Nordic Business Report Last Month Today: August 2019

Mia Heiskanen is updating the monthly news to Nordic Business Report web. Read the latest from August 2019.

 

Hong Kong anti-extradition bill protests

Hong Kong citizens call for a city-wide general strike with sit-ins in seven districts. With thousands of workers announcing their participation, over 200 flights were cancelled, MTR lines halted and the Hang Seng Index dropped sharply. Twitter says it suspended over 200,000 automated accounts that it believes were part of a Chinese government-run campaign to spread misinformation about the Hong Kong protests.

China-United trade war goes on

China-United States trade war continues as President of the United States Donald Trump announces in a tweet that the U.S. will impose import tariffs of 10% on US 300 billion worth of Chinese exports starting September 1.  China lets its currency drop to its lowest reported level since 2008 and asks state-owned companies to halt imports of U.S. agricultural products. In response the U.S. Treasury Department designates China as a currency manipulator.

German economy in down swing

The Federal Statistical Office of Germany discloses that Germany´s gross domestic product shrank by 0.1% in the second quarter.

G7 Summit in Biarritz

Group of seven leaders held their yearly meeting in Biarritz France.

UK Brexit in turmoil

UK opposition leader Jeremy Corbyn wrote to Cabinet Secretary Sir Mark Sedwill over concerns PM Boris Johnson could call an election, then allow the UK to leave the EU on 31 October while Parliament is dissolved and there are no MPs around trying to prevent a no-deal scenario. This would be an “anti-democratic abuse of power”. UK Prime Minister Johnson asks Queen Elizabeth II to suspend Parliament until October 14. The request is approved by the constitutional monarch.

Credit Suisse shifts focus from branches to digital banking

Credit Suisse said on Monday it would invest hundreds of millions of francs in digital services and other parts of its Swiss division by the end of 2021 and said it no longer needed a bigger branch network in its home market than its rivals.

Brazil wildfires

Finland, current chair of the European Union, asks the bloc to contemplate a ban on beef from Brazil in response to the ongoing disaster. The Brazilian government through President Jair Messias is open to accepting financial aid from organizations and foreign countries to help fight fires in the Amazon rainforest on the condition that the funds must be under the country’s control.