Gulf banks with exposure to Turkey are expected to post further currency losses on their investments in the second half of this year and into 2023, ratings agency Fitch said on Tuesday. Gulf banks with Turkish subsidiaries are estimated to have posted net currency losses of $950 million for the first half of 2022, Fitch […]
Tag: International financial news
Bloomberg: The challenges of the EU emergency plan for the energy crisis
With the energy crisis deepening and winter approaching, the European Union plans to take emergency measures to deal with rising electricity costs hitting businesses and households. The goal of the Union, as reported by Bloomberg, is in the short term to limit prices and in the long term to change the way energy is priced […]
Germany: ‘Jump’ 8.8% and a record for inflation
Inflation in Germany rose to a record on rising energy prices, boosting calls for a big rate hike at the European Central Bank’s meeting next week. In particular, consumer prices in Europe’s largest economy, which are calculated according to the European Union’s harmonized standards, jumped 8.8% year-on-year in August, according to average estimates in a […]
Klaas Knott (EKT): We must raise interest rates up front
The Dutch central banker and member of the Board expressed the view that the European Central Bank must immediately tighten its monetary policy, possibly even front-loading because inflation may move even higher. of the Bank Klaas Not. “Rapid normalization of interest rates is an essential first move, while some forward-looking hike should not be ruled […]
The economic climate in the Eurozone fell to an 18-month low
Economic sentiment in the eurozone worsened again in August, weighed down by high inflation and a bleak outlook. The Commission said on Tuesday that its economic sentiment index – an overall measure of business and consumer confidence – fell to 97.6 in August from 98.9 in July, the lowest level since February 2021. Economists polled […]
Netherlands: The use of natural gas decreased by 25% in the six months
Natural gas use in the Netherlands fell by 25% in the first half of 2022, the country’s statistics office said, with the biggest cuts coming from heavy industry businesses due to high prices. In particular, Statistics Netherlands said natural gas use stood at around 17.6 billion cubic meters, up from 23.5 billion cubic meters in […]
Spanish inflation is slowing but the slowdown is not expected to last
Spanish inflation eased for the first time in four months, although rising energy prices as Russia cuts supplies ahead of winter mean the respite is likely to be short-lived, according to Bloomberg. EU-harmonised consumer prices rose 10.3% from a year earlier in August, slowing from July’s record rise of 10.7%, Spain’s statistics agency said on […]
And Germany is considering imposing a cap on the price of natural gas
Berlin intends to consider imposing a cap on the price of natural gas, several Italian newspapers cited by Reuters reported today, citing a written message sent by Germany’s economy minister to European energy ministers. According to reports, the message sent by Robert Habeck indicates that Berlin may consider imposing a cap on the price of […]
El Erian: Powell sent the right message but repeated the mistakes of the past
Federal Reserve Bank President Jay Paul sent the right message from Jackson Hole to markets about the bank’s determination to curb inflation, but he failed to avoid past policy mistakes in his speech, according to renowned economist Mohamed El They were. “He finally sent the right message. He should have done it months ago,” Allianz’s […]
Europe is approaching its natural gas storage target early despite falling Russian supply
The European Union is set to meet its goal of filling natural gas reserves two months ahead of schedule, with the bloc bracing for a harsh winter as Russia cuts supplies and rising energy prices, the Bloomberg agency. Inventories in the EU were 79.4% full by August 27, compared with a target of 80% by […]
