Browsing: Business

Alibaba Group has announced the pricing of a HK$80 billion share issuance as part of its strategy to ramp up investment in artificial intelligence and cloud infrastructure. The Chinese tech giant will issue 710 million new ordinary shares at HK$112.70 each, translating to approximately US$10.2 billion at current exchange rates. The company expects the transaction to finalize on Aug. 26, subject to standard closing conditions. The funds are designated for expanding its AI operations.

PanStar Acro is carrying commercial cargo on South Korea’s Arctic shipping trial. During the voyage, the ship is transporting 837 TEU, of which 737 TEU are commercial freight. Its cargo includes chemical products, used vehicles, automotive components, and 100 empty containers. The vessel is operated by PanStar Line and is conducting this trial with governmental backing. It is expected to reach Arctic waters around August 30, with the Arctic segment spanning approximately 6,400 kilometers and scheduled to conclude around September 7 as per the published timetable. Following the Arctic passage, PanStar Acro will proceed to three designated European ports, beginning with Felixstowe in Britain on September 9, then Rotterdam on September 11, and Gdansk on September 15. From there, the vessel will head back to South Korea along the same northern corridor. The route from Busan to Rotterdam covers about 13,000 kilometers, which is notably shorter than the roughly 20,000 kilometers via the Suez Canal. Commercial Cargo Tests Arctic Passage South Korean officials prepared the vessel and its crew for the unique conditions encountered during the northern route. Navigation officers completed polar waters operation training before departure. An experienced polar navigator, who previously served on the Araon icebreaking research vessel, joined as chief officer. The preparations also included arrangements for insurance, emergency protocols, and adherence to international regulations. A 24/7 communications system will ensure contact with the ship throughout the Arctic segment of the journey.

Egypt’s central bank has kept its main interest rates unchanged as of August 20, marking the fourth consecutive policy meeting with no adjustments to borrowing costs. The overnight deposit rate remains at 19%, with the overnight lending rate staying at 20%. Both the main operation rate and the discount rate are steady at 19.5%. Since its rate cut in February, the Central Bank of Egypt has maintained these levels.

In July 2026, Japan recorded unprecedented trade values for both imports and exports, driven by soaring energy prices and robust demand for technology. Imports increased by 27.8% year-on-year to approximately 12.15 trillion yen, while exports grew 23.2%, reaching about 11.51 trillion yen. The Ministry of Finance announced a trade deficit of 634.5 billion yen, as import growth outpaced overseas shipments during the same period.

Equity markets in the United States finished higher on Wednesday, buoyed by a notable decline in long-term Treasury yields and a surge in healthcare shares. The S&P 500 increased by 16.22 points, or 0.21%, closing at 7,707.98. The Dow Jones Industrial Average gained 119.65 points, or 0.22%, ending at 53,463.05. Meanwhile, the Nasdaq Composite rose 41.38 points, or 0.16%, to 26,331.09. These gains marked the end of a three-day losing streak for all three major U.S. indexes.

Central banking institutions track economic market indicators to establish monetary policies. The recent moderation in prices was directly linked to the latest macroeconomic reports from the United States. Softer-than-anticipated consumer price index figures eased inflation fears, reversing the momentum that had driven gold to multi-month highs earlier in the week. As these lower inflation indicators reduced expectations for aggressive rate hikes by the Federal Reserve, institutional traders secured profits, resulting in declining spot prices across global commodity markets. Strategists specializing in precious metals observed that, although the long-term demand for safe-haven assets remains strong, short-term trading was dominated by portfolio adjustments. The rapid shift from Thursday’s multi-month high to Friday’s lower trading levels underscored increased volatility due to changing interest rate outlooks. Analysts at Sucden Financial pointed out that while overarching market trends are still supportive, gold is headed for a weekly loss as investors unwind inflation-driven rally positions in short-term futures contracts. Gold and Futures Contracts Retreat After Multi-Month Peak Similar price adjustments affected industrial and precious metals alongside gold’s decline. Spot silver dropped 0.4 percent during Asian and European hours, trading at $64.17 per ounce, erasing earlier session gains. Platinum fell by 0.3 percent to $1,711.84 per ounce, while palladium remained relatively steady at $1,306.98 per ounce. Both platinum and palladium touched their lowest trading levels since early August, contributing to consecutive weekly losses for the platinum group metals complex. The broader

Europe Drives 9% Rise in Global EV Sales in July, Outpacing Other Regions LONDON, UNITED KINGDOM / RankWire.AI / – Worldwide electric vehicle sales grew by 9% in July 2026 compared to the previous year, totaling 1.85 million units globally. During the first seven months, sales reached 11.5 million vehicles, a 4% increase from the same period in 2025. These figures include battery-electric vehicles and plug-in hybrids. Benchmark Mineral Intelligence noted that July marked the fifth consecutive month of annual growth, helping to extend the market’s recovery following a slower start to the year. Europe led major EV markets in July as global electric vehicle demand continued to grow. Leading the growth among the world’s primary EV markets, Europe experienced a 33% increase in regional sales during July, reaching roughly 450,000 vehicles. EV sales across the continent also rose by 28% between January and July. France reported an 81% year-on-year increase in July, Germany saw a 46% rise, and the United Kingdom registered a 43% growth. Despite these gains, European EV volumes still declined by 17% compared to June, indicating a different trend on a monthly basis. Battery-electric vehicles gained further market share among new vehicle registrations in the European Union, with registrations hitting 1.22 million units in the first half of 2026. They accounted for 20.7%

In July 2026, South Korea’s vehicle exports reached a new high of US$6.24 billion, marking a 7.0% increase compared to the same month last year. This figure surpasses the previous July record of US$5.90 billion set in 2023, according to the Ministry of Trade, Industry and Resources. The rise was driven by growth across exports, manufacturing, and domestic sales. Vehicle production grew by 11.3% to approximately 352,000 units, while local sales edged higher by 0.5%, reaching 139,000 vehicles. Korean vehicle exports climbed in July as electric, hydrogen and hybrid shipments increased.

The persistent rise in diesel prices across the United States and Europe results from limited inventories and disruptions in refinery operations. U.S. ultra-low sulfur diesel futures increased by 7.4% on Monday, reaching $4.19 a gallon, marking the largest single-day rise since July 13. Early Wednesday, the contract traded close to $4.28 a gallon. Meanwhile, European diesel refining margins maintained historically high levels, having gained nearly 10% at the start of the week.

Gold continued its upward momentum for a third straight session on Tuesday, building on last week’s rebound. Spot gold increased by 1% to reach $4,432.74 an ounce by 0217 GMT, hitting its highest level since June 5. Meanwhile, U.S. gold futures surged 1.7% to $4,492.60. This rally pushed prices above the seven-week peak recorded last week and signaled a recovery that gained pace following weaker U.S. employment data.