Content Summary
1. The currency supply in the eurozone has contracted for the first time in 13 years
2. Online commodity prices in the United States hit their largest drop in 40 months in August
3. Guyana once again becomes the fastest growing economy in the world
4. Thailand implements a visa free entry policy for Chinese tourists for about 5 months, allowing them to stay for 30 days
5. Global durian demand surged by 400% in the first quarter of this year, with China accounting for 90%
Tesla and its suppliers will invest approximately $15 billion in the new factory
Thailand distributes 10000 Thai baht digital cash to all citizens aged 16 and above
On September 11th, Cailian News Agency reported that the new Thai government will distribute 10000 Thai baht of digital cash, approximately 2000 yuan, to all citizens aged 16 and above in Thailand within six months to promote domestic consumption. According to the new government, digital cash disbursement will begin in the first quarter of next year and is expected to drive Thailand's economic growth next year, increasing from an estimated 2.8% to 5%.
Saudi Arabia's oil production reduction has led to sustained negative growth in industrial production for three months
According to the latest report from the Saudi Arabian National Bureau of Statistics (GASTAT), Saudi Arabia's Industrial Production Index (IPI) has been experiencing negative growth for three months, with a year-on-year decrease of 9.5% in July, mainly due to a decrease in mining industry activity. In terms of sub items, Saudi Arabia's manufacturing activity increased by 8.7% year-on-year in July, electrical supply increased by 21% year-on-year, while Saudi Arabia's mining and quarrying industry decreased by 16.7% year-on-year.
The currency supply in the eurozone has contracted for the first time in 13 years
Recently, the European Central Bank released data showing that with the stagnation of private sector loans and a decrease in deposits, the money supply in the eurozone has shrunk for the first time since 2010. Data shows that the currency supply in the eurozone decreased by 0.4% year-on-year in July this year. Economists warn that this indicates further economic decline in the eurozone in the future. Meanwhile, the upward pressure on inflation has not been eliminated, and the eurozone economy is shrouded in the shadow of stagflation.
Online commodity prices in the United States hit their largest drop in 40 months in August
Although the current overall inflation level in the United States has not yet dropped to the target level of 2%, it is reassuring for consumers that the prices of goods sold online are steadily decreasing. On September 12th, a statistics showed that the prices of online goods in the United States decreased by 3.2% year-on-year in August. According to this data, this is the 12th consecutive month of decline and the largest decline since April 2020. In terms of classification, the prices of categories such as computers, electronic products, and home appliances have experienced the largest year-on-year decline, with some categories even experiencing double-digit declines.
Real income in the United States has declined for the third consecutive year
On September 12th, according to the annual report of the US Census Bureau on income, poverty, and healthcare insurance, adjusted for inflation, the median household income in the United States was $74580 in 2022 and $76330 in 2021. This means that the real income of American households decreased by 2.3% year-on-year last year, the largest decline since 2010, and also the third consecutive year of decline in real income.
Guyana once again becomes the fastest growing economy in the world
On September 11th, the International Monetary Fund stated that the wave of oil wealth has changed Guyana, a South American country, and its economy is expected to grow by 38% this year, once again becoming the fastest growing economy in the world. Data shows that last year Guyana's GDP reached 14.4 billion US dollars, with a GDP growth rate of 62.3%, including 124.8% growth in the oil and gas economy.
In 2022, Asia will become the region with the largest decline in ultra-high net worth population in the world
Recently, a report from data company Altrata showed that Asia's ultra-high net worth population decreased by about 10.9% last year, making it the region with the largest decline in the world. From a global perspective, the global ultra-high net worth population has decreased by more than 5.4% to 395070 people, marking the first annual decline in four years.
Thailand implements a visa free entry policy for Chinese tourists for about 5 months, allowing them to stay for 30 days
On the 14th local time, the Consular Department of the Thai Ministry of Foreign Affairs issued a notice in response to the Thai Cabinet's policy of "visa free for five months" for China and Kazakhstan made on the 13th. The visa free policy starts from September 25, 2023 and ends on February 29, 2024. The Consular Department of the Thai Ministry of Foreign Affairs announced on the 14th that during the implementation of the visa free policy, tourists from both countries are allowed to enter Thailand without a visa and stay within Thailand for no more than 30 days.
Sri Lanka's Tourism Industry Accelerates Recovery
The latest data released by the Sri Lankan tourism department recently shows that in the first eight months of this year, Sri Lankan inbound tourists reached 904300, a significant increase from 37800 in 2022. According to data from the Sri Lankan Central Bank, the national tourism revenue exceeded $1.3 billion in the first eight months of 2023.
Israel expects electric vehicles to account for 30% by 2030
The Israeli Ministry of Energy stated on Tuesday that it is expected that by 2030, approximately 1.3 million cars in the country will be electrically driven, accounting for 30% of the total number of cars in the country. This means that the increase in electric vehicles will exceed 1.2 million in the next seven years. The Israeli Ministry of Commerce stated that this will add considerable pressure to the national power grid that occupies Israel. According to this goal, the local battery charging capacity will also be expanded by 10 times.
