Money Talks: Recent Episodes
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Leaders of the Group of Seven advanced economies have been meeting in Hiroshima, Japan. They've agreed to step up sanctions on Russian exports, including industrial machinery, tools, and other technology that Moscow is using to wage war in Ukraine. Meanwhile, stocks in Tokyo reached their highest levels in three decades, after the latest GDP figures showed the world's third-largest economy had emerged from recession. Tulay Kalyon Haznedaroglu reports.#JapanEconomy #JapanGDP #Recession
The head of the UK's central bank says inflation will prove hard to pull down amid a so-called "wage-price spiral" locking in higher prices. Bank Governor Andrew Bailey said on Wednesday that higher prices carrying over from last year's pandemic reopening and energy price shocks are at risk of getting worse. That's as a lack of workers is forcing firms to offer higher wages to try to fill open vacancies. But that is contributing to a so-called 'wage-price spiral'. That means more money for workers results in higher prices for everyone, worsening the cost of living crisis. The Bank of England's target inflation is 2% but the current rate is still more than five times that, despite hiking interest rates 12 consecutive times. #BankofEngland #UKEconomy #UKInflation
The US has seen its rate of inflation fall since peaks last year and unemployment remains at historic lows. This is despite the looming threat of a recession and a series of bank failures that have rattled markets that upended regional financial institutions. But none of these problems compared to the threat posed by a legislative deadlock over whether the US should pay its debts. The remaining money will run out by June 1st, forcing bitter political rivals to the negotiating table. What are they arguing over? Wilson Dizard has more. #USEconomy #USDebtCrisis #USDefault
Elon Musk has seen advertisers and even news agencies flee from Twitter after his purchase of the platform last year. He has tried to turn it into a subscription service. Now, he'll be getting a boost from a controversial cable news figure. Musk says his site welcomes voices from the left, as long as they pay him. But will the latest move boost the site, or accelerate its decline? Wilson Dizard has this report.
The world's second richest man, Elon Musk, is again in the news for his management of Twitter. He's bringing a far-right US television personality, Tucker Carlson, onto his platform as he attempts to turn the social media site into a video-sharing platform. Carlson was fired from Fox News last month, in the wake of a $787 million settlement the US channel paid out to a voting machine company over false 2020 election claims, many of them made by Carlson himself. But Musk is betting that controversy surrounding Carlson will bring users to Twitter, the platform he paid $44 billion to purchase last year with the help of money from Silicon Valley and Gulf investors. He also leveraged his own Tesla stock, but its value has cratered over the last year. #ElonMusk #TuckerCarlson #Twitter
April saw an 8.5% increase in China's exports, a sign that the country's main source of economic growth has bounced back after years of pandemic lockdowns. April's numbers beat analyst expectations of 8% but were down from the 14.8% rise seen in March. Goldman Sachs forecasts China's economy to expand by 6% for 2023, but the pace of activity is set for a slowdown in the second half of this year. Beijing is keen to see these numbers go up and will be offering cheaper credit and infrastructure spending to make it happen. A return to normalcy in China could also be good news for the rest of the world, where cheaper Chinese imports could help dull the sting of inflation. #ChinaExports #ChinaEconomy #ChinaInflation
Oil prices crept up on Monday, shaking off fears last week that the US economy is headed for a recession. A strong jobs report on Friday did much to calm the nerves of markets, even as part of the US banking sector continues to show signs of fragility. Investors will be watching out for more economic indicators set to be released on Wednesday. Investors have been sensitive to Federal Reserve interest rate hikes, with the US central bank hiking rates by another 25 basis points last week.#OilPrices #USEconomy #USFed
Turkish President Recep Tayyip Erdogan has announced the discovery of oil reserves in eastern Turkiye. Once operational, it will increase the country's overall hydrocarbon production from 100,000 barrels to 180,000 per day, and help to lessen the country's dependence on foreign oil. TRT World's Kubra Akkoc has visited the excavation site. #TürkiyePetrol #Gabar #TürkiyeEconomy
AI is also a concern in Hollywood. Some of the most popular US TV shows shut production on Tuesday, after writers went on strike. One of their demands is to prevent studios from using artificial intelligence to generate new scripts from writers' work. They also want to see a fairer share from the rise of streaming services. TRT World's Andy Roesgen reports.#HollwoodStrikes #OnlineStreaming #AI
Inflation has continued to rise in many countries around the world. COVID-19 impacted global supply chains and Russia's war in Ukraine triggered an energy crisis forcing gas and petrol prices to rise. The US, Europe and Australia have all raised interest rates to combat inflation but this has not come without its costs. Emre Boz has more. #USFed #ECB #Globalinflation
The US banking sector has had a bad year. Several major regional banks have failed, and stock prices are down. The US Federal Reserve blames bad management for failing to respond to an era of higher interest rates that made it more expensive to cover customers' deposits, while still turning a profit. These smaller banks were exempt from tough liquidity rules imposed on their bigger counterparts in the wake of the 2008 financial crisis. The most recent casualty was First Republic, which fell on the 24th of April.#USBankingCrisis #JPMorgan #FirstRepublicBank
It is a topic that has been stirring conversations across the globe: Will Artificial Intelligence take away our jobs? IBM CEO Arvind Krishna thinks so. His company is holding off on hiring for jobs that A-I could potentially perform. IBM is one of the first companies to openly talk about an A-I takeover. But what will it look like?#IBM #AI #JobsTakeover
The US Federal Reserve is set to announce its next decision on interest rates. Markets are expecting a 25 basis point rise, or perhaps keeping base rates stable. The US missed growth expectations for the first quarter, leading some to believe regulators will ease off on efforts to cool the economy and ease inflation. Price increases are down from last summer's 40-year highs, showing the tightening has worked. But the Fed's medicine for inflation comes with side effects, including the potential for lending to dry up in the banking sector. But so far, unemployment remains low and consumer spending strong.#USFed #USEconomy #USBankingCrisis
The US could default on $31.4 trillion in debt as soon as June 1. That's the date Treasury Secretary Jannet Yellen announced Monday, giving Congress less than a month to strike a deal. US President Joe Biden has called for a meeting with Republican Speaker of the House Kevin McCarthy and other leaders to hash out an agreement on spending that avoids an unprecedented default. Democrats want to pass an increase to the debt ceiling and keep paying interest on US bonds, that doesn't involve slashes to social spending that Republicans have proposed. The new date adds serious urgency to a problem that has been brewing since January when the Treasury Department started using stop-gap measures to keep paying its obligations to creditors. President Biden on Monday stressed the importance of protecting the creditworthiness of the country. #USDebtCeiling #USEconomy #JannetYellen
US financial authorities have finalized a deal that rescues clients of First Republic Bank but shuts down the bank itself. The institution has been in crisis since March when it fell victim to a crisis of confidence across the financial sector. Wall Street behemoth JP Morgan Chase will take over responsibility for the depositors' accounts. First Republic's troubles came in the wake of the collapse of Silicon Valley Bank. On Friday, the Federal Reserve said severe mismanagement and a lack of oversight led to SVB's demise. A recent rapid rise in interest rates intended to tame inflation caught both institutions off guard, and some lawmakers blame the relaxation of rules in 2018 that let banks operate with less cash on hand to meet depositors' needs. #FirstRepublicBank #JPMorganChase #USBankingCrisis
Turkiye's premier aerospace and technology festival opened its doors on Thursday, showcasing the latest in Turkish innovation. Teknofest is also looking to seeking to attract the brightest minds from across the country. Ilyas Avci reports.#TürkiyeTechnology #Kizilelma #Gokbey
It's been a hard 12 months for tech. Lay-offs have eliminated thousands of jobs in Silicon Valley, and more may be on the way. But for the sector's biggest firms, there's some good news. Alphabet, Microsoft, Meta and Amazon have all reported strong first-quarter results, despite clouds on the horizon. #Alphabet #Microsoft #Meta
After an almost three-year diplomatic row, South Korea has once again begun normalising trade with Japan, putting Tokyo back on its so-called "white list" of countries that enjoy preferential treatment in trade. The relationship went sour over a South Korean court ruling, demanding reparations for victims of forced labor during World War Two. Emre Boz has more.#SouthKoreaTrade #SouthKoreaEconomy #JapanTrade
Artificial Intelligence is the next frontier in tech that has the industry a-buzz, and critics alarmed. Supporters say A-I will have the power to transform lives - and livelihoods - for the better.. while skeptics fear the technology could one day render humans obsolete. And now governments are scrambling to get ahead of A-I's rapid development. Wilson Dizard reports.#ChinaAIServices #ChinaTech #ArtificialIntelligence
The world's biggest economy is slowing down, US GDP fell to an annualized 1.1 percent last quarter, after growing 2.6% from October through December. Politics may put further pressure on the US economy as lawmakers spar over raising the debt ceiling. If they disagree the US faces its first-ever default on its debt which would rock its economy and beyond, Tulay Kalyon Haznederoglu has more: #USHouse #DebtCeiling #USEconomy
It's been a hard 12 months for tech. Layoffs have eliminated thousands of jobs in Silicon Valley, and more may be on the way. But for the sector's biggest firms, there's some good news. Alphabet, the parent company of search titan Google, saw revenue of 70 billion dollars and a net profit of $15 billion in the first quarter of 2023. That's a billion dollars more than markets anticipated. Microsoft turned a $18.3 billion profit from $50 billion in total revenue. And they'll need every penny they can get, as the two companies gear up for a battle for dominance in Artificial Intelligence services. That will require major investments in hardware and, for the moment, expensive human talent. #Google #Microsoft #TechSector
First Republic Bank was one of the victims of the US bank panic that gripped markets in March. It's back in the news with dismal figures for the first quarter of the year. Deposits dropped by 40%, but the bleeding has since stopped and withdrawals have leveled out. Now, total deposits stand at $102 billion. That's almost what they were in March last year. Bank officials on an earnings call have expressed appreciation for the $30 billion pumped into the regional bank by America's largest financial behemoths in a deal brokered by the federal government. These big banks were willing to spend big to avoid a wider crisis in the sector. #FirstRepublicBank #USEconomy #USBanks
Fox News has settled a defamation lawsuit out of court brought by voting machine company Dominion. The network has agreed to pay Dominion 787 million dollars. The lawsuit was filed by Dominion after Fox News spread false claims that their voting machines were rigged in favor of Joe Biden in the 2020 Presidential Election. Muttalip Erdogan has the details.#FoxNews #Dominion #Settlement
The holiday that marks the end of the Muslim fasting month of Ramadan, Eid al Fitr, is here, and the Muslim world looks forward to celebrating. But the mood in Pakistan's Karachi is mixed due to the economic crisis. Tulay Kalyon Haznedaroglu explains.#Eid #PakistanEconomy #EidInPakistan
Life is better when you share it. Netflix announced it was pushing back a broad rollout of its password-sharing crackdown to the second quarter, as it faces stiff competition from Disney Plus and other rivals. The streaming giant also added fewer new customers than expected in the January to March period and offered a disappointing outlook for the coming months.
The taps have been opened on a pipeline connecting Turkiye to its largest gas field. Turkish President Recep Tayyip Erdogan led the official ceremony. The Sakarya field is also the largest in the Black Sea and it's hoped it will cater for 25 percent of the country's energy needs. Our diplomatic correspondent Andrew Hopkins reports from Zonguldak on Turkiye's Black Sea coast.#TürkiyeGas #TürkiyeEconomy #RecepTayyipErdogan
Germany has completed the decade-long process of switching off its fleet of nuclear power plants. Fears of accidents and the accumulation of radioactive waste have motivated Germany's anti-nuclear movement for decades. Supporters of nuclear power say it offers a greener option in a warming world. Was Germany's decision a matter of policy or of politics? As Wilson Dizard reports, that's just the first in a future filled with questions without easy answers.#GermanyEconomy #GermanyNuclearPlants #GermanyEnergy
Asia-Pacific markets are all in the red today as Japan's core inflation for March was unchanged from February, steady at 3.1%. This level is well above the Bank of Japan's target range as government subsidies so far only had a limited effect in bringing down price pressures. High inflation has battered Japan's economy since late 2022. Friday's reading comes ahead of a Bank of Japan meeting next week, where the bank is widely expected to maintain its ultra-loose policy under new head Kazuo Ueda. #JapanEconomy #JapanInflation #BankofJapan
Riots and protests over inequality and a rise in the retirement age have rocked France in recent weeks, but that hasn't slowed down France's premier luxury brand. LVHM, the maker of Louis Vuitton and Dior products that retail for tens of thousands of dollars, saw its revenue increase by 17% in the first quarter of 2023. A post-pandemic rebound in demand in Asia helped boost the figure, along with more sales in Japan and Europe. The US remained a weaker but stable part of LVHM's balance sheet. Overall, the company pulled in $23 billion in the year's first three months. The company's CEO Bernard Arnault recently overtook Elon Musk to become the world's richest man.
