The diamond industry is facing a significant crisis, with experts calling for a complete overhaul of its sales practices to address inefficiencies and help producers survive the ongoing price slump. Oded Mansori, co-founder and managing partner of Belgian gem trader HB Antwerp, emphasized the need for reform during a recent statement. He criticized the current tender and auction systems, describing them as opaque and inefficient, likening them to a ‘casino’ where the true value of rough diamonds is often uncertain. Mansori argued that these systems leave producers vulnerable, especially during periods of declining global demand, ultimately resulting in job losses and reduced revenues. The diamond market has been severely impacted by global economic uncertainty and the growing popularity of lab-grown stones, leading to significant challenges for producer countries like Botswana and major mining operations such as Burgundy and Letseng. Mansori advocates for a profit-sharing model, similar to the one HB Antwerp has with Lucara Diamond Corp, where producers’ revenues are tied to the polished value of their stones rather than speculative rough sales. This approach has already shown promise, with HB Antwerp accounting for 72% of Lucara’s $74 million diamond revenue in the first half of the year. Mansori estimates that producers could earn up to 40% more revenue by adopting such models, offering a potential lifeline to an industry grappling with its deepest crisis in history.
分类： business
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Trump’s TikTok deal may be close. But what’s in it for China?
A landmark agreement over TikTok’s US operations is on the horizon, with US President Donald Trump and Chinese President Xi Jinping poised to discuss final terms this Friday. This follows a framework agreement reached by top officials from both nations earlier this week, which could see TikTok’s US operations acquired by a consortium of American firms, including tech giant Oracle and investment firms Andreessen Horowitz and Silver Lake. The deal, described by experts as a “rare breakthrough” in US-China trade relations, aims to resolve a long-standing issue that has dominated headlines for years. Chinese state media has hailed the potential agreement as a “win-win” for both countries, while Trump has emphasized its importance for younger users. However, critical details remain unclear, particularly regarding TikTok’s algorithm—the core technology driving its success. ByteDance, TikTok’s Chinese parent company, has been reluctant to part with its prized algorithm, but Beijing has signaled a willingness to allow licensing rather than outright transfer. This marks a significant shift from China’s previous hardline stance. Experts warn that a “stripped-down” version of the app in the US could impact user experience, though it would allow ByteDance to retain its competitive edge. The deal must still navigate political hurdles in the US, with lawmakers expressing concerns over Chinese influence. Despite these challenges, the agreement could set a precedent for other Chinese tech companies seeking to enter the US market, potentially easing broader trade tensions between the two nations.
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S.Korea c.bank to expand forward guidance on policy rate path
The Bank of Korea (BOK) is set to revolutionize its monetary policy communication strategy by introducing a dot plot system to illustrate the projected path of future interest rates. Governor Rhee Chang-yong announced this initiative during a speech at the International Monetary Fund’s Camdessus Central Banking Lecture on Thursday. The new system will expand on the current forward guidance framework, where Rhee verbally shares the conditional views of the six Monetary Policy Board members over a three-month horizon during post-policy review press conferences. The dot plot, currently in pilot testing, will graphically represent each board member’s rate projections for the upcoming year, offering a clearer and more transparent outlook for market participants. While the system is currently for internal use, Rhee emphasized plans to refine it into an effective communication tool to enhance public understanding of the BOK’s policy decisions. This move aligns with the bank’s broader efforts to improve transparency. Notably, the BOK maintained its benchmark interest rate at 2.50% during its August 28 meeting, a decision that was widely anticipated. The pilot system also allows board members to plot two to three dots per horizon to indicate probabilistic rate views, further enriching the data available for policy analysis.
