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German economy to shrink again in 2024: think tanks
German economy to shrink again in 2024: think tanks

Germany's economy is expected to shrink slightly in 2024, leading economic institutes said on Thursday, as the traditional manufacturing powerhouse continues to stagnate. Most recently, the economy underperformed analyst expectations in the second quarter, shrinking by 0.1 percent.

Hong Kong's New World Development replaces CEO Adrian Cheng
Hong Kong's New World Development replaces CEO Adrian Cheng

Hong Kong property behemoth New World Development announced Thursday that its chief executive officer Adrian Cheng has been replaced, as the firm reported an annual loss of over US$2.5 billion. The firm also announced losses attributable to shareholders totalling HK$19.68 billion (US$2.5 billion), which will will mark New World's first annual loss in two decades.