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Today’s Top News: A Recap of Global Developments

Here’s a concise roundup of the most significant news stories making headlines today:

  1. Japan’s Unemployment Rate Edges Up: The latest report from Japan’s statistical office reveals a slight increase in the country’s unemployment rate. The seasonally adjusted unemployment rate for July 2023 rose to 2.7%, up from 2.5% in June.
  2. Goldman Sachs to Sell PFM Business: Goldman Sachs has announced an agreement to sell its Personal Financial Management (PFM) business to rival Creative Planning. The transaction is set to conclude in the fourth quarter of this year, generating additional income for Goldman Sachs.
  3. Toyota Halts Operations Due to System Failure: Toyota Motor Corp. has temporarily suspended operations at 12 out of its 14 plants in Japan due to a system failure that has impacted its manufacturing processes.
  4. Singapore Leads in Digital Entrepreneurship: The Asian Development Bank (ADB) released an updated Asia Development Forecast 2022 report titled “Entrepreneurship in the Digital Age.” The report highlights Singapore as the country with the most supportive digital entrepreneurial environment globally.
  5. US Approves Sale of Air-to-Surface Missiles: The US State Department has given approval for the sale of air-to-surface missiles (ASM) and related equipment, totaling approximately $104 million. ASMs are ballistic missiles launched from aircraft towards ground-based targets.
  6. IMF Managing Director to Visit China, Indonesia, and India: IMF Managing Director Kristalina Georgieva is embarking on a series of visits to China, Indonesia, and India to participate in the ASEAN and G20 Summits, discussing global economic matters with leaders.
  7. BYD Acquires Manufacturing Businesses: BYD, China’s leading new energy vehicle manufacturer, has signed an acquisition framework agreement with a subsidiary of US-based Jabil. The agreement involves the purchase of Jabil’s manufacturing businesses in China’s Wuxi and Chengdu for 15.8 billion yuan.
  8. Hong Kong House Prices Decline: Hong Kong’s house prices experienced a 1.12% drop in July compared to June. This marks the third consecutive month of decline, attributed to waning homebuyer confidence amidst rising interest rates and economic uncertainties.
  9. China Extends Tax Policy for Foreign Workers: China’s Ministry of Finance announced the extension of preferential tax policies for foreigners working in China until the end of 2027. This move aims to support foreign companies facing talent shortages post-COVID.
  10. OpenAI Launches Business-Oriented Chatbot: OpenAI, a prominent AI technology company, unveiled a version of its ChatGPT chatbot tailored for large businesses. This launch aligns with services provided by Microsoft, OpenAI’s financial supporter.
  11. German Consumer Sentiment Dips: Market research institute GfK released data indicating a decline in German consumer climate for September. The sentiment dropped to minus 25.5, highlighting a pessimistic view of the economy and financial future.
  12. Japanese Gold Retail Price Achieves Milestone: Tanaka Kikinzoku Kogyo reported that the retail price of gold in Japan surpassed 10,000 yen per gram for the first time on August 29th.
  13. Country Garden Seeks Grace Period for Debt: China’s largest private real estate developer, Country Garden, requested a 40-day grace period for its domestic private bond debt worth 3.9 billion yuan before the due date on September 2nd.
  14. UK Foreign Minister to Visit China: China’s Foreign Ministry confirmed that British Foreign Minister James Cleverly is set to visit China, aiming to restore bilateral ties between the two nations.
  15. Sweden’s Economy Contracts, Beats Expectations: Sweden’s Statistical Office released data indicating a contraction in the country’s economy during the second quarter of 2023. The decline, driven by slowing exports and falling inventories, was less severe than initially projected.

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