The International Monetary Fund has released its estimates for US growth, and they defy some of the worst predictions for disaster that bubbled up in 2022. The US economy is expected to dodge a severe recession, but still see a 1.6% growth in 2023 and 1.1% growth in 2024. That's in part due to monetary tightening, intended to control inflation, but also because of a humbling of lender exuberance after several high-profile bank failures. But the IMF had better news for Turkiye, where it forecasts 3.6 percent growth in 2024, but revised down estimates for 2023 from 3 percent to 2.7 percent. #IMF #USEconomy #TürkiyeEconomy
After a long Easter weekend, markets in Asia are trading mostly higher as investors mull the US Federal Reserve's path going forward. Fears of further tightening by the Fed have been tempered by last week's US jobs report that showed modest growth, but not the kind of so-called overheating that would prompt significantly higher rates. The Shanghai Composite fell .44 percent as the Nikkei, Kospi and Hang Seng all showed gains. But Chinese investors have more reason to worry about the long-term future of their domestic economy, as a new report showed a continuing decline in the country's population. It will soon lose its top spot to India. #AsianMarkets #ChinaPopulation #ChinaEconomy
The holy month of Ramadan has fostered joy around the world. But in Lebanon, a country in the grip of a crippling economic and political crisis, there's not much happiness to go around. Priyanka Navani reports#Ramadan #LebanonEconomy #LebanonInflation
The UK has some of the highest childcare costs in the world, according to the OECD, standing out among its European neighbors. As the country grapples with a cost-of-living crisis, many parents are struggling to make ends meet. Lape Olarinoye has more #UKEconomy #UKChildcare #UKCostOfLiving
Officials in Baghdad and Erbil have reached a preliminary agreement that ends the Kurdish regional government's ability to carry out independent oil exports. Turkiye had halted flows via a pipeline to the Mediterranean port of Ceyhan from Iraq's Kirkuk fields. That's after the International Chamber of Commerce ordered Ankara and Baghdad to pay each other compensation in a long-running arbitration dispute. Iraq's central government, which considers independent Kurdish oil exports illegal, accused Turkiye of violating their 1973 agreement by trading oil with the KRG without its consent. Turkish Energy Ministry said the ICC ordered Iraq to compensate for several violations concerning the case.#IraqPolitics #TürkiyePolitics #OilDeal
The Egyptian pound has plunged 20 percent against the dollar since the start of the year. It became the sixth-worst-performing currency in 2023, with analysts predicting it will decline further. As it falls, the people of Egypt feel the heat. Emre Boz reports.#EgyptianEconomy #EgyptianPound #IMF
The video-sharing platform TikTok has a billion active users. If those people were citizens of a country, it would be the third largest in the world. But regulators in some of the app's biggest markets, like the United States, fear it will allow the Chinese government to intrude into their citizens' privacy, interfere in their political systems and induce psychological harm among young people. And it's not just the US. A few years ago, Australia enjoyed a cordial trade relationship with China. Now, as relations sour, officials in Canberra are taking aim at the app and drawing the ire of their counterparts in Beijing. Is there any solution? Wilson Dizard has more.#AustralianPolitics #TikTokBan #ChinaPolitics
US monetary policymakers have spent the last year trying to tame inflation with higher interest rates to slow hiring, and shed jobs. and curb spending. That may finally be happening, and with it, fears of a recession. Private sector job growth rose by 145,000 in March. That's below analyst expectations. Meanwhile, annual pay went up by 6.9 percent, down from 7.2 percent in February. New hires were evenly split between the services and manufacturing sectors, despite the dominance of the service sector in the US labor market. Leisure and hospitality saw additional hires, while the financial industry lost workers. US Fed Chairman Jerome Powell has pushed to put the US economy in a medically induced coma to ease price increases. Waking it back up is another question, and some analysts worry he won't be able to. #Payrolls #USEconomy #USJobs
Google's finance chief Ruth Porat has announced the company is making cuts to employee services, the latest in a string of efforts to trim the fat within the tech sector. The company said it's cutting back on fitness classes, staplers, tape, and the frequency of laptop replacement for employees. The cost-cutting measures come as Google goes through its most severe era of austerity in almost two decades. Google's employees can count themselves lucky that they're not victims of layoffs, which have claimed more than 300 thousand jobs across the tech sector since the start of 2022, according to industry tracker layoffs.fyi, A third of those were in January alone, with the pace of pink slips slowing since then. #TechSector #Google #USEconomy
Oil prices are surging after OPEC+ unexpectedly announced it was slashing output by 1.16 million barrels per day. This is fueling new fears of higher consumer prices, as central banks are hoping to reverse inflationary trends. The move comes just after Russia decides to cut oil production by 500,000 barrels per day until the end of the year. International benchmark Brent futures have jumped 5% to $84 a barrel, and US benchmark WTI is trading at nearly $80 a barrel. In March, oil tumbled to its lowest level since December 2021 amid a banking rout. #OPEC #OilPrices #Brent
A draw for the first owners of Turkiye's first domestically built fully electric car was held on Wednesday. Turkish carmaker, Togg, has received more than 170,000 pre-orders for its first model T10-X. The firm had announced that the number of deliveries in 2023 would be at 12,000 but after the high demand, it raised that figure to 20,000. The standard range model T10-X starts from around 50, 000 dollars, while the long-range model was priced at about 64, 000 dollars. Togg plans to produce one million vehicles in five different models by 2030 in its 1.2 million square meter facility in Turkiye.
Germany is one of the countries with the highest wealth inequality in Europe. A recent study said children and young adults are feeling it the most, with poverty at new highs. As Sibel Karkus reports from Berlin, many are depending on social services as government help is insufficient.#GermanEconomy #Poverty #WealthGap
February 24th marked one year since Russian tanks and troops crossed the border into Ukraine with the aim of regime change. It's also been a year that has transformed Russia's place in the world economy, pushing it away from Europe and towards new markets in China and India for its energy. So far, the direst predictions about Russia's economic collapse have not come true. But will 2023 see Russian President Vladimir Putin's luck run out? Several factors are not working in his favor. Wilson Dizard has the story. #RussianEconomy #Russia'sWarinUkraine #RussianMilitary
Rice -- a daily staple that feeds more than half the world, is now in crisis due to climate change. Many countries are finding it difficult to maintain production as demand continues to grow.
Israel is going to be 75 years in a few weeks' time. But instead of holding national celebrations, it is in turmoil facing what some fear could turn into a civil war. This is all due to the government's plans to change the way the judicial system works. The uncertainty in Israel's political situation extends deep into the business sector and affects the whole economy. #IsraeliEconomy #JudicialReform #IsraeliBusiness
The United Kingdom has inked its most significant trade deal since it left the European Union. The UK will now be part of an agreement including 11 countries across the Indo-Pacific. London joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership will reduce trade barriers across the bloc. It's set for formal resolution in parliament later this year, but the addition has been under negotiations for two years already. An application by China to join is still pending but is likely to face resistance from members. #UKtradedeal #Asia-Pacific trade bloc #Free-trade
Asia stocks are rising, with the Australian ASX hitting a two-week high as banking fears ease. European stocks are also set to open higher, and the dollar is strengthening amid improved risk sentiment. The US Federal Deposit Insurance Corporation now faces almost $23 billion in costs from recent bank failures and is reportedly considering assigning a larger portion of this burden to the nation's biggest banks. But while more stringent capital requirements for US institutions may calm nerves, some analysts still expect a recession. #USDollar #AsiaStocks #BankingCrisis
A controversial judicial reform law and the intense public protest against it are taking a toll on Israel's economic outlook. Tel Aviv's stock exchange has taken a 20 percent hit, and the shekel has seen serious swings. Credit rating agencies Fitch and Moody's warned on Tuesday that the turmoil could 'weaken Israel's credit profile'. Some Israeli venture capitalists are exercising caution as the uncertainty continues. Israel does little trade with its closest neighbors, but its reputation for political stability in a volatile region is central to its strong trade ties with the US as well as major European and Asian economies. #IsraelEconomy #FitchandMoody's #IsraelPolitics
The US Commodity Futures and Trading Commission has filed a complaint against the world's largest crypto platform Binance and its CEO. Changpeng Zhao has allegedly broken American derivatives rules, actively soliciting US-based users and subverting the exchange's compliance program. CFTC rules require platforms to register with the agency to let Americans trade those products. The filing has the potential to upend the exchange's operations completely. Bitcoin is now down 3% and Ethereum is sliding by 3.5%.
Silicon Valley Bank's deposits are now in the hands of First Citizens Bank, as are the collapsed financial firm's 17 branches across the US. The purchase by First Citizens comes just two weeks after a run on SVB was caused by a viral crisis of confidence, and worsened by the bank's own inability to adapt to the Federal Reserve's higher interest rates. North Carolina-based First Citizens purchased 72 billion dollars of SVB's deposits for a 16 billion dollar discount, while another 90 billion will remain with federal banking insurance authorities for the time being. Recent turmoil in the US financial sector has shaved billions off the share value in bank stocks, and even caused a rally in bitcoin prices. #FirstCitizensBank #SiliconValleyBank #FED
Turkiye's tourism revenue hit a record 46.3 billion dollars last year despite the tension in the region, including the war in Ukraine. It rebounded strongly after the Covid-19 pandemic and now all eyes are on 2023’s summer season, with bookings already up more than 50 percent year-on-year. Tulay Kalyon Haznedaroglu explains.
The International Monetary Fund has warned that Lebanon is going through a very dangerous period, as its economic collapse deepens. In April, the IMF reached a preliminary agreement with Beirut on a 3-billion dollar conditional bailout package. But nearly a year after, officials are yet to implement the necessary reforms to unlock the 4-year financing programme. There's been outrage on the streets over the harsh economic conditions. Police clashed with angry protesters in Beirut after the Lebanese currency hit a record low against the US dollar. Priyanka Navani has more.
Sri Lanka has secured a three billion dollar bail-out from the International Monetary Fund, as the island nation looks to shore up its economy. But that money is expected to be tied to austerity measures like tax hikes and spending cuts, leaving Sri Lankan people uncertain about their future. Daniel Padwick reports.
As customers pull their money from banks, they're looking for more profitable investment options. One of them is cryptocurrencies. They have steadily regained value as demand grows- with the price of Bitcoin hitting 28-thousand dollars for the first time in 9 months. Emre Boz reports.
On Wednesday, the US Federal Reserve raised interest rates by 25 basis points. Now they're around 5 percent, up from near zero just a year ago. The rapid shift in monetary policy has spelled disaster for several banks and raised the specter of a contagious bank run that prompted the US Treasury to pull the savings of uninsured deposits out of the abyss. So far, authorities have kept panic from spreading, but how did the US economy get here? Wilson Dizard has this report.
Asia-Pacific markets are mixed this morning, and oil is edging lower amid concerns over the banking industry. US West Texas Intermediate is trading at $69 a barrel while the international benchmark Brent is at $75 a barrel. That's down from over a hundred dollars last year after Russia's attack on Ukraine shook global supply, as fears of a recession in the US mount. Officials say refilling the strategic petroleum reserve will take longer than expected. That means demand will rise slower. The stockpile is now at its lowest level since 1983, even as crude prices are set for their steepest slide since the start of the pandemic in 2020.
Borrowing costs will continue to rise in the US, as the Federal Reserve decided to look past a banking crisis and continue its campaign against inflation. Markets gritted their teeth in anticipation of the 25 basis point increase announced on Wednesday. The base interest rate is now almost five percent, up from near zero in February of last year. The Fed acknowledged that the swift tightening of credit had caught some banks off guard. While Fed Chairman Jerome Powell signaled that this might spell the beginning of the end for rate rises, Treasury Secretary Janet Yellen sent bank stocks into a tailspin by suggesting a sector-wide guarantee for all deposits of any size at any bank was not in the cards.#FED #interestrates #JeromePowell
The price of bitcoin has topped $28,000 for the first time in nine months after the banking crisis sparked a market rally. That's as investors view the currency as an alternative to the banking system and as somewhat of a 'safe haven'. Despite this, crypto firms are now scrambling to find institutions to bank with after the collapse of both digital-friendly institutions Signature Bank and Silvergate Capital. And it looks as if they are now turning to crypto banks based in Switzerland, which has been trying to market itself as a nascent crypto hub with stricter regulation in recent years. Gold prices are also up, and according to analysts they could notch an all-time high after the US Federal Reserve's interest rate decision on Wednesday.#Bitcoin #CryptoCurrency #BankingCrisis
Asian stocks are sliding as much as 3% today after Swiss lender UBS agreed to buy its banking rival Credit Suisse in a $3.25 billion takeover. The government-backed deal corresponds to a capitalization that is far below the level at which Credit Suisse was trading on Friday. The Swiss National Bank said the deal was the best way to restore confidence in financial markets and the credit environment in Switzerland. Credit Suisse saw its shares tumble last week after its largest investor, the Saudi National Bank, declined to provide additional funding. Meanwhile, banking stocks are expected to fall on Monday for yet another session as investors pull back from positions in First Republic, amid concerns over the state of the banking sector. #CreditSuisse #UBS #BankingTakeover
More than a month after southeastern Turkiye was devastated by earthquakes, relief efforts continue. From government institutions to NGOs and even sports clubs, aid has been coming in from all directions. One of the country's top football clubs, Galatasaray, has been auctioning special items for the cause. Tayyibe Aydin reports.#Galatasaray #TurkiyeEarthquakes #Football
Soaring energy bills are dealing another blow to businesses that have barely recovered from the fallout of the COVID-19 pandemic. According to a recent survey, small and large businesses across various sectors remain concerned about the impacts of energy instability. #EnergyCrisis #Europe #CarbonEmissions
Japanification - an economic term describing the stagnation Japan's economy faced for three decades after the early 1990s. The period is known as the lost decades. The Japanese economic miracle throughout the 20th century had come to an end and Japan was stuck on a deflationary spiral. Prices kept going down despite the government's aggressive policies to spike demand. Now, Japan faces its next challenge - a declining GDP and the highest inflation it has ever seen in over 4 decades. Emre Boz has more on what the government is doing to tackle the problem.#JapanInflation #Japanwages #BankofJapan
How safe is your money in the bank? The value of currencies can rise and fall, but the presence of your cash in your account should not be a question. In the US, several bank failures occurred after the institutions failed to hold bonds worth enough money to cover what depositors had. The US government has acted rapidly to ease concerns, but will it be enough? Wilson Dizard reports.#CreditSuisse #SVB #SignatureBank
Markets are back with a vengeance as eleven major US banks poured $30 billion in deposits to save First Republic Bank, including Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. European stocks closed higher yesterday, with banking stocks up 1.24%. Credit Suisse's embattled stocks finished the session up 19% after the Swiss National Bank said it would provide a liquidity backstop to the bank. Asia stocks are also rising across the board as Wall Street moved to shore up the banking system in a sign of confidence in the sector.
As the Silicon Valley Bank meltdown starts to cool, across the Atlantic major European banks are starting to see alarms flashing red. Credit Suisse's stock price dropped 30 percent on Wednesday before surging up 40 percent on news of its salvation by the Swiss National Bank. The bank says that it has enough money, but a Bloomberg interview with the head of the Saudi National Bank at an investor conference on Wednesday spooked markets. SNB is one of Credit Suisse's biggest shareholders, and Chairman Ammar Al Khudairy said it could not buy more than 9.9 percent of the Swiss firm due to regulatory issues. That sparked a sell-off, and Credit Suisse took a 53 billion dollar loan from Swiss National Bank to try to calm investors' nerves. Credit Suisse has seen outflows of cash in recent months following sanctions-busting scandals and on Tuesday its own annual review detailed quote "material weaknesses" in its financial reporting practices.
