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$75 billion price tag for Porsche has divided investors
The share price of Volkswagen hovered around breakeven on Monday, reflecting a mixed response from investors to the automaker's plans to list sports car brand Porsche AG in what could be Europe's third biggest IPO. According to Reuters,…
Weak dollar and supply concerns drive up oil prices
There was a notable rise in oil prices on Monday. This was due to a weaker dollar and supply concerns ahead of the European Union's embargo on Russian oil in December. This offset fears of a global recession that could dampen fuel demand.…
Euro area inflation up to 9.1%, EU inflation up to 10.1% in August
Annual inflation in the euro area increased from 8.9% in July to 9.1% in August 2022. The rate was 3.0% a year earlier. In August 2022, the annual inflation rate in the European Union was 10.1%, up from 9.8% in July. According to Eurostat,…
Tunisia is expected to agree on an IMF deal by the end of October
The government's spokesperson said on Friday Tunisia hopes to reach an agreement with the International Monetary Fund by the end of October, following a wage agreement with unions. A 5% wage increase for the public sector was agreed upon on…
PM Modi calls for diversified, resilient supply chains at SCO summit
At the 22nd SCO Summit today in Samarkand, Uzbekistan, Prime Minister Narendra Modi attended the event along with leaders from SCO countries. These included Russian President Vladimir Putin, Chinese President Xi Jinping, Pakistan Prime…
Despite the lowest unemployment since 1974, the UK jobs boom is fading
A fall in the workforce and other signs suggest that the country's jobs boom is petering out added to the Bank of England's inflation concerns. This is because the country's unemployment rate hit its lowest since 1974. In the three months…
European Central Bank raises interest rates by 75 basis points
Governing council of the European Central Bank (ECB) decided to increase the three key interest rates of the ECB by 75 basis points. As a result, the interest rates on main refinancing operations as well as marginal lending facility and…
Export growth in China sinks in August, while imports shrink
There was a drop in Chinese trade in August due to a decline in global consumer demand and a drop in domestic demand, as a result of high energy prices, inflation, and anti-virus measures. The growth rate of exports decreased from 18% in…
Death toll rises to 74 as China clears roads to the earthquake epicenter
In the southwestern province of Sichuan, where a 6.8 magnitude earthquake struck on Monday, Chinese state media reported that the roads leading to the epicenter have reopened. Traffic has resumed. However, the death toll has risen to 74.…
As concerns over demand rise, crude oil falls to a 7-month low
As the impact of COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred fears of a global economic recession and decreased fuel consumption, oil prices dropped more than $1 on Wednesday to their…