TGI Fridays Malaysia has assured customers that the local franchise restaurants will continue operating as usual and remains unaffected by the recent chapter 11 filing by TGI Fridays Inc. in the U.S., Business Today reported. Craveat International Sdn Bhd, a wholly owned subsidiary of Techna-X Berhad, the Master franchisee and developer for TGI Fridays Malaysia, operates under a franchise agreement with TGI Fridays Franchisor, LLC, which it said is separate from TGI Fridays Inc. and is not impacted by this restructuring in the U.S., it said in a statement today.
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China has moved forward with a complaint at the World Trade Organization that alleges the European Union has improperly set anti-subsidy tariffs on new Chinese-made electric vehicles, the Associated Press reported. The Chinese diplomatic mission to the WTO said Monday it “strongly opposes” the measures and insisted its move was designed to protect the EV industry and support a global transition toward greener technologies.
Prices of new homes in China rose at a faster pace in October, traditionally a peak season for house hunting, a private survey showed on Friday, suggesting that recent support measures could be having some early impact in a crisis-hit market, Reuters reported. The average price across 100 cities edged up 0.29%, compared with the previous month's 0.14%, according to data released by property researcher China Index Academy. On a year-on-year basis, the average price rose 2.08% versus 1.85% growth in September.
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A private gauge of China’s manufacturing activity signaled that the sector returned to growth in October, in a potential sign that Beijing’s more aggressive efforts to boost the economy are having an effect, the Wall Street Journal reported. The Caixin manufacturing purchasing managers index rose to 50.3 in October from 49.3 in September, according to data released by Caixin Media Co. and S&P Global on Friday. A reading below 50 suggests that activity is shrinking and one above indicates that it is expanding.
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China's push to shift its food import sources since 2018 has put it in a better position to impose tit-for-tat tariffs on U.S. farm goods with less harm to its food security if trade friction with Washington flares after the U.S. presidential election, Reuters reported. The threat of a trade war looms for China, the world's top importer of farm products such as soybeans and corn, with Republican candidate Donald Trump floating blanket 60% tariffs on Chinese goods in a bid to boost U.S. manufacturing. His opponent Kamala Harris, a Democrat, is also expected to confront China on trade.
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The Bank of Japan’s governor struck a less cautious tone about the outlook as the central bank delivered a widely expected rate hold and reaffirmed that it’s on track for stable inflation and economic growth, the Wall Street Journal reported. The Japanese central bank maintained its target for the overnight call rate at 0.25%, the level reached after the last hike in July. Thursday’s decision came as no surprise to most BOJ watchers as Gov. Kazuo Ueda had flagged concerns about the uncertain global economic outlook and said that the bank needed to spend time analyzing risk factors.
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China’s residential property sales rose in October, the first on-year increase of 2024, as the government’s latest stimulus blitz brought back buyers, Bloomberg News reported. The value of new-home sales from the 100 biggest real estate companies rose 7.1% from a year earlier to 435.5 billion yuan ($61.2 billion), reversing from a 37.7% slump in September, according to preliminary data from China Real Estate Information Corp. Sales surged 73% from a month earlier.
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Pakistan’s sale of national flag carrier Pakistan International Airlines Corp. has become uncertain after the maiden bid was below the minimum price of about $306 million, Bloomberg News reported. Blue World City submitted a bid 8.5 times lower than the government’s expected price of 85 billion rupees, according to details provided by the Privatisation Commission in Islamabad. The government is going to review the outcome of the process, said the commission’s Secretary Usman Bajwa.