China lifted strict COVID-19 rules at the end of 2022, but its first months of reopening are off to a disappointing start. Real estate investments fell and retail sales remained sluggish. Big-ticket items and home appliances saw the largest declines in sales, while trade in online physical goods rose the most. Unemployment in cities also ticked up to 5.6 percent in February, and the unemployment rate for young people remains persistently high, standing at over 18 percent. A deeply indebted housing sector and graying demographics also weigh on long-term prospects for China's economic growth. But Asian stocks are up today, lifted by optimism that US regulators have contained contagion risk from Silicon Valley Bank's collapse last week.
Despite reassurance from the US government, officials, and central bankers, yesterday saw a market meltdown, with US regional banking stocks posting their steepest losses in three years. That happened in the wake of the Silicon Valley Bank collapse on Friday. European stocks also plunged, with the Italian FTSE Mib tumbling more than 4%. Banking stocks in the EU posted their worst day in a year. There are steep losses in Asian stock markets as well, especially in Tokyo. The dollar posted its worst one-day performance since January, while the Yen - a safe haven - strengthened. Oil prices are also falling today amid rate hikes concerns, and that's despite financial institutions such as Nomura now expecting the Fed to cut rates at the March meeting,
The United States used to be the home of all things social media, but it's been challenged in recent years by Tik Tok, a video-sharing app based in China that has been one of the fastest-growing in history. The US government has become concerned about possible national security concerns over the app, and its effect on US consumers' privacy. TikTok denies that it has any relationship with the Chinese government, but that's not enough to satisfy lawmakers. Wilson Dizard has this report on what outlawing the service could mean.
March eighth marks International Women's Day. It celebrates the achievements of women in all fields and raises awareness of women's and gender issues. But the day also highlights the disparity between men and women in the workforce. This contributes to the stymieing of women and costs the global economy trillions of dollars.
It's been over a month since the February 6th twin earthquakes decimated the southeast of Turkiye. Turkish authorities now focus on rehabilitation and rebuilding in the affected provinces. For a deeper analysis of this Murat Ferman joined us from Istanbul. He is an economist and professor at Beykent University.
All eyes were on Capitol Hill as Federal Reserve Chairman Jerome Powell was giving a two-day semi-annual monetary policy testimony before Congress. His remarks about the economy, inflation, and the Fed's actions were met with questions from Senate Banking Committee members. These were related to jobs and unemployment, household debt, the debt ceiling, geopolitical uncertainty, climate crisis, and cryptocurrency. Meanwhile, the US has just reported its widely-anticipated monthly jobs report which could further influence the Federal Reserve's monetary policy.
As Chinese President Xi secured another term, Asian stocks saw a sea of red. And that's in part due to fears of further US federal reserve hikes. New US jobs data is set for Friday, which could change the federal reserve's course on interest rates. The Fed's tighter monetary policy has hit venture capital hard. And that's spelled a steep dive in share prices for Silicon Valley Financial Group, which handles money for half of listed tech and healthcare start-ups in the US. It's selling 1.75 billion dollars in stock to shore up its cash reserves. SVB is reassuring customers they won't lose their money, but some major start-up funders have pulled money out. SVB says higher spending by its start-up clients led to a fall in deposits. Bank stocks took an 80 billion dollar beating Thursday, including a 22 billion hit to JP Morgan's market value.
The rapid and ruthless humbling of crypto prices last year has slowed down, but the consequences for crypto companies continue. Silvergate Bank is the latest casualty. It's going out of business. The bank did business with some of the crypto market's biggest players and was responsible for around 11 billion dollars in customer assets. Those will now be handed back to their owners, but the firm's unpaid liabilities are an open question. The firm called the move a voluntary liquidation. It comes amid investigations into the company by US federal and California financial authorities and an anticipated rise in regulatory scrutiny of the crypto sector.
The cost of borrowing dollars is going to continue to increase, and that's bad news for Asian stocks. Hong Kong's index fell 2 percent on Wednesday. The rout in equities came after Federal Reserve Chairman Jerome Powell told US congress that interest rate hikes will continue. That's after a recent report showed prices for consumers started rising again. That dashed hopes the US economy could avoid a recession while still taming inflation. Crucial bond market indicators are also flashing red- signaling that a contraction may now be inevitable. #Fed #Powell #InterestRates
Uganda and its partners have begun the initial drilling process in its oil-rich Albertine region to start production by 2025. Despite criticism, the East African country is hoping its oil wealth creates more economic growth than problems.
British charity organisation Oxfam says the world's richest people have grabbed nearly twice as much wealth as the rest of the global population put together over the past two years. Didem Demircan is the Coordinator at KEDV, the Foundation for Support of Women's Work. She gave us an insight into the decades of unfair tax cuts for the super-rich and corporations that have fueled inequality, with the poorest people in many countries paying higher prices.#Oxfam #RichestPeople #GlobalWealth
Oil prices fell around 1% on worries of a possible US recession. That's as US retail sales continued their fall in December, dropping by 1.1% as inflation remained high. For more on this, Stephen Innes joined us from Bangkok. He is a Managing Partner at SPI Asset Management.#Oil #BrentCrude #USRecession
Inflation in the UK is trending downward, showing declines in December for a second straight month-- in line with expectations. For more on this, Naeem Aslam joined us from London. He's chief market analyst at AvaTrade.#UK #Inflation #ConsumerPrices
Asian shares are trading at 7-month highs ahead of US consumer price data that investors hope will confirm inflation is in retreat. Danni Hewson is a financial analyst at AJ Bell. She tells us more about how China's reopening could affect global markets.#AsianStocks #ChinaReopening #Inflation
Crypto exchange coinbase is slashing around a fifth of its workforce as it looks to preserve cash during a crypto market downturn. The exchange plans to cut 950 jobs, according to a blog post published Tuesday morning. Naeem Aslam is Chief Market Analyst at AvaTrade in London. We asked him if the industry can resurrect from its ashes after a 60% drop in valuation in recent months.#Coinbase #Cryptocurrencies #Bitcoin
Markets in Brazil are recovering after a sharp sell-off that occurred soon after President Luiz Inacio Lula da Silva was inaugurated on New Year's Day. Investors were concerned by mixed messages from some members of Lula's new cabinet, sparking fears that the economy was in the wrong hands. But the president says he's committed to reversing controversial policies introduced by his fiscally- conservative predecessor, Jair Bolsonaro. Melinda Nucifora reports and Remi Piet, senior partner at Embellie Advisory, joins us from Miami. #Brazil #Lulanomics #AmazonDeforestation
Financial technology, better known as ‘fintech’, is rapidly becoming one of the big buzzwords in the business and technology world. It’s a multi-billion dollar industry that’s changing everything from how we make payments to how we get loans. TRT World’s Tulay Kalyon Haznedaroglu went to Turkiye’s biggest fintech summit, Webrazzi 2022, to find out more about what some call the future of finance.#Turkiye #Fintech #Webrazzi
The World economy is expected to be as weak as it was in 2009 right after the financial crisis. That's what the Institute of International Finance said, adding that the conflict in Ukraine now risks becoming a 'forever war'. Global growth is expected to slow to 1.2% in 2023. The slowdown will be led by Europe, which is impacted most by the war.
For more on this, we spoke to Stephen Innes, who is managing partner at SPI Asset Management.
GlobalEconomy #EconomicGrowth #2023Outlook
Türkiye has launched an investigation on Sam Bankman-Fried, former CEO of crypto exchange FTX, over fraud allegations. Turkish authorities have also seized the assets of FTX and its affiliates under the probe.
For more on this, we spoke to blockchain researcher Turan Sert, who is advisory board member at Paribu.
FTX #Türkiye #CryptoRegulations
Oil prices dropped as the European Union considered a higher than expected price cap on Russian crude. Increasing signs of a global slowdown also took a toll, amid mounting headwinds in the two largest economies, threatening energy demand. EU officials discussed setting the ceiling for Russian seaborne exports at $65 to $70 a barrel.
For more on this, we spoke to Jameel Ahmad, who is the chief investment strategist for MENA at Alpari.
OilPrices #PriceCap #RussianOil
New Zealand's central bank delivered a 75 basis point hike. That is the biggest rate hike ever in the central bank history. The New Zealand's exchange is down 0.85% and the Australian ASX200 is up 0.7%, despite the Reserve Bank of Australia governor Philip Lowe on Tuesday hinting at more rate hikes ahead.
For more on this, we spoke to Naeem Aslam, who is the chief market analyst at AvaTrade.
NewZealand #InterestRates #Inflation
The dollar has steadied, paring some of its strong overnight gains today, after investors flocked to the safe-haven currency amid China's COVID flare ups. China's capital warned on Monday that it was facing its most severe test of the COVID-19 pandemic, with a surge in cases sparking fresh restriction measures.
For more on this, we spoke to Russ Mould, who is the investment director at AJ Bell.
Dollar #China #COVID
Innovation, inclusiveness and collaboration… Global business leaders say these are the three pillars upon which the world can rebuild economic growth. Two thousand industry figures met in Bali this week for the B20 conference, a gathering of global business leaders that takes place just before the G20 summit. Our correspondent Melinda Nucifora sat down with the B20 chairperson, Shinta Kamdani.
B20 #Development #Sustainability
G20 Summit took place on the Indonesian island of Bali last week. Russian President Vladimir Putin decided to skip the proceedings that were inevitably dominated by the war he started in Ukraine, and the global crises that have arisen from it. The summit ended with a joint declaration in which most members "strongly condemned" the Russia Ukraine conflict. It's a crisis other leaders blame for making the state of the global economy worse. Leaders also reaffirmed their commitment to the global transition to sustainable energy, saying they want to "pursue efforts to limit the rise in global temperatures to under 1.5 degrees Celsius.
For more on this, we were joined by Taha Meli Arvas in the studio.
G20 #RussiaAttacksUkraine #Sustainability
The UN estimates the world's population passed 8B last week. While that means people having been living longer thanks to better healthcare, it also raises questions about how a growing population will affect both economies and the environment for the years to come. Tayyibe Aydin reports.
For more on this, we spoke to John Wilmoth, who is the population division director at the United Nations' Department of Economic and Social Affairs.
WorldPopulation #Sustainability #8Billion
Veteran Israeli politician Benjamin Netanyahu was officially tasked with forming a government earlier this week, after he and his ultra-orthodox and nationalist allies emerged clear winners of this month's elections. Netanyahu has previously spent more than a decade in power, and is currently facing corruption charges. And now he's tasked with tackling Israel's affordability crisis.
Isreal #Netanyahu #Bibi
Qatar is keeping its eye on the ball as it welcomes hundreds of thousands of football lovers from across the globe. After years of preparation and hundreds of billions of dollars in spending, the gas-rich Gulf nation is now hoping to reap the benefits of hosting the prestigious FIFA World Cup. Paolo Montecillo reports.
Qatar2022 #WorldCup #FIFA
Shares in the Asia-Pacific region are falling today, and oil prices are also down by nearly a dollar as COVID concerns in China are on the rise. The nation recorded its first virus-related deaths since May this year.
For more on this, we spoke to Han Tan, who is the chief market analyst at Exinity Group.
China #COVID19 #OilPrices
There's a lot riding on the success of Downing Street's new budget, given the current state of the world's fifth largest economy. The main concern for most consumers will be inflation, which reached a multi-decade high of more than 11% in October. The British economy is also on the brink of a recession, with GDP shrinking slightly in the third quarter. That means fewer jobs and lower incomes for households, and smaller profits for businesses.
For more on this, we spoke to Denis MacShane, who is former British MP and Minister for Europe.
UnitedKingdom #Budget #Inflation
Singapore state investor Temasek Holdings said it would write down the value of its entire investment of $275M in collapsed crypto currency exchange FTX. FTX's other backers such as SoftBank Group's Vision Fund and crypto-focused hedge fund Sequoia Capital have also marked down their investment to zero after FTX, founded by Sam Bankman-Fried, filed for bankruptcy.
We spoke to Susannah Streeter, who is investment analyst at Hargreaves Lansdown in the UK.
FTX #Temasek #SoftBank
The safe-haven US dollar edged higher against major peers on Wednesday as markets continued to assess news of a rocket striking NATO-member Poland, and whether it could lead to an escalation of the Ukraine war.
We spoke to Craig Erlam for the details. He is a senior market analyst at OANDA in London.
Dollar #Poland #MissileStrike
Amazon is planning to lay off approximately 10,000 employees in corporate and technology roles beginning this week, according to a report from The New York Times. Separately, the Wall Street Journal also cited a source saying the company plans to lay off thousands of employees. The cuts would be the largest in the company's history and would primarily impact Amazon's devices organization, retail division and human resources.
We spoke to Danni Hewson, who's a financial analyst at AJ Bell in the UK.
Amazon #Layoff #ECommerce
One reason Apple has been spared from the slump is because it doesn't rely on ads. The decline of other Silicon Valley giants is partly due to crypto ads drying up. The cryptocurrency market was worth an eye-watering $3T just one year ago. Crypto's global market cap is now less than $900B.
We discussed this further with crypto market analyst Jessica Walker, who's also Chief Marketing Officer at the fintech company, Fluid Finance.
Cryptocurrency #AdRevenues #JessicaWalker
Some Big Tech companies like Meta and Alphabet have recovered their recent losses off the back of the US October inflation report that showed consumer prices were cooling off faster than expected. The industry's biggest names reported disappointing results, leading to a sharp fall in stock prices and mass layoffs. Is the worst over for tech or do they have further to fall? Tayyibe Aydin takes a look.
TechFirms #TechStocks #Earnings
Tech companies, tech earnings, tech firms, tech stocks, tech shares, technology, apple, meta, alphabet, facebook
Moving on now to the Indonesian island of Bali, where finance industry leaders and politicians have gathered for the B20 conference. The group is considered the business arm of the G20, and provides recommendations to governments regarding economic policy.
Our correspondent Melinda Nucifora met with B20 host, Arsjad Rasjid. He says wealthy countries need to pay more attention to emerging economies if the world as a whole is to prosper.
G20 #Inflation #EmergingCountries
A famed Japanese candy company, which survived even after World War Two, has succumbed to inflation. Sakuma Seika has decided to close its doors after more than a century as the country's economy sours.
SakumaSeika #Candy #Inflation
US President Joe Biden has dodged a complete disaster as his Democratic Party fared better than expected in this week’s midterm elections. The job isn’t done. Control of the Senate is still up for grabs. But it looks increasingly likely now that the White House will be able to push its economic and social agenda with a lot less opposition than originally feared. Paolo Montecillo reports.
