Business
China’s central bank has made the unexpected decision to cut interest rates in response to new data revealing the country’s struggling economy. Industrial production and retail sales in July both fell short of expectations. Nationwide unemployment has risen to 5.3%, and authorities have suspended reporting on youth unemployment figures, which stood at 21.3% in June.
There is growing interest in United States Steel from potential buyers. The 122-year-old American industrial company has rejected an approach from Cleveland-Cliffs, another major steelmaker. Esmark, a privately held conglomerate, has also announced a $7.8bn offer to acquire the firm.
In a recent example of dealmakers facing challenges due to geopolitical tensions between the United States and China, Intel has cancelled its acquisition of Tower Semiconductor after failing to obtain necessary approvals from Chinese regulators. As a result, the American chipmaker will pay Tower Semiconductor, an Israeli company, a termination fee of $353m. The acquisition was initially announced in February 2022.
2023-08-17 08:33:27
Link from www.economist.com
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