What insiders know 📶
Fuming: Fossil fuel subsidies have hit $1.3 trillion which doubled since 2020 despite government pledges to cut back on them according to an IMF report.
The rise: India in 2022 has benefited greatly from digital trade with a surplus running at 4% of GDP.
Shiny: Prices for the most popular higher-end watches from brand names such as Rolex and Patek Philippe kept falling over the past month in late 2023.
Meanwhile: China’s $18 trillion economy is slowing down as it is shifting away from the debt-fueled growth model.
Electrify 2023: Electric vehicles now account for at the minimum of 5% of new car sales in 23 countries.
Nice to know: In the 1990s, European lawmakers came up with a 3% deficit to GDP ratio as the proper limit for normal times.
Sold: Standard Chartered agreed to sell its aviation finance business to a unit of Saudi Arabia’s sovereign wealth fund for $3.6 billion, in addition to a separate deal to offload a portfolio of loans as part of efforts to boost returns.
Hearsay: IPO-bound Databricks is in talks with T. Rowe Price about a funding round at a valuation of $43 billion.
Making history: Tencent-backed business VNG became the first Vietnam-based tech company to file with the SEC for an IPO in the US.
The record: In August 2023, American Airlines was fined $4.1 million for keeping planes on the ground for 3 hours or more without giving passengers a chance to exit. Previously, the US DOT counted 43 violations between 2018 and 2021 affecting more than 5,800 passengers from American Airlines.
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