Vestas announces quarterly loss

Sustainable energy company, Vestas, published accounts from their second quarter this morning which reveals a three-digit million deficit. Vestas' competitors are also struggling with red numbers on the bottom line. On Monday, Siemens Energy also revealed their accounts, announcing that they’re downgrading their expectations for the rest of the year due to the quality problems in the company's wind turbine business.

China falls into deflation

Anxiety is prevalent across China as slow economic growth is being likened to Japan's "lost decades". With consumer prices and wages stagnating for a generation, China’s deflation marks a stark contrast to the rapid inflation seen elsewhere. For context, the consumer price index (CPI) dropped 0.3% year-on-year in July, the National Bureau of Statistics (NBS) said on Wednesday, compared with the median estimate for a 0.4% decrease in a Reuters poll. It was the first decline since February 2021.

WeWork in "substantial doubt"

New York-based office provider company, WeWork, has warned there is “substantial doubt” about its ability to stay in business over the next year because of its financial losses and its need for cash. This is being put down to its soaring operating expenses, and the businesses over-reliance on repeated cash infusions from private investors. The company is also facing high member turnover rates, believed to be another factor contributing to its demise.

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Sources: Euroinvestor, Reuters, Guardian