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21 November 2022,02:44
Weekly Outlook
21 November 2022, 02:44
Chinese tech and gaming giant Tencent has been awarded its first license for a video game in 18 months. This comes after the Chinese authorities started its wide-reaching crackdown on big tech companies, implementing legislation like limiting the amount of time children could spend playing games, and freezing the approval of new titles. Beijing has approved 70 titles in November so far, a sign that the Chinese government has been easing back on restrictions as economic growth in the country slows. Earlier this month, the government announced a plan to shore up its property sector, including addressing the liquidity crunch faced by developers.
Chancellor of the Exchequer Jeremy Hunt has announced that the UK’s Stamp Duty cut will end in 2025, putting a definite end date to the period when buyers will pay less, or no stamp duty on home purchases. The cuts are a remnant of Liz Truss’ mini-budget, put into place to ease the burden on home buyers in a time of high inflation and slowing economic growth. Analysts are not convinced, with some pointing out that a deadline on the stamp duty cuts will create artificial inflation in prices as buyers rush to meet the deadline.
Last week, a “Russian-made” missile exploded in Poland, killing 2 people and prompting a spike in geopolitical tensions as it would be an attack against a NATO country, should the strike have been intentional. Russia has denied the claims, and it has since been reported that the missile is likely an air defence missile from Ukraine, given that both sides are using Russian-made Soviet-era weaponry. Poland has called the missile attack an “unfortunate accident”, easing tensions in the area – and crude oil prices.
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