Live news: Alan Joyce to step down as Qantas CEO early after regulatory suit prompts scrutiny

Sluggish Growth In Chinese Services Sector

Edward White in the capital city of South Korea

China's services sector is experiencing its weakest growth since the easing of Xi Jinping's COVID-19 restrictions in August. Beijing is facing challenges in revitalizing the nation's private sector.

The Caixin services PMI has dropped to its lowest level in eight months, falling from 54.4 in July to 51.8. It is inching closer to the critical 50-point threshold, which marks the line between growth and decline. Experts surveyed by Reuters had predicted a reading of 53.6.

In addition to facing significant challenges in the property industry and local government finances due to mounting debts, China's economic outlook took a hit with the decline in business confidence reaching its lowest level this year.

Last week, the non-manufacturing PMI, an official measurement that gives more importance to bigger, government-owned organizations and covers industries such as construction, was recorded at 51.

Asian Stocks Stall As Property Optimism Wanes

William Langley residing in Hong Kong

Asian shares stabilized on Tuesday morning following significant increases the day prior, as optimism grew due to Beijing's actions to stimulate the property sector.

The stock markets in Japan, represented by the Topix index, and South Korea, represented by the Kospi index, remained unchanged. However, the futures contracts for the Hang Seng index in Hong Kong indicated a 0.5 per cent decline in its opening. The Topix index in Japan and the Hang Seng index in Hong Kong experienced gains of 1 per cent and 2.5 per cent respectively on Monday.

The progress was fueled by regulations initiated by the Chinese government to support the extensive real estate industry in China, which has recently been plagued by a resurfacing issue of insufficient cash flow.

However, come Tuesday morning, traders shifted their attention towards the economic troubles faced by the nation. They eagerly awaited the disclosure of privately collected purchasing managers' indices specifically pertaining to the service sector.

Asian Highlights Today

William Langley in Hong Kong

Australia: The nation's central monetary authority is making a choice regarding interest rates. Experts anticipate that the Reserve Bank of Australia will keep the cash rate steady at 4.1 percent. Additionally, Australia releases data pertaining to consumer purchases.

Asean: The heads of states from the member countries of the Association of Southeast Asian Nations come together for a conference and the Indo-Pacific Forum held in Jakarta, Indonesia.

Market Update: Asian stocks are expected to fall on Tuesday as they relinquish a portion of their substantial gains from the previous day, which were fueled by optimistic sentiment following Beijing's stimulus actions. Notably, US markets remained closed on Monday in observance of Labor Day.

Alan Joyce To Depart Qantas Early Due To Regulator Dispute

There is a blog section written by Nic Fildes, who is currently located in Sydney.

Alan Joyce, the CEO of Qantas, will step down from his position earlier than initially intended due to the airline facing a lawsuit from Australia's competition regulator. This legal action stems from Qantas' sale of tickets for numerous flights that had been previously canceled.

Joyce, who has led Qantas as the chief executive for a span of 15 years, was scheduled to pass the baton to Vanessa Hudson in the upcoming months.

The airline announced an unprecedented amount of profit in the previous month. Nevertheless, the regulatory measures have the potential to subject the company to a substantial fine amounting to hundreds of millions of dollars. Consequently, this has prompted labor unions to raise concerns regarding Joyce's incentives and retirement benefits.

Joyce stated that the most optimal course of action given the current situation is to expedite my retirement.

Kim Of North Korea To Meet Putin For Arms Sales Talks, Says US

James Politi in the nation's capital, Washington D.C.

According to a senior official from the White House, Kim Jong Un, the leader of North Korea, is anticipated to make a journey to Russia in order to have a meeting with President Vladimir Putin. The primary topic of discussion will revolve around the potential sales of weapons to Moscow.

A summit between Kim and Putin could greatly enhance the military connections between Russia and North Korea amidst Russia's troops attempting to control a counterattack in Ukraine's southern and eastern regions.

The American government has become more and more concerned about the potential rise of the exchange of arms between Moscow and Pyongyang during a crucial time in the Ukraine conflict.

Discover further details regarding Kim's intention to journey to Russia by clicking this link.

Apple, Microsoft: Flagship Services Not Gatekeepers

Javier Espinoza situated in Brussels

Apple and Microsoft, the top-rated firms in the United States, have claimed that some of their leading services do not possess enough popularity to be categorized as "gatekeepers" according to the significant new regulations established by the EU. These regulations aim to limit the influence of Big Tech.

The dispute between Brussels and Apple regarding the iMessage messaging application and Microsoft's Bing search engine precedes the release of the initial roster of services that will be subjected to regulation under the Digital Markets Act, scheduled for Wednesday.

The new law places additional obligations on the technology firms, which include the need to exchange information, connect with competitors, and ensure their services are compatible with competing applications.

Learn further information regarding Apple and Microsoft by clicking here.

Leaders Absent As Mnangagwa Sworn In As Zimbabwe President

Joseph Cotterill in Johannesburg and Kudzanai Musengi in Bulawayo collaborated on the blog section.

Southern African leaders were mostly missing as Emmerson Mnangagwa was inaugurated for a second term as Zimbabwe's president, while the country's opposition called upon the region to support a redo of the controversial election.

Cyril Ramaphosa from South Africa, Felix Tshisekedi from the Democratic Republic of Congo, and Filipe Nyusi from Mozambique were present at the inauguration held in Harare, the capital city. However, 12 leaders from the Southern African Development Community chose not to attend.

Mnangagwa, an octogenarian ex-intelligence officer who initially assumed control following a military uprising that ousted Robert Mugabe in 2017, was officially reelected just last month with 52.6% of the ballot, in comparison to his primary contender Nelson Chamisa garnering 44% of the vote.

Learn more about Zimbabwe by clicking here.

Police Chief Quits Due To Multiple Scandals In Northern Ireland

Jude Webber, located in the city of Norwich, in the east of England, has written a captivating post on her blog.

The head of the police force in Northern Ireland has stepped down, succumbing to increasing pressure following a series of scandals.

Simon Byrne has stated that he will step down from his position following an unplanned gathering of the regulatory body for the Police Service of Northern Ireland. This comes at the end of a troublesome month for the force, which mistakenly made public the personal information of approximately 10,000 officers and personnel in August. Unfortunately, this error has left them vulnerable to potential security risks.

Byrne was confronted with a vote of disapproval at the police board in the upcoming days, initiated by the pro-UK Democratic Unionist Party. Police officers and non-military personnel were contemplating similar votes.

Liam Kelly, head of the Police Federation for Northern Ireland, which advocates for ordinary officers, expressed doubt and then deemed Byrne's stance to be unsustainable.

For further information on the police chief of Northern Ireland, continue reading here.