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China's property rescue plan stumbles as it faces challenges in reviving the market. Meanwhile, Saudi Arabia's Public Investment Fund is pivoting towards domestic investment, emphasizing major projects like NEOM. The Fund's transformation showcases its rise as a global player while recalibrating its investment strategies. Additionally, Americans are grappling with tip fatigue, raising questions about the future of service industry tipping. These topics paint a vivid picture of evolving economic landscapes.
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- Saudi Arabia's Public Investment Fund is shifting focus from international investments to prioritizing domestic spending for economic growth.
- The post-pandemic U.S. tipping culture is creating workforce vulnerabilities, as consumers grapple with rising expectations and shifting payment norms.
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Challenges in China's Housing Market Rescue Plan
China's housing market has been struggling, and a recently announced $42 billion fund intended to stimulate the sector is largely underutilized. Despite Beijing's hope that state banks would lend this money to local governments to purchase unsold properties, only 4% of the fund has been allocated as of June. State banks have expressed doubts about the rental yields exceeding the interest costs on loans, leading to their cautious approach toward the fund. Policymakers are now tasked with finding ways to mitigate risks for local governments in order to encourage greater participation.
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