Ukrainian troops have withdrawn from the far eastern city of Severodonetsk. Russia has focused its assault in the Luhansk region on the city and its twin, Lysychansk. Ukraine claims it needs hundreds of these units to push back and liberate approximately 20% In a phone discussion with his US counterpart on Friday, Ukraine’s top general … Read more
US senators say Brett Kavanaugh & Neil Gorsuch lied on Roe vs Wade. Both judges voted to overturn the landmark decision by the US Supreme Court. Manchin was a sole Democrat to support Kavanaugh in the 2018 confirmation battle. Both Brett Kavanaugh and Neil Gorsuch voted to overturn Roe vs Wade, and on Friday, two … Read more
The S&P 500 may fall below 3,000 in the worst-case scenario, according to Bank of America. The index closed on Friday at approximately 3,912, and BofA’s prediction represents a 23 percent additional decline. BofA also projected that the stock market has already priced in a one-third likelihood of a recession. S&P 500 is settling into … Read more
First weekly gain for global markets this month. Reduced rate-hike expectations help stocks break a losing streak. Nasdaq posted its highest weekly gain since March, rising 7.5%. FTSE All-World index of developed. Friday marked the first weekly gain for global financial markets this month, as investors reassessed how active central banks will need to be … Read more
Executives are caught between their fear of reprisals and employees’ reliance on employer-provided health care. Decision to overturn Roe v. Wade was leaked to Politico in April, giving firms ample time to prepare. Firms including Bank of America have labelled the topic of abortion “fraught” or “tough”. The Supreme Court’s revocation of the constitutional right … Read more
Juul can keep selling products while appealing FDA prohibition. The company must file its formal motion by Monday, and the FDA must react by July 7th. Analysts have hypothesised that Altria, the American corporation that produces Marlboro cigarettes, may acquire the remaining 65 percent of Juul. A judge in the United States has granted Juul … Read more
Voestalpine has signed contracts to store three months’ worth of natural gas. Emergency legislation enacted earlier this year by the Austrian government grants firms permission to construct energy reserves. The steel and engineering company is already halfway to its goal of filling 1.5TWh of gas storage. Voestalpine, Austrian steel, and engineering company have reportedly signed … Read more
Third rail strike to hamper services across Britain as discussions continue. RMT members object to limited pay rises and changes in working procedures. At issue is a conflict over the modernization of working techniques inside the network’s maintenance unit. Train passengers in the United Kingdom are preparing for a third one-day rail strike on Saturday … Read more
EU leaders are suspicious of US push for a price ceiling on oil. The idea aims to prevent the Kremlin from pocketing sky-high oil income. EU will reduce imports of Russian oil by 90% by the end of the year, says Ursula von der Leyen. As they prepared for a G7 discussion on the matter, EU … Read more
China’s energy market is primarily dependent on coal, and demand peaks during the summer months. A heatwave in the Yangzi River region has also increased electricity consumption. However, flooding in the south of the country has increased the availability of hydroelectric electricity. Thursday evening, China coal industry associations urged mining companies to ensure they can meet … Read more
Confidence in Germany’s Ifo index decreased by 0.7 points to 92,3 this month. Russia’s decision to cut off gas supplies to Europe’s largest economy affects business confidence. The German chemical industry is “very concerned” about the possibility of gas shortages. This month, German business confidence declined as concerns over the highest inflation rate in 40 … Read more
Fritz Joussen will stand down as CEO of Tui at the end of September. He has led Europe’s largest tour operator through a challenging merger and the coronavirus pandemic. Between 2014 through 2020, Ebel was in charge of Tui’s hotel, resort, and cruise operations. Fritz Joussen will stand down as CEO of Tui after nine … Read more
UK has “received a strong love call” from SoftBank about listing Arm, says Son. But no decision has been made and Son is meeting specialists to see what is best for Arm. Lord Gerry Grimstone, has travelled to Tokyo and met with key SoftBank officials. Masayoshi Son, the billionaire founder of SoftBank, stated that Nasdaq … Read more
Coinbase’s guaranteed senior unsecured notes were downgraded from Ba1 to Ba2. Bonds having a rating of Ba1 or lower are termed “junk”. The company has $2 billion in senior guaranteed notes maturing in 2028 and 2031. Moody’s Investors Services lowered Coinbase’s corporate debt on Thursday evening in New York, one week after the business announced … Read more