Taha Arvas joined us on the studio for the details. He is adjunct professor of finance at Bogazici University.
UnitedStates #Midterm #Election
Proceedings in COP-27 climate summit in Egypt have delivered warnings that by now have become all-too familiar: that global temperatures are on track to blow past official targets. And that means more severe episodes of cold and hot weather, bigger and more destructive storms, and sea levels that threaten to displace millions of vulnerable communities. Delegates agree that urgent action is needed to end the global economy's reliance on fossil fuels that got us where we are. It'll be an expensive endeavour. The question now is: how exactly will that money be spent, and who should pay for it all.
Niklas Hagelberg joined us from Egypt for the details. He is climate change coordinator at UNEP.
Egypt #COP27 #Environment
Shares of Chinese property developers listed in Hong Kong surged at the open following a local media report that a number of additional measures will be introduced to support the real estate market's recovery. The move is the strongest sign yet that Chinese policy makers are easing a years-long clampdown on the property sector, one of the biggest drags on the world's second-largest economy along with the nation's COVID-Zero policies.
Stephen Innes joined us for the details. He is managing partner at SPI Asset Management in Bangkok.
China #RealEstate #Property
Global markets are green across the board to end the week amid optimism over the prospects of the world's two largest economies. In the US, official data showed consumer prices rose less than expected in October. Investors are taking this as a sign that the Federal Reserve will start slowing down the interest rate hikes that have been choking economic activity.
Craig Erlam joined us for the details. He is a senior market analyst at OANDA in London.
Markets #WallStreet #Inflation
Global markets are in a bit of a holding pattern as investors wait for the results of midterm elections in the US. The battle for control of both houses of Congress is being seen as a referendum on President Joe Biden and his economic policies.
Naeem Aslam joined us for the details. He is the chief market analyst at AvaTrade in the UK.
Markets #Midterm2022 #Election
Stocks in the Asia-Pacific traded mostly higher early as investors digest the Bank of Japan's summary of opinions and look ahead to the US midterm elections. European markets are also heading for a mixed open ahead of midterm elections, which will determine which party will control Congress and could affect the direction of future spending.
Danni Hewson joined us for the details. She is a financial analyst at AJ Bell in the UK.
StockMarket #MidtermElections #BankofJapan
The Federal Reserve has approved a fourth consecutive three-quarter point interest rate increase this week. The Fed also signaled a potential change in how it will approach monetary policy to bring down inflation. Meanwhile, Bank of England has raised interest rates to 3%, marking the biggest rise for 33 years.
FederalReserve #BankofEngland #InterestRates
China's exports unexpectedly fell in October, with a drop in the value of goods sold to the US and EU, according to Chinese customs data released Monday. COVID restrictions in China are also hurting the economy. Apple said in a statement on Sunday that it has temporarily reduced iPhone 14 production in its primary China factory.
For more on Chinese economy, we spoke to Jameel Ahmad, chief investment strategist for MENA at Alpari.
China #Trade #Export
Modhera has become India's first fully solar village, transforming the lives of poor residents. Solar panels installed on buildings are helping businesses and people reduce their electricity bills, while the world is facing a deepening energy crisis. Paolo Montecillo reports.
Modhera #SolarPower #Electricity
This week we saw the Black Sea Grain Initiative saga unfold. Russia suspended its involvement in the grain deal before deciding to rejoin it. The agreement allows key supplier Ukraine to ship agricultural produce to the rest of the world. The deal was brokered by Türkiye and the UN in July. It ensures the safe passage of cargo ships carrying grain from Ukrainian ports after they were blocked by Russia.
For more on the story, we spoke to economist Taha Meli Arvas.
Grain #Russia #Ukraine
With winter approaching, countries in Europe are facing a new stark reality and people are turning to wood to offset the loss of Russian natural gas supplies. Firewood has become a hot commodity, and across the continent, people are paying a premium so they can stay warm as the war in Ukraine rages on. Tulay Kalyon Haznedaroglu has more.
Europe #Energy #Firewood
The United Nations warns harmful global heating emissions are at record levels. And current commitments to slash emissions, particularly by the world's largest polluters, still fall far short. Managing the climate crisis has also become harder because of the war in Ukraine, which has made governments re-think their own clean energy goals. And as our experts have laid out, the ongoing conflict has also led to massive profits for producers of the world's dirtiest fuels.
For more on this, we spoke to Faustine Delasalle in Lille and Joe Lo in London.
COP27 #Energy #Climate
Hong Kong stocks rose 7% on Friday, with tech and consumer cyclical stocks driving the surge. That's amid China reopening rumors, and a report that US inspections of Chinese company audits were completed more quickly than expected.
For more on Chinese economy, we spoke to Jameel Ahmad. He is the chief market analyst for MENA region at Alpari.
China #ChineseEconomy #AsianShares
The Federal Reserve on Wednesday approved a fourth consecutive three-quarter point interest rate increase and signaled a potential change in how it will approach monetary policy to bring down inflation. Asian markets are all painted red, with Hong Kong leading losses and the dollar has strengthened against the euro and against major Asian currencies.
For more on this, we spoke to Han Tan. He is the chief market analyst at Exinity Group.
UnitedStates #Federal Reserve #Interest rates
Oil prices are rising today after industry data showed a surprise drop in US crude stockpiles, suggesting demand is holding up. But prices are also rising on a weaker US dollar, and after rumours trending on social media, that the Chinese government is considering ways to relax COVID rules from March 2023.
For more on this, we spoke to Naeem Aslam. He is the chief market analyst at AvaTrade.
OilPrices #OilDemand #OilSupply
Economic growth in the Eurozone slowed sharply in the third quarter, reflecting the impact of higher inflation on both consumers and households. GDP in the three months to September rose just 0.2% quarter on quarter. On an annual basis, economic activity was up by 2%, or less than half the expansion recorded in the previous three months.
For more on this, we spoke to Craig Erlam. He is a senior market analyst at OANDA.
Eurozone #EconomicGrowth #Inflation
Global stocks are rising, as investors turn more hopeful that the US Federal Reserve may slow down the pace of rate hikes to support economic growth. That's ahead of the American central bank's two-day policy meeting that begins Tuesday. Most analysts expect a rate hike of 75 basis points, matching what it's done in the last three meetings.
For more on this, we spoke to Stephen Innes. He is managing partner at SPI Asset Management.
StockMarket #FederalReserve #InterestRates
Chinese factory output shrank in October as Beijing continued to choke the nation's industries with the use of lockdowns against COVID-19. Official data released on Monday show the purchasing manager's index for the manufacturing sector fell to 49.2 points this month. That grim report is weighing on the price of crude, because China is the world's top importer of the stuff.
For more on this, we were joined by Guido Cozzi. He is a macroeconomics professor at University of St. Gallen.
ChinaEconomy #Manufacturing #OilPrices
Cotton is the leading export commodity in Benin, making up 61% of all shipments. But almost all of it is exported raw. The government is hoping to develop the country's textile sector, with the goal of making apparel for consumer markets around the world.
Benin #Cotton #Textile
Shares of Meta, one of the most famous companies in the world, have been in a death spiral. The company issued a weak forecast for the fourth quarter and came up well short of Wall Street's expectations when it came to earnings. Stocks are down as much as 70% this year. We've seen the impact of all this across the board: Alphabets, Amazon, Microsoft, even Pinterest shares plunged this week. The Nasdaq as a whole is down around 30% this year only, and it's on course for its worst annual performance since 2008.
For more on this, we spoke to Daniel Ives, managing director of Wedbush Securities.
Facebook #Meta #Metaverse
After months of legal wrangling and suggestions he wanted to pull out of the deal, Elon Musk has finally taken control of Twitter. The outspoken billionaire has tweeted about his new $44B acquisition, as the company's CEO and CFO were shown the door. He's expected to step in as Twitter's interim chief executive, while also remaining at the helm of Tesla and SpaceX. And as Melinda Nucifora reports, all eyes will be on how Musk will transform the struggling social platform.
For more on this, we spoke to Daniel Ives, managing director of Wedbush Securities.
ElonMusk #Twitter #SocialMedia
Rishi Sunak became Britain's third prime minister in less than two months on Tuesday. But he inherits a government facing political and economic chaos. His government has already delayed the announcement of its plan to repair the country's public finances by more than two weeks, to ensure the programme reflects the latest and most accurate forecasts. Tulay Kalyon Haznedaroglu explains the economic challenges that Sunak now faces.
For more on British economy, we spoke to economist Taha Arvas. He joined us from Tashkent, Uzbekistan.
RishiSunak #Britain #UnitedKingdom
Credit Suisse is restructuring its business as the bank attempts to put years of scandals behind it. The Swiss lender has finally outlined its long-awaited overhaul, what its chairperson Axel Lehmann dubbed a 'blueprint for success', after reporting $4B of net losses in the third quarter. But the radical turnaround plan could involve up 9,000 job losses.
CreditSuisse #Restructuring #Earnings
Amazon shares plummeted 13% in extended trading on Thursday after the company issued a disappointing Q4 forecast and missed on revenue estimates. Like the rest of Big Tech, Amazon has had a rocky year so far as it confronts macroeconomic headwinds, soaring inflation and rising interest rates.
For more on this, we spoke to Susannah Streeter, who is an investment analyst at Hargreaves Lansdown.
Amazon #Nasdaq #Earnings
The International Energy Agency has said the world faces its first "truly global energy crisis" as a result of the war in Ukraine. The conflict is expected to have long-lasting effects on energy supply and markets. Despite this, natural gas prices in Europe have been plunging in the past two days.
For more on energy markets, we spoke to Yousef Alshammari, who is the CEO of CMarkits and Senior Research Fellow at Imperial College London.
Energy #NaturalGas #GasPrices
US tech stocks tumbled in after-hours trading after some of the industry's biggest companies reported disappointing results, suggesting that this year's $5.5T selloff hasn’t reached bottom yet. The quarterly updates from Microsoft Corp., Alphabet Inc. and Texas Instruments Inc. underscored growing pressure on everything from corporate IT budgets to digital ad spending and chips for industrial machinery.
For more, we spoke to Naeem Aslam, who is the chief market analyst at AvaTrade in London.
USStocks #Nasdaq #TechEarnings
The British pound is trading higher against the US dollar and the euro on Tuesday after the announcement that Rishi Sunak would replace Liz Truss as UK Prime Minister. Sunak will be formally confirmed as the country's new leader today amid a period of economic turbulence.
For more, we spoke to Jameel Ahmad, who is the chief investment strategist for MENA at Alpari in Dubai.
RishiSunak #UnitedKingdom #Pound
Stocks in Hong Kong are trading at their lowest in more than a decade as investors continue to sour on the health of the Chinese economy. Data released on Monday showed the Chinese economy grew by 3.9% in the three months to September. That was better than forecast, but it did little to bolster market sentiment.
For more, we spoke to Han Tan, who is the chief market analyst at Exinity Group in Abu Dhabi.
ChinaEconomy #ChinaGDP #StockMarket
As the world's largest economy continues to slow down, its largest banks are preparing for the worst. US lenders are propping up allocations to deal with bad loans and contending with a drop in demand for new investments.
For more, we spoke to economist and professor Joann Weiner, the director of the Applied Economics graduate programme at George Washington University. She says she doesn't believe that the US economy is going to a long and protracted recession.
UnitedStates #WallStreet #BankEarnings
In the UK, Prime Minister Liz Truss has resigned just 44 days after taking office. Truss had come to power, promising to rein in the rising cost of living and reinvigorate the slowing economy. But her government's plan to cut taxes unravelled due to a lack of finances and many members of parliament from her own party threatened to vote her out, prompting Truss to step down.
For the details on UK economy, we were joined by economists Luke Bartholomew and Taha Meli Arvas.
BritishEconomy #LizTruss #Resignation
Azerbaijan has opened a second airport in an area liberated from Armenian occupation. Azerbaijani President Ilham Aliyev says Türkiye was pivotal in the reconstruction of this area that had been disputed for decades. Hasan Abdullah has more.
Azerbaijan #Karabakh #Zangilan
Moving on to the EU now, where the cost of living is also on the rise. Much of that is tied to the cost of energy, which has skyrocketed as the bloc piles sanctions on Moscow for the bombs it's dropping on Ukraine. That's forcing policymakers in Brussels and other European capitals to search for new suppliers of gas and oil, two much needed commodities as weather on the continent gets colder. Paolo Montecillo reports.
For more on this, we spoke to Noah Brenner, executive editor at Energy Intelligence in London.
EuropeanUnion #Energy #NeturalGas
British markets are heading lower amid the continuing fallout from the resignation of Prime Minister Liz Truss. Truss' downfall was the result of a deeply unpopular economic programme that called for tax cuts, and therefore more debt on the back of taxpayers. Focus now turns to how the ruling Conservative Party plans to respond to the rising cost of living, and slowing economic growth.
For more, we spoke to Jameel Ahmad, who is the chief investment strategist for MENA at Alpari in Dubai.
BritishEconomy #LizTruss #Resignation
Oil prices are recovering slightly after falling overnight on the expectation of weak demand from major producers. The first red flag raising worries among investors is China's refusal to report its third quarter economic data. In the US, President Joe Biden is reportedly planning to release more oil from the nation's emergency reserves.
For more on oil market, we spoke to Danni Hewson, who is a financial analyst at AJ Bell in the UK.
Oil #OilPrices #OilMarket
The Chinese government has suspended the release of economic data, stoking speculation of a major slump in the third quarter. This comes amid a congress of the ruling Communist Party, a gathering that happens twice a decade. The anticipated release of GDP data has been postponed with no official explanation.
For more on this, we spoke to Stephen Innes, who is the managing partner at SPI Asset Management in Bangkok.
China #GDP #CommunistPartyCongress
UK Finance Minister Jeremy Hunt used his first Monday on the job to announce that "almost all" tax measures announced by his predecessor would be reversed. On Friday, Prime Minister Liz Truss fired her Finance Minister Kwasi Kwarteng less than six weeks after the pair took office, appearing to blame the chaos sparked in financial markets by the budget he announced on September 23.
For the details, we spoke to Vicky Pryce, who is a board member at CEBR in London.
