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Mercedes eyes off major China expansion

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One of the world’s most luxurious car makers is pouring more resources into it’s Chinese operations

German carmaker Mercedes-Benz is set to put more resources into its cutting-edge tech and research in China, as the country embraces the expansion of electric cars.

In a major effort to create a “home away from home”, Mercedes-Benz says it will be doubling down on bases in Beijing and Shanghai to stay ahead of regulations and consumer trends in a car market that right now outstrips the U.S and Germany, combined.

Three years after initially announcing plans to strengthen its research and development within the communist country, Mercedes is on-track to unveil its new Tech Center China in Beijing later this month.

Mercedes Benz to expand in China/ Image: Mercedes-Benz

The new tech centre:

The centre will host 1,000 engineers and is more than three times the size of the one Mercedes-Benz opened in 2014.

The new centre will also be the first outside Germany that can test “everything”.

Mercedes-Benz has also invested significantly in upgrading its Chinese design studio and has moved the whole team from Beijing to Shanghai, a megalopolis of about 25 million people known as the car design capital of China.

China’s car market continues to grow, particularly within the electric car sector, with sales up 12 percent last year despite COVID-19.

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Money

Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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Central bank expected to ease interest rates as election nears

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The Federal Reserve is expected to cut interest rates again this week, a move aimed at cooling inflation.

This quarter-point rate cut would bring the benchmark rate to about 4.6%, the second reduction this year.

Analysts expect that additional cuts could come in December, which would benefit borrowers by reducing loan costs.

If Trump were to win the election, economists say his proposals on trade and immigration could reignite inflation.

The Fed is balancing a strong economy and low unemployment with its inflation-calibrated rate cuts.

As Election Day approaches, all eyes are on both the Fed and the presidential race.

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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