NYSE Suspends Trading Of WeWork As Delisting Begins
The New York Stock Exchange (NYSE) has suspended trading in WeWork’s (WE.N) warrants due to “abnormally low” trading price levels and will initiate proceedings to delist them, the flexible workspace provider said yesterday.
Dow And S&P 500 End On A Low Due To Rate Concerns
The Dow and S&P 500 ended slightly lower yesterday as investors stayed worried the Federal Reserve will keep interest rates higher for longer and as banks shares eased. The Nasdaq barely finished in green.
VinFast Doubles To Highest On Market Debut
VinFast’s shares more than doubled yesterday to the highest since Vietnamese electric vehicle maker’s blowout Wall Street debut after Reuters reported that South Korea’s Star Group Industrial plans to open factory in Vietnam.
Today’s News
China President Xi Jinping called on South Africa to join him in boosting the countries’ combined influence on international affairs in the Global South. Both respective countries have thrown their weight behind the expansion of the BRICS bloc ahead of its annual meeting in Johannesburg, an attempt to extend the group’s clout on the world stage and challenge the U.S.-led status quo.
Beijing has been pushing for adding to the five-nation group which also includes Brazil, Russia and India. Ramaphosa publicly gave his backing to the plan in a televised address to the nation this past Sunday as well. More than 20 nations have formally applied to join, he claimed. Other reports indicate that this convergence include likes of Saudi Arabia, Indonesia and Egypt.
The China leader has been courting countries from the Global South as tensions with the U.S. and its Western allies continues to mount. In an op-ed published in several South African media outlets on Monday, Xi said China and South Africa should “fear no hegemony” and “work together to appeal for greater voice and influence” of the developing nations.
Other related news include:
President Xi Backs BRICS Expansion And Hypes Chinese Economy
China publicly backed expansion of the BRICS bloc and used the annual gathering of emerging market powers to sound an upbeat note on the country’s economy.
“Whatever resistance there may be, BRICS as a positive and stable force for good will continue to grow,” said Chinese Commerce Secretary Wang Wentao, reading President Xi Jinping’s prepared statement. “We will forge a stronger BRICS strategic partnership, expand the BRICS Plus model and actively advance membership expansion,” he told a BRICS Business Forum yesterday in Johannesburg.
President Xi Attends BRICS Dinner But Skips Business Forum
President Xi attended a leaders’ dinner hosted by his South African counterpart on Tuesday after skipping an earlier scheduled appearance at a business forum.
Xi arrived at the dinner along with the leaders of Brazil and India, and Russia’s foreign minister, who are all in Johannesburg for the annual BRICS summit of emerging market powers.
U.S. Shifts Towards Revoking China’s Preferred Trade Status Again
Candidates gunning to be the Republican Party nominee to run for the U.S. presidency in 2024 are pledging to step up America’s economic confrontation with China. Most in which have a common refrain – to end what is known as Permanent Normal Trade Relations (PNTR), with China. The idea is to reverse the decline of manufacturing in the U.S. as it shifted to China following its 2001 entry into the World Trade Organization.
There’s a long history of U.S. politicians threatening to revoke China’s preferred trading status but, so far, no president has been able to pull the trigger.
PNTR is a legal status that provides U.S. trade partners with the same advantages offered to WTO members. In practice, it reduces the cost of imported goods and provides greater certainty for U.S. businesses to invest abroad.
