Business
China's export growth slows in August as US tariffs and trade tensions bite
China's export growth slowed to 4.4% in August, a decrease from July's 7.2% increase, while imports rose by 1.8%. Trade tensions with the U.S. continue, with exports to the U.S. plummeting 33%. Despite this, exports to the EU saw a 10.4% increase, and rare earth exports experienced a monthly rise, highlighting the complex dynamics of China's trade landscape.
China's exports to Africa are soaring as trade to U.S. plunges
China's trade surplus with Africa is surging in 2025, fueled by increased exports of Chinese goods like solar panels and electric vehicles, reaching $60 billion. This shift is partly due to U.S. tariffs impacting trade flows and China's focus on expanding markets. While benefiting from affordable Chinese products, African leaders worry about the potential impact on developing their own industries.
PNC strengthens Colorado, Arizona presence with $4.1 billion FirstBank deal
PNC Financial will acquire FirstBank Holding in a $4.1 billion deal. This move will expand PNC's presence in Colorado and Arizona. The acquisition will also bring PNC closer to $600 billion in assets. FirstBank manages $26.8 billion in assets and operates 95 branches. The deal is expected to be completed in early 2026.
Elon Musk's SpaceX buys wireless spectrum from EchoStar in $17 billion deal
SpaceX is set to acquire wireless spectrum licenses from EchoStar for $17 billion, a move that will significantly boost Starlink's 5G connectivity and enable Boost Mobile subscribers to access Starlink's direct-to-cell service. This acquisition allows SpaceX to deploy upgraded, laser-connected satellites, dramatically expanding cell network capacity.
China's EV and hybrid sales growth at slowest in 18 months
China's electric and hybrid vehicle sales growth slowed to a 1.5-year low in August, rising just 7.5% annually amid government efforts to curb price wars. While outpacing gasoline cars for the sixth month, overall car sales growth also decelerated. BYD cut its sales target, and Li Auto faced declining hybrid demand.
Kremlin says sanctions will never force Russia to change course
The Kremlin declared that sanctions would not alter Russia's stance on Ukraine, despite potential new measures from the U.S. and EU. While Russia's economy has shown resilience, defying Western predictions, Putin insists on continuing his "special military operation" if diplomatic solutions fail. The EU is coordinating with the U.S. on further sanctions, even as Russia prefers diplomatic resolutions.
Volkswagen CEO: Tariffs have cost group billions so far
Volkswagen's CEO, Oliver Blume, revealed that U.S. tariffs have cost the company billions of euros this year, significantly impacting brands like Porsche and Audi. Porsche faces additional challenges due to a struggling Chinese market, creating a difficult situation. Volkswagen is in talks with the U.S. government regarding tax breaks for potential investments, including a possible Audi production plant.
EU weighs new sanctions on Russia to hit banks and oil trade
The European Union is considering a 19th round of sanctions targeting Russian banks, energy companies, and its oil trade to pressure Putin to end the war in Ukraine. These measures, coordinated with the US, aim to cripple Russia's economy and push Putin towards peace talks.
China office developers offer sweeteners, lower rents to lure tenants
Office spaces in China's top cities face high vacancy. Shenzhen and Shanghai see significant empty offices. Developers offer incentives like cheaper electricity to attract tenants. Corporate cost-cutting and fewer multinational companies contribute to the problem. Experts anticipate further market correction. Some local authorities are trying to support the market.
China August rare earth exports fall 3.4% on month
China's rare earth exports experienced a slight dip in August, decreasing by 3.4% compared to July, according to customs data. However, the first eight months of 2025 witnessed a significant surge of 14.5% in exports of these crucial minerals, reaching 44,355 tons. A detailed breakdown, including rare earth magnet exports, is expected on September 20.
Must Watch
China's August exports growth slowest in 6 months, missing forecasts
China's export growth faced a slowdown in August. It missed the expected targets. This was the slowest pace since February. Imports also remained below forecast. Weakened shipments to the United States impacted the growth. Experts suggest further fiscal stimulus in the fourth quarter. The trade surplus was recorded at $102.3 billion. Analysts are closely monitoring potential additional fiscal support.
Most EU carmakers on track to meet emission targets: study
Almost all European carmakers are on track to meet EU emission targets after winning a reprieve this year as electric vehicles (EV) sales pick up, a study released Monday showed. "The two-year extension of the targets allowed carmakers to take the foot off the gas and will lead to two million fewer electric cars being sold between 2025 and 2027," it said.
High stakes for high fashion: Brands bet on luxury revival on the catwalk
Luxury brands like Chanel, Dior, and Gucci are introducing new designers amidst a challenging economic climate. The high-end industry is struggling with sluggish sales after the post-pandemic boom, prompting leadership changes and a need to reignite consumer interest. These new designers face the pressure of revitalizing historic labels and attracting inflation-weary shoppers.
Volkswagen undecided on when to end CEO Oliver Blume dual role
Volkswagen CEO Oliver Blume addressed concerns about his dual role leading both Volkswagen and Porsche. Blume stated that no decision has been made regarding a timeline for ending the arrangement or identifying a successor. Despite criticism from unions and investors, the company remains undecided on when Blume will relinquish his position at Porsche.
Key OPEC+ members agree to again boost oil production
Eight key OPEC+ members, including Saudi Arabia and Russia, have agreed to increase daily oil production by 137,000 barrels starting next month. Analysts interpret this move as a strategic effort by the V8 grouping to expand their market share in crude oil sales. The decision reflects an ongoing adjustment to global oil supply dynamics.
LNJ GreenPET, Japan-based Sumitomo Corp sign pact to create robust r-PET value chain
LNJ GreenPET and Sumitomo Corporation partner for recycled plastic in India. The collaboration focuses on r-PET project. Both companies will study the Indian market. Sumitomo will source r-PET flakes. They will work on sales channels. The partnership aims to boost India's circular economy. It will address plastic waste. The collaboration supports sustainable packaging solutions.