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Top brokerages eye consecutive Fed rate cuts after policy meeting
The U.S. Federal Reserve is expected to implement further rate cuts this year, according to major brokerages. Following the central bank’s widely anticipated 25-basis-point reduction, firms such as Nomura and KBW have forecasted an additional rate cut in October. Fed Chair Jerome Powell, speaking after the recent two-day monetary policy meeting, hinted at further easing, citing concerns over the softening job market as a key factor influencing the Fed’s decisions. While BofA Global Research and HSBC do not anticipate a rate cut at the next meeting, they noted that worsening jobs data could prompt an earlier reduction. Brokerages have also begun to outline their forecasts for 2025, with UBS Global Research and UBS Global Wealth Management providing distinct perspectives. The ongoing economic uncertainty continues to shape the Fed’s policy trajectory, with market participants closely monitoring upcoming data releases.
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South African central bank maintains key rate in split decision
In a closely watched decision, the South African Reserve Bank (SARB) maintained its benchmark interest rate at 7% during its latest Monetary Policy Committee (MPC) meeting on Thursday. The outcome followed a split vote, with four members advocating for unchanged rates and two pushing for a 25 basis point reduction. This decision comes as headline inflation in South Africa unexpectedly decelerated to 3.3% year-on-year in August, down from 3.5% in July, hovering near the lower end of the central bank’s 3%-6% target range. Economists had anticipated a tight call between a rate hold and a modest cut, reflecting the delicate balance between supporting economic growth and managing inflationary pressures. In July, the SARB had reduced its policy rate by 25 basis points, signaling a shift in its inflation targeting strategy from aiming for the midpoint (4.5%) to the lower bound (3%) of its target range. The central bank’s cautious approach underscores its commitment to stabilizing inflation while navigating economic uncertainties. The decision is expected to influence borrowing costs, consumer spending, and investor confidence in Africa’s largest economy.
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Former chief of UK directors’ lobby group banned for COVID loan abuse
Anna Daroy, a former director general of the Institute of Directors (IoD), has been disqualified from holding company directorships for 11 years after exploiting the UK government’s Bounce Back Loan Scheme during the COVID-19 pandemic. The 61-year-old, who was once shortlisted for the ‘Businesswoman of the Year’ award, secured two £50,000 loans for her management consultancy, Globepoint Associates Ltd, in 2020, despite the scheme’s rule limiting companies to a single loan. The Insolvency Service, which announced the ban on Thursday, stated that Daroy should have repaid one of the loans, which were obtained from separate banks within five days. Globepoint Associates Ltd went into liquidation in March 2023 with both loans unpaid. Kevin Read, chief investigator at the Insolvency Service, criticized Daroy’s actions, emphasizing that the loans were intended to support struggling businesses, not to be misused. Daroy, who served as interim chief operating officer and interim director general of the IoD from October 2018 to November 2019, has not publicly commented on the matter. The Insolvency Service has disqualified over 2,400 directors for similar abuses of COVID financial support schemes. The IoD reiterated its commitment to high standards of conduct and stated that any member disqualified as a director would have their membership terminated.
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US holiday shopping growth to cool this year, Mastercard forecasts
The U.S. holiday shopping season is anticipated to experience a moderated growth in sales this year, according to a recent forecast by Mastercard. The Mastercard Economics Institute projects a 3.6% increase in retail sales from November 1 to December 24, a decline from the 4.1% growth recorded during the same period last year. This slowdown is attributed to consumers prioritizing discounts and promotions in response to persistent inflation and broader macroeconomic uncertainties. The report highlights that the Trump administration’s fluctuating trade policies have escalated the costs of goods, further dampening consumer demand. Additionally, the shortened interval between Thanksgiving and Christmas this year, coupled with the early rollout of promotions, is expected to bolster online sales at the onset of December. Michelle Meyer, Chief Economist at Mastercard Economics Institute, emphasized that while the total spending may not differ significantly from last year, the composition of spending will shift, with pricing becoming a more critical factor due to the impact of tariffs. Online sales are forecasted to rise by 7.9%, a slight decrease from the 8.6% growth observed last year, while in-store sales are projected to grow by 2.3%, down from 2.8% in the 2024 holiday season. Mastercard’s forecast, derived from SpendingPulse insights, which track in-store and online retail sales across all payment methods excluding automotive sales, aligns with recent subdued projections from Salesforce and mixed forecasts from major retailers. Target and Best Buy have maintained their annual forecasts, whereas Walmart and Macy’s have raised theirs. Conversely, toymaker Mattel has reduced its forecast. As retailers navigate these challenges, the holiday shopping season remains a pivotal driver of annual sales, albeit under more constrained economic conditions.
