Market trends and business perspectives
US President Donald Trump says he has signed a document that will lead to the reimposition of tariffs on aluminum imported from Canada.
Trump made the announcement during a visit to a Whirlpool factory in Clyde, Ohion, according to the Wall Street Journal.
Trump said: “Canada was taking advantage of us, as usual. The aluminum business was being decimated by Canada, very unfair to our jobs and our great aluminum workers.” [Read more…] about Trump to reimpose tariffs on aluminum from Canada
Nintendo, one of the original games companies and still one of the biggest despite the “casual” gaming revolution brought about by smartphones, is reporting an astounding increase in profits.
According to the Financial Times, Nintendo’s net profits “soared by 541 percent” at the height of the coronavirus pandemic and its consequential lockdowns, when most people in most countries stayed home.
Nintendo often suffers from too much demand for its consoles, as it did when its Switch handheld console – which looks rather like a smartphone, as shown in the main image – sold out around the world with many millions still searching for it. [Read more…] about Computer games giant Nintendo’s profits skyrocket by more than 500 per cent
Russia and China are building a “financial alliance” and look set to “ditch” the dollar, according to a report on the Nikkei Asian Review website.
The financial news website reports that the US dollar’s share of trade between Russia and China “fell below 50 percent for the first time on record” in the first quarter of 2020.
The source of the statistic is Russia’s Central Bank and Federal Customs Service, which published figures showing that a relatively low 46 percent of trade transactions between China and Russia were conducted or completed in US dollars. [Read more…] about Russia and China ‘ditch’ dollar and increase use of euro
Oil-producing nations located in the Middle East and North Africa are struggling with their economies, most of which are not diversified enough to offset the losses caused by falls in the price of crude.
A quick check shows that the current price of a barrel of crude oil – which is about 160 litres – is just above $40, which is significantly lower than certainly Arab countries need it to be.
According to the Economist, Algeria needs the price to be about $157 a barrel, while Oman wants to get to at least $87. [Read more…] about Oil-producing nations struggling with economic woes as society shifts towards electric movement
Reshoring industrial operations from China to the US has not been as straightforward as it may have sounded at first, and companies looking to do so “face significant problems”, according to a report by the South China Morning Post.
American companies, encouraged by the administration of President Donald Trump to relocate to the US, have found that there are numerous problems with reshoring.
One of the main issues relates to recruitment. The industrial sector – whether you’re talking about manufacturing, logistics, or other segments – has long had to contend with deep, structural problems in attracting workers. [Read more…] about Reshoring from China to US not a short-term solution
Member states of the European Union have agreed a €750 billion recovery fund in the wake of the coronavirus pandemic, which has all but destroyed large parts of the economy in many countries.
The agreement was reached during a four-day summit meeting in Brussels, Belgium between the leaders of the 27 member nations.
Charles Michel, chairman of the summit, called the accord “a pivotal moment for Europe”, according to a report by Reuters. [Read more…] about EU member states agree €750 billion post-pandemic recovery fund
Desperate Chinese manufacturers are resorting to “street vendor” tactics in order to survive amid the economic devastation caused by the coronavirus pandemic.
In the past, street vendors were targeted by the police and Communist government and shut down wherever they were found, even if they were licensed.
The thinking was that street vendors were a blight on urban landscapes and hampered regeneration programmes. [Read more…] about Desperate Chinese manufacturers resorting to ‘street vendor’ tactics
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