Stock markets around the world ended the week with significant losses. In New York, the Dow Jones Industrial Average fell 1.6 percent from a day earlier, to its lowest level since the end of 2020. Fears of a recession have been pushing prices down for weeks. That fear is compounded by recent interest rate hikes and the new UK government’s budget plans announced today. Investors are worried...
On the sidelines of the regional security summit in Samarkand (Uzbekistan), Russian president Putin and Indian Prime Minister Modi will meet later today. Since the Russian invasion of Ukraine at the end of February, trade between Russia and India has more than doubled. In particular, India has increased imports of cheap Russian oil. The government in New Delhi is not happy about the Western...
At a plant of the Russian company Gazprom near the border with Finland, a gigantic ’watch flame’ has been burning for weeks, where, according to an analysis by Rystad Energy, more than 10 million euros are wasted on gas every day. Experts told the BBC that it may be gas that was previously exported to Germany. In the flame, which can be seen from tens of kilometers away, more than four million...
Oil-rich countries in the Middle East are reaping the benefits of soaring energy prices. Due to the high prices, the sale of oil will generate around 1.3 trillion dollars more than usual over the next four years. This is according to business newspaper FT based on calculations by the International Monetary Fund (IMF). The calculations show how much Gulf states with large oil and gas reserves are...
The manufacturer of meat substitutes Beyond Meat is suffering from high inflation. Now that the purchasing power of many people is rapidly declining, the relatively expensive vegetarian burgers and sausages from the American company are less in demand. The company is therefore counting on much less turnover this financial year than previously expected. Across 2022, Beyond Meat now plans to sell...
Manufacturers of cola, KitKat and Calvé peanut butter, among others, have recently increased their prices or will do so in the coming months. McDonald’s also announced an increase in the UK. The reason for this is the ever-increasing costs, such as those for energy and raw materials. For example, Nestlé announced on Thursday that it increased its prices by an average of 6.5 percent in the...
The European Central Bank (ECB) is raising interest rates by half a percentage point in one fell swoop, more than previously announced. The rate hike, the first since 2011, ends an unusual and eight-year period of negative interest rates. The ECB wants to contain the sky-high inflation with the substantial interest rate increase. In terms of size, the interest rate hike is extraordinary, a...
The Nord Stream gas pipeline, which carries Russian gas from Russia to Germany, will be put back into operation on Thursday after a ten-day maintenance period. In Europe, it was feared that the pipeline would no longer be used at all. It will take some time before the gas supply through the pipeline is completely back to normal, but at least the transport of Russian gas was restarted on Thursday...
All 164 members of the World Trade Organization WTO reached an agreement on Friday morning after two years of negotiations on the release of patents on Corona vaccines. Politicians around the world have been advocating for this for some time, but so far a deal has been held back by the pharmaceutical industry. The deal comes at a time when there is actually no longer any demand for Corona...
The UK prohibits Russian companies from insuring in London. The UK insurance market is the largest in the world for companies, especially in the aviation and space sectors. These companies will no longer have access to (re)insurance, both directly and indirectly, the British government reports on Thursday. “We are going to prohibit British Insurers or reinsurers from carrying out financial...