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US weekly jobless claims fall, but labor market softening
The U.S. labor market is showing signs of softening as both the demand for and supply of workers have diminished, according to recent data. Initial claims for state unemployment benefits dropped by 33,000 to a seasonally adjusted 231,000 for the week ending September 13, partially reversing a surge from the previous week. However, the hiring side of the market has nearly stalled, with payrolls increasing by only 22,000 jobs in August and averaging 29,000 positions per month over the last three months. The unemployment rate is nearing a four-year high of 4.3%, and the average duration of joblessness has risen to 24.5 weeks, the longest since April 2022. Economists attribute the slowdown in hiring to uncertainty caused by import tariffs and a reduction in labor supply due to stricter immigration policies. Federal Reserve Chair Jerome Powell described the situation as a ‘curious balance,’ where both supply and demand have sharply declined. In response, the Fed cut its benchmark interest rate by a quarter-percentage-point to a 4.00%-4.25% range and projected further reductions for the rest of 2025 to support the labor market. Despite low layoffs, those who lose their jobs are facing prolonged unemployment due to the sluggish pace of hiring.
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US Fed starts easing path, other major central banks on hold
In a significant shift in monetary policy, the U.S. Federal Reserve has announced its first interest rate cut since December, marking a divergence from other major central banks that have opted to maintain their current rates. The decision comes amid a softening job market and signals potential further cuts in October and December. Fed Chair Jerome Powell emphasized that the job market’s condition is now a critical factor for policymakers. Meanwhile, U.S. President Donald Trump has initiated the dismissal of Federal Reserve Governor Lisa Cook over alleged improprieties in mortgage loan acquisitions. Newly sworn-in Fed Governor Stephen Miran cast the sole dissenting vote, advocating for a more aggressive 50 basis points cut. In contrast, the Bank of England kept its rates unchanged, with policymakers voting to slow the pace of unloading gilts purchased between 2009 and 2021. The Bank of Canada also reduced its key rate to a three-year low of 2.5%, citing a weak jobs market and reduced concerns about underlying price pressures. The Swiss National Bank, however, has maintained its key rate at 0%, with Chairman Martin Schlegel stating that the bar is high for a return to negative rates. The Reserve Bank of New Zealand is expected to cut rates further, with a Reuters poll indicating potential reductions by year-end. The European Central Bank has kept its key rate steady at 2%, with ECB chief Christine Lagarde noting that the bank remains in a ‘good place’ despite balanced economic risks. The Bank of Japan is anticipated to hold rates steady amid political uncertainty following Prime Minister Shigeru Ishiba’s resignation. These varied approaches reflect the complex global economic landscape, with central banks navigating inflation, growth, and employment challenges.
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GE Healthcare exploring stake sale in China unit, Bloomberg News reports
GE Healthcare, a leading medical device manufacturer, is reportedly considering the sale of a stake in its China unit, according to a Bloomberg News report on September 18, 2025. The potential transaction could value the assets at several billion dollars, though discussions remain in preliminary stages, and no definitive decisions have been reached. A company spokesperson declined to comment on market rumors but reiterated GE Healthcare’s commitment to serving patients in China, one of the world’s largest healthcare markets. The move comes amid growing challenges for U.S. companies in China, including political tensions, intense domestic competition, and slowing economic growth. A recent survey by the American Chamber of Commerce in Shanghai revealed that U.S. companies’ five-year business outlook in China has plummeted to a record low of 41%. GE Healthcare has faced significant hurdles in the region, with a 15% decline in revenue in 2024 attributed to weakened sales and tariff impacts. In July 2025, the company’s CFO indicated plans to shift production capacity to more tariff-friendly locations. Despite these challenges, GE Healthcare’s shares rose 1.4% in premarket trading following the news.