01
Vietnam's legislative body predicts that the country will not be able to meet the 2023 GDP growth target
Vietnam's legislative body said on Monday that it is expected that the country will not be able to meet its economic growth targets for this year.
The National Assembly stated in a statement that the manufacturing industry, which has been the engine of the country's economic growth for many years, is slowing down.
According to national media reports cited in the National Assembly report, the gross domestic product (GDP) of this Southeast Asian country is expected to grow at an annual rate of over 5%.
Vietnam previously set a GDP growth target of 6.5% this year, lower than last year's 8.02%.
However, weak global demand has put pressure on the country's exports this year.
The GDP growth from July to September this year was 5.33% year-on-year, higher than the 4.05% growth rate in the second quarter, but far lower than the low benchmark growth rate of 13.71% in the same period of 2022.
02
LinkedIn plans to lay off nearly 700 employees, marking the second round of layoffs this year
On Monday, Microsoft's social media platform LinkedIn announced that due to slower revenue growth, 668 employees will be laid off, involving engineering, talent, and finance teams.
Previously, LinkedIn announced layoffs of over 700 people in May.
Faced with uncertain economic prospects, the technology industry has seen a large number of layoffs this year.
LinkedIn wrote on its blog that the company is adjusting its organizational structure and simplifying decision-making processes to ensure value is provided to our members and customers.
According to relevant data, the technology industry laid off over 140000 employees in the first half of this year, compared to 6000 in the same period last year.
03
Biden will visit Israel on October 18th
The White House announced on the 16th that President Biden will visit Israel on October 18th and hold consultations on Israel's next steps.
The new round of Palestinian-Israeli conflict has been ongoing for over a week. The news of the US side was released by US Secretary of State Antony Blinken after a long consultation with Israeli officials in Tel Aviv that day.
The White House statement stated that after his visit to Israel, Biden will travel to the Jordanian capital, Amman, where he will hold talks with King Abdullah II of Jordan, Egyptian President Cesi, and Palestinian National Authority President Abbas. The United States will hold consultations with all parties on humanitarian needs and other issues in the Gaza Strip.
Earlier that day, Biden had a phone conversation with Egyptian President Hosni al Sisi regarding the Israeli-Palestinian conflict. The two sides discussed the need to strengthen coordination with the United Nations, Jordan, the Palestinian National Authority, Israel, and other regional partners to alleviate the deteriorating humanitarian crisis in the Gaza Strip, as well as to maintain stability in the Middle East more broadly. The leaders of the two countries agree to continue close coordination to prevent the escalation of the Israeli-Palestinian conflict and ensure that humanitarian aid reaches urgently needed civilians.
04
Thailand announces extension of visa free stay for Russian tourists to 90 days
On the 16th local time, Thai Prime Minister Seta stated in an interview with reporters after a cabinet meeting that the Thai government has approved the extension of visa free stay for Russian tourists from 30 days to 90 days.
Seta said that this policy will be implemented from November 1, 2023 and will continue until April 30, 2024.
Seta stated that this decision is aimed at further stimulating the tourism industry. Considering that the winter season in Russia lasts from December to March next year, and the demand for outbound vacations due to the cold climate, the 30 day stay may not be sufficient. Therefore, it has been decided to extend the visa free stay time.
Thai Deputy Prime Minister and Minister of the Interior Anutin stated that the Thai Ministry of the Interior will provide more convenience for Russian tourists and ensure their safety in Thailand.
05
Ford Chairman Calls on American Auto Workers to End Strikes, Saying the Future of the Company is at Risk
On the 16th local time, Ford CEO Bill Ford called on car workers to end a month long strike, stating that the company's future was in jeopardy.
According to reports, Bill Ford delivered a speech at the company's headquarters in Dearborn, Michigan on the 16th, stating that the high labor costs brought about by the strike may limit the company's ability to develop new cars and invest in factories.
Bill Ford said, "This is the absolute lifeline of our company. If we cannot control it, we will lose to our competitors, the United States will also fail in the competition, and many positions will no longer exist
Bill Ford also stated that Ford has more UAW employees than any other car company, which makes its labor costs relatively high.
According to reports, among the three major automakers, Ford has 57000 UAW employees, while General Motors and Stratis have 46000 and 43000 UAW employees, respectively.
In mid September, a large number of American car workers began a strike due to the failure of the United Auto Workers' Union employees to negotiate a new labor agreement with three major automakers, including Ford. Currently, out of 146000 employees from three automakers, approximately 34000 are participating in the strike.
Last week, 8700 automotive workers from Ford's largest and most profitable factory, the Kentucky truck factory, joined the strike, marking an escalation of UAW's strike action against the three major automakers.
06
The scale of venture capital in the United States has almost halved, but it is still the global leader!
According to a report from GlobalData, the scale of venture capital in the US entrepreneurial ecosystem significantly decreased in the first three quarters of 2023.
During this period, the number of venture capital transactions decreased by 40.3% year-on-year to 5448, and the scale decreased by 45.6% year-on-year to $89.3 billion. However, in the same period of 2022, there were 9132 venture capital transactions with a total investment scale of $164.3 billion.
Analysts from GlobalData point out that global venture capital is influenced by factors such as macroeconomic challenges, ongoing geopolitical conflicts, and uncertain market sentiment, which have dampened investor sentiment.
However, the United States remains the preferred destination for investors, with a dominant position in terms of investment quantity and scale.
From the first quarter to the third quarter of 2023, the number of venture capital investments in the United States accounted for 35.6% of the global total, with an investment amount of 48.8%. Among them, the relatively large amounts include Stripe financing of $650 million, Inflection AI receiving $130 million in investment, and Redwood Material and Stack AV each receiving $100 million in investment.
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