— China to Become World’s Largest Car Exporter; Amex to Open Newark Airport Lounge; BP CEO Looney Resigns; Real US Household Income Drops; Kim Jong Un Visits Russia; iPhone 15 Launch Sends Apple Stock Lower; Amazon Opens New Manhattan Office
1. China to Become World’s Largest Car Exporter
According to the latest data from Moody’s, China is on track to surpass Japan in total car exports this year, becoming the largest automobile exporter in the world.
However, China’s domestic car sales peaked in 2017 and have since declined, largely due to the slowdown of the middle class and overall economic weakening.
As of the end of July, China had exported a total of 2.8 million vehicles, including 1.8 million gasoline-powered cars — up 74% from the previous year.
In 2021 and 2022, China overtook South Korea and Germany, respectively.
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2. Amex to Open Newark Airport Lounge
According to a statement from American Express, the company plans to open a new luxury lounge at Newark Liberty International Airport as part of its continued investment in travel and entertainment benefits for cardholders.
The new Centurion Lounge, set to open in 2026, will offer views of the Manhattan skyline.
Access will be exclusive to Amex Platinum Card holders, which carries an annual fee of $695. Amex currently has over 1,400 airport lounges in 140 countries.
In recent years, Amex has opened new lounges in San Francisco, Las Vegas, and London.
The company says lounge access is one of the most valued perks among Platinum Card members.
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3. BP CEO Bernard Looney Resigns
Sources say BP CEO Bernard Looney is stepping down from his role.
Looney, 53, joined BP in 1991 and has spent his entire career with the company.
He was appointed CEO in 2020 and helped steer BP through its energy transition period, including investments in wind, hydrogen, and EV charging sectors.
He had pledged to reduce the company’s oil and gas production in an effort to cut carbon emissions.
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4. Real US Household Income Drops
According to the U.S. Census Bureau’s latest annual report, real median U.S. household income in 2022 was $74,580, down from $76,330 in 2021 — marking the biggest drop in over a decade.
In 2022, adjusted living costs also rose at the fastest pace in more than 40 years.
While inflation has eased and the economy remains relatively strong, the financial health of U.S. households continues to pose a challenge for President Biden’s re-election bid.
The data highlights the high cost of living and the impact of ending pandemic-era support programs.
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5. Kim Jong Un Visits Russia
Today, North Korean leader Kim Jong Un arrived in Russia by his private armored train to meet with President Putin and discuss potential arms deals.
This is Kim’s first visit to Russia since the COVID-19 pandemic. The U.S. expects the two leaders to negotiate North Korean arms sales to Russia.
Both North Korea and Russia are under international sanctions and have fewer diplomatic ties with other countries, making their military cooperation increasingly close.
Kim’s train acts as a mobile office and even contains space for his bulletproof Mercedes vehicle.
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6. iPhone 15 Launch Sends Apple Stock Lower
Today, Apple unveiled its new iPhone 15 and Watch lineup during its product launch event.
The base price of the iPhone 15 Pro Max rose to $1,199, $100 higher than last year.
Analysts believe Apple is trying to counteract declining unit sales through higher prices. The stock fell more than 2% today and is down 5% over the past five trading days.
Today’s event lacked any major surprises or breakthrough features, and Apple shares dropped 2% during the
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7. Amazon Opens New Manhattan Office
accommodate more than 2,000 employees.
Amazon’s VP of Global Real Estate, John Schoettler, said the company intentionally opened the office in the city center so employees could work, live, dine, and shop nearby — benefiting local small businesses as well.
Amazon also partnered with the City University of New York (CUNY), reserving 1,500 square feet for campus activities and classes.
In March 2020, Amazon purchased the building for around $1 billion, but the pandemic soon shut down the city.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.