Europe
Europe's shoppers still shell-shocked
When a $500 Electrolux oven briefly went on sale for 1 percent of its list price in Hungary last week, within hours shoppers flooded the online store with thousands of orders.
Meta to offer ad-free plans in Europe
Meta Platforms said on Monday it will offer users in Europe a subscription plan to use Facebook and Instagram without advertisements to comply with the European Union regulations.
Gold demand down
Global gold demand excluding over-the-counter (OTC) trading slipped 6 percent in the third quarter as central bank buying fell short of last year’s record levels and consumption by jewellers declined, the World Gold Council (WGC) said on Tuesday.
Oil prices broadly stable
Oil prices were broadly stable on Tuesday following the previous session’s dip after a flurry of economic data from Germany, the wider euro zone and Britain sketched a bearish picture which could weigh on oil demand.
UK labour market loses steam
Britain’s labour market lost a bit more of its inflationary heat in the three months to August, data from the Office for National Statistics (ONS) showed on Tuesday, potentially helping the Bank of England to keep interest rates on hold next week.
Bitcoin soars to 18-month high
Bitcoin rose 6 percent on Tuesday to $35,198, its highest in nearly a year-and-a-half, on mounting speculation that an exchange-traded bitcoin fund is imminent.
Energy efficiency efforts / Global industry could save $437b a year
Global industry could save around $437 billion a year from 2030 via energy efficiency savings and could also achieve big reductions in carbon emissions, a study showed.
Oil price slips
Oil prices slipped on Monday as investors continued to focus on the situation in the Middle East, where diplomatic efforts are intensifying in an attempt to contain the conflict between Israel and Hamas.
German economy to shrink in Q3
The German economy is likely to shrink this quarter as industry is in recession and private consumption is adding little to growth, the Bundesbank said in a monthly economic report on Monday.
Russia raises key rate
Russia’s central bank raised its key interest rate for the third time in two months on Friday as it grapples with higher inflation and a weaker rouble.
Canadian dollar posts big gain
The Canadian dollar weakened against its US counterpart on Friday, but the currency held on to much of its weekly gain as oil prices rose and investors turned attention to domestic inflation data.
EU unafraid of trade war with China
The EU insisted on Friday that its economy could survive any retaliation from China, after Beijing warned that Brussels’ probe into Chinese electric car subsidies would harm trade relations.
Russian sellers stop fertiliser discounts to India
Russian companies have ceased offering fertiliser such as di-ammonium phosphate (DAP) to India at discounted prices due to tightening global supplies after becoming the biggest suppliers to the country last year, three industry sources told Reuters.
Oil prices spike on tight supplies and upbeat Opec
Oil prices jumped by about 1 percent on Tuesday, boosted by a tighter supply outlook and Opec optimism over the resilience of major economies in the face of rising interest rates.
UK unemployment rises to 4.3%
The UK unemployment rate edged higher to 4.3 percent in the three months to the end of July, as wage growth remained at a record high, official data showed Tuesday.
German economic weakness belies France’s outperformance
Germany’s economic weakness is casting a flattering light on France’s relative resilience that belies the otherwise middling performance of the euro zone’s second-biggest economy, economists say.
EU cuts eurozone 2023 growth forecast
The European Commission cut its 2023 and 2024 eurozone economic growth forecasts on Monday, with the single currency area weighed down by Germany’s poor performance.
Govt to sign deal with Airbus for satellite
Bangladesh will sign a letter of intent with France to buy its second earth observation satellite, which will be engaged in non-military uses such as environmental monitoring, meteorology and cartography.
