Jay Powell warns that a US recession is ‘certainly a possibility. Fed chair says external factors including the Ukraine conflict and China’s policy could complicate the outlook. Inflation at 8.6%, the highest level in four decades, has become more difficult for the central bank to control. Jay Powell has stated that a US recession is … Read more
The UK has declared a national incident following the detection of poliovirus in sewage samples. The disease may be spreading among “closely linked” persons. If an outbreak is verified, the UK will lose its designation as polio-free, which it has had since 2003. The United Kingdom has declared a national incident following the detection of … Read more
S&P 500 index surrendered early gains to turn negative in the final 30 minutes of the New York trade. Oil companies, notably Marathon Oil and ConocoPhillips, fell as Brent crude decreased by 2.5%. US consumer price inflation reached a 40-year high in May. A fledgling rise in US stocks waned on Wednesday evening, as a … Read more
LIV is majority-owned by Saudi Arabia’s $620bn sovereign wealth fund. LIV threatened PGA Tour’s status by offering hefty fees to attract top players. PGA suspended 17 of its members who took part in LIV’s inaugural event in London. The chairman of the US PGA Tour has criticized a rival Saudi Arabia-funded golf series for seeking … Read more
Capricorn Energy’s proposed merger with Tullow Oil criticized as a “rights issue in disguise”. Hedge fund Kite Lake, which holds a 4.6% stake in Capricorn, Criticizes the transaction alongside Legal and General Investment Management (LGIM). Capricorn Energy’s proposed merger with rival oil and gas firm Tullow Oil has been criticized by a second major shareholder … Read more
Cost of living rising at the fastest rate in single currency zone. Rising energy and food prices pushed inflation to 8.1% in the year leading up to May. Analysts warn of recession risk for 19-nation bloc. The level of consumer confidence in the eurozone has reached its lowest point since the beginning of the coronavirus … Read more
Second of three one-day strikes planned for Thursday. About 40,000 RMT members at Network Rail are set to be taken off work on Thursday after talks fail. It was a complete fabrication, according to Andrew Haines, chief executive officer of Network Rail. The union at the centre of the dispute has announced that the second … Read more
Office occupancy in London drops to 9% on Tuesday, down from 42% the week before. Occupancy in the UK as a whole falls to 10% on first day of countrywide rail and Tube strikes Since pandemic lockdowns were lifted at the beginning of the year. UK Rail strike: On the first day of countrywide rail … Read more
TSSA union announced on Wednesday that its members at Merseyrail had voted to accept a 7.1% pay increase. Agreement is more than double what Network Rail and train operators offered during negotiations with the RMT union. The TSSA said the deal shows unions are “in no way a block on finding solutions”. UK rail strikes: A … Read more
Shopify unveils new tools to compete with Amazon and recover its fortunes. The Canadian-based company’s shares plunged 75% last year, wiping out more than $130bn in market value. It is targeting a “huge untapped market” for business-to-business transactions. Shopify is targeting a “huge untapped market” for business-to-business transactions as it unveils new tools to compete … Read more
Consumer price index (CPI) at highest level since January 1983. CPI figures surpassed the average forecast of 7.4%. Bank of Canada will raise the benchmark interest rate by 0.75 percentage points Canadian inflation has reached its highest level in 39 years, with annual price increases of 7.7% in May. A variety of sectors contributed to … Read more
Jay Powell attempted to allay fears and concerns about an oncoming recession. The chairman of the US Federal Reserve warned that inflation could continue to surprise to the upside. Inflation numbers have been worse than anticipated over the past few weeks. Jay Powell attempted to allay fears and concerns about an oncoming recession while cautioning … Read more
The action is a U-turn for former Prime Minister Boyko Borisov. Who rejected discussions with Macedonian in 2019 over the interpretation of Balkan history. Bulgaria’s opposition has decided to support lifting the country’s veto on the commencement of accession discussions with North Macedonia. Bulgaria opposition has decided to support lifting the country’s veto on the … Read more
UN-brokered discussions between Turkey, Russia, and Ukraine on food crisis. Food shortages due by conflict in Ukraine threaten “hunger and destitution” for millions. Negotiations stalled due to Moscow’s refusal to let ships to leave Ukraine’s key port of Odessa. Turkey and Russia have agreed to hold dialogue with Ukraine under the auspices of the United … Read more
