Solvay's factory in Rosignano, Italy, on the Tuscan coast, has emerged as an environmental flashpoint in recent years, sparking discussion among European politicians and drawing criticism from environmentalists and a fund manager.
Zambia Requests $8.4 Billion in Debt Relief From Foreign Creditors
Zambia has requested $8.4 billion in debt relief from its foreign creditors over the next three years, including from China, the country's single largest creditor and the largest lender to the developing world.
Zambia's debt restructuring is widely seen as a test of how much debt relief China will be willing to provide to countries that can't repay what they have borrowed from Beijing, which has shown a reluctance in recent years to write down its bilateral debts, preferring to lend more or reprofile them rather than accept haircuts.
GLOBAL NEWS
Exports, the Engine of China's Slowing Economy, Are Sputtering
HONG KONG-The export boom that has powered China's economy through the pandemic decelerated in August, reflecting the impact from rising inflation and slowing growth elsewhere in the world.
The larger-than-expected slowdown in export growth is raising fears that the engine of the world's second-largest economy is sputtering, as fresh Covid lockdowns in major Chinese cities are further restraining spending and the world economy edges closer to recession.
Australia's Second-Quarter Growth Boosted by Consumer Spending, Soaring Commodity Prices
SYDNEY-Australia's economy grew solidly in the second quarter, as consumers continued to spend and soaring commodity prices boosted exports.
The resource-rich economy recorded gross domestic product growth of 0.9% for the quarter, and 3.6% on year, the Australian Bureau of Statistics said Wednesday. Economists had expected on-year GDP growth of 3.4%.
SEC Warns Chinese Companies About Risks of Auditor Changes
The Securities and Exchange Commission on Tuesday warned Chinese companies not to violate legal and audit requirements as they switch to auditors based in the U.S. to comply with a law that threatens to delist the businesses from American stock exchanges.
More than 200 U.S.-listed Chinese companies are in danger of being booted off U.S. stock exchanges starting in early 2024 under the Holding Foreign Companies Accountable Act of 2020. It prohibits trading in companies whose auditors cannot be inspected by the Public Company Accounting Oversight Board-the U.S. audit watchdog overseen by the SEC-for three consecutive years.
Samsung Expects Sharp Downturn in Chip Sales to Extend Into Next Year
PYEONGTAEK, South Korea-Samsung Electronics Co. sees the sharp downturn in chip sales extending into next year, the latest note of pessimism for a semiconductor industry reeling from a dramatic pullback in sales of PCs, smartphones and data servers.
"The second half of this year looks bad, and as of now, next year doesn't really seem to show a clear momentum for much improvement," said Kyung Kye-hyun, who heads Samsung's semiconductors unit and serves as the company's co-CEO, at a Wednesday media briefing.
Investors Are Pouring Into U.S. Stocks to Avoid Greater Turbulence Overseas
Investors around the world are piling into U.S. stocks, even as they brace for the prospect of a rocky autumn, because they say there's nowhere better to shelter from the turbulence in global markets.
Skyrocketing inflation, worries about a potential recession, Russia's invasion of Ukraine, rising energy prices and new Covid-19 outbreaks have rattled everything from stocks to bonds to commodity prices this year.
DOJ Considers Next Move After Judge Greenlights Trump's Request for Special Master
WASHINGTON-The Justice Department faces partly conflicting goals as it weighs how to proceed in its inquiry into the handling of classified documents at Mar-a-Lago following a legal ruling on Monday, former prosecutors say.
A federal judge in Florida ordered the appointment of a special master to review documents seized from former President Donald Trump's Florida resort and temporarily blocked the government from using the materials for a criminal investigation.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
09-07-22 0542ET
