All articles tagged with #economic transformation
Sunset Boulevard in West Hollywood is experiencing a decline in business activity, with several longstanding restaurants and bars closing due to factors like rising costs, decreased foot traffic post-COVID, and a shift towards luxury development, raising concerns about the street's iconic identity and future.
Saudi Aramco's $12 billion share sale sold out within hours, driven by high demand for its $124 billion annual dividend payouts. The sale, which includes a mix of local and foreign investors, aims to fund Saudi Arabia's economic diversification plans. The government, which owns 82% of Aramco, could raise an additional $1.2 billion if it opts to sell more shares. The deal is among the largest globally since Aramco's 2019 IPO.
The Bundesbank reported that Germany is likely in a recession due to weak external demand, cautious consumers, and high borrowing costs, with the economy potentially declining in the first quarter of 2024. The country's heavy industry, reliant on energy, is facing challenges in international markets, prompting discussions about economic transformation. The government attributes the downturn to high energy costs, weak Chinese demand, and rapid inflation. The Bundesbank expects the weakness to persist, with declining industrial demand, dwindling order backlogs, and firms holding back investment due to rising financing costs. Despite the weak outlook, the bank does not anticipate a major deterioration in the labor market and believes Germany is not facing a prolonged recession.