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Trade Wars
China September Exports To US Fall 27% But Overall Rise And Beat Expectations
China’s exports climbed at the fastest pace in six months in September, while imports logged their strongest gain in more than a year, even as a trade deal with the U.S. remains elusive. Exports grew 8.3% in September in U.S. dollar terms from a year earlier, China’s customs data showed Monday, beating Reuters-polled economists’ estimates for a 7.1% rise and rebounding from August’s six-month low. Imports jumped 7.4% last month from a year ago, sharply beating Reuters’ estimates for a 1.5% growth, marking the strongest level since April 2024, according to LSEG data.
China’s exports to the U.S. fell 27% in September, while imports declined 16% from a year earlier. Beijing’s imports from the U.S. have dropped by double digits year on year every month since April. The double-digit declines in U.S.-bound shipments were largely offset by sharp increases in exports to other markets. Exports to the Association of Southeast Asian Nations, the European Union and Africa surged 15.6%, 10.4% and 56.4%, respectively.
Read more at CNBC
Nobel Economics Prize Awarded to Trio for Work on Innovation, Growth And 'Creative Destruction'
The Nobel Memorial Prize in Economic Sciences for 2025 was awarded to Joel Mokyr, Philippe Aghion and Peter Howitt on October 13. This is the final prize of the Nobel season. The three were honoured, according to a Nobel committee statement, “for having explained innovation-driven economic growth” with one half to Mokyr “for having identified the prerequisites for sustained growth through technological progress” and the other half jointly to Aghion and Howitt “for the theory of sustained growth through creative destruction.”
Mokyr used historical sources as one means to uncover the causes of sustained growth becoming the new normal. He demonstrated that if innovations are to succeed one another in a self-generating process, we not only need to know that something works, but we also need to have scientific explanations for why. Philippe Aghion and Peter Howitt studied the mechanisms behind sustained growth. In an article from 1992, they constructed a mathematical model for what is called creative destruction: when a new and better product enters the market, the companies selling the older products lose out. The innovation represents something new and is thus creative. However, it is also destructive, as the company whose technology becomes passé is outcompeted.
Read more at Reuters
Amazon To Hire 250,000 Workers During Holiday Season For Third Straight Year
Amazon said it plans to hire 250,000 workers for the holiday season across its fulfillment and transportation networks in the U.S., the same number as the last two years, as the e-commerce behemoth prepares for a surge in orders. The announcement on Monday, however, comes amid concerns that U.S. shoppers will be cautious about spending in this holiday season as they brace from the impact of President Donald Trump's tariff policies.
Amazon will hire full-time and part-time employees at $23 per hour with benefits, while seasonal workers will earn an average wage of over $19 per hour, it said. The company had last month said it is investing more than $1 billion to raise pay and lower healthcare costs for U.S. fulfillment and transportation employees. Retailers have issued mixed outlooks ahead of the holiday season, with Target and Best Buy maintaining their annual forecasts, and Walmart and Macy's raising theirs.
Read more at Yahoo Finance
OpenAI and Broadcom Sign Deal To Build Up To 10 Gigawatts Of Custom Chips
OpenAI announced on Monday that it has entered into an agreement with Broadcom that will see the two codevelop up to 10 gigawatts of AI accelerators. The announcement comes just a week after OpenAI announced a multiyear, multibillion-dollar deal with AMD that will see the chipmaker provide OpenAI with up to 6 gigawatts of AI processors. OpenAI also recently signed a $100 billion deal with Nvidia that will see the ChatGPT developer deploy up to 10 gigawatts of Nvidia systems.
Under the terms of the Broadcom deal, OpenAI said it will design the accelerators and systems, and then develop and deploy them with Broadcom. "Partnering with Broadcom is a critical step in building the infrastructure needed to unlock AI's potential and deliver real benefits for people and businesses," OpenAI CEO Sam Altman said in a statement. "Developing our own accelerators adds to the broader ecosystem of partners all building the capacity required to push the frontier of AI to provide benefits to all humanity," he added.