Cristiano Ronaldo signs a sponsorship deal with cryptocurrency exchange Binance. The renowned footballer will create a collection of non-fungible tokens (NFTs) sold exclusively through the exchange. Digital asset businesses have become some of the largest sponsors of sports athletes and franchises. Cristiano Ronaldo, one of the sport’s biggest stars, has signed a lucrative sponsorship contract … Read more
Shares in Zalando plunged 15% on Friday to lowest level in eight years. Europe’s largest online fashion retailer lowered its profit projection for the whole year. German-based retailer issued its second profit warning in as many months on Thursday evening. The company’s sales increased by 30% in 2021 because of the pandemic-driven surge in internet … Read more
Retail sales in the UK decreased by 0.5% between April and May, reversing the previous month’s increase. Consumers spent 0.6% more on clothes. Retail sales have decreased since their peak in the spring of last year. UK Inflation: As a result of consumers tightening their belts in response to the rising cost of living, retail … Read more
Barclays intends to pay approximately £2.3 billion for Kensington Mortgages. The British bank will also buy Kensington’s £1.2 billion home loan portfolio. Kensington is a specialised mortgage lender that concentrates on offering residential property loans through brokers. Barclays has agreed to acquire specialist UK mortgage lender Kensington from private equity companies Blackstone and Sixth Street … Read more
AIB was fined €83,3 million for failing to provide access to low mortgage interest rates. The tracker mortgage scandal damaged the image of Irish banks, which were bailed out during the financial crisis. After AIB’s fine, Ireland’s largest lender, Bank of Ireland, remains to be punished. Ireland’s central bank has fined AIB, the country’s second-largest … Read more
Ten EU nations have issued early warnings of a gas emergency after Russia restricted supplies. Germany declared a level two emergency, which could permit suppliers to pass on price increases to customers. Member states must fill their gas storage to 80 percent by November 1 or face rationing. According to the European Commission, ten EU … Read more
Norway’s Norges Bank raises interest rates by 0.5 percentage points to 1.25 percent. First hike since July 2002, warning of the danger of inflation rising further in a robust economy. US Federal Reserve raised rates last week in its largest rise since 1994. Norway joined the club of central banks raising interest rates by exceptionally … Read more
Lord Mark Sedwill has been named as a non-executive director of BAE Systems. Sedwill served as British ambassador and NATO envoy in Afghanistan. Ex-national security adviser and cabinet secretary, and Home Office permanent secretary also served in civil service roles. Lord Mark Sedwill, a former diplomat and senior civil servant, has been named as a … Read more
Fears grow that Russia will further reduce gas supplies to the largest economy in Europe. Germany declares stage 2 when there is a high likelihood of long-term gas supply shortages. The nation’s energy security continues to be protected, but “the situation is tense”. Germany has entered phase 2 of its three-phase gas emergency plan, as … Read more
Fed Chair Jay Powell told US senators that a recession is “certainly a possibility”. The possibility of a recession decreased the price of Brent oil by 1.6% to $110 a barrel. regional Stoxx 600 index fell 0.6%, while the FTSE 100 index fell 0.9% and Germany’s Dax index fell 0.4%. As markets processed statements from … Read more
Interest payments rose to £7.6bn in May, above the level for the same month last year. Rise was due to an increase in retail price inflation, to which many loans are tied. Chancellor Rishi Sunak said: “Rising inflation and increasing debt interest costs pose a challenge”. UK interest rates: The predicted decline in public sector … Read more
The won closed 0.34 percent lower at Won1,301 per dollar, its lowest level since July 2009. US Federal Reserve Chair Jerome Powell stated that a US recession is “certainly possibility”. The won’s depreciation is anticipated to increase the price competitiveness of Korean exports abroad but could feed inflation. South Korean currency plummeted below Won1,300 versus … Read more
Heathrow airport projects 9 million more passengers for 2022 than originally forecast. UK’s largest airport anticipates 54.4 million passengers, or 67% of 2019 levels, this year. Heathrow anticipates a 257% increase in adjusted earnings before interest, taxes, depreciation, and amortization to £1.37 billion. London Heathrow airport has increased its traffic prediction for 2022, projecting that … Read more
US exporters of liquefied natural gas announce agreements to increase supplies to Europe. US exporters are looking to fill the void left by Russia’s withdrawal from LNG imports. Long-term supply agreements have locked up purchases of U.S. gas for future decades. Wednesday, US exporters of LNG announced plenty of agreements to increase supplies to Europe, … Read more
