global

Global trade in services ‘set to surge by $2 trillion’ by 2025

City of London
City of London

More countries adopting technology and switching to remote working after the Covid-19 pandemic will drive a $2 trillion (£1.5 trillion) surge in trade in services over the next five years, according to new analysis.

Oxford Economics and Western Union modelled what effect coronavirus will have on cross-border trade, projecting that international trade in services will rise 31pc from $6.1 trillion last year to $8 trillion by 2025.

The US, France and the UK are set to see the largest increases in the value of cross-border trade in services over the next five years, the study said. In Britain, total services exports are expected to jump by $104bn, primarily driven by a boom in “digitally-deliverable services”, such as IT and financial services. 

Already in the UK, services are a dominant part of the economy, thanks to the country’s role as a leading financial and business services hub.

However,

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Global shares mixed, markets look to central banks, earnings

TOKYO (AP) — Global shares were mixed Friday, with European indexes rising in early trading, after Asian benchmarks mostly tumbled, as investors looked ahead to central bank meetings and corporate earnings reports.

Market players are monitoring financial reports to see how businesses have managed the fallout from the continued outbreaks of COVID-19. Some technology companies have bucked the trend and are showing positive results. But many companies are hurting.

Investors also are looking ahead to central bank meetings in Britain, Australia, India, Russia and Thailand next week.

France’s CAC 40 added 0.6% in early trading to 4,881.25, while Germany’s DAX gained nearly 0,8% to 12,474.45. Britain’s FTSE 100 jumped 0.6% to 6,026.35. U.S. shares were set to drift higher with Dow futures at 26,288.0, up 0.3%. S&P 500 futures were at 3,258.62, up 0.3%.

Japan’s benchmark Nikkei 225 dropped 2.8% to finish at 21,710.00, while South Korea’s Kospi slipped 0.8%

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How Tesla defined a new era for the global auto industry

Tesla’s rapid rise to become the world’s most valuable carmaker could mark the start of a new era for the global auto industry, defined by a Silicon Valley approach to software that is overtaking old-school manufacturing know-how.

Tesla’s ascent took many investors by surprise. But executives at Daimler AG, the parent company of Mercedes-Benz, had a close-up view starting in 2009 of how Tesla and its chief executive Elon Musk were taking a new approach to building vehicles that challenged the established system.

Daimler, which bears the name of the man who invented the modern car 134 years ago, bought a nearly 10% Tesla stake in May 2009 in a deal which provided a $50 million lifeline for the struggling start-up.  

That investment gave Mercedes engineers an inside view of how Musk was willing to launch technology that wasn’t perfect, and then repeatedly upgrade it, using smartphone-style over-the-air updates,

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Global prospects dim for China’s tech champions as great powers clash

SHANGHAI/BEIJING (Reuters) – Huawei Technologies’ founder Ren Zhengfei’s global ambitions are marked in bricks and mortar at a new company campus in southern China, where the buildings are replicas from European cities.

Zhang Yiming, founder of ByteDance, the operator of short video app TikTok, has plastered his Beijing headquarters with posters including a cover of former Google CEO Eric Schmidt’s book “How Google Works”, and has long said he will build a global firm that can compete with U.S. tech giants.  

But the two companies which best exemplify China’s ambitions to challenge U.S. tech dominance are now stymied by strains in relations between China and countries including the United States, India, Australia and Britain.

Chinese companies with world-beating technology — including drone-maker DJI, artificial intelligence firms Megvii, SenseTime and iFlytek <002230.SZ>, surveillance camera vendor Hikvision <002415.SZ> and e-commerce conglomerate Alibaba Group <BABA.N> — are also among those losing access to

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Coronavirus surge, renewed lockdowns fan fresh worries about global fuel demand

By Ahmad Ghaddar, Stephanie Kelly and Laura Sanicola

LONDON/NEW YORK (Reuters) – Surges in coronavirus infections are slowing a recovery in fuel use from the doldrums of lockdowns in the United States and other countries, raising concern it could be years before consumption rebounds from the impact of the pandemic.

Global fuel demand fell by around a quarter at the peak of the lockdowns, when over 4 billion people worldwide were asked to stay at home. The unprecedented decline in demand forced producers to make record output cuts and pump hundreds of millions of barrels of oil into storage.

Fuel consumption and oil prices had recovered some ground as governments relaxed restrictions on population movements and the output cuts stemmed the glut.

That recovery is stalling, however, as infections swing upward in top fuel consumer the United States, as well as in other major economies such as Brazil and India.

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Undaunted, US global media chief plows ahead with changes

WASHINGTON (AP) — Despite a barrage of criticism from both Democrats and Republicans, the new chief of U.S. global media is plowing ahead with changes to the Voice of America and other international broadcasters that are heightening concerns about their future as independent news organizations.

Although Agency for Global Media chief executive Michael Pack has assured Congress that VOA and its sister networks will remain independent and pledged he would consult lawmakers on significant developments, last week he initiated personnel changes and began a review of visas for foreign employees.

Some fear the moves will damage the institution’s credibility and its ability to fulfill its congressionally mandated mission to broadcast impartial news around the world by turning the operation into a propaganda machine for President Donald Trump. Others, though, see them as important and long-needed reforms.

Pack on Wednesday fired the executive editor of Radio Free Asia, Bay Fang, whom

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