On the political front, there is the possibility that the United States federal government will experience a partial shutdown starting October 1. Meanwhile, during the United Nations General Assembly, Zelensky accuses Russia of using food insecurity as a war strategy. Additionally, a Special Summit on Climate Ambition highlights the UN’s efforts to address the global crisis in this area.
From an economic perspective, both China and Japan are experiencing devaluation of their currencies. In addition, the Canadian union Unifor is in full negotiations with the three main automobile companies in Detroit. Elsewhere, Goldman Sachs is considering selling Greensky, while Uber has announced its first operating profit.
Policy
- The US federal government could experience a partial shutdown next month as House Republicans disagree over the content of a short-term funding bill, which could undermine the economy and national security. .
- At the 78th session of the United Nations General Assembly, Ukrainian President Volodymyr Zelensky accused Russia of using shortages of raw materials, such as grain, as a tool of war. Furthermore, he has denounced the kidnapping of minors in the east of the country by Moscow, calling it without hesitation a “genocide.”
- The Secretary General of the United Nations, António Guterres, has placed climate action at the center of his agenda on the second day of the General Assembly and has urged the main generators of climate pollutants in the world to make a rapid transition in their economies. , abandoning the use of coal, oil and gas, the main causes of global warming.
Economy
- Both the Chinese yuan and the Japanese yen are currently trading near their lowest levels against the dollar in more than a decade. Since the start of 2022, the yuan has depreciated 13% against the dollar, while the yen has seen a 22% drop. However, both currencies have recently seen a modest recovery from their lowest levels.
- Like the American union UAW, the Canadian union Unifor is also in the process of negotiating new contracts for factory workers with Detroit-based auto companies. Unifor, which is a union independent of the UAW, represents approximately 18,000 workers at GM, Ford and Stellantis in Canada.
- Goldman Sachs is in advanced talks to sell its specialty lending unit, GreenSky, to a consortium of investment firms. According to people with knowledge of the situation, the deal would be valued at approximately $500 million, which is less than a third of what Goldman Sachs paid for the deal just a year and a half ago.
- Uber announced its first operating profit, attributed to better cost management. This marks a pivotal moment for the company, which had posted losses after years of aggressive spending in a controversial quest for expansion. Uber’s financial transformation has been driven by the rebound in demand for ride-hailing services after the pandemic and a successful expansion into the food delivery sector.
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