Bankruptcy and bankruptcy of established British retailers may result in approximately 10000 employees losing their jobs
On September 12th, China News Agency reported that in recent years, against the backdrop of increasingly severe economic conditions in the UK, the established British chain retailer Wilco, founded in 1930, has been continuously hit by high inflation pressure and supply problems caused by tight funds. It announced bankruptcy on August 10th, and its over 400 stores will close in early October, causing approximately 10000 employees to lose their jobs.
The number of Dutch corporate bankruptcies has risen for 16 consecutive months
According to a report released by the Dutch Bureau of Statistics (CBS) on September 13th, the number of Dutch corporate bankruptcies has risen for 16 consecutive months. In August, the number of companies declared bankrupt by the court increased by 5% compared to July. Among them, the trade and retail industries have the highest number of bankrupt enterprises, an increase of 52 compared to July.
Record breaking number of severe meteorological disasters in the United States this year
According to official data from the United States, in the first eight months of 2023, the country has experienced 23 meteorological disasters that caused economic losses of over $1 billion, with a record high number. This number has exceeded the record of 22 cases set in 2020. These meteorological disasters have resulted in a total of 253 deaths and over $57.6 billion in losses.
Libya's death toll in desert floods may reach 20000
On the evening of September 10th, a powerful storm swept through the dry riverbed of Libya, crushing the dam above the city, and flooding almost the entire city, according to the Associated Press of Finance and Economics on September 14th. The Libyan Red Crescent Society stated on the 14th that the number of people killed in the most severely affected area of Derna has risen to 11300, with more than 10000 people missing. The mayor of Derna, Abdulmenam al Ghaithi, revealed that based on the number of areas destroyed by floods, it is estimated that the death toll in the city may reach 18000 to 20000.
The collapse of Nigeria's national power grid system has caused widespread power outages across the country for several hours
On September 14th local time, multiple distribution companies in Nigeria reported that since the early morning of the 14th, they have been unable to provide electricity to customers due to the collapse of the national grid system. It is reported that the country's electricity supply has decreased from an average of 4100 megawatts per day to 273 megawatts in the early morning of the same day, resulting in a 93.5% decrease in electricity supply and a nationwide power outage in Nigeria for several hours. Starting from noon on the same day, power supply in multiple places was gradually restored. The Nigerian Transmission Company (TCN) later revealed that the accident was caused by a fire on the line.
Global durian demand surged by 400% in the first quarter of this year, with China accounting for 90%
HSBC stated in a report this week that global demand for durian in the first quarter of this year surged by 400% compared to the same period last year, largely due to the "fanaticism" of Chinese consumers towards this fruit. HSBC ASEAN economist Aris Dacanay stated in a report that in the past two years, China has imported durian worth $6 billion, accounting for 91% of global demand.
Tesla and its suppliers will invest approximately $15 billion in the new factory
On September 11th local time, the Governor of New Leon, Samuel Garcia, stated that Tesla and its suppliers will invest $15 billion in the next two years in the Mexican super factory, which is three times the previously disclosed amount.
German car companies will increase investment in the field of electrification
Recently, German car companies such as BMW and Volkswagen have revealed new trends and are preparing to increase their development efforts in the field of electrification. BMW Group announced this week that it will invest over £ 600 million to produce two fully electric Mini models at its factories in Oxford and Swindon, UK, and will transform the Mini factory in Oxford into an all electric factory by 2030.
Chinese battery giants building super factories in the United States
After setting up a factory in Michigan with 16.8 billion yuan in October last year, Chinese lithium battery manufacturer Guoxuan High Tech has strategically deployed to Illinois, USA. On September 8th local time, the official website of the state government announced that Guoxuan High tech will invest $2 billion (approximately 14.7 billion yuan) to build a new electric vehicle battery super factory in Mantino, Kankaki County, the state. The factory is expected to produce 10GWh of lithium-ion battery packs and 40GWh of lithium-ion battery cells, with plans for production next year.
TikTok Launches E-commerce Services in the United States
On September 12th, the operating company of the short video app "TikTok" originating from China announced the launch of e-commerce (EC) services in the United States. We hope to increase our share in the continuously expanding e-commerce market by leveraging the communication power and video product promotion power brought by our connections with 150 million US users. TikTok's e-commerce services in the United States sell a variety of goods such as clothing, home appliances, and games, with coupons available and connections to external e-commerce platforms such as Shopify. Unlike Temu and others who sell Chinese products at low prices, TikTok seems to also envision allowing American merchants to settle in and open stores.
Ford, BMW, and Honda establish a joint venture
On September 12th, Ford Motor Company, BMW Group, and Honda Motor USA announced the joint establishment of a new company aimed at helping electric vehicle owners save money by feeding energy back to the grid. The new company is called ChargeScape, and through the new platform, electric vehicle owners can gain economic benefits through various charging management and energy sharing services, which traditional gasoline powered vehicles cannot achieve.
Google plans to lay off hundreds of employees in global recruitment teams
On September 14th, Cailian News Agency reported that Alphabet's Google will lay off hundreds of employees in its global recruitment department, which may be part of a large-scale layoff plan in the coming quarters. Google spokesperson Courtenay Mencini confirmed in an email that "the number of job requests received by our recruiters has decreased. In order to continue our important work and ensure our efficient operation, we have made this difficult decision to reduce the size of our recruitment team