Todays top economic news in the world ;we selected top five economic news for today with full of...
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Todays top economic news in the world ;we selected top five economic news for today with full of information and highlighted twitter post.
Listed top economic news are:
Exxon Mobil Corp.’s cash haul overtook that of Alphabet Inc. for the first time since 2018, proving the oil giant is back in the big league just a year after suffering one of the biggest activist shareholder upsets in corporate history.
Exxon, which lost money for the first time in its history during the pandemic, now ranks as the S&P 500 Index’s third-largest generator of free cash flow, behind only Apple Inc. and Microsoft Corp, according to data compiled by Bloomberg.
In another sign of oil’s resurgence, Chevron Corp. jumped up in the ranks with a cash inflow that surprised analysts who were already expecting a record quarter. - economictimes
Australian shares were set to open higher on Monday, tracking gains on Wall Street from Friday, while miners will likely pressure the benchmark on weaker iron ore prices.
The local share price index futures rose 0.7%, a 39.2-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.8% on Friday. - nasdaq
South Korea’s exports extended gains in July, suggesting ongoing resilience in a global economy that’s under pressure from elevated energy prices, rising interest rates and China’s virus restrictions.
Overseas shipments climbed 9.4% from a year earlier, just shy of a forecast 10% gain, government data showed Monday. Average daily shipments, which take into account one less business day than a year earlier, rose 14.1%, it said.
Korea’s overall imports advanced 21.8% in July, resulting in the second-largest trade deficit on records dating back to 2000, and the longest monthly streak of shortfalls since the 2008 global financial crisis. - bloomberg
Samsung has once again become the world's biggest smartphone brand in shipments during Q2 of this year, as revealed by market research firm Canalys.
Samsung has strengthened the supply of its lower-end Galaxy A series, which significantly drove the brand towards this achievement, reads a press release.
Despite a slowdown within the smartphone market, Samsung has successfully maintained its leadership position. During the second quarter of 2022, the leading smartphone manufacturer shipped nearly 60 million
smartphone units out of a total of 275 million units globally and captured a 21% share of the global smartphone market compared to 18% last year.
This achievement has primarily been driven by strong sales of the Galaxy S22 Ultra and Galaxy A series. In this regard, Muyeedur Rahman, Head of Mobile, Samsung Mobile, said, "Samsung is on the constant lookout to offer the latest advancements in innovation for its customers, and achievements like these motivate us towards that even more.
I want to thank all our customers for driving us towards such accomplishments, and we shall continue our efforts to offer the best of tech for days to come." - tbsnews
China will use effective investment to help the economy recover and will not resort to flood-like stimulus, state media said on Friday, following a cabinet meeting chaired by Premier Li Keqiang.
The world’s second-largest economy narrowly avoided contraction in the second quarter due to widespread pandemic lockdowns. Analysts said Beijing’s full-year growth target of around 5.5% had been looking increasingly unattainable under Beijing’s strict zero-COVID policy.
To spur demand, China urged local governments to speed up the use of special bonds for infrastructure that are mature and profitable, but such bonds should not be used for land reserves or to make up the gap between local fiscal revenue and expenditure, state media said.
To spur consumption, China will extend an exemption on purchase tax on “new energy” vehicles, following a cut to the car purchase tax. China “will promote consumption to be the major economic driver continuously,” state media reported.
As shoppers tighten their belts, policymakers have found it harder to revive retail consumption this year a sector that contributes more than half to the economy and a major source of employment.
In the first half of this year, retail sales dropped 0.7% from a year earlier as many consumers were confined at home amid strict anti-virus measures.
The economy is in the “critical window” of stabilisation and recovery, and the third quarter is “vital”, according to a Wednesday meeting of the country’s top economi. - hellenicshippingnews
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