FT News Briefing Saudi Arabia is keeping it in the kingdom
Aug 21, 2024
China's major effort to revive its struggling housing market hits a slow start, raising concerns about the effectiveness of a $42 billion fund. Meanwhile, Saudi Arabia's Public Investment Fund shifts its focus toward domestic investments, indicating a strategic pivot that could reshape global finance. The discussion also touches on the evolving tipping culture in the U.S., where many are experiencing tip fatigue as service industry norms shift post-pandemic. These topics highlight significant economic changes both locally and internationally.
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China's Housing Rescue Fund Ineffective
- China’s $42B real estate rescue fund is underperforming.
- State banks hesitate to participate due to concerns about low rental yields compared to loan interest.
Saudi Arabia's PIF Prioritizes Domestic Investments
- Saudi Arabia's Public Investment Fund (PIF) is shifting its investment strategy.
- It is prioritizing domestic projects to boost its economy and encourage foreign investment inflows.
US Tipping System Under Pressure
- The US tipping system is becoming increasingly strained.
- Rising tip expectations and inflation create challenges for both customers and service industry workers.