This Is What Life’s Like in the World’s Strictest Covid Zero City
Seven times since last March, Ruili—on China’s Myanmar border—has felt the full force of Xi Jinping’s Covid Zero policy.
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Powell Says Economy May Be Entering ‘New Normal’ After Pandemic
Jerome Powell said the U.S. economy may be entering a “new normal” following disruptions from the Covid-19 pandemic.
China’s Chengdu Lifts Lockdown of Whole City From Monday
The capital of Sichuan province, Chengdu is the biggest city to have shut since Shanghai’s bruising two-month lockdown earlier this year. The lockdown in Chengdu followed that of Shenzhen and Zhengzhou, which deployed seven-day citywide restrictions. Strict, quick action to stamp out Covid is key to China’s zero-tolerance approach to the virus, which President Xi … Read more
The Affordable Electric Vehicle Is Still Mostly Fantasy
(Bloomberg) — Jack Norton, a history professor in Minneapolis, started shopping for an electric vehicle early last year. His requirements were simple: all-wheel drive and a price tag under $55,000. At first, Norton noticed that few EVs were being shipped to Minnesota, where car companies are contending with looser emissions mandates than in much of … Read more
Disney Pulls Star Wars Film ‘Rogue Squadron’ From 2023 Release Calendar
The picture is one of two the company removed from its schedule next year, according to a statement Thursday. The other was an untitled live-action movie. Disney added one film, “Next Goal Wins,” from its smaller Searchlight label. Another picture, “Haunted Mansion,” was delayed until Aug. 11 from its original March 10 release date.
Amazon Sellers See ‘Scary’ Holiday Season as Consumers Pull Back
The effects are rippling from sellers to firms that support them, including small business lenders. Amazon merchants commonly borrow about $100,000 to buy inventory and pay for marketing campaigns during the holidays, paying the loans off with their proceeds. Seth Broman, chief revenue officer of Swiftline, which offers loans to online merchants, is turning down … Read more
Charting the Global Economy: ECB Joins Jumbo Rate-Hike Club
The European Central Bank delivered an unprecedented three-quarter-point interest-rate hike this week, and another steep adjustment next month remains a distinct possibility in an escalating assault on rampant inflation.
Homes Sell Below List Price in US for First Time Since March 2021
The shift is largely because of surging mortgage rates, which have dented affordability and kept many would-be buyers on the sidelines, forcing sellers to accept lower prices. The average sale-to-list price ratio fell to 99.8% in the four-week period ended Aug. 28. It hasn’t been below 100% since March 2021, Redfin said.
SpiceJet in Talks to Raise $200 Million to Ease Finance Woes
Even as forecasts for India’s aviation sector look brighter with local traffic surging 94% in July, SpiceJet, which has slipped from No. 2 to No. 5 in the rankings, may find it difficult to make a comeback. Jet Airways India Ltd. is planning to resume flying by September and Air India Ltd. is headed for … Read more
US Consumer Confidence Advances to Highest Level Since May
“Looking ahead, August’s improvement in confidence may help support spending, but inflation and additional rate hikes still pose risks to economic growth in the short term,” said Lynn Franco, senior director of economic indicators at the Conference Board.