visit by Chinese President Xi Jinping to Saudi Arabia signals America’s waning influence in the Middle East.
U.K. economy contracts in the second quarter as cost-of-living crisis bites
The U.K. economy contracted in the second quarter of 2022, although by less than economists expected.
Beijing’s new trade restrictions on Taiwan after Pelosi’s visit are a drop in the ocean
Beijing’s trade blocks against Taiwan affect under 1% of their two-way trade. But military drills in the Taiwan Strait may delay shipments, analysts warn.
SoftBank posts a $21.6 billion quarterly loss on its Vision Fund, one of the highest in its history
SoftBank posted a 2.93 trillion Japanese yen ($21.68 billion) loss for the June quarter for its Vision Fund. This is its second-largest quarterly loss.
Berkshire Hathaway reports operating earnings surge, but posts big investment loss amid market rout
Berkshire Hathaway’s operating profits jumped in the second quarter despite fears of slowing growth.
Danger ahead: The U.S. economy has yet to face its biggest recession challenge
You’d be hard-pressed now to find a recession in the rearview mirror. What’s down the road, though, is another story.
Taiwan’s trade with China is far bigger than its trade with the U.S.
Taiwan’s business and economic ties with mainland China and Hong Kong have grown so large that the region is by far the island’s largest trading partner.
Pelosi’s Taiwan trip puts the world’s biggest chipmaker back in the spotlight of U.S.-China rivalry
Semiconductors have become a key part of the rivalry between the U.S. and China with TSMC, which dominates chipmaking, caught in the middle.
U.S. House Speaker Nancy Pelosi meets Taiwan’s president despite China’s warnings
U.S. House Speaker Nancy Pelosi met Taiwan President Tsai Ing-wen on Wednesday in a high-stakes visit that has infuriated Beijing.