theguardian_business

BTS are back: return of K-pop superstars sparks US economic boom

📰 source: theguardian_business · 💼 business

bts are back after a four-year hiatus, and the economic impact is hitting us cities. the group has 14 shows across six cities in august and september, starting with two at new jersey's metlife stadium on 1 and 2 august.

in las vegas, four sold-out may shows generated an estimated $340m in economic activity. tourism economics' michael mariano expects bts to easily compare or even exceed fifa's economic impact on average spending. the group's label, hybe, reported record revenue of $993m last quarter.

fans are flocking to korean restaurants and cultural events as part of the 'bts the city – arirang' project. new wonjo, the oldest korean bbq spot in new york, has a special bts menu, and many fans are trying korean food and beauty products for the first time.

why it matters: bts's return is funneling hundreds of millions into local economies and boosting hybe's record revenue, a clear sign of fan-driven consumer spending.

source: theguardian_business
sentiment: +0.50 · impact: 0.30

Surprise fall in US jobs last month as slow summer continues

📰 source: bbc_business · 💼 business us jobs fell by 23,000 last month, against forecasts for an 80,000 gain, with the bureau of labor statistics also revising down may and june payrolls by a combined 103,000. the unemployment rate still dipped to 4.1% from 4.2%, as labor

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

📰 source: cnbc_topnews · 💼 business homes sold for less than their asking price in 38 of the 50 largest u.s. housing markets in june, per redfin. the biggest discounts hit florida and texas: miami and west palm beach averaged nearly 5% below asking, while houston, austin, tampa, dallas, san antonio,

China is gaining ground in AI. But the U.S. still has a major advantage

📰 source: cnbc_topnews · 💼 business hugging face ceo clément delangue told cnbc china is clearly dominating on open models and could start dominating at the frontier by end of this year or next. chinese models are closing the gap with u.s. frontier systems despite limited access to cutting-edge compute. beijing-based

US strikes $1.2bn deal to pay German firm to halt offshore wind projects

📰 source: bbc_business · 💼 business rwe will abandon its offshore wind projects in the us after accepting a $1.2bn payout from the department of the interior. the german energy firm said it will reinvest the money into gas projects, including $900m for an lng export terminal in louisiana. rwe will

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects