China’s deepening economic slowdown is reshaping domestic consumption for high-end handbags and humble burgers. Recent earnings releases point to stronger sales for prestige beauty brands like Estée Lauder, while companies such as LVMH reported largely flat demand for traditional luxury staples like handbags. The shift reflects the tastes of a ...
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Baidu posts fifth consecutive revenue drop as AI bet sputtersBaidu posts fifth consecutive revenue drop as AI bet sputters
Chinese search giant Baidu posted a fifth consecutive quarterly revenue drop on Tuesday, sending its stock sliding, as it shells out to keep pace with domestic AI peers. Baidu is pivoting to become an “AI-first company,” its CEO said, tripling its quarterly capex as it ploughs cash into compute. But ...
Meta social media addiction trial opensMeta social media addiction trial opens
Meta rejected claims that its apps were designed to addict young users, as a trial began Tuesday that could reshape the social media giant’s businesses. Brought by 29 US states, the lawsuit argues Facebook and Instagram knowingly contributed to negative health outcomes for minors. The outcome could result in billions ...
US, Canada hold last-minute trade talksUS, Canada hold last-minute trade talks
Canadian Prime Minister Mark Carney spoke with US President Donald Trump on Monday, as Ottawa scrambles to avert new 50% tariffs that take effect at midnight on Wednesday. A deal to avoid the duties sits on Trump’s desk, Politico reported, but one sticking point is US tariffs on Canadian vehicles. ...
China’s ‘physical AI’ takes center stageChina’s ‘physical AI’ takes center stage
The World Robot Conference kicks off in Beijing on Wednesday coinciding with humanoid maker Unitree going public in Shanghai, as the world faces a new “China shock” from advanced AI technology, experts said. While earlier economic disruption to the West centered around traditional manufacturing, Chinese policymakers are honing in on ...
Wall Street may have found its party pooperWall Street may have found its party pooper
Liz’s view You don’t worry about bad ideas on Wall Street. Those burn themselves out quickly. You worry about good ideas because eventually someone will come along, execute them badly, and ruin the party for everyone. Few ideas on Wall Street have been better than the reinvention of insurance from ...
PIF’s assets shrink by $10 billionPIF’s assets shrink by $10 billion
The value of the Public Investment Fund’s assets under management shrank $10 billion last year to around $900 billion, according to its 2025 annual report. While little more than a rounding error in the big-spending world of sovereign wealth, it marked the first such drop this decade. PIF portfolio companies’ ...
XRG enters Venezuela as it grows global gas platformXRG enters Venezuela as it grows global gas platform
XRG is making its first move in Venezuela as the international investment arm of ADNOC looks to create a global gas platform. The stake in the concession adds to its portfolio of projects in Argentina, Azerbaijan, Mozambique, Turkmenistan, and the US. XRG aims to become a top-five player in global ...
Tales of a plebeian ‘meathead’Tales of a plebeian ‘meathead’
by Robert Harris. Harris dials back the clock a few thousand years from his novel-turned-Academy Award-winning film , delving into a topic to satisfy the curiosity of those with the Roman Empire frequently on their minds. Agrippa is a lesser-known plebeian “meathead” who rises through the ranks of the legionnaires ...
US housing starts fell in JulyUS housing starts fell in July
US single-family homebuilding nosedived in July, falling 16% year-over-year as higher mortgage rates kept the market frozen. High mortgage rates and a dire supply shortage have sidelined potential buyers. While those would-be buyers stay put, many are now relying on buy now, pay later services to help them stay afloat: ...