Chinese consumers are voting with their wallets – and they’re no longer voting for a new iPhone. That’s clear to see from Apple’s latest earnings report, released overnight, which shows Tim Cook’s company pulling in shrinking revenue from the greater China area – mainland China, Hong Kong, Macau, Taiwan – in the first three months of the year. Source Tech in Asia
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France is to nationalise its biggest shipyard at St-Nazaire rather than allow it to pass into Italian ownership, its economy minister has announced. The nationalisation, which was confirmed on Thursday afternoon, will mark President Emmanuel Macron’s first major industrial policy intervention, and appears a far cry from the former banker’s usual philosophy. Source The Guardian
Spain’s economy grew by 0.9% in the second quarter thanks to improved exports and household spending.The growth figure, a first estimate from the National Statistics Institute (INE), suggests the country’s economy has finally grown back to the size it was before the credit crunch of 2008. Source: BBC News
U.K. lender Barclays reported a net loss of £1.21 billion ($1.58 billion) for the first half of 2017, hit by the fall in sterling, a charge from the mis-selling of payment protection insurance and a loss from the sale of its Africa unit. Source: CNBC