- A + A HONG KONG/BEIJING (Aug 15): China's economic slowdown deepened in July due to a worsening property slump and continued coronavirus lockdowns, with an unexpected cut in interest rates unlikely to turn things around while those twin drags remain. Retail sales, industrial output, and investment all slowed and missed economists' estimates in July. The surveyed jobless rate for those aged 16-24 climbed to 19.9%, a record high and headache for the Communist Party as it gears up for a major congress in coming months that is expected to give President Xi Jinping a precedent-defying third term in power. "July's economic data is very alarming," said Raymond Yeung, Greater China economist at Australia & New Zealand Banking Group Ltd. "Authorities need to deliver a full-fledged support from property to Covid policy in order to arrest further economic decline." The data suggest a crisis of confidence among Chinese businesses and households, adding another … [Read more...] about China shocks with rate cut as data show ‘alarming’ slowdown
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Share to Twitter Share to Linkedin New York has just placed a statewide ban on the sales of synthetic marijuana. Last week it issued a warning of the dangers of the drug, which can be significantly more severe than natural marijuana. Study after study has found that synthetic pot is linked to serious side effects, which often require emergency room visits and medical intervention. According to NY State’s official order, synthetic pot has been shown to bring about “severe adverse reactions, including death and acute renal failure, and commonly cause: tachycardia (increased heart rate); paranoid behavior, agitation and irritability; nausea and vomiting; confusion; drowsiness; headache; hypertension; electrolyte abnormalities; seizures; and syncope (loss of consciousness)." Synthetic pot also goes by the names K2, Spice, Aroma, Earth Impact, Mr. Smiley, Mr. Nice Guy, Zohai, Eclipse, Black Mamba, Red X Dawn, Blaze, and Dream, among … [Read more...] about Synthetic Marijuana: What It Is And Why It Should Be Banned
THE DOLLAR’S DEMISE? … WSJ : Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in yuan, people familiar with the matter said, a move that would dent the U.S. dollar’s dominance of the global petroleum market and mark another shift by the world’s top crude exporter toward Asia. The talks with China over yuan-priced oil contracts have been off and on for six years but have accelerated this year as the Saudis have grown increasingly unhappy with decades-old U.S. security commitments to defend the kingdom, the people said. The Saudis are angry over the U.S.’s lack of support for their intervention in the Yemen civil war, and over the Biden administration’s attempt to strike a deal with Iran over its nuclear program. Saudi officials have said they were shocked by the precipitous U.S. withdrawal from Afghanistan last year. EXAMINER : In blow to Biden, Saudi … [Read more...] about Editor Daily Rundown: Will Americans Face The Dollar’s Demise?
A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) The most powerful business lobby in the United States is not a fan of the landmark heath care and climate package President Joe Biden is expected to shortly sign into law. "Business Roundtable opposes the 'Inflation Reduction Act,' which, among other things, includes tax provisions that would undermine American economic growth and competitiveness," the group said in a statement shortly before the measure was passed by the Senate. But analyses by Wall Street institutions published over the past week found that the impact on corporate earnings would likely be limited, though some sectors could be more affected than others. Breaking it down: The two provisions in focus are a 15% minimum corporate tax and a 1% tax on … [Read more...] about New business taxes are coming. Wall Street isn’t worried
Share to Twitter Share to Linkedin One of the original chemists who designed synthetic cannabis for research purposes, John W. Huffman, PhD once said that he couldn’t imagine why anyone would try it recreationally. Because of its deadly toxicity, he likened it to playing Russian roulette , and said that those who tried it must be “idiots.” Whether that’s the case or not, the numbers of users is certainly rising, and so are overdoses. New Hampshire has declared a state of emergency , and the number of emergency room visits for overdose from the synthetic drug has jumped. One teen died earlier this month after slipping into a coma, reportedly from using the drug. Synthetic pot also goes by hundreds of names: Spice, K-2, fake weed, Yucatan Fire, Bliss, Blaze, Skunk, Moon Rocks, and JWH-018, -073 (and other numerical suffixes), after Huffman’s initials. Synthetic cannabis, unlike pot, however, can cause a huge variety of symptoms , which can be severe: … [Read more...] about Why Synthetic Marijuana Is More Toxic To The Brain Than Pot