UK launches £1 billion fintech fund to compete with Silicon Valley
A new U.K. investment fund with up to £1 billion ($1.27 billion) in raised capital has been launched to back growth-stage financial technology companies.
As recession fears fade, we may be experiencing a ‘richcession’ instead — here’s what that means for you
Some economists say the country is already experiencing a “richcession,” rather than a broad contraction to come later.
Tesla makes further price cuts in China, reducing models S and X by $7,400 to $8,500
In China, Tesla put the Model X on sale for 754,900 Chinese yuan ($103,444) down from 898,900 yuan. The Model S is being sold for 836,900 versus 808,900 yuan.
Vietnamese EV maker VinFast is now worth more than Ford and GM after Nasdaq debut
On Tuesday, the Vietnamese electric vehicle maker listed on Nasdaq following the completion of its merger.
HKEX first-half net profit rises 31%, CEO is ‘quite optimistic’ about medium term outlook
Hong Kong Exchanges and Clearing reported a 31% year-on-year rise in net profit for the first six months of the year.
China’s Tencent misses expectations despite fastest profit rise since late 2021
Tencent on Wednesday reported a surge in profit for the second quarter, but missed expectations.
Intel scraps $5.4 billion acquisition of Tower Semiconductor after regulators fail to approve deal
Intel first announced plans to buy Tower Semiconductor in 2022 for $5.4 billion, but is now terminating the deal, saying it failed to get regulatory approval.
Top Russian official accuses West of making money from war; Lithuania to close some Belarus border points
Ukraine’s deputy defense minister said Wednesday that Ukrainian forces had recaptured the occupied eastern village of Urozhaine.
UK headline inflation rate drops sharply to 6.8% in July, in line with expectations
U.K. inflation continued to cool in July but the core consumer price index increased, posing a potential headache for the Bank of England.
China’s downside risks are growing, and its economy is less likely to reach 5% this year
Without more stimulus, China is increasingly likely to miss its growth target of around 5% this year, economists said.
