TOKYO—Asian shares dipped on Monday as concerns about China’s property sector and inflation worries offset upbeat U.S. data and positive news on new drugs to fight the coronavirus. Trading in shares of debt-laden China Evergrande was suspended after it missed a key interest payment on its offshore debt obligation for the second time last week….
Asian Shares Slip as Evergrande, Inflation Worries Sap Positive Mood
October 3, 2021
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Western Australia Leader Laments Lack of ‘Appreciation’ for China From Eastern States
October 3, 2021
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Western Australian (WA) Premier Mark McGowan has lauded the state’s relationship with the Chinese Communist Party (CCP) while lamenting the lack of appreciation from Australia’s eastern states for the country’s trading ties with China. His comments come amid ongoing tensions in the Australia-China relationship due to Beijing-instigated foreign interference, industrial-scale cyberattacks, and economic coercion. “It…
China Increases Rare Earth Production, Reaching New High in Yearly Quota
China is to boost this year’s quota of rare-earth metal production by 20 percent, to a record high. In recent years, countries such as the United States have been concerned about the threat of the communist regime leveraging its dominance in these essential materials. The country plans to produce 168,000 tons of rare earth in…
US Auto Sales Slump, Stalled by Car Computer Chip Shortage
October 2, 2021
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DETROIT—In a normal month before the pandemic, Con Paulos’ Chevy dealership in Jerome, Idaho, sold around 40 new vehicles. In September, it was only six. Now he’s got nothing new in stock, and every car, truck or SUV on order has been sold. Last month, what happened at his dealership about 115 miles (185 kilometers)…
Volkswagen Labour Boss Wants Faster Electric Car Rollout at Wolfsburg: Braunschweiger Zeitung
BERLIN—The head of Volkswagen’s works council wants the carmaker to bring forward production of electric vehicles at its main plant in Wolfsburg to 2024 make it more competitive, a newspaper reported on Saturday. The Braunschweiger Zeitung quoted works council chief Daniela Cavallo as saying a global chip shortage and the COVID-19 pandemic were reducing output…
Fed’s Harker Says He Worries Inflation Won’t Be as Transient as Expected
NEW YORK—While he does not expect inflation to spiral out of control, Philadelphia Federal Reserve Bank President Patrick Harker said he is worried inflationary pressures may not be as transient as expected. “I am in the camp of being more worried that inflation isn’t as transient as we think,” Harker said during a virtual event…
Fed’s Mester Repeats First Rate Hike Could Come at the End of 2022
NEW YORK—The Federal Reserve’s conditions for raising interest rates could be met by the end of 2022, Cleveland Fed Bank President Loretta Mester said on Friday, adding that she expects inflation to come back down to the central bank’s target next year. “I think we’ll see progress in the labor market and progress on inflation…
Toyota Outsells GM in US for First Nine Months of 2021
October 2, 2021
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WASHINGTON—Japanese automaker Toyota Motor Corp. outsold General Motors Co. in the United States for the first nine months of 2021 as the Detroit automaker grappled with production problems stemming from the semiconductor chip shortage. Toyota during the first nine months sold 1.86 million vehicles compared with GM’s 1.78 million, or just over 80,000 more vehicles,…
Exclusive: Fed’s Harker Says Economy Close to Achieving Inflation Goal for Rate Hikes
October 2, 2021
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The U.S. Federal Reserve may be close to meeting the inflation mandate set for raising interest rates, Philadelphia Fed Bank President Patrick Harker said, but it may be a year or longer before the central bank’s employment goal is met to allow for an actual rate increase. After running high this year because of the…
Fed’s Powell Pledges Diversity Focus in Filling Reserve Bank Openings
October 2, 2021
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WASHINGTON—U.S. Federal Reserve Chair Jerome Powell on Thursday promised to redouble efforts to find “diverse candidates” to replace two high-profile officials who resigned this week after criticism of their securities trading, as the central bank tried to regroup from a blow to its typically staid, technocratic image. “I can absolutely guarantee you that we will…
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