LizTruss #JeremyHunt #UKEconomy
IMF and World Bank warn that a global downturn has become more likely, resulting in fewer new jobs, smaller household budgets, and a drop in corporate profits. A recession in major economies isn't for certain just yet, but business activity is slowing to a crawl. Rich nations, led by the US Federal Reserve, are raising interest rates at their fastest pace in decades. As a result, investors are diverting trillions of dollars in financing toward safe assets that are denominated in the greenback. That leaves less resources for developing nations to use to support their own economies.
For the details, we had economist Taha Meli Arvas in the studio.
GlobalEconomy #EconomicGrowth #GDPOutlook
The US is taking aim at Chinese companies once again, in a 'micro-chips' war that has seen the Silicon tech industry and its Chinese counterpart arm-wrestle for nearly a year. Washington has now introduced new restrictions that have significantly raised the stakes in this conflict. Shares in top Chinese chipmakers shed $8.6B in market value in only one session this week, as new US export controls threatened to obstruct Beijing's plans for technological self-sufficiency.
Microchip #Semiconductor #USChinaTies
Japan's fight against COVID-19 has come at a steep cost for its economy. The yen has fallen to its lowest level in decades and the economy shrank in August. In a bid to restore growth, the government is now lifting travel restrictions and welcoming back tourists. But can a rebound in the industry save the economy? Tulay Kalyon Haznedaroglu explains.
For more on Japan’s economy, we were joined by Professor Seijiro Takeshita.
Japan #Tourism #Travel
Dozens of cars have blocked streets in France after labor strikes at oil refineries choked fuel supplies nationwide. Unions say workers are struggling to keep up with runaway inflation, while oil companies are making windfall profits thanks to surging energy prices. Mobin Nasir has more.
For more on that, we spoke to independent analyst, Neil Atkinson.
France #Strike #TotalEnergies
Global stocks are surging to end the week following a major rally on Wall Street. Asian shares have risen, led by Japan's Nikkei index. Even cryptocurrency investors are celebrating, with bitcoin climbing 2%, and ethereum up 3%. That follows the release of inflation data that showed consumer prices in the US rose more than 8% annually in September.
For the details, we spoke to Jameel Ahmad, Alpari MENA Chief Investment Strategist.
UnitedStates #Inflation #StockMarket
Oil prices have fallen for a fourth day, and they are now set for the longest losing run in more than a year. And a weaker global demand outlook has depressed the market. Both OPEC and the US Energy Department have cut their demand outlooks. The energy market is under pressure as well from the dollar, which has rallied broadly, including against low-yielding currencies like the yen.
For the details, we spoke to Craig Erlam, OANDA senior market analyst.
OilPrices #OilDemand #Dollar
The International Monetary Fund is about to downgrade its global economic growth forecast for the fourth time this year only. As anticipated by the fund's managing director Kristalina Georgieva last week, the organization will downgrade its growth forecast for 2022 and 2023, blaming the combined effect of lingering COVID disruptions, Russia's attack on Ukraine, and climate disasters.
For more on global economy, we were joined by Victoria Scholar, head of investment at Interactive Investor.
GlobalEconomy #IMF #GrowthForecast
Shares in the Asia-Pacific fell on Monday, with Hong Kong's Hang Seng leading losses as Chinese chip stocks listed in the city plunged following new export rules from the US. The country has introduced sweeping export controls that will severely complicate efforts by Chinese companies to develop cutting-edge technologies with military applications, in one of the toughest actions President Joe Biden has taken against China.
For the details, we spoke to Russ Mould from AJ Bell.
China #Microchip #Semiconductor
A small business in the US is offering party planners a unique way to spice up their events. Known for their smiling faces, alpacas are now helping spread cheer among Americans, making for unforgettable parties. Tayyibe Aydin reports.
Alpaca #Fluffy #Rent
According to the World Health Organization, about one in eight women in the US will develop invasive breast cancer over the course of her lifetime. But mammograms, the most widely used tool for detecting the disease still come with a high rate of human error. That reduces the chances patients will be treated in time, or and in some cases, be treated at all. UK-based AI start-up is trying to reduce the human error to nearly zero, giving women far more chances to survive. Ludovica Brignola has more.
BreastCancer #Mammogram #Biotech
Every 7 minutes, an authorized account log-in is attempted by hackers. That’s according to the Threat Hunting Report published by cyber security firm, CrowdStrike. We spoke to its director of incident response services, Stuart Davis. He explains who these hackers are, and what they want.
Intrusion #CyberSecurity #Hack
To Argentina now where soaring inflation and a precipitous decline in the currency is making it difficult for people to carry out even basic transactions, like buying food. The government says it is taking steps to alleviate the crisis, but experts warn economic reforms could further squeeze incomes. As Tulay Kalyon Haznedaroglu reports, that’s led to the return of barter bazaars.
Earlier, we spoke to Remi Piet in Miami. He's senior partner at Embellie Advisory. He says Argentina’s boosting output from mines and other natural resources could be the quickest fix for the country's currency crisis.
Argentina #EconomicReforms #Inflation
The UN Conference on Trade and Development says the way conditions are looking now, the global economy is heading for its worst downturn in recent memory. And pointing the finger at central banks in rich nations, which, in their aggressive campaign to fight inflation, are squeezing the financial arteries that are vital to the health of the rest of the world.
So, what exactly is causing all of this turmoil? It starts in the US, where the Federal Reserve has raised its benchmark rates from zero to 3%, with the aim to taming inflation. Other major economies have followed suit to keep a lid on their own price pressures, and protect their currencies.
For more we spoke to economists Bruno Verstraete and Taha Meli Arvas.
UnitedNations #InterestRates #Inflation
Oil prices continue to climb following the decision by the world's top producers of the commodity to significantly reduce their output. Led by Saudi Arabia and Russia, the OPEC+ cartel said they're slashing their production by 2M barrels a day in November. That's the biggest cut since the height of the COVID-19 pandemic.
For more on oil market, we spoke to Craig Erlam, senior market analyst at OANDA in London.
OPEC #OilPrices #OilSupply
The British pound is weakening once again amid lingering doubts over the ability of Prime Minister Liz Truss to keep the nation's finances in good shape. In a statement, global debt watcher Fitch announced it now has a negative outlook for the UK's credit rating. That means it's less confident about Downing Street's ability to repay the nation's growing pile of debt.
For more on this, we spoke to Susannah Streeter, investment analyst at Hargreaves Lansdown in Bristol, UK.
LizTruss #BritishEconomy #Fitch
Oil prices are rising as the world's top producers of the commodity prepare to announce a deep cut in production. Investors will be closely watching the meeting of the multinational oil cartel OPEC+, led by Saudi Arabia and Russia. Many expect the alliance to announce that they're slashing their output by at least a million barrels a day.
We spoke to Victoria Scholar, head of investment at Interactive Investor in London.
OilPrices #OPEC #OilSupply
Central banks are acting too aggressively in their fight against inflation, threatening to plunge the global economy into a severe economic recession. That's according to a new report by the United Nations Conference on Trade and Development. The agency's calling on policymakers, particularly in rich nations, to take it easy on interest rate hikes. Meanwhile, the IMF has come to the defense of central banks, saying it's up to governments to support their economies.
We spoke to David Madden, Equiti Capital’s market analyst.
InterestRates #Inflation #Recession
The British government has taken a U-turn on tax cuts that would have cost government coffers billions of dollars in much-needed revenues. In a statement, the finance ministry said Downing Street was scrapping a plan to trim the top income tax rate to 40% from 45%.
For the details, we spoke to Danni Hewson, AJ Bell’s financial analyst.
Britain #IncomeTax #Pound
Oil prices are rallying as the world's crude exporters prepare to significantly reduce production for the rest of the year. The international benchmark Brent has risen more than 3% to $87 a barrel. That comes amid speculation that the multinational oil cartel OPEC+ is planning to slash output by a million barrels a day.
For more on oil market, we spoke to Han Tan, Exinity Group’s chief market analyst.
OilPrices #OilSupply #OPEC
In Britain, the sterling has started to recover from a volatile trading week. Investors soured on the currency after the government announced tax cuts that would saddle a struggling economy with tens of billions of dollars in additional debt. As a result, the pound, which was once at the centre of global finance, fell to its lowest value on record. Paolo Montecillo has more.
For the details, we had Professor Hilary Ingham and economist Robert Gilhooly.
UnitedKingdom #Pound #MiniBudget
China is bracing for one of its worst slowdowns in more than four decades as its strict zero-COVID-19 policy continues to weigh on the economy. It's another challenge for Beijing which is already struggling to cope with a collapsing real estate market and an ongoing trade war with the US. Miranda Lin reports.
For more on China’s economy, we were joined by economist Taha Arvas on the set.
China #ChineseEconomy #EconomicGrowth
For the first time since the Second World War, a far-right coalition led by Giorgia Meloni has emerged victorious in the country's general election. But despite winning with a clear majority, the macro-economic environment that the coalition is now to face couldn't be more turbulent.
ItalyElections #GiorgiaMeloni #ItalianEconomy
Nigeria is facing its worst deluge in at least a decade. The floods have claimed more than 300 lives across 27 states. Among the worst-hit areas, are the country's rice paddies. And as Tayyibe Aydin reports, if the water doesn't recede soon, an acute food shortage already affecting millions of Nigerians could worsen.
Nigeria #Floods #FoodSecurity
Wild swings in the prices of stocks, bonds and commodities are driving a growing number of investors to seek better returns in riskier assets. But schemes that promise stellar returns, but leave investors holding the bag, are on the rise. We spoke to London Academy of Trading Managing Director, Paddy Osborn. He tells us how to succeed in a volatile trading environment.
GetRichQuick #Trading #Investment
In Britain, the sterling has started to recover from a volatile trading week. Investors soured on the currency after the government announced tax cuts that would saddle a struggling economy with tens of billions of dollars in additional debt. As a result, the pound, which was once at the centre of global finance, fell to its lowest value on record. Paolo Montecillo has more.
For the details, we had Professor Hilary Ingham and economist Robert Gilhooly.
UnitedKingdom #Pound #MiniBudget
The UK economy grew in the second quarter, averting a summer recession despite the cost of living crisis. The 0.2% growth was a surprise improvement on the previous estimate of a fall of 0.1%, the Office for National Statistics said Friday. The expansion in the second quarter means the economy is not in a technical recession, as many thought.
For more on UK economy, we were joined by Craig Erlam, who is a senior market analyst at OANDA in London.
UnitedKingdom #UKEconomy #Inflation
European stocks are heading for a higher open on Thursday after the Bank of England said it would purchase bonds to steady its financial markets and prop up the plummeting British pound. The sterling has stooped to record lows against the U.S. dollar in recent days.
For more, we were joined by Han Tan, who is the chief market analyst at Exinity Group in Abu Dhabi.
UnitedKingdom #Pound #StockMarket
In a rare statement, the International Monetary Fund said that the new economic measures laid out by the UK government will likely increase inequality. The fiscal package, which included hefty tax cuts for Britain's highest earners, aims to help families and businesses handle the energy shock, but the IMF does "not recommend large and untargeted fiscal packages at this juncture".
UnitedKingdom #TaxCut #Pound
Major indices in the Asia-Pacific region slumped 2% after the S&P 500 set a new 2022 low overnight on Wall Street. The offshore and onshore Chinese yuan fell to its weakest level since 2008 and the Indian rupee also marked a record low.
For more on this, we spoke to Danni Hewson, who is a financial analyst at AJ Bell in the UK.
Yuan #Rupee #Markets
Oil steadied in early Asian trade on Tuesday as indications that producer alliance OPEC+ sought to avoid a collapse in prices, along with a slight softening in the US dollar, tempered an earlier selloff.
For more on this, we spoke to Russ Mould, who is the investment director at AJ Bell.
OilPrices #OilMarket #OPEC
The British pound plunged to a record low on Monday morning in Asia, following last week's announcement by the new UK government that it would implement tax cuts and investment incentives to boost growth. Sterling briefly fell 4% to an all-time low of $1.03 on Monday in Asia.
For more on this, we spoke to Susannah Streeter, who is an investment analyst at Hargreaves Landsdown.
Pound #UnitedKingdom #TaxCut
Ethereum has finally completed its highly-anticipated major software upgrade as it looks to address environmental concerns. According to the Ethereum Foundation, the merge will help its network to consume 99-point-95 percent less energy compared with the older proof of work principles. Alex de Vries is a financial economist, and he says the upgrade could draw in more environmental-focused investors to the world's second largest cryptocurrency.
Ethereum #Merge #EnergyConsumption
Australia cuts down its trees and flattens its forests faster than any other rich nation in the world. According to the environmentalist group the Worldwide Fund for Nature, some 430,000 square kilometers of the country's forests have been destroyed since 2004. That's had a severe impact on its unique biodiversity, and contributes to global heating. As Paolo Montecillo reports, efforts to reverse that trend are gaining momentum.
Australia #Forest #Environment
South Africa is in the throes of an energy crisis. Citizens are facing daily power outages that last upwards of six hours. And when the lights are on, utility bills are skyrocketing. The lack of electricity is forcing industries to cut output and jobs. President Cyril Ramaphosa skipped the United Nations General Assembly to hold a series of emergency meetings, to resolve the crisis. Tayyibe Aydin reports.
For more on this, we spoke to Agnes Gitau. She's managing partner at GBS Africa, an advisory services firm where she provides political and economic risks intelligence for businesses operating in Sub Sahara Africa.
SouthAfrica #PowerCuts #ElectricityPrices
Nearly a dozen central banks across the globe raised their benchmark interest rates during the week, in a bid to rein in rising consumer prices. The US Federal Reserve has been pushing up borrowing costs since March. It has announced its latest rate hike of 75 basis points, on Wednesday. Other central banks also have to contend with rising demand for US dollars.
For more on monetary policies around the world, we had Mario Unali from Milan and Amine Nedjai from London.
FederalReserve #InterestRates #MonetaryPolicy
Turkish President Recep Tayyip Erdogan is meeting with economic managers on Friday, partly to discuss the fate of the Russian payments system Mir. Two of Türkiye's largest banks, Denizbank and Isbank, have already suspended the use of the Mir platform this week. State-owned financial institutions, Halkbank, Vakif and Ziraat, continue to allow Mir transactions on their networks.
Mir #Sanctions #PaymentSystems
Federal Reserve hikes interest rates by 75 basis points on Wednesday. Global stocks are in free fall as monetary policy makers in the US pledged to keep up their fight against inflation, even if it comes at the expense of economic growth.
For more on US monetary policy, we spoke to Danni Hewson, who is a financial analyst at AJ Bell in the UK.
