分类： business

Major Chinese state-owned airlines have strongly opposed a U.S. proposal to prohibit them from flying over Russian airspace on routes to and from the United States. The U.S. argues that this restriction would level the playing field, as American carriers are barred from Russian airspace due to sanctions imposed after Russia’s invasion of Ukraine in 2022. Air China, China Eastern, and China Southern are among six carriers that have filed formal complaints against the proposed ban, warning of significant disruptions to travelers and increased costs. China Eastern emphasized that the ban would harm public interest and inconvenience passengers, leading to longer flight times, higher fuel consumption, and elevated airfares. China Southern highlighted the potential impact on thousands of travelers, while Air China estimated that over 4,400 passengers could be affected during the upcoming holiday season. The Chinese Foreign Ministry also criticized the proposal, labeling it as punitive to global passengers. Aviation expert David Yu noted that U.S. carriers face increased costs due to longer flight paths, while Chinese airlines benefit from cost savings by using Russian airspace. Despite these advantages, Chinese carriers have faced financial challenges, particularly since the COVID-19 pandemic. The U.S. Department of Transportation defended the proposal, citing ‘competitive imbalances’ caused by Chinese airlines’ access to more efficient routes. European carriers, including Air France-KLM, have also expressed concerns, while United Airlines urged that Cathay Pacific, Hong Kong’s flagship carrier, be excluded from the ban.

Wall Street experienced another day of erratic trading on Wednesday, with major indices showing mixed results. The S&P 500 gained 0.4%, recovering from earlier fluctuations that saw it nearly erase a significant morning rally. The Nasdaq composite rose 0.7%, bouncing between a 0.4% drop and a 1.4% surge, while the Dow Jones Industrial Average dipped slightly by 17 points, or less than 0.1%. This volatility follows a turbulent Tuesday, where the Dow swung between a 615-point loss and a 455-point gain, reflecting ongoing market uncertainty. The recent instability traces back to President Donald Trump’s threat of higher tariffs on China, which disrupted a period of relative calm in the markets. Technology stocks led the charge on Wednesday, buoyed by a strong earnings report from ASML, a key player in the semiconductor industry. ASML projected a 15% revenue increase by 2025, with next year’s earnings expected to match or exceed this year’s. CEO Christophe Fouquet highlighted the growing momentum in AI investments, countering concerns of a potential bubble akin to the dot-com frenzy of 2000. Financial institutions also contributed to the market’s upward movement, with Bank of America and Morgan Stanley posting better-than-expected profits. However, PNC Financial and Abbott Laboratories faced declines due to underwhelming forecasts and revenue shortfalls. Corporate earnings are under heightened scrutiny as investors seek clarity on the U.S. economy’s health, especially with delayed government reports on inflation and other key indicators. The Federal Reserve’s recent rate cut and hints of further reductions add another layer of complexity, as policymakers balance inflation concerns with a slowing job market. In the bond market, the 10-year Treasury yield held steady at 4.03%, while gold prices surged 0.9% to over $4,200 per ounce, driven by global economic uncertainties. Overseas, Asian markets saw strong gains, with South Korea’s Kospi jumping 2.7%, while European indices showed mixed results.

In a landmark crackdown on global financial crime, U.S. authorities have seized over $14 billion in bitcoin and charged Chen Zhi, the founder of Cambodia’s Prince Holding Group, with orchestrating a sprawling cryptocurrency scam. The indictment, unsealed by Brooklyn federal prosecutors on Tuesday, accuses Chen and unnamed co-conspirators of exploiting forced labor to defraud investors and laundering illicit proceeds to fund a lavish lifestyle, including the purchase of yachts, private jets, and a Picasso painting. Chen, 38, faces charges of wire fraud conspiracy and money laundering conspiracy, with potential penalties of up to 40 years in prison if convicted. The U.S. Treasury Department has designated Prince Holding Group, a conglomerate involved in real estate and financial services, as a transnational criminal organization, while sanctions have been imposed by both U.S. and British authorities. Chen, who remains at large, is alleged to have sanctioned violence against workers, authorized bribes to foreign officials, and used his businesses, including online gambling and cryptocurrency mining, to launder profits. The scam, described as one of the largest investment fraud operations in history, reportedly generated $30 million daily at its peak. U.S. authorities plan to use the seized bitcoins, currently valued at approximately $113,000 each, to compensate victims. The case highlights the growing threat of Southeast Asia-based scams, which cost Americans $10 billion in 2023 alone. Chen, a close associate of Cambodia’s ruling elite, has been under investigation by Chinese authorities since 2020 for cyber fraud and money laundering. Experts warn that while the indictment and sanctions disrupt the criminal network, dismantling the scam economy will require sustained international efforts.

The Gulf Cooperation Council (GCC) job market has witnessed a remarkable transformation over the past five years, with employment surging by nearly 7 million workers, according to the latest data from the Gulf Statistical Center. Between 2020 and 2024, the total workforce across the GCC grew from 28 million to 34.9 million, marking a 24.8% increase. This growth has been driven by robust labour market reforms, private-sector development, and a significant rise in female workforce participation, which expanded by 11.6% during the same period, from 2.8 million to 3.1 million women. The UAE has emerged as a regional leader in fostering a more dynamic, diversified, and inclusive labour market, particularly through its Emiratisation programme, Nafis, which has expanded to include small and medium enterprises (SMEs) and incentivised private-sector employment for Emiratis. Across the GCC, targeted reforms such as Saudi Arabia’s Saudisation policies, Kuwait’s private-sector incentives, and Bahrain’s flexible work permits have further bolstered workforce growth. Notably, women’s participation in the workforce has been a standout trend, with female nationals increasing from 2.2 million to 2.3 million between 2023 and 2024. However, challenges remain in achieving gender parity in leadership roles, as women still account for only 28% of promotions in top-performing companies. Despite this, 95% of leading companies in the region now offer leadership training for women, and 79% provide formal mentoring, signalling a cultural shift toward greater workplace inclusivity. Experts predict that the Gulf’s focus on integrating women into growth sectors like technology, finance, and renewable energy could mark a historic turning point for gender parity, with the UAE’s inclusive economic agenda serving as a model for the wider region.

The International Monetary Fund (IMF) has revised its global economic growth projections upward, citing resilience in the face of U.S. tariffs. In its latest World Economic Outlook report, the IMF forecasts the U.S. economy to expand by 2% in 2025, slightly higher than previous estimates of 1.9% in July and 1.8% in April. For 2026, U.S. growth is projected at 2.1%, a marginal increase from earlier predictions. Globally, the IMF anticipates a 3.2% growth rate for 2025, up from 3% in July, with 2026 holding steady at 3.1%. Despite these positive adjustments, the IMF warns that ongoing tariff threats and trade uncertainties continue to pose significant risks.