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Europe recession risk ‘rising’ as energy shock bites
The threat of recession is rising in Europe, a top EU official warned on Wednesday, as skyrocketing energy prices caused by Russia’s invasion of Ukraine punish the economy.
7 September 2022, 18:00 PM
Saudi GDP up 12.2pc in Q2, exceeding initial estimate
Saudi Arabia’s real gross domestic product expanded by 12.2 per cent in the second quarter compared with the same period of 2021, data showed on Wednesday, as the world’s top oil exporter reaps the rewards of high crude prices and a post-pandemic recovery.
7 September 2022, 18:00 PM
Oil price rises as Russia threatens to halt supply
Oil prices rose on Wednesday on threats that Russia will walk away from its energy supply contracts, reversing losses from earlier in the session when prices fell to their lowest since Russia invaded Ukraine.
7 September 2022, 18:00 PM
UK shoppers cut back on non-essentials
British shoppers are cutting back on purchases of clothes and other non-essential items as they try to cover their sky-rocketing utility bills and higher food prices, surveys showed on Tuesday.
6 September 2022, 18:00 PM
Floods, energy crisis shrink S African GDP
South Africa’s economy shrank in the second quarter, as floods and an energy crisis put a halt to months of growth, official data showed Tuesday.
6 September 2022, 18:00 PM
Big rate hike won’t save euro as energy shock deepens
The hit to the euro zone economy and its currency from a deepening energy crisis is so severe that more aggressive monetary tightening from the European Central Bank will do little to stop the euro’s slide.
6 September 2022, 18:00 PM
Europe shoring up power firms with billions more
Finland and Switzerland provided billions in financial support to power companies on Tuesday, as Europe scrambles to secure energy supplies in a deepening crisis sparked by Russia’s move to shut a major gas pipeline.
6 September 2022, 18:00 PM
Russia rakes in $158b from energy exports after war
Russia has raked in a whopping 158 billion euros ($158 billion) in energy exports in the six months following its invasion of Ukraine, with the EU accounting for more than half, a think tank said Tuesday.
6 September 2022, 18:00 PM
German industrial orders keep sliding
German industrial orders slumped for the sixth consecutive month in July, official data showed Tuesday, raising the spectre that a recession was looming in Europe’s biggest economy.
6 September 2022, 18:00 PM
China to pay for Russian gas in yuan, rouble
Russia’s energy giant Gazprom said Tuesday that China will start paying for Russian gas in rubles and yuan instead of US dollars, as Moscow seeks closer ties with Beijing in the wake of Western sanctions over Ukraine.
6 September 2022, 18:00 PM
Opec+ agrees oil output cut to prop up prices
The Opec+ oil cartel agreed Monday to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears.
5 September 2022, 18:00 PM
Europe heading for recession
The euro zone is almost certainly entering a recession, with surveys on Monday showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending.
5 September 2022, 18:00 PM
Euro hits 20-year low against dollar
The euro sunk below $0.99 on Monday, a 20-year-low, following the announcement last week that Russia would cut off gas deliveries to Germany via the Nord Stream pipeline.
5 September 2022, 18:00 PM
Turkey’s inflation hits 24-year high
Turkey’s annual inflation climbed to a fresh 24-year high of 80.21 per cent in August, a bit below expectations according to data on Monday, after the central bank unexpectedly cut interest rates and stoked a nearly year-long cost-of-living crisis.
5 September 2022, 18:00 PM
India’s August trade deficit eases
India reported on Friday that its trade deficit narrowed slightly to $28.7 billion in August from a record high of $30 billion in the previous month. Here are the views of some analysts:
5 September 2022, 18:00 PM
EU gas price rockets higher after Russia halts Nord Stream flows
European gas prices rocketed as much as 30 per cent higher on Monday after Russia said one of its main gas supply pipelines to Europe would stay shut indefinitely, stoking renewed fears about shortages and gas rationing in the European Union this winter.
5 September 2022, 18:00 PM
Indonesia proposes Asean food bank to deal with food insecurity
As the world grapples with a food insecurity problem induced by rising geopolitical tension and Covid-19, Indonesia, which is expected to take over the ASEAN leadership next year, is proposing that countries within the grouping set up a kind of region-wide food bank.
4 September 2022, 18:00 PM
Germany will stick to debt brake in 2023
Germany’s constiutional debt brake will not be affected by a 65 billion euro ($64.68 billion) relief package to help citizens and companies cope with rising inflation, Finance Minister Christian Lindner said in Sunday.
4 September 2022, 18:00 PM
WB team in Ctg to discuss Bay Terminal project
An 11-member technical mission of the World Bank reached Chattogram port yesterday to discuss various aspects of proposed Bay Terminal, a mega project taken to enable the port accommodate larger ships.
4 September 2022, 18:00 PM
A cap on Russian oil prices? G7 eyes untried, risky plan
Capping the price of Russian oil, an approach G7 members said Friday they want to pursue “urgently,” would be an unprecedented move and one which some analysts say could backfire.
4 September 2022, 18:00 PM