FederalReserve #InterestRates #Inflation
Energy markets are surging amid continued uncertainty over supply levels, due to the crisis in Ukraine. The commodity erased losses from overnight caused by fears over lower demand from a weak global economy. Adding to worries over the availability of oil is the failure of the world's producers to pump out what they've promised. Latest available data show the global cartel OPEC+ is, on average, more than 3.5M barrels short of its daily output goal.
For more on energy markets, we spoke to David Madden, who is a market analyst at Equiti Capital in London.
EnergyPrices #Oil #NaturalGas
Global markets are up on Tuesday as investors wait for a string of central bank moves aimed at tackling surging consumer price hikes. Many expect another rate hike by the US Federal Reserve. Monetary policymakers in the UK and Japan are also expected to announce higher borrowing costs this week.
For more on global markets, we spoke to Naeem Aslam, who is the chief market analyst at AvaTrade in London.
CentralBanks #InterestRates #Inflation
China is yet again bucking the global trend of interest rate hikes, with policymakers there slashing borrowing costs to prop up a struggling economy. The central bank in Beijing has announced a slight reduction in its main benchmark rates, to encourage lenders to extend more credit to households and businesses.
For more on Chinese economy, we spoke to Han Tan, who is the chief market analyst at Exinity Group in Abu Dhabi.
China #InterestRates #PBOC
There's no end in sight to the crisis in Ukraine, and the turmoil it's caused in energy markets. So in major economies, discussions among policymakers now revolve around how much fuel they can get, from where, and at what price. That's drowned out calls for governments and companies to wean themselves off fossil fuels that are destroying the planet. But as Paolo Montecillo reports, there are still some who have their priorities straight.
For more, we were joined by UN Environment Programme Climate Change Coordinator, Niklas Hagelberg from Nairobi.
ClimateCrisis #Patagonia #FossilFuels
One third of food products go uneaten into the garbage. That's according to the UN Environment Programme, which estimates this food waste adds up to more than 1.3B tonnes each year. That's enough to feed every single person living below the poverty line, four times over! Turkish start-up Fazla Gida is one of many companies now trying to find innovative solutions to this global problem.
FazlaGida #FoodWaste #FoodPrices
On Tuesday, the Dow Jones had its worst day since June 2020. All this took place after a key August inflation report came in hotter than expected, hurting investor optimism for cooling prices and a less aggressive Federal Reserve.
While global markets are gripped by fear of a looming economic recession, one industry that seems to be staving off the slowdown, is technology. Mark Chaffey is CEO at Hackajob, a recruitment platform for tech firms. He says the sector's demand for skilled workers is rising at record pace.
StockMarkets #Inflation #TechTalents
Spiraling energy prices are threatening to shut down thousands of businesses across the EU. But the crisis is also reviving fortunes for some. Output from nuclear reactors is being raised and coal power plants, which were closed due to their environmental impact, are getting a new lease on life. Energy companies are reeling in billions of dollars in profit, and now officials want them to do more to rein in inflation. Tayyibe Aydin reports.
For more, we spoke to independent analyst Neil Atkinson in Paris.
EuropeanUnion #Energy #WindfallTax
Shares in the Asia-Pacific are falling today as investors digest US economic data but also China's industrial production and retail sales figures for August, which beat expectations. This indicates that a recovery in certain facets of the economy remains steady despite headwinds from new COVID-related curbs.
For more, we spoke to Russ Mould, investment director at AJ Bell in London.
China #ChineseEconomy #StockMarket
Oil prices edged higher on Thursday as the market balanced weak demand with supply disruption amid a looming rail stoppage in the United States, the world's biggest crude consumer. Biden administration-led talks between freight-rail companies and unions to avert a US rail system shutdown extended into early Thursday morning with no word on whether progress has been made.
For more, we spoke to AJ Bell’s financial analyst, Danni Hewson in the UK.
UnitedStates #RailStrike #OilPrices
It was one of the worst days for stock markets since early in the pandemic, with investors losing more than a trillion dollars in wealth in a single trading session. All major US indices fell overnight and the pessimism is spreading to other financial centers.
We spoke to Naeem Aslam, who is the chief market analyst at AvaTrade in London.
UnitedStates #Inflation #StockMarket
The dollar has hit the lowest level in one month, with stock markets rising significantly ahead of the US inflation report that will be out today. Inflation is still very high, but it is expected to have moderated in August.
For more on inflation reading, we spoke to Equiti Capital’s market analyst, David Madden in London.
UnitedStates #Inflation #Dollar
Oil prices fell on Monday with the global fuel demand outlook overshadowed by COVID-19 restrictions in China, and the potential for further interest rate hikes in the United States and Europe.
For more on oil market, we spoke to Exinity Group’s chief market analyst, Han Tan in Abu Dhabi.
OilPrices #ChinaLockdowns #InterestRates
Before the news of Queen Elizabeth the Second's death, soaring energy and consumer prices dominated public discussion in the UK. Consumers have seen their purchasing power deteriorate at a record pace. Inflation there is running at its highest in 40 years, due mainly to the war in Ukraine, and the resulting spike in energy costs. Britain's new leader, Prime Minister Liz Truss, has made easing the burden on consumers her top priority. Paolo Montecillo has more.
We spoke to economist Vicky Pryce from London and Taha Arvas from Istanbul for the details.
UnitedKingdom #LizTruss #UKEconomy
If you’ve ever been stuck in a traffic jam and wished you could just fly over the gridlock, the XP4 could be the answer. Developed by British mobility firm Airvolution, it’s a flying car capable of carrying up to four passengers. And the company says it's ready for takeoff, accepting bookings from the first batch of buyers.
FlyingCars #Airvolution #SamsonSky
Fishing season has kicked off in Türkiye as the official annual ban comes to an end. Fishermen are beginning to cast their nets into the three seas around the Anatolian peninsula, with hopes of higher yields. Kubra Akkoc reports.
Türkiye #FishingSeason #BlackSea
In Europe, where authorities are struggling to control surging prices of food and fuel. Natural gas flows from the region's main supplier, Russia, have been all but cut-off. That's driven prices of the fossil fuel up to ten times higher. The European Commission says one way they can reduce energy costs, is by capping the price that EU member countries can pay for Russian natural gas. The price caps under discussion are part of a broader plan to rein in runaway energy prices. Brussels wants to limit domestic energy prices to $200 per megawatt hours.
For the details, we spoke to economist Julien Mathonniere from Ravel in France.
EuropeanUnion #Inflation #Energy Prices
Central bankers in the world's major economies are determined to bring inflation under control, even if it means sacrificing some short-term economic growth. That was made clear this week by Jerome Powell, head of the US Federal Reserve. His comments follow the move by the European Central Bank in Frankfurt to raise its benchmark rate by 75 basis points. That's the biggest hike in borrowing costs in eurozone history, with inflation in the 19-member bloc running at a record high.
David Madden is a market analyst at Equiti Capital in London. He talked about possible consequences of higher interest rates.
FederalReserve #JeromePowell #InterestRates
Oil prices are recovering slightly after a major slump overnight, amid fears the global economy is heading for a recession. The price of a barrel of crude is now down to its lowest since the crisis in Ukraine began.
For the details, we spoke to Russ Mould, who is the investment director at AJ Bell in the UK.
OilPrices #OilDemand #Recession
Asian and European markets are down across the board, due to mounting signs that the global economy is heading for, or already is, in a recession. The latest red flag comes out of China, where exports grew just over 7% in August. That's below most projections, and far slower than July's figure of 18%.
For the details, we spoke to Danni Hewson, who is a financial analyst at AJ Bell in the UK.
China #Trade #Recession
Oil prices have declined slightly, despite an announcement by the global cartel that it's trimming output next month. The alliance OPEC+ led by Saudi Arabia says it's cutting production levels by 100,000 barrels a day in October. Meanwhile, the European Union is moving to address its own energy crunch with a proposed cap on the price of gas from Russia, its leading supplier. That's in response to Moscow's decision to shut down the key Nord Stream pipeline to Germany.
For more on global energy market, we spoke to Craig Erlam, who is a senior market analyst at OANDA in London.
OPEC #OilPrices #Energy
Germany has announced a fresh stimulus package to help consumers cope with the nation's cost of living crisis. The $65B measure includes tax breaks for energy firms, so they can pass on the savings to households and businesses. There will also be cash handouts to students and pensioners.
For more, we spoke to Peter Oliver from Berlin.
Germany #BailoutPackage #OlafScholz
Around 95% of the world's jasmine supply comes from just two countries: India and Egypt. In Egypt, the trade of the fragrant flower has had a tough few years, first hit by the pandemic and then the war in Ukraine. Sena Saylan has the story.
Egypt #Jasmine #Agriculture
After thriving during the first two years of the pandemic, tech giants in China have taken a serious hit this quarter, as the world's second largest economy continues to enforce its strict zero-COVID policy.
China #TechnologyFirms #TechEarnings
It is the worst economic crisis Sri Lanka has faced, since its independence. But now, it is finally getting a lifeline from the International Monetary Fund. Colombo will receive $2.9B in several tranches over the next 48 months. In return, the government will raise taxes, cut subsidies on electricity and petrol. It will also pass legislation to make the central bank more independent.
We spoke to economist Chayu Damsinghe to get more on Sri Lanka’s economy.
SriLanka #SriLankanEconomy #IMF
The founder and CEO of the failed Turkish cryptocurrency exchange Thodex has been arrested in Albania. Faruk Fatih Ozer, is wanted for fraud after he fled Türkiye last year, allegedly fleecing depositors of billions of dollars. The 27-year-old could face tens of thousands of years in jail.
For more, we spoke to economist Taha Arvas in Istanbul.
Thodex #FarukFatihOzer #Cryptocurrency
Extreme floods have devastated lives and livelihoods in Pakistan, with more than a-third of the country now underwater. The death toll has climbed past 1,200 while tens of millions of people have been affected as homes, farmland and infrastructure are washed away. The UN has launched a major international appeal, with initial losses expected to cost the already cash-strapped country billions of dollars. Tayyibe Aydin reports.
For more, we spoke to economist Ali Khizar from Lahore.
Pakistan #Floods #FloodAid
Oil prices are climbing to start the week, as investors wait for the latest word on supply levels from the world's top producers. The international crude benchmark Brent is up 2% to trade at around $95 a barrel. Energy markets are also in turmoil following Russia's decision to keep its natural gas pipeline to Germany closed indefinitely. Berlin has announced a $65B bailout plan to help Europe's largest economy cope with its worsening energy crunch.
For more on energy market, we were joined by Victoria Scholar, investment head of Interactive Investor in London.
OPEC #Energy #Oil
Shares in American semiconductor makers have fallen, due to fresh restrictions by Washington on the sale of hi-tech components to China. Investors in chip designer Nvidia have lost more than 6%, while rival AMD saw its stock price fall almost 4%.Ava Trade’s chief market analyst, Naeem Aslam weighs in from London.
USChina #AIChips #TradeWars
Oil prices settled up more than 4%, extending last week's gain, as potential OPEC+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth. For more, we are joined by Craig Erlam, who is a senior market analyst at OANDA.
OilPrices #BrentCrude #OPEC+
Jerome Powell's comments from Jackson Hole economic symposium have shaken markets across the board. The S&P 500 erased all August gains in one session, while Asian markets are all painted red. For more, we’re joined by Han Tan, who is Exinty Chief Market Analyst in Abu Dhabi.
FED #JacksonHole #Powell
The euro is trading at a two-decade low against the US dollar, with analysts predicting that the situation could worsen before the end of the year. The single currency is expected to continue sliding further, and is also being pushed down by the strengthening dollar. But what exactly does a low euro mean? We analyze winners and losers of euro’s depreciation.
Euro #Dollar #Parity
As in many parts of the world, Albania's agricultural sector has been battered by rising fuel and fertilizer costs. With the pandemic and the Ukraine conflict disrupting supply chains, farmers are now turning to more traditional methods to enrich their soil. Tayyibe Aydin reports.
Agriculture #Fertilizer #Coffee
It's been six months since Russia began its attack on Ukraine. Ukrainian civilians have paid a heavy price: more than 5,500 are confirmed dead, and the true number is believed to be in the tens of thousands. The economic cost has also been great. The destruction has already cost Ukraine at least $113B, according to the Kyiv School of Economics. Ukrainian agricultural production and other countries that depend on it have been hit hard. Even with grain ships on the move again, the global food crisis remains dire. Energy prices are also another consequence, affecting many countries around the world.
For more, we were joined by Meli Arvas and Julien Mathonniere.
RussiaAttacksUkraine #Energy #Food
Workers at the Port of Felixstowe in Eastern England which handles almost half the UK's container trade, began an eight day strike over pay at the weekend, threatening to add more disruption to the British economy, after the shocks of Brexit and the COVID-19 pandemic. Lape Olarinoye reports.
UnitedKingdom #Felixstowe #Strike
Twitter has been in legal battles with Tesla's CEO Elon Musk for months after the tech mogul chose to back out of a takeover deal worth $44B. A new scathing report from a high ranking former executive at Twitter may give Musk the ammunition he needs to successfully pull out. Malik Fuda has more.
For more on this, we spoke to Wedbush Securities Managing Director Daniel Ives. He says this changes the trajectory of the legal battle between Elon Musk and Twitter.
Twitter #ElonMusk #PeiterZatko
European markets are set for a higher open on Friday as global attention turns to US Federal Reserve Chairman Jerome Powell's speech at Jackson Hole economic symposium later today. Many analysts expect the chairman to adopt a hawkish tone and reiterate the Fed's commitment to dragging inflation back toward target. Meanwhile, the ECB's July meeting minutes were released, and they show that policymakers are increasingly concerned that inflation is getting entrenched, even as the risk of a recessions is looming in the bloc.
For more, we spoke to David Madden, Equiti Capital market analyst in London.
JacksonHole #InterestRates #Inflation
Germany's public buildings are to become cooler and streets darker, this winter, under energy-saving measures approved by the cabinet, as part of efforts to protect the nation's gas reserves and reduce its dependency on Russian gas. The new rules come into force in just over a week's time and will initially remain in place for six months.
For more on Germany’s energy policies, we spoke to Susannah Streeter, who is an investment analyst at Hargreaves Landsdown in Bristol, UK.