Read more at YahooFinance
First Brands CEO Patrick James Resigns Amid Bankruptcy Process; Turnaround Expert In Charge
First Brands said on Monday founder Patrick James had stepped down as CEO and will be succeeded by Chief Restructuring Officer Charles Moore on an interim basis, as the auto parts maker advances its Chapter 11 bankruptcy process. The Ohio-based company, which makes filters, brakes and lighting systems, filed for bankruptcy protection in late September, disclosing liabilities of about $11.6 billion.
Moore, who has served as the distressed auto parts company’s chief restructuring officer since September, will oversee stabilization initiatives and facilitate a court-supervised sale process. He brings more than 30 years of leadership experience in restructuring and performance improvement across the automotive supply chain, the company said.
Read more at CNBC
GM Halts Development Work On Its Next-Generation Fuel Cells For Hydrogen Vehicles
General Motors has made a strategic pivot in its energy technology portfolio, announcing the end of development on next-generation hydrogen fuel cell systems under its HYDROTEC brand. This decision reflects a broader industry trend toward prioritizing scalable solutions amid evolving market demands. While the move marks a pause in certain hydrogen innovations, it underscores GM’s commitment to technologies demonstrating proven customer value and growth potential.
Ultimately, GM’s decision illustrates a pragmatic approach to innovation in the automotive landscape. While hydrogen fuel cells hold untapped potential, the extended timeline for infrastructure development and cost reductions necessitates a measured strategy. By honing in on EVs and supportive technologies, General Motors reinforces its leadership in electrified mobility, paving the way for broader environmental impact. This recalibration ensures that R&D investments yield tangible benefits for customers and stakeholders alike, fostering long-term sustainability in an era of accelerating energy transitions.
Read more at The EV Report
South Korea Promises It Will Rekindle U.S. Shipbuilding. That’s Still Far Off.
At the Philadelphia shipyard in August, executives from its Korean parent company stood with South Korean President Lee Jae Myung for a ceremony announcing $5 billion in investments and orders for 12 new ships. Lee promised to help build a skilled workforce in the U.S., saying the shipbuilding industry would represent “growth, opportunity, dreams and hope” for young Americans. That dream is a long way off. The two biggest ships on order—a pair of liquefied natural gas carriers—will be made almost entirely in South Korea, according to the shipyard’s owner, Hanwha Group.
American shipyards employed more than a million people during World War II, but in the decades that followed, U.S. shipbuilding slowed to a trickle. Today, the few remaining major shipyards mostly build or repair vessels for the U.S. Navy. Those that do produce new commercial ships mostly make small vessels for U.S. companies operating on domestic routes. American shipyards get that business thanks to a 1920 law called the Jones Act, which mandates that ships moving goods between U.S. ports must be American-built, -owned, -insured and -operated. “Pure capital injections, even to the tune of billions of dollars, won’t be sufficient to provide the impetus for a sustainable renaissance in the U.S. shipbuilding industry,” said Basil Karatzas, chief executive of Karatzas Marine Advisors, a maritime consulting firm. It would also require a robust steel industry, a highly trained workforce and advanced engineering and design capabilities, he said.
Read more at The WSJ
Denmark Tabs $4.5B for More F-35s
Denmark agreed to purchase 16 more F-35 Joint Strike Fighter Jets to its current fleet in a decision to which it committed $4.5 billion, slightly more than half of a recently approved defense budget. “With the acquisition of 16 additional F-35 fighter jets, we deliver a historic strengthening of the Danish Air Force and the Danish Armed Forces. “I am very pleased that we have concluded this agreement on the additional F-35 acquisition, which significantly increases the combat power of the Danish Armed Forces,” stated Minister of Defence Troels Lund Poulsen. This decision is similar to one announced by the United Kingdom in July, amid growing European determination to counter Russian aggression in Europe.
The $4.5 billion also will fund purchase of F-35 spare parts, threat simulators, flight simulators, training instrumentation, braking parachutes, deployment kits, facilities, and additional staffing. Denmark is a NATO nation and one of the initial partner nations in the F-35 program, along with Australia, Canada, Italy, Netherlands, Norway, Turkey, and the United Kingdom. It currently operates 15 F-35A jets, and six of those are stationed at Luke Air Force Base in Arizona, for training Danish fighter pilots.
Read more at American Machinist
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