Economy & Finance

Economy, finance, markets, luxury and geopolitics — macro signals that influence the art market and collecting.

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Loop Arts Events Generated $395M for Chicago Economy in Q2 2026 economy-finance
From April to June 2026, nearly 1.5 million individuals visited arts and culture events in downtown Chicago's Loop, generating over $395 million for the local economy—a 20% rise…
China and US seek industry input on tariff cuts ahead of Xi-Trump summit economy-finance
China's Ministry of Commerce announced a collaborative effort with the United States to gather insights from the industry regarding potential tariff reductions using a newly…
UK PM Burnham announces business rates cut for pubs and venues economy-finance
On Thursday, UK Prime Minister Andy Burnham revealed a 20% reduction in business rates for pubs, clubs, and live music venues, a move aimed at alleviating the ongoing cost of…
EU Fines Google €890 Million Under Digital Markets Act economy-finance
On Thursday, the European Union imposed a record fine of €890 million (US$1 billion) on Google for breaching the Digital Markets Act, the highest penalty ever levied against a…
AI trade shifts emerging market dominance to South Korea and Taiwan economy-finance
South Korea and Taiwan now account for over half of the MSCI Emerging Markets Index, overtaking China and India. As of last month, South Korea's weight was nearly 24%, Taiwan's…
China's Bank Wealth Products Under Fire for Misleading Yield Displays economy-finance
Chinese bank wealth management products are facing increased scrutiny after an investigation revealed that some institutions are selectively highlighting short-term returns while…
Chile seeks to diversify copper buyers with $100B mining plan economy-finance
Chile's foreign minister Francisco Perez Mackenna announced at a Bloomberg summit in Singapore that the country aims to attract approximately US$100 billion in mining investment…
US Trade Rep Says China Critical Mineral Exports Still Insufficient Ahead of Xi-Trump Meeting economy-finance
On Wednesday, U.S. Trade Representative Jamieson Greer addressed the Senate Finance Committee regarding the difficulties in securing adequate exports of essential minerals from…
Chinese automakers like XPeng challenge Europe as VW cuts 50,000 jobs economy-finance
As Volkswagen plans to cut 50,000 jobs while clinging to combustion engine technology, Chinese automakers are aggressively entering the German auto market. XPeng's CEO has…
GST Explained: When to Register and How to Avoid Fraud economy-finance
The goods and services tax (GST) is a 10% tax on goods and services in Australia, collected by businesses on behalf of the Australian Tax Office (ATO). Businesses with an annual…
China's low-cost business model resists reform due to structural incentives economy-finance
A South China Morning Post opinion piece argues that China's low-cost business model persists despite its diminishing usefulness because of built-in fiscal incentives that…
Chinese robot maker AgiBot eyes Hong Kong IPO with three sponsors economy-finance
AgiBot, a Chinese robotics firm, is aiming for an initial public offering in Hong Kong and has enlisted Citic, CICC, and Morgan Stanley as joint sponsors, sources indicate. The…
German Debt Brake Reform Blocked by Commission of Opponents economy-finance
A government-appointed commission has failed to reach a compromise on reforming Germany's debt brake (Schuldenbremse), effectively shelving the project. The commission, tasked…
US War in Iran Costs $37.5 Billion So Far, Pentagon Chief Says economy-finance
On Tuesday, Defense Secretary Pete Hegseth informed lawmakers that the financial toll of the U.S. war in Iran has escalated to $37.5 billion. This was his first time addressing…
Disney lays off hundreds more employees across Pixar and National Geographic economy-finance
The Walt Disney Company has laid off hundreds of employees across multiple divisions, with the majority of cuts occurring at Pixar Animation Studios and National Geographic. Staff…
China expands land trade routes to Central Asia amid maritime tensions economy-finance
In a bid to diversify its export routes amid rising geopolitical tensions affecting maritime trade, Beijing is swiftly developing land trade pathways to Central Asia. For the…
Canadian provinces maintain US alcohol bans despite Trump tariff threat economy-finance
Several Canadian provinces, including Ontario and Quebec, continue to ban American wine and spirits from government-operated stores, defying a new tariff threat from US President…
Vietnam Fines Crypto Traders Up to $1,900 for Using Unlicensed Platforms from September 1, 2026 economy-finance
Starting September 1, 2026, Vietnam will enforce penalties reaching 50 million VND ($1,900) on individuals engaging in digital asset trading via unlicensed platforms, as outlined…
Houthi blockade threat risks $100 oil for Asia economy-finance
The Houthis have threatened to blockade Saudi oil shipments through the Bab el-Mandeb Strait, potentially driving oil prices above $100 per barrel for Asian buyers. The threat,…
UK PM Burnham Cuts Electricity Tax to Ease Cost-of-Living Crisis economy-finance
British Prime Minister Andy Burnham announced on Tuesday the removal of value-added tax from domestic electricity bills starting October 1, cutting approximately £45 from the…