Germany #EnergySaving #EnergyCrisis
Russia may step up fuel exports to Asia in a bid to find alternative markets as European sanctions tighten, according to oil and gas consultancy FGE. More Russian-made naphtha, a fuel primarily used to make plastics, is likely to head into hubs such as Singapore and Fujairah from February when EU sanctions kick in. Six months into the conflict, costs are really piling up for Russia, disposable income of households has significantly dropped, inflation is higher than wage growth and according to the IMF the Russian economy is going to contract by 6% in 2022, and 3.5% in 2023.
For more on Russia’s economy, we spoke to Craig Erlam, who is a senior market analyst at OANDA in London.
Russia #RussiaEconomy #RussiaOil
Oil prices edged up on Tuesday, after Saudi Arabia warned that OPEC could cut output to correct a recent drop in oil futures. Meanwhile, Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia, adding to concerns over a plunge in gas supplies.
For more on energy markets, we spoke to David Madden, who is a market analyst at Equiti Capital in London.
OilPrices #SaudiOil #EnergySecurity
An expected surge in UK energy prices this winter is being described as a national emergency, posing at least as great a financial threat as the coronavirus pandemic. The upcoming increase is predicted to push a majority of households into fuel poverty, and put a strain on budgets that could hammer industries like hospitality, travel and retail. In Europe, things aren't getting any better. The cost of electricity in Belgium reached a new record on Sunday, thanks to a lack of wind and the expectation of high temperatures next week.
For more, we spoke to Jack Parrock in Brussels.
Europe #Belgium #EnergyPrices
China trimmed its key lending rates on Monday, only one week after it lowered two of its key interest rates. The surprise moves aim to revive credit demand, and fire up the economy, hurt by both extended COVID-19 lockdowns and property debt problems. Meanwhile, European markets remain focused on the Jackson Hole symposium where Jerome Powell and other central bank leaders will share their views on global growth, inflation and imminent monetary policy responses.
For more on this, we spoke to Naeem Aslam in London who is the chief market analyst at AvaTrade.
China #UnitedStates #InterestRates
In the EU, energy costs are spiraling to record levels. Supplies from Russia are dwindling after the bloc's tough stance against Moscow over its attack on Ukraine. And domestic energy sources, like nuclear power and hydroelectric plants are struggling to raise their output, because of a severe drought in the region. European governments are setting aside funds to subsidize domestic and commercial consumers. Meanwhile, the UK plans to dole out cash handouts to shield its most vulnerable consumers from energy price hikes.
For more on this, we spoke to Neil Atkinson in Paris and Taha Arvas in Istanbul.
EuropeanUnion #EnergyPrices #EnergySubsidies
Türkiye's Black Sea region is renowned as a paradise for nature lovers. It also produces a variety of different fruits and nuts for export and domestic consumption. But some Black Sea cities are running on a liquid gold that's kept them at the top of the honey market for the last five years. Rumeysa Codar reports from Ordu province in the north of the country.
Türkiye #Honey #Beekeeping
Rivers and lakes are drying up in Europe as the continent suffers under its hottest summer in years. It's one of the extreme consequences of the climate crisis that scientists have been warning about for decades. But these conditions have produced a small group of winners that's thriving when the rest of the agriculture sector struggles to survive. Paolo Montecillo has more.
France #Heatwave #Salt
It wasn't a good second quarter for retailers. Some have really seen a sharp reversal of fortunes during the first half of this year. After posting quarter after quarter of eye-popping sales during the COVID-19 pandemic. Now they're seeing clothing, coffee makers, lamps and more goods linger on the shelf and then get kicked to the clearance rack.
RetailerEarnings #Walmart #Target
Moving on now to the US, where the streaming landscape is going through a major shakeup. Industry pioneer Netflix recently lost its lead as the biggest name in the game to Disney, which now has more paying subscribers around the world. Now the company that owns franchises like Star Wars, Marvel, and Pixar on top of its already-formidable library could start leaning on other popular assets to solidify its dominance.
Daniel Ives is managing director at Wedbush Securities. He says sports content could be the next frontier where streaming services battle it out for a greater market share.
Streaming #Disney #Netflix
European natural gas futures extended their gains to record-highs, as an energy-supply crunch continues to batter the region, amid signs that fuel is becoming too costly for industrial use and power generation. Prices are about 11 times higher than they usually are for this time of the year, and costs are spiraling for households and businesses, at their fastest pace in decades.
For more, OANDA's senior market analyst Craig Erlam joined us from London.
Europe #EnergyPrices #NaturalGas
German Chancellor Olaf Scholz says his government is slashing taxes on energy consumption in a bid to rein in rising prices. Facing off with Russia over its attack on Ukraine, is coming at a steep cost for the European Union. Its energy supplies are under threat, and the bloc is rushing to import liquefied natural gas to make up for a reduction in shipments from Russia.
For more on this, we were joined by the CEO of Meyer Resources, Cornelia Meyer from Bern.
Germany #EnergyTaxes #OlafScholz
Oil prices are slighty recovering after hitting a six-month low, as a larger than expected drop in US oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Investors also awaiting clarity on talks to revive the 2015 Iran nuclear deal. Oil supply could rise if Iran and the United States accept a proposal from the European Union, which would remove sanctions on Iranian oil exports.
For more on oil market, we had Susannah Streeter, who is an investment analyst at Hargreaves Landsdown in the UK.
OilReserves #IranOil #OilPrices
Oil prices have slumped thanks to hopes of fresh supply becoming available in the market. The potential revival of the Iran nuclear deal would allow Tehran to openly sell its substantial reserves to international customers. And there was good news out of the US, with regulators there saying shale oil production is expected to rise to a two-year high in September. But prices are also falling due to the expectation of weakening global demand.
For more on supply and demand, we had Danni Hewson in the UK. She's a financial analyst at AJ Bell.
Iran #NuclearTalks #OilPrices
China's central bank has unexpectedly cut its key interest rates as it aims to support an economy weighed by COVID lockdowns and a deepening property downturn. It's the second time the People's Bank Of China cuts rates, this year.
For more on China's economy, we had David Madden, who is Equiti Capital market analyst in London.
China #POC #InterestRates
In the EU, plans to reduce reliance on Russian oil and natural gas, are going up in steam. Several member countries are trying to raise power production from domestic coal, hydro and nuclear power plants. They want to ensure adequate supplies before the winter, but an unusually hot and dry summer is worsening the bloc's energy crisis. Mobin Nasir reports.
For more on this, Taha Meli Arvas joined us on the set. He's Adjunct Professor of Finance at Bogazici University.
UnitedStates #China #Semiconductor
The idea of a 'metaverse', a virtual reality space where users can interact with each other in a computer-generated environment, which has been the stuff of science fiction novels for decades. And creating such a space for mass adoption in the real world has been slow going. But new technologies have made it easier for many to envision a new way to work and play. Sarah Balter has more.
Metaverse #VirtualReality #AvatarFaces
The votes have been cast and counting is underway. And in just a few days, Kenya will have a new government. It was a hotly contested ballot between the two front runners; Deputy President William Ruto and opposition leader, Raila Odinga. And a host of economic and social challenges await the winner.
For more on Kenya's election and the country's economy, we spoke to Agnes Gitau, who is the managing partner of GBS Africa. She says one of Kenya's main challenges that next president has to tackle with will be high youth unemployment.
KenyaElection #WilliamRuto #RailaOdinga
This week, the year-long chips war between the US and China has taken a new turn. President Joe Biden on Tuesday signed a bipartisan bill that aims to strengthen US competitiveness with China by investing billions of dollars in domestic semiconductor manufacturing and science research. The bill includes more than $52B for US companies producing computer chips, as well as billions more in tax credits to encourage investment in semiconductor manufacturing.
UnitedStates #China #Semiconductor
US consumer prices rose 8.5% last month, compared to the same period last year. That's still historically elevated, but it was slower than June's increase of more than 9%, which was the highest in more than 40 years. Across the Pacific in China, rising inflation has been a lot less severe. Consumer prices there rose just 2.7% in July. That's the highest in two years, but still much lower than what other major economies have been reporting. The problem for Beijing is that moderate price increases are a symptom of overall weakness in the economy.
For more on inflation readings in major economies, we had Joseph Foudy in New York. He's an economics professor at the NYU Stern School of Business.
UnitedStates #China #Inflation
The world's top oil producers continue to pump out less than they've promised, putting immense strain on economies big and small. According to a survey by data firm Argus, the international oil cartel OPEC+ was able to raise production by half a million barrels a day in July. But almost all of those extra barrels came from Saudi Arabia, the group's top producer and de facto leader. And as a whole, the alliance's output was still, on average, almost 3M barrels short of the daily target. Meanwhile, in the UK, data released on Friday showed the cost of living crisis there led to a 0.6% contraction in GDP in June.
For more, let's hear from Danni Hewson, financial analyst at AJ Bell in the UK. She gave us her reaction to the economic data out of Britain.
OPEC #OilSupply #UKEconomy
Global stocks are up across the board following the release of better than expected data out of the US. Consumer prices in the world's largest economy rose 8.5% in July. That's down from the previous month's increase of more than 9%, which was the highest in four decades.
Naeem Aslam is the chief market analyst at AvaTrade in London. He gave us his take on the prospects for the US economy.
UnitedStates #Inflation #StockMarket
Asian markets are deep in the red after China reported that consumer prices rose at their fastest pace in two years. Inflation in the world's second largest economy accelerated to 2.7% in July. That's relatively low in global standards, but it's the most since July 2020. It shows that China is dealing with the effects of persistent supply chain bottlenecks and higher oil prices. But it would have been even higher if not for pandemic-related lockdowns keeping down consumer spending.
For more on consumer prices in China and the US, we spoke to Craig Erlam, who is a senior market analyst at OANDA in London.
China #Inflation #ConsumerPrices
Hedge fund managers beware, because the meme stock frenzy is back big time. More than a year since video game firm GameStop became centre of financial markets, retail investors on the social media platform Reddit have found their new favorite. This time, they're buying up shares in Bed Bath and Beyond, an American big-box chain that sells blankets, towels and candles. The original meme-stock darling GameStop also rose almost 9%, while cinema chain AMC was up 13%.
For more, we were joined by Equiti Capital market analyst David Madden.
BedBathBeyond #GameStop #AMC
Oil prices have slumped to start the week amid persistent fears that major economies are heading for another recession. The international crude benchmark Brent has recovered slightly after going down to $94 a barrel. Natural gas prices have also fallen by more than 2% on the prospect of weaker demand from places like China.
For more on energy, we were joined by Exinity Group chief market analyst Han Tan.
Oil #NaturalGas #Energy
A stark reversal of fortunes for the sharing economy this quarter, and that is despite all the flight cancellation chaos we've seen this summer. Now that travel has returned in the middle of this year, it seems that consumers have jumped back in the sharing economy with both feet in the second quarter. But there's a little more trouble ahead for e-retailers this season as high inflation is hitting consumers virtually all over the world.
MarketMovers #SharingEconomy #ECommerce
One of China's largest cities has given the green light for driverless taxis to start picking up paying customers. It's the biggest test for the technology to date, because these cars will be operating in a crowded metropolis of 18M people. If it succeeds, the experiment will help other major urban centres hop on board.
China #DriverlessTaxi #RoboTaxi
If you have ever enjoyed some Nutella, there is a very good chance that you have consumed Turkish hazelnuts. Türkiye is the world's biggest exporter of hazelnuts and the city of Giresun in the Black Sea region has emerged as a hub for growers, processors and sellers. As much of the city's economy relies on the dry fruit, the harvest season holds immense importance for residents. And as Rumeysa Codar reports, they celebrate it with music and other festivities.
Giresun #Hazelnut #Agriculture
India's 5G spectrum auction has ended with the country's three biggest mobile service providers and a new entrant bidding a combined 19 billion dollars to upgrade their networks. India's government expects to begin rolling out the 5G network in October, significantly increasing internet download speeds. Smita Sharma reports from New Delhi.
For the details, we spoke to business strategy specialist Harish Bijoor in Bengaluru.
India #5G #InternetSpeed
OPEC+, the international alliance of oil exporters led by the Saudis, raised its output target for September by a tiny 100,000 barrels a day. That's the equivalent of about 0.1% of what the world consumes every 24 hours. But the bigger issue isn't what the cartel promises. It's what it actually produces. OPEC+ has fallen almost 3M barrels short of its committed daily output level.
For more on oil market, we were joined by energy industry analyst Neil Atkinson and economist Taha Meli Arvas.
Oil #OPEC #Energy
Oil prices extended losses on Friday, after hitting their lowest level since before Russia's February incursion of Ukraine in the previous session. That's as the market fretted over the impact of inflation on global economic growth and demand. WTI is now trading at $89 a barrel, Brent at $94. Analysts think that commodities are starting to price in the possibility of a 'stagflation era', which would be an era characterized by low unemployment and high inflation.
For more we had Danni Hewson, who is AJ Bell's financial analyst in Huddersfield, UK.
Oil #OilPrices #Stagflation
Oil prices are rebounding today, after dropping to their lowest level in months on weak US demand. US crude oil inventories rose unexpectedly last week as exports and domestic demand weakened. On the supply side, OPEC and its allies agreed to a small increase in their collective output, equal to about 0.1% of global oil demand. United Nations Secretary-General Antonio Guterres has slammed the "grotesque greed" of energy majors. He's urging governments to "tax excessive profits" and use the proceeds to boost social spending.
For more on that, we spoke to Osama Rizvi, who is energy and economic analyst at Primary Vision in Lahore.
Oil #OilPrices #OPEC
China has halted some trade with Taiwan in retaliation to the visit of United States House Speaker, Nancy Pelosi to the island. Beijing says it’s stopped importing fish and fruits from Taiwan, while exports of natural sand have also been suspended. Beijing has often targeted Taiwan's agricultural industry for punishment over political issues. Meanwhile, chip maker TSMC says the global supply of semiconductors could be affected due to tensions between the world's two largest economies.
For more on that, we spoke to David Madden, who is a market analyst at Equiti Capital in London.
China #Taiwan #NancyPelosi
Fears of rising tensions between the world's two largest economies have investors on edge across markets. That's as US Speaker of the House of Representatives, Nancy Pelosi is reportedly set to visit Taiwan. As a result, all markets in the Asia-Pacific region are in the red today. European futures are pointing to a lower open.