Loblaw is Canada’s largest grocery chain. DoorDash will deliver within 30 minutes between 5,000-8,000 products marketed under Loblaw’s “President’s Choice” brand. This is the first partnership of its kind for DoorDash, the market leader in restaurant delivery in the US. DoorDash has won an exclusive agreement to construct warehouses for Canada’s largest grocery chain, strengthening … Read more
KARACHI: Shabbir Mansha, acting president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed concerns over the glaring anomalies in the Federal Budget 2022/23, a statement said on Tuesday. “We have noticed anomalies in the Customs duty, regularity duty, income tax and sales tax,” he added. Mansha noted that the turnover … Read more
US automaker plans to electrify all of its vehicles in Europe by 2030 and vans by 2035. Ford warns of ‘significant’ job cuts as it chooses Valencia for EV production. Ford’s new proprietary system will be implemented in factories around the world. Ford has chosen its Valencia plant in Spain to produce battery cars, resulting … Read more
UK opposition leader calls on UK government to “get round the table and get the trains running”. Boris Johnson accuses Keir Starmer of siding with strikers. More strikes are scheduled for later this week, despite ongoing talks between unions and rail networks. The government has spent £16bn looking after the railways throughout the pandemic. Sir … Read more
Brent crude falls 3.5% to $110.69 per barrel, while West Texas Intermediate drops 3.7%. Asia-Pacific equities decline as Wall Street plays catch-up after Juneteenth holiday. Japan’s Nikkei falls 0.8%, South Korea’s Kospi falls 2.1%, China’s CSI 300 slides 0.7%, Hong Kong’s Hang Seng falls 1.3%. On Wednesday, oil prices declined in response to reports that … Read more
UK inflation reaches 9.1% in May, the highest level since 1982. Bread, cereals, and meat experienced the greatest price increases. Experts predict inflation to reach double digits by September. The Bank of England anticipates that inflation would approach 11% in October. In May, the UK’s inflation rate reached a new peak of 9.1%, its highest … Read more
S&P 500 futures climbed almost 0.7%, Nasdaq 100 futures increased roughly 0.5%. The rise of the Stoxx Europe 600 index was led by banks and energy firms. Due to a US holiday, there was no cash trading in Treasury futures. US index futures and European equities staged a modest rally on Monday as investors pondered … Read more
Cryptocurrencies show signs of recovery in wake of last week’s crash. Several market observers point to preliminary indications that prices have reached a bottom. MVIS Cryptocompare Digital Assets 100 index rose 4.9% as of 17:30 GMT on Monday. In the wake of last week’s crash, cryptocurrencies showed cautious indications of recovery, with tokens like Avalanche … Read more
Lithuania has blocked rail transport of commodities subject to EU sanctions to Kaliningrad. Russian foreign ministry summons Lithuanian chargé d’affaires in Moscow. Russia could respond with “painful” actions that would be “extremely painful” for Lithuania. Russia has warned Lithuania of retaliation after the Baltic state blocked rail transport of commodities subject to EU sanctions to … Read more
The RMT union has announced three days of strike action on Tuesday, Thursday & Saturday. Transport Secretary Grant Shapps accused union leaders of “dragging the country back to the 1970s”. Labour’s Louise Haigh accused Shapps of failing to intervene in the negotiations. Grant Shapps, transport secretary, criticized the RMT union for its decision to engage … Read more
After the failure of last-ditch talks, rail strikes in the UK will proceed on Tuesday. 40,000 rail workers are scheduled to strike, with additional stoppages scheduled Disruption is anticipated on all of the UK’s major train lines, including LNER, Avanti West The largest rail strikes in a generation will begin in the United Kingdom on … Read more
The Netherlands raises its coal-burning quota to prevent electricity shortages. The Groningen gasfield produced 54 billion cubic meters of gas in 2013 but just 4.5 bcms in 2021. The Dutch government has stated that it will only open the tap at Groningen as a “last resort”. Netherlands: In order to reduce carbon emissions, Dutch energy … Read more
NATO has convened trilateral talks with Turkey, Sweden, and Finland in an effort to address Ankara’s opposition to the two Nordic countries joining the military alliance. Talks were described as “constructive” and will continue in the coming days. The alliance is attempting to resolve the standoff prior to next week’s annual summit. At its headquarters … Read more
José Mauro Coelho had held the position since April. He was replaced by Caio Mário Paes de Andrade, an official from the economics ministry. Petrobras increased the price of gasoline and diesel by 5.2% and 14.2%, respectively. The chief executive officer of Petrobras, the state-owned energy firm in Brazil, resigned on Monday in response to … Read more
