The world this week - Business
China unveiled proposed antitrust regulations for tech firms. The guidelines would ban activities that regulators think will stifle competition and harm internet users. The list includes controlling user traffic, blocking competitors’ products and discriminatory pricing. The shares of Alibaba, Tencent and JD.com, three Chinese tech giants, all tumbled. Alibaba’s shares in Hong Kong are at their lowest price since they were listed there in 2019.
Meanwhile, the release of disappointing economic data from China raised concerns about the country’s slowing recovery. Figures for factory output, retail sales and investment activity were all below analysts’ expectations. Economists said that renewed travel restrictions, floods and typhoons were to blame for the bad news.
In America the giants of the retail sector reported solid results. Walmart’s quarterly revenue for the three months ending in July reached $141bn, a 2.4% increase from the previous year. Sales and foot traffic also rose at Target, a rival. However, there are signs that the shopping spree may be coming to an end. The Commerce Department said that its measure of national retail sales dropped by 1.1% in July, compared with a month earlier. Spending fell across many categories, with notable declines in the sales of clothing, furniture and cars.
The inflation rate in Britain dropped to 2% in June, compared with 2.5% the month before. But inflation is expected to climb in the second half of the year, on the back of rising energy costs and global production bottlenecks.
The same factors pushed up consumer-price inflation in the European Union. The inflation rate there was 2.5% in July, up from 2.2% a month earlier.
Google, Facebook and Amazon are already facing antitrust investigations.
Regulations on children stifled creativity.
He has approached his job with renewed vigour.
4.shopping spree 疯狂购物；抢购狂欢
Chelsea and I decorated the tree and went on our annual Christmas shopping spree.