China's industrial profits fall, intensifying economic distress

Annual profits at China's industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery. One way that China is looking to revive its economy is by investing in batteries, spurred by massive government spending aimed at achieving energy independence. Goldman Sachs estimates that China requires a 70-fold increase in battery storage in the next eight years or so, to meet its targets of curbing fossil fuel use. A new report published this week is making some devastating claims against Google accusing of overcharging firms using its ads. Google charges companies for the amount of time people spend looking at their ads online. And a new study found that loan officers in Uganda are more likely to offer loans to heavier-looking people than thinner-looking individuals.