Global Chip Demand Slowdown
Chipmakers are signalling a slowdown in global demand, with recent data highlighting a 1.7% decline in production output, a significant contrast to July's 17.3% gain. This is the first time in in over four years South Korea’s semiconductor output has fallen. Micron Technology and Samsung Electronics's weak forecasts go hand in hand with the gloomy outlook of the biggest industrial sector in South Korea's economy - a worrying indicator for the broader global economy.
- South Korea Slashes Chip Production for First Time in Over Four Years
- South Korea Memory Chip Exports Plummet as Tech Demand Slumps
- Memory down cycle to unseat Samsung
Nord Stream Pipeline Gas Leak
Further discoveries of leaks this week have prompted the EU to suspect sabotage behind the damaged Nord Stream pipelines, with an investigation underway. Whilst Russia is suggesting state-level terrorism, hinting the US is likely to benefit from LNG sales if pipelines were to be put out of use, CNN have reported that European security officials had observed Russian navy support ships and submarines not far from the leaks. Aside from political tensions, satellite analysis reveals a huge climate risk with substantially larger methane plumes than a super-emitter event last year.
- Nord Stream Gas Leaks Could Be An 'Unprecedented' Climate Disaster
- Russia says Nord Stream likely hit by state-backed 'terrorism'
- Fourth leak found on Nord Stream pipelines, Swedish coast guard says
- Denmark, Germany and Poland warn of 'sabotage' after Nord Stream leaks
Inflation Crisis: Retail Profit Pressure
European retailers have been beaten up by inflation: a double whammy of increased clothing costs and reduced consumer purchasing power have hampered recent profit outlooks for the likes of Next, Boohoo and H&M. CBI Data reports both a slide in sales this month and a further drop expected in October for the industry.
- Next Warning, H&M Cuts Add to European Retail Woe as Prices Soar
- Boohoo issues profit and sales warning as market value slumps 87% in year
- UK retail sales slide in September - CBI
Global Gambling Crackdown
Two countries this week have tightened their regulatory grasp on gambling. The Danish Gambling Authority has succesfully blocked 82 illegal website (a record) in Danish court due to their offerings without a license. An even more severe crackdown is building in the Phillipines, with 175 online gambling firms intended to be shutdown, along with their 40,0000 Chinese employees to be deported. “The crackdown was triggered by reports of murder, kidnapping and other crimes committed by Chinese nationals against fellow Chinese nationals,” ministry spokesperson Dominic Clavano said.
- Danish Gambling Authority Blocks 82 Illegal Websites
- Philippines Readies Crackdown on Chinese Online Gambling Operations
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