Significant increases in the price of fuel at petrol stations are expected from tomorrow, as the three-month tax discount period for petrol and diesel expires at midnight. The validity of the single national ticket of 9 euros/month also expires tonight. “I think initially we will see a fairly large price increase, but during the day […]
Tag: International financial news
Turkey’s economy expanded 7.6% in the second quarter
Turkey’s economy expanded 7.6 percent year-on-year in the second quarter, as expected, extending the streak thanks to strong domestic demand and exports, Reuters data showed on Wednesday, although economic activity estimated that it will slow by the end of the year as demand recedes. GDP expanded by 2.1 percent compared to the previous quarter on […]
Cologne prosecutors raid JP Morgan headquarters in Frankfurt
The offices of JPMorgan Chase in Frankfurt were raided earlier by Cologne prosecutors as part of their wide-ranging investigation into the Cum-Ex scandal, which cost German taxpayers billions of dollars, Bloomberg reports. The US bank confirmed that officials had visited its offices, noting that it “continues to cooperate with the German authorities as part of […]
EY: M&A activity remains resilient in 2022
Despite significant geopolitical and financial challenges, global mergers and acquisitions (M&A) activity in the first half of 2022 proved resilient, according to EY’s analysis of relevant data. With 2,274 agreements with a total value of 2.02 trillion. dollars, M&E in the first half of 2022 may have declined compared to the corresponding period in 2021 […]
Eurozone: New record of inflation at 9.1% in August, +11.1% in Greece
Inflation in the Eurozone continued its rally in August, surpassing analysts’ estimates with a new record high of 9.1% from 8.9% in July, according to the initial data released today by Eurostat. Analysts’ average estimates put the index at 9%. The jump in energy prices remains dizzying, with an annual rate of 38.3% in August […]
China: The manufacturing PMI remained in contraction territory
A gauge of Chinese manufacturing activity improved in August but remained in contraction territory as the country’s COVID-19 outbreaks combined with energy shortages from a heat wave and drought disrupted factory operations. In particular, the official manufacturing PMI index climbed to 49.4 units in August from 49.0 units in July, as announced by the country’s […]
Russia cuts natural gas again – Nord Stream shut down
LAST UPDATE: 14.01 Russian energy giant Gazprom announced today that it has “completely” suspended gas deliveries to Europe via the Nord Stream 1 pipeline due to maintenance work expected to last three days. Work “on a gas compression station has started,” the Russian company said in a statement posted on Telegram. Meanwhile, the Dutch natural […]
Baltic Sea countries to increase wind power sevenfold by 2030
Countries bordering the Baltic Sea have agreed to increase offshore wind capacity sevenfold by 2030 to 20 gigawatts, aiming to reduce dependence on Russian energy, Danish Prime Minister Mette Frederiksen announced today at an energy summit in Copenhagen. Baltic Sea countries have agreed to sevenfold their offshore wind capacity by 2030, to 20 gigawatts, to […]
Nagel: We shouldn’t delay rate hikes because of recession fears
The European Central Bank must act decisively to contain inflation, Bundesbank chief Joachim Nagel said on Tuesday, following other officials who have called for a big rate hike next week, Reuters reports. The ECB raised interest rates by 50 basis points last month, and the only real question heading into September seems to be whether […]
Williams (Fed): Interest rates should rise above 3.5%
New York Federal Reserve Bank President John Williams said on Tuesday that the central bank would likely need to raise interest rates above 3.5% to put downward pressure on inflation and drive demand to better levels than with the limited offer. Inflation is expected to be between 2.5% and 3% next year, he said, which […]