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On August 31, the Ministry of Industry and Information Technology (MIIT) – International Telecommunication Union (ITU) High-Level Seminar on "Space for Development" opened in Shanghai. The three-day seminar includes keynote speeches, roundtable discussions, and field visits, focusing on topics such as space services issues discussed at the World Radiocommunication Conference, opportunities for space-ground integrated operations, the large-scale application of the BeiDou Navigation Satellite System, and the integrated development of space and ground systems. The seminar will feature thematic sharing on the ITUs space rules framework and the space service regulatory practices of various countries, and will host several roundtable discussions on topics such as "Space for Development" and "New Challenges in Frequency and Orbit Resource Management." Participants will exchange views on issues such as space governance, frequency and orbit coordination, and industrial empowerment of developing countries.August 31 - According to South Korean media reports, Samsung Electronics is developing an 8-layer seventh-generation high-bandwidth memory (HBM4E) in cooperation with NVIDIA (NVDA.O). This significantly reduces the stacking height compared to the originally planned 12-layer and 16-layer solutions. NVIDIA has proposed a speed specification of 17-18Gbps, which is about 20% higher than the initial 14.4Gbps sample speed of Samsungs HBM4E. This product is reportedly intended for use in NVHBM.The General Staff of the Armed Forces of Ukraine reported that as of 08:00 local time on August 31, a total of 225 firefights had been recorded in the past 24 hours. Of these, 36 enemy attacks occurred in the Pokrovsk direction.A survey released by the Japanese government on Monday, August 31, revealed that a severe labor shortage remains the primary reason Japanese companies are hiring foreign workers. This highlights the Japanese economys reliance on overseas labor, even as Prime Minister Sanae Takaichi seeks to tighten regulations targeting non-Japanese residents. A multi-option survey conducted by the Ministry of Health, Labour and Welfare showed that 68.2% of companies cited alleviating labor shortages as the reason for hiring foreigners. This reason has remained the top choice every year since the survey began in 2023. Approximately 56% of companies stated that they recruit based on the abilities and qualifications of foreign workers; 18% indicated they hoped to promote workplace internationalization. With Japans declining population and aging workforce, companies are increasing their recruitment of foreign workers to fill labor gaps, leading to a significant increase in the number of foreign workers. A report released this month by Teikoku Databank showed that more than half of companies reported a shortage of full-time employees. The survey also revealed that nearly 30% of companies reported an insufficient number of non-regular employees.Japans construction orders fell 13.4% year-on-year in July, compared with 2.3% in the previous month.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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