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China reports biggest drop in exports since 2020
China last month suffered its biggest drop in exports for more than two years, according to official figures Tuesday, as the world's second-largest economy struggles with sluggish global demand and a domestic slowdown. Meanwhile, imports fell for the ninth month in a row in July, shrinking 12.4 percent in a sign of sluggish domestic demand.
Asian markets struggle as traders fret over another Fed hike
Asian markets stuttered Tuesday on renewed concerns that the Federal Reserve will hike rates again, while ongoing worries about the Chinese economy added to the negativity. In early Asian trade, Hong Kong and Shanghai dropped ahead of the release of Chinese trade data, which is expected to show another sharp drop in exports as the world's number-two economy struggles to recover.
PayPal debuts US dollar-backed stablecoin for payments
PayPal on Monday launched a stablecoin digital currency backed by US dollars to be used for transactions at its global online payments platform. PayPal USD is issued by Paxos Trust Company and backed by dollar deposits and similar cash holdings, the online payments giant said in a release.
Paramount announces sale of Simon & Schuster for $1.62 bn
Paramount Global said Monday it had reached an agreement to sell Simon & Schuster, a top US publisher, to private equity firm KKR for $1.62 billion.
'From Ukrainians without love': Drone fundraiser taunts Moscow
Crouching beside Ukrainian-made attack drones on a runway, TV star Serhiy Prytula appeared keen to taunt Moscow with a crowdfunded fleet that experts have linked with recent strikes inside Russia. Offering a rare glimpse at Ukraine's homegrown explosive drones, Prytula recently shared images of himself with a fleet in an undisclosed location.
Paris says tough Airbnb rules 'working' as violations fall
The city of Paris said on Monday that its tough restrictions on the online accommodation service Airbnb were working, pointing to fewer violations of the code this year in the French capital but stiffer fines. Airbnb use has grown dramatically in recent years across the world, with the service allowing users to find accommodation in a private home rather than a hotel.
French billionaire Drahi feels 'betrayed' as graft claims swirl
With corruption claims threatening to engulf his global business empire, French-Israeli billionaire Patrick Drahi said Monday that he felt "betrayed and deceived" by a small group of his colleagues.
Saudi Aramco Q2 profits drop 38% on lower prices: statement
Oil firm Saudi Aramco on Monday announced profits of $30.08 billion for the second quarter, a sharp fall from the same period last year when prices surged after Russia invaded Ukraine. Aramco reported record profits totalling $161.1 billion last year, allowing the kingdom to notch up its first annual budget surplus in nearly a decade.
Asian markets fluctuate after mixed US jobs report
Asian equities swung Monday following a mixed US jobs report that left investors weighing the chances of another Federal Reserve interest rate hike. The cheer was offset by a still-strong read on wage growth, which backed up the hawkish outlook for more tightening, with Bloomberg reporting traders see a 40-percent chance of another hike this year.
AFP
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