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Budget retailer 99 Cents Only has filed for Chapter 11 bankruptcy protection, intending to close all 371 stores in the U.S. and sell off its real estate and remaining inventory. #99CentsOnly#Chapter11#BankruptcyProtection
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Samsung is reportedly securing $6 to $7 billion for expanding chip manufacturing in Texas, according to Reuters. #Samsung#Texas#ChipManufacturing
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China's major state banks are feeling the strain of the country's prolonged property downturn, with bad loans on the rise. Bank of Communications reported a jump in its property bad loan ratio to 4.99% from 2.8% a year earlier. #China#property#Bloomberg
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Profits at China’s industrial firms have continued to climb, marking an uptrend since August. Industrial profits saw a 10.2% increase in the first two months of the year, contributing to positive signs in the economy, reports Bloomberg. #China#industrial#profits
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Canada's population hit a record high of 40.77 million in 2023, driven by temporary immigration, reports Statistics Canada. The country added 1.27 million people, marking the highest growth since 1957, per Reuters. #Canada#population#immigration#Reuters
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Rent prices for 1- and 2-bedroom apartments saw growth in March for the first time in six months, reports CNBC. The average monthly cost for a 1-bedroom apartment rose to $1,487, up 0.3% from February. The typical 2-bedroom apartment price increased by 0.5% to $1,847
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Tesla, $TSLA, unveils strategy to counter cheaper Chinese competition with a $25,000 electric car, reports Bloomberg. Tesla aims to revamp its production line with an "unboxed" approach, departing from traditional methods pioneered by Henry Ford.
#Tesla#electriccar
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President Joe Biden is set to unveil plans on Monday to cancel student debt for over 30 million Americans by fall, Reuters reports. #JoeBiden#studentdebt#USA
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Jamie Dimon of $JPM predicts 8% rates could be on the horizon, suggesting their impact on inflation might differ from conventional wisdom. #JamieDimon#interestrates#inflation
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US urges South Korea to implement semiconductor export restrictions to China, mirroring its own measures.
#US#SouthKorea#semiconductors#China
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UBS predicts the Federal Reserve will cut interest rates three times this year and five more times next year. #UBS#FederalReserve#InterestRates