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On February 24, Wang Chuang, Director of the Second Civil Division of the Supreme Peoples Court, stated at a press conference that in 2026, the civil and commercial trial departments of courts nationwide will continue to fully leverage their judicial functions. The next step will be to expedite the issuance of supporting judicial interpretations for the new Company Law and strengthen judicial research and trial guidance for various market entity disputes.Apple (AAPL.O) announced on February 24th that it will move some of its Mac Mini desktop computer production from Asia to the United States, the latest step in its efforts to relocate parts of its vast supply chain back to the US. Apple Chief Operating Officer Sabih Khan stated that the new production plan will begin later this year at a Foxconn factory north of Houston. The factory comprises two main buildings, one currently used by Foxconn to assemble Apples AI servers, and the other currently a large warehouse, which will be converted into a 220,000-square-foot Mac Mini production facility. This measure is part of a commitment Apple (AAPL.O) made last August to invest $600 billion in the US over four years. The Mac Mini is a niche product for Apple; according to Consumer Intelligence Research Partners, it accounted for less than 5% of Apples total global Mac sales last year, and less than 1% of its total sales.On February 24th, according to Qichacha APP, Wuhan Weilai Battery Asset Co., Ltd. recently underwent industrial and commercial registration changes, adding Hefei Jiantou Emerging Industry Equity Investment Fund Partnership (Limited Partnership) and Hefei Haiheng Emerging Industry Equity Investment Fund Partnership (Limited Partnership) as shareholders. Simultaneously, its registered capital increased from approximately RMB 2.239 billion to approximately RMB 2.637 billion. Qichacha information shows that the company was established in 2020, and its business scope includes: operation of electric vehicle charging infrastructure, battery leasing, and development of artificial intelligence application software.Japanese Economy, Trade and Industry Minister Ryomasa Akazawa: If the United States imposes a new 10% tariff, Japan may face additional tariff costs on some goods that exceed the previously agreed 15% rate.February 24th - The Russia-Ukraine conflict has entered its fifth year, and the trilateral peace talks between Ukraine, Russia, and the United States have yet to achieve a breakthrough. Zelenskyy stated that security guarantees remain a thorny issue. Zelenskyy said he has been repeatedly told that Russia will never launch another conflict. "I cannot accept this answer. Im sorry," he said. "These security guarantees certainly have their merits," he said, referring to the commitments currently on the table, "but I want a very concrete answer: if Putin attacks again, what actions are our partners prepared to take? Thats what the Ukrainian people want to hear." Addressing another thorny issue, Zelenskyy stated that Ukraine is willing to freeze the conflict at the current front. However, he also indicated that Ukrainian troops will not withdraw from the eastern Donetsk region, which they still control. "Russia just wants us to withdraw... We cant be that stupid. We are not children. We have gone through so many years of conflict; we cannot simply hand over our country to them," he said.

GBP/JPY Meets Resistance Near 158.00 As UK GDP Forecasts Weaken

Daniel Rogers

Feb 08, 2023 14:47

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The GBP/JPY pair has detected selling attention despite striving to extend recovery above the critical resistance of 158.00 in the Asian session. The less-confident pullback move by the Pound Sterling has been fined and the negative path for the cross has continued.

 

On Tuesday, the cross was heavily dumped by the market participant. Additionally, Bank of Japan (BoJ) officials admitted a covert operation to support the Japanese Yen.

 

Meanwhile, the impact of appointing BoJ Deputy Governor Masayoshi Amamiya as BoJ Haruhiko Kuroda's replacement has begun to be felt on the street. OCBC analysts examined the impact of each contender for BoJ's new leadership on the Japanese yen.

 

According to a letter from OCBC, "this week's focus will be on the list of BoJ nominees that is anticipated to be handed to parliament on 10 February, however reports indicate a postponement until next week." Amamiya’s appointment would be most advantageous to the Japanese Yen upward but Yamaguchi’s appointment might drag down Yen’s strength.

 

On the front of the United Kingdom, the Bank of England (BoE) has failed to meaningfully lower inflationary pressures despite being an early adopter of tight monetary policy throughout the pandemic and pushing interest rates to 4%. As a result of their inability to meet key expenses, households are suffering from the effects of a growing cost of living.

 

As reported by Reuters, according to a report from Britain's National Institute for Economic and Social Research (NIESR), "one in four British households would be unable to pay for food and energy without using up savings, borrowing, or seeking other assistance in the 2023/24 financial year, up from one in five in the current year."

 

The agency has cut its predictions for the Gross Domestic Product (GDP) from 0.7% to 0.2% and from 1.7% to 1.0% for 2024. Governor of the Bank of England Andrew Bailey's decision to boost interest rates in order to attain price stability has lowered the scale of economic activities.


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