STOCKHOLM—Spotify is planning to hire hundreds of staff to boost its advertising sales in Europe and elsewhere, as the music streaming service looks to increase revenue from customers who don’t pay a monthly fee but make up the bulk of its user base. “We are increasing our ads business marketing workforce by over 70 percent…
Spotify to Hire Hundreds to Drive Ad Sales in Europe, Australia, Canada
Apple to Sell Fewer iPhones as Chip Crisis Bites, JP Morgan Says
J.P. Morgan on Tuesday became the second brokerage in two weeks to cut its forecast for Apple Inc.’s iPhone sales for the crucial holiday quarter as the global chip shortage and factory closures in Asia finally catch up to the technology giant. The brokerage trimmed its iPhone revenue estimate to $63 billion for the first…
Evergrande Crisis Portends a ‘Dramatically’ Slowing Chinese Economy, Economist Says
October 19, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyCompaniesEconomieseconomyevergrandeUSUS NewsWorld
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The Chinese economy is on the path of a sharp slowdown in the coming years as Beijing wrestles with the Evergrande debt crisis, an economic analyst warned, adding that this oncoming slump should serve as an awakening to the other parts of the globe. The country’s shrinking economy, however, may not immediately be made apparent,…
Fiscal Pressures Rise Amid Bloated Debt Levels, OECD Warns
The coronavirus pandemic may have contributed to soaring public debt levels, leaving many governments facing fiscal pressures in the coming decades, the OECD warned in a new report Tuesday. According to the Organization for Economic Cooperation and Development’s economic outlook to 2060, governments worldwide must grapple with the costs of repaying debt generated to support…
Analysis: Central Banks and Governments in Eastern Europe at Odds Amid Inflation
BUDAPEST—A surge in price growth in eastern Europe has opened a rift between central banks that have launched rate hikes to battle inflation and populist governments trying to defend a strong economic recovery. The standoff is most apparent in Hungary and the Czech Republic, where national elections have complicated the task of central banks, which…
Yellen Backs Down on IRS Snooping on Americans’ Bank Accounts
Secretary of the Treasury Janet Yellen has relented in response to backlash over a controversial proposal by Democrats that would have allowed the IRS to gain information from any American bank account with more than $600 of activity in a year. The measure initially came to light as a part of Democrats’ $3.5 trillion reconciliation…
IMF Sees Economic Growth With Higher Inflation for Mideast
DUBAI, United Arab Emirates—The Middle East is expected to see significant economic growth this year, but also soaring inflation and food prices, as coronavirus vaccines are unevenly rolled out across the region, the International Monetary Fund said Tuesday. The lender’s new report projects the region’s economies will grow by around 4 percent, while inflation will…
Port of Rotterdam Freight Volumes Rise 15 Percent as Economy Recovers
AMSTERDAM—Freight volumes in the port of Rotterdam increased 15 percent on a yearly basis in the third quarter as international trade continued to recover from its COVID-19 slump, Europe’s largest sea port said on Tuesday. Trade flows to and from Rotterdam have been almost 9 percent higher in the first nine months of the year,…
Ericsson Plans Cut in China Ops on Huawei Backlash, Flags Supply Chain Issues
October 19, 2021
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5GBusiness & EconomyChinaChina Business & EconomyCompaniesEconomiesHuaweiInternationalMarketssupply chainWorld
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STOCKHOLM—Sweden’s Ericsson announced on Tuesday plans to reduce its operations in China after suffering a big sales drop in one of its biggest markets, citing retaliation for Sweden’s banning China’s Huawei from selling 5G gear in the country. The news came as the company reported better than expected third-quarter core earnings boosted by strong sales…
Xiaomi CEO Says Firm to Mass Produce Its Own Cars in H1 2024: Spokesperson
October 19, 2021
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Business & EconomyChinaChina Business & EconomyCompaniesEconomieselectric vehicleMarketssmartphoneXiaomi
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SHANGHAI—Xiaomi Corp Chief Executive Lei Jun said the Chinese smartphone maker will mass-produce its own cars in the first half of 2024, a company spokesperson said on Tuesday. The comments, which were made at an investor event, were first reported by local media and later confirmed by the company. Zang Ziyuan, a director in Xiaomi’s…
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