Weekly News Summary for September 15 to 21
Friday: September 15: Chinese Economy Shows Improvement, Real Estate Still Weak
According to data released on Friday, economic activity in China improved in August, hinting that growth in deflation can stabilize. On the other hand, real estate data showed that the sector may still face challenges.
Moreover, industrial production measuring outputs from the manufacturing and mining sectors increased by 4.50% in August compared to last year and gained 3.70% in July. The weaker outlook for China’s real estate cited lower residential sales and ongoing concerns about the industry’s health. Based on an economist, its current dilemmas are dealing with low export demand from global markets and weak real estate data.
Monday: September 18: Binance US.Faces Leadership Crisis
The American arm of the global crypto exchange, Binance.US, is dealing with a leadership crisis amid the resignation of CEO Brian Shroder, Head of Legal Krishna Juvvadi, and Chief Risk Officer Sidney Majalaya. Their departures were driven by regulatory pressure and numerous layoffs, resulting in a one-third cut in their workforce this year.
Moreover, the US Securities and Exchange Commission (SEC) has been studying Binance.US and its parent company regarding some violations. The SEC sued both crypto firms in June amid alleged unregistered securities. Recently, Binance.US was also accused of non-cooperation with the charges.
Tuesday: September 19: Walt Disney Announced a Double Capital Expenditure
On Tuesday, Walt Disney said its capital expenditure would almost double for its park business, reaching around $60.00 billion over the next 10 years. According to CEO Bob Iger and parks chief Josh D’Amaro, the increased investment pace of analysts and investors focused on the company’s park business.
The company reported its parks, experiences, and products segment increased at a combined yearly growth of 6.00% since the 2017 fiscal year. Also, it made $32.30 billion in operating income over the past 12 months. Besides, parks became a reliable profit generator for Disney and helped soften losses in their streaming business.
Wednesday: September 20: Wheat Prices Recovered amid Supply Concerns
Chicago wheat prices rose on Wednesday, recovering from recent losses due to uncertainty about supplies from Ukraine and forecasts of weaker output in significant exporting countries. Wheat futures for December delivery increased by 0.96% to $589.38 per metric ton on September 20’s Asian afternoon session.
According to analysts, it is likely to have more downgrades in grain production in Australia and Canada. As a result, supplies could tighten by the end of the year. Moreover, expectations of hot and dry weather that would cause a reduction in Southern Hemisphere harvests supported prices. Also, Australia reported that El Niño weather could even hit the country.
Thursday: September 21: Fujifilm to Launch a New Instax Pal
Fujifilm announced the launch of a new Instax Pal, a palm-sized digital camera with a smartphone printer. It would be priced at almost $200.00. According to analysts, Fujifilm is attempting to replicate some of its success from the Instax Mini Evo by creating a simpler version that will appear cuter to kids.
In addition, the camera would come with new features that can create custom shutter sounds, add filters, text, and in-app stickers. Moreover, its small size and the detachable ring are handy for smaller hands. Like the Instax Mini Evo, the new Fujifilm gadget allows users to choose from the captured photos to be printed to avoid wasting expensive films.