Beijing's stock support aims to fuel tech drive and sustain bull run economy-finance
Beijing is taking steps to strengthen the $15 trillion stock market, aiming to create a stable bull market that promotes tech self-reliance and protects family savings. Just this…
China Tightens Fuel Export Controls Amid Iran War to Protect Domestic Supply economy-finance
Despite relaxing certain restrictions in March 2027, China continues to impose stringent controls on fuel exports, emphasizing the importance of domestic energy security amid the…
China's chip war strategy needs multinational allies economy-finance
For China to prevail in the semiconductor competition, it needs to implement a multinational approach, capitalizing on its stronghold in legacy integrated circuits for consumer…
Ant International raises $1.2B for global expansion economy-finance
Ant International, a branch of the Chinese fintech giant Ant Group based in Singapore, has raised about $1.2 billion in a Series A funding round to support its global growth. This…
South Korea Probes 40 Crypto Manipulation Cases Under 2024 Law economy-finance
South Korea's Financial Services Commission (FSC) has investigated approximately 40 suspected crypto market manipulation cases since the Virtual Asset User Protection Act took…
Hong Kong Lawmakers Push for Commercialization of Museums Amid $500M Deficit economy-finance
Hong Kong's Legislative Council has recommended that 15 government-run museums adopt more commercial operations to address a $500 million funding gap. The deficit was revealed in…
Trump Imposes 50% Tariffs on Canadian Goods Over Dairy, Cars, Alcohol economy-finance
US President Donald Trump on Monday imposed 50% tariffs on most Canadian goods, accusing Canada of unfair discrimination against American cars, alcohol, and dairy products. The…
China to Let Oil Prices Spike Rather Than Tap Strategic Reserves economy-finance
Analysts indicate that China is unlikely to tap into its strategic petroleum reserves to mitigate the effects of increasing oil prices that may arise from a possible conflict with…
Hungary Probes BYD Deal After Ex-Minister Joins Chinese Carmaker economy-finance
The Hungarian government initiated an investigation into the significant investments made by Chinese electric vehicle manufacturer BYD on Monday. This inquiry follows the…
Europe's trade war strategy with China shifts to survival and deterrence economy-finance
Brussels is increasingly focused on ensuring core European industries survive a potential trade war with China, shifting from de-risking to building credible retaliatory tools.…
TSMC invests additional $100 billion in Arizona AI chip production economy-finance
Taiwan Semiconductor Manufacturing Co. (TSMC) has announced a further investment of $100 billion in its facilities in Arizona, attributing this decision to a sustained increase in…
Germany Joins France in Push for Stronger EU Trade Defenses Against China economy-finance
Germany has shifted its stance to align with France in urging the European Union to strengthen trade defenses against China, as the bloc's trade deficit with Beijing widens by €1…
EU fines AliExpress €550 million over illegal products under Digital Services Act economy-finance
On Monday, AliExpress was fined €550 million (US$630 million) by the European Union for permitting the sale of illegal items, such as hazardous toys and cosmetics. This penalty…
Apple Overtakes Nvidia as World's Most Valuable Company Amid AI Skepticism economy-finance
On Friday, Apple briefly claimed the title of the world’s most valuable company, overtaking Nvidia as investors moved away from semiconductor stocks. This transition reflects…
German rearmament threatens welfare state, analysis finds economy-finance
A new analysis in Der Freitag argues that Germany's massive rearmament spending, financed through debt, will directly undermine the welfare state. Interest payments on…
China to conclude Trip.com antitrust probe with potential billions in fines economy-finance
China's State Administration for Market Regulation (SAMR) is expected to conclude its antitrust investigation into Trip.com, the country's leading online travel service provider,…
China shifts from contractor to stakeholder in Ivory Coast economy-finance
China is transitioning from a contractor to a stakeholder in Ivory Coast's fast-growing economy, with a $209 million tourist complex among its new investments. This shift marks a…
Jingye Group demands compensation from UK over British Steel nationalisation economy-finance
Jingye Group, the Chinese former owner of British Steel, demanded compensation from the UK government on Sunday for investment losses after the nationalisation of the manufacturer…
Netflix Stock Plunges 8% After Q2 Earnings Renew Growth Concerns economy-finance
On Friday, Netflix's stock dropped 8% to $68.64, hitting its lowest point in a year, following the release of its Q2 earnings report that sparked growth apprehensions. The company…
ESMA Adds 14 Firms to MiCA Register, Ripple Among Newcomers economy-finance
On July 16, the European Securities and Markets Authority (ESMA) revealed that it has added 14 new firms to its Markets in Crypto-Assets (MiCA) register, increasing the number of…

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