Business
Alibaba Group has announced an HK$80 billion share placement aimed at boosting its investments in artificial intelligence and enhancing its AI infrastructure. The Chinese tech giant will issue 710 million new ordinary shares at HK$112.70 each, translating to roughly US$10.2 billion based on current exchange rates. The company expects the deal to finalize by August 26, pending standard closing conditions. This funding will support the expansion and modernization of its AI infrastructure, including cloud services, models, chips, and applications.
South Korea has embarked on its inaugural container ship journey through the Arctic to reach Europe. The 2,758-TEU PanStar Acro departed from Busan New Port at approximately 9 p.m. on August 22. The Ministry of Oceans and Fisheries confirmed the vessel’s departure and released the itinerary for the voyage. The vessel will navigate via the Northern Sea Route before calling at three ports across Europe. The entire round-trip is planned to last 45 days, concluding in Busan on October 5.
Egypt’s central bank keeps its policy rate corridor at 19%-20% after its August meeting. Official data show that urban annual inflation rose to 14.9% in July from 14.3% in June. Meanwhile, core inflation, as calculated by the CBE, increased to 14.7% from 14.3% over the same period. In July, both headline and core inflation figures registered no change month-on-month. The Central Bank of Egypt explained that unfavorable base effects contributed to the higher annual figures. The urban consumer price index for Egypt is produced by the Central Agency for Public Mobilization and Statistics. This August decision marks the fourth consecutive hold after meetings in April, May, and July. The last adjustment to policy rates occurred on February 12, when the CBE cut key rates by 100 basis points. This reduction brought the overnight deposit and lending rates to their current levels of 19% and 20%. Additionally, the main operation and discount rates were lowered to 19.5%. Since that reduction, the Monetary Policy Committee has consistently maintained the same rate structure at every subsequent meeting. Inflation climbs yearly while monthly prices stay stable The central bank noted that real economic activity showed signs of moderation during the second quarter, based on its latest estimates. This follows a 5% growth in real gross domestic product during the first quarter of 2026. The CBE anticipates an average real GDP growth rate of about 5% for the
U.S. stocks experienced modest increases on Wednesday, primarily driven by a sharp decline in long-term Treasury yields. The S&P 500 climbed 16.22 points, or 0.21%, reaching 7,707.98 and ending a streak of three consecutive losing sessions. The Dow Jones Industrial Average gained 119.65 points, or 0.22%, closing at 53,463.05. Meanwhile, the Nasdaq Composite rose by 41.38 points, or 0.16%, finishing at 26,331.09. The downward movement in government bond yields helped the major indices recover after several sessions marked by pressure from rising borrowing costs.
NEW YORK / RankWire.AI/ – On Friday, precious metals markets worldwide moved lower, with spot gold prices declining and heading toward a weekly downturn. According to market data, the price of spot gold fell 0.5 percent to trade at $4,326.75 per ounce, while United States gold futures for December delivery decreased nearly 1.0 percent to $4,382.50 per ounce. These declines followed a brief, sharp rally on Thursday, when bullion prices reached their highest levels in over two months before retreating 1.3 percent amid rapid profit taking. Commercial trading firms execute high volume order transactions across international exchanges. Market observers linked the price corrections primarily to recent macroeconomic data releases from the United States. Softer-than-anticipated consumer price index figures alleviated fears of persistent inflation, thereby reversing the momentum that had pushed gold to multi-month highs earlier in the week. As these lower inflation numbers dampened expectations for aggressive interest rate hikes by the Federal Reserve, institutional traders began locking in gains, leading to declines in spot prices across global commodity markets. Although long-term demand for safe haven assets like gold remains fundamentally solid, short-term trading activity has been driven by portfolio adjustments. The swift move from Thursday’s multi-month peak to Friday’s lower range highlighted increased volatility, fueled by shifting interest rate forecasts. According to analysts at Sucden Financial, while overall market trends stay supportive, gold is heading for a weekly loss as investors unwind inflation-driven rally positions in short-term
Global electric vehicle sales rose 9% year on year in July 2026 to 1.85 million units. Among the major EV markets, Europe experienced the most substantial growth in July. Sales of electric vehicles increased by 33% from the same month a year earlier, reaching approximately 450,000 units. The region’s sales during the first seven months of 2026 also grew by 28%. France saw an 81% annual surge in July and achieved a 37% EV penetration rate. Germany’s sales rose by 46%, while the United Kingdom reported a 43% increase.