This is not a paywall.

Register for free to continue reading.

The news sucks. But your reading experience doesn't have to. Help us improve that for you by registering for free.

Please create a password or click to receive a login link.

Please enter your password or get a login link if you’ve forgotten

Open Sesame! Thanks for registering.

First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

A South African Hero: You

There’s a 99.7% chance that this isn’t for you. Only 0.3% of our readers have responded to this call for action.

Those 0.3% of our readers are our hidden heroes, who are fuelling our work and impacting the lives of every South African in doing so. They’re the people who contribute to keep Daily Maverick free for all, including you.

We need so many more of our readers to join them. The equation is quite simple: the more members we have, the more reporting and investigations we can do, and the greater the impact on the country. We are inundated with tip-offs; we know where to look and what to do with the information when we have it – we just need the means to help us keep doing this work.

Be part of that 0.3%. Be a Maverick. Be a Maverick Insider.

Support Daily Maverick→
Payment options

Wednesday, July 24: Five Things You Need to Know to Sta...

Business Maverick

Business Maverick

Wednesday, July 24: Five Things You Need to Know to Start Your Day

By Bloomberg
24 Jul 2019 0

Trade talks between China and the U.S. are back on. And Beijing would like Washington to keep its mitts off of Hong Kong. Here are some of the things people in markets are talking about today.

Boris Wins

Boris Johnson will be the U.K.’s next prime minister. The public face of the Brexit campaign won the contest to succeed Theresa May, taking over a country in crisis and a government on the brink of breaking apart. He defeated Foreign Secretary Jeremy Hunt by a landslide in a ballot of the Conservative Party’s roughly 160,000 members. Johnson spent the hours after he was elected rallying the troops, telling Conservative members of Parliament what most of them wanted to hear: The U.K. will leave the EU on Oct. 31, and there won’t be an early general election.

Trade On

China and the U.S. will resume face-to-face talks next week, with U.S. Trade Representative Robert Lighthizer set to lead a small team of senior officials to Shanghai on Monday, people familiar said. Negotiations are scheduled to run through Wednesday. It will be the first in-person meeting since the process broke down in May. It’s probably a good thing that Christopher Wray wasn’t invited. The FBI director told U.S. senators Tuesday that China is engaging in a sweeping effort to steal its way to economic dominance, with more than 1,000 investigations underway on intellectual property theft “almost all leading back to China.”

Back Off

The U.S. should remove its “black hand” from Hong Kong, a Chinese foreign ministry spokeswoman said, claiming there are “signs of foreign forces behind the protests.” Beijing had previously been less specific in blaming other countries for demonstrations that have drawn hundreds of thousands of people concerned with proposed legal changes that would erode the city’s autonomy.

Gloomy Outlook

The IMF cut its global growth outlook again and suggested that policy “missteps” on trade and Brexit could derail a projected rebound. The world economy will expand 3.2% this year and 3.5% in 2020, both down 0.1 percentage point from April projections. A rate of 3.3% or lower would be the weakest since 2009. China was predicted to expand 6.2% this year and 6% next year, both also down 0.1 percentage point. The U.S. forecast was to 2.6% and 1.9% respectively.

Car Cuts

Nissan plans to shed at least 5,200 additional jobs globally this year, according to Kyodo News. This would take the total number of dismissals to 10,000 worldwide, or more than 7% of the company’s workforce. The cuts come as the automaker looks to revive business in the wake of car-inspection scandals and the arrest of former Chairman Carlos Ghosn.


Please peer review 3 community comments before your comment can be posted