StockMarket #NancyPelosi #Taiwan
Mainland China stocks are rising, along with most other Asia-Pacific indices on Monday, as a private survey on Chinese factory activity showed slight growth in July. The reading was better than China's official Purchasing Managers' Index released over the weekend, which showed a clear contraction in factory activity.
For more on that, we were joined by Han Tan, who is the chief market analyst at Exinity Group.
China #Japan #Manufacturing
As the cost of living is rising in Europe, so is strike action by public workers. In the UK thousands of railway workers have downed tools this week, pushing for higher wages to offset soaring inflation. And in Germany, a strike by ground staff forced carrier Lufthansa to cancel hundreds of flights, causing disruptions and frustrating holidaymakers keen to travel after COVID-19 lockdowns. Sibel Karkus reports from Berlin.
For more on disrupted travel industry, Taha Meli Arvas joined us on set. He's an adjunct professor of finance at Bogazici University in Istanbul.
LufthansaStrike #RailwayStrike #TravelIndustry
The global economic slowdown is not just impacting brick and mortar businesses. Tech giants that were beneficiaries of COVID-induced lockdowns are also now experiencing a slowdown in demand as consumers shy away from spending.
TechFirms #TechEarnings #Nasdaq
As the war in Ukraine enters its sixth month, global food supplies are running critically low. Egypt is one country that relies heavily on Russian and Ukrainian wheat. Egyptian farmers have ramped up production of the crop to cope with the shortage. But as prices of everything from seeds to pesticides rise, they are struggling to survive. Tayyibe Aydin reports.
Egypt #Agriculture #Food
Data show US GDP shrank just under 1% in the three months to June, compared to the same quarter last year. That follows a larger contraction in the first three months of the year. Most economic literature will tell you that two consecutive quarters of decline means a technical recession. The state of the US economy will have broad implications for the rest of the world. That's according to the IMF's updated World Economic Outlook released this week. It slashed its forecast for global growth, citing the conflict between Russia and Ukraine.
For more on that, we spoke to Mickey Levy in New York, who is the chief economist for the US and Asia at Berenberg Capital Markets.
Recession #UnitedStates #GDP
Energy prices have been soaring all week, due to a variety of factors. Natural gas contracts in Europe are trading at historic highs and oil prices also firmed. Russia is once again, restricting the supply of natural gas to Europe. Flows through the Nord Stream 1 pipeline fell to about a fifth of normal capacity on Wednesday. Meanwhile, oil producers such as Saudi Arabia are already pumping at their maximum capacity, and prices are still rising. They've been buoyed by lower crude inventories in the United States, and higher petrol demand.
EnergyPrices #Oil #NaturalGas
Eurozone GDP grew 0.7% in the second quarter of the year. That beat expectations, and follows a disappointing report out of the US overnight. The world's largest economy shrank by 0.9% in the three months to June. That follows a first quarter contraction of 1.6%, meeting the textbook definition of a recession.
For more on that, we spoke to Craig Erlam, who is a senior market analyst at OANDA in London.
Recession #GDP #Eurozone
The US Federal Reserve has announced another big hike in interest rates, as monetary authorities seek to keep a lid on inflation. Consumer prices in the world's largest economy are going up at their fastest rate in four decades. In response, the American central bank has raised its benchmark by 75 basis points for the second consecutive meeting.
We spoke to Russ Mould, investment director at AJ Bell. He gave us his reaction to the Fed's move.
UnitedStates #FederalReserve #InterestRates
The war in Ukraine, lockdowns in China, and rising consumer prices are threatening to push the global economy to the brink of a recession. That's according to the International Monetary Fund's updated World Economic Outlook released this week. According to the lender, global economic growth will slow this year to 3.2%. It's a downgrade from the Fund's projection in April, and much lower than last year's expansion of more than 6%.
For more on global economy, we spoke to David Madden, who is a market analyst at Equiti Capital in London.
IMF #GlobalEconomy #GrowthProspects
Oil prices are surging for a second day following Russia's decision to cut gas supplies to Europe. That's because if Europe runs short on gas, companies in the bloc could choose to start using crude products like diesel to keep their machines running. The European Union has already banned some oil imports from Russia, which is the world's second-largest exporter of the commodity.
For the energy conflict, we were joined by Naeem Aslam, who is the chief market analyst at AvaTrade in London.
EuropeanUnion #Russia #GasCut
Global stocks are down as investors wait for the US Federal Reserve's move on interest rates later this week. The US Fed is expected to raise interest rates by 75 basis points this week, to keep a lid on consumer price hikes. Investors are also waiting for US GDP data for the second quarter.
For the details, we were joined by Han Tan, who is the chief market analyst at Exinity Group in Abu Dhabi.
UnitedStates #FederalReserve #InterestRates
The Farnborough International Airshow has opened its doors to visitors after a four-year hiatus. Aircraft manufacturers and airlines braved record temperatures in the UK to close sky-high deals. Let's take a closer look at this year's high flyers.
For more on global aviation, we spoke to Fabrizio Poli, who is senior consultant at Orville Aviation and the founder of Biz Jet TV in Manchester, UK.
Farnborough #Aviation #AirTravel
We start the show with the short-lived stand-off between Europe and Russia. Moscow's main natural gas pipeline to Germany, the Nord Stream 1, went down for maintenance for 10 days. And officials in Berlin and Brussels feared the Kremlin would keep it shut as a political weapon against the bloc. Taps were turned back on again on Thursday, but the uncertainty has still pushed leaders to find more reliable partners. Paolo Montecillo reports.
EuropeanUnion #NordStream #NaturalGas
The ECB surprised markets by raising interest rates by 50 basis points this week, the first increase in eleven years. The hike was higher than the expected 25 basis points. The bank is battling to support the euro currency and to fight inflation in the bloc, which stands at a record 8.6%. According to ECB President Christine Lagarde, the situation is not going to get better anytime soon.
MarketMovers #ECB #InterestRates
Spiraling global energy prices and a political crisis at home are taking a toll on Pakistan's economy. Hoping to shield consumers from high fuel prices, the government subsidized petrol and diesel for months. But that's depleted state coffers, and the domestic currency is quickly losing value against the US dollar and other major currencies.
Khurram Schehzad is the founder of the start-up accelerator, Alpha Beta Core. He says while Pakistan has avoided defaulting on its foreign debt, a lot more needs to be done stabilize the local currency and economy.
Pakistan #PakistanEconomy #PakistaniRupee
Tunisia's president, Kais Saied, has focused much of his tenure on remodeling the country's political system. On Monday, a national referendum will take place for people to have their say on his new constitution, but critics say he's failed to address a more pressing problem: the economy. Almost a quarter of the population lives on fewer than two dollars a day. TRT World's Claire Herriot reports from Tunis.
Tunisia #Referendum #TunisianEconomy
Russia and Ukraine ranked among the top three grain producers in the world before the conflict began in February. Now about a third of their exports have been trapped in ports. Russian and Ukraine are both leading suppliers of foodstuffs and fertilizers to global markets. An estimated 400M people worldwide rely on Ukrainian food. Before the war, 30% of global wheat exports, 31% of barley and 60% of sunflower oil came from Russia and Ukraine.
For more on the deal and its impacts on global food supplies, we spoke to Taha Arvas, who is Adjunct Professor of Finance at Bogazici University in Istanbul.
UkraineConflict #GrainExport #Türkiye
Asia-Pacific markets are mixed this morning as investors are digesting Japan's inflation data. Prices in Japan rose 2.2% in June compared to a year ago, in line with analysts' expectations. Meanwhile, the European Central Bank raised rates more than expected on Thursday with ECB President Christine Lagarde warning that inflation risks had intensified.
For more on global consumer prices, we spoke to Danni Hewson, who is a financial analyst at AJ Bell in the UK.
Inflation #InterestRates #CentralBanks
European markets are heading for a lower open, anticipating a historic rate hike by the European Central Bank, the first in eleven years. Investors expect the bank to hike rates by 25 basis points but they might surprise markets and actually opt for a 50 basis points hike. Either way, this is expected to support the Euro, which has lost over 9% of its value against the dollar since the start of the year, and fight inflation, which in June spiked to 8.6%, the highest level on record.
For more on ECB’s interest rate decision, we were joined by Han Tan, who is the chief market analyst at Exinity Group in Abu Dhabi.
Euro #ECB #InterestRates
The European Commission is presenting a plan on how European countries can prepare for the winter months, when energy needs will be much higher. This comes as Europe is scrambling to find solutions as to how to reduce supplies from Russia, after Russia's energy giant Gazprom claimed it could not fulfil gas contracts with the bloc.
For more on Europe’s energy crisis, we were joined by independent analyst, Neil Atkinson in from.
EuropeanUnion #NaturalGas #Gazprom
Italy's Prime Minister Mario Draghi is due to face lawmakers today and tell them whether or not he will stay on as Prime Minister. This is likely to create significant market volatility in Europe, just ahead of a crucial meeting of the European Central Bank tomorrow. Last week, Italy's President Sergio Mattarella rejected Draghi's resignation and asked him to conduct further parliamentary negotiations.
For more on Italy, we had Victoria Scholar, who is the head of investment at Interactive Investor in London.
Italy #MarioDraghi #ItalianEconomy
Russia's energy company Gazprom has invoked force majeure for its failure to deliver contractually agreed natural-gas shipments in recent weeks. This is raising concerns that it could use the same argument to turn off the tap to Europe later this week instead of resuming gas flows to the continent this Friday as previously scheduled. Gazprom stopped deliveries last week via the Nord Stream 1, as the pipeline is undergoing annual maintenance, a routine procedure.
For more on energy conflict, we had Craig Erlam, who is OANDA’s senior market analyst in London.
Gazprom #EuropeanUnion #NaturalGas
A roaming art experiment in the US has turned the world's richest men into frozen desserts. So consumers can now literally eat the rich!
Mischief #EatTheRich #IceCream
With a war on the Eurozone's border, an uncertain energy supply from Russia, and a growing risk of recession, the pressures bearing down on the euro have grown so strong that this week the currency dipped below the US Dollar. This hadn't happened in 20 years, since the early years of the euro's existence. We explain winners and losers of this development.
Euro #Dollar #Parity
Now for a look under the hood at the ride-hailing giant, Uber. The company is at the centre of a massive leak of documents that detail years of sketchy behaviour. That includes possibly illegal dealings with powerful politicians, who helped transform the firm from a money-losing start-up into a multi-billion dollar transportation behemoth. Paolo Montecillo reports.
Nicole Sadek is an editorial fellow at the International Consortium of Investigative Journalists. They're leading the effort to comb through the 124,000 documents leaked to the media by a former Uber executive. She tells us about what the group is doing, and what they hope the revelations will achieve.
Uber #UberLeaks #RideHailing
Financial markets have been under immense pressure this year as the conflict in Ukraine and rising inflation push investors toward safer bets. Among the top assets that fund managers have dumped are cryptocurrencies. The collapse in prices has plunged companies in the sector into financial distress. As firms fight to survive, governments are stepping in to ensure investors are protected.
We were joined by crypto market analyst Jeffrey Tucker in Texas. He's also the president of the Brownstone Institute.
CryptoRegulations #Cryptocurrencies #Bitcoin
Rising prices of fuel and other inputs, along with fresh coronavirus outbreaks are slamming the brakes on the world's second-largest economy. In the second quarter, GDP growth in China dropped to its slowest pace since the start of the COVID-19 pandemic. Also, the world's largest economy isn't faring any better. Officials say US GDP contracted 1.6% in the first quarter. That's worse than earlier estimates and the International Monetary Fund says growth will remain stunted until 2025.
For more on global economic slump, Taha Arvas joined us from eastern Turkish city of Sanliurfa. He is an adjunct professor of finance at Bogazici University.
ChinaEconomy #USEconomy #Recession
Oil prices are advancing this morning after US President Joe Biden wrapped up a landmark visit to the Middle East without a firm commitment from key producer Saudi Arabia to boost crude supplies. Meanwhile, EU investors are still worried about the resumption of gas supplies from Russia, after Kremlin-controlled Gazprom said it could not guarantee the safe operation of a critical part of the pipeline that runs under the Baltic sea to Germany because of doubts over the return of a turbine from Canada.
We spoke to David Madden, who is a market analyst at Equiti Capital.
Biden #MiddleEast #Oil
China's economy narrowly escaped a contraction in the second quarter, when strict lockdowns paralysed major cities across the country. GDP grew by just 0.4% in the three months to June, over the same period last year. Guido Cozzi is a professor of Macroeconomics at the University of St. Gallen in Switzerland. He tells us what China's economic slowdown means for the rest of the global economy.
China #GDP #Slowdown
Twitter is suing Tesla CEO Elon Musk, for breaching a contract to buy the social media platform. Documents have now been filed in the US state of Delaware, urging the court to order the billionaire to complete his deal to buy Twitter, arguing that no financial compensation would repair the damage he has caused. Francis Collings reports and we’re joined by Craig Erlam, senior market analyst at OANDA in London.
Twitter #ElonMusk #Tesla
Global equity markets are down today as investors fear a recession is becoming inevitable. In Asia, growth is under threat as China revives lockdowns to curb sporadic outbreaks of COVID-19. Meanwhile, the euro has fallen to a fresh 20-year low, and briefly reached parity with the US dollar. Its latest decline follows the temporary closure of the Nord Stream One pipeline from Russia to Germany. Danni Hewson, financial analyst at A-J Bell explains the implications of the pipeline’s closure on Europe.
GlobalRecession #StockMarkets #NordStream
As fears of recession rise around the world, investors are flocking to the US dollar. The greenback has reached a 24-year high against the Japanese yen. It's also near equal value with the euro - something that hasn't happened in 20 years. We’re joined by Susannah Streeter, investment analyst at Hargreaves Landsdown in the UK. She tells us about the euro's weakness against the dollar, and why it is significant.
USDJPY #StrongDollar #USDEUR
After a two-year hiatus, Muslims from all over the world are once again welcome to visit the religion's most important holy site. This year's Hajj pilgrimage in Mecca will be the biggest since the coronavirus pandemic began. And businesses in the area are eager to cash in on the flood of visitors. Rumeysa Codar has more.
SaudiArabia #Hajj #EidalAdha
It's the most lucrative time of year for Europe's multi-billion dollar tourism sector. This year's holiday season is also expected to be the best since the pandemic began. But COVID-19-era lay-offs that helped businesses stay afloat during lockdowns now threaten to spoil the success of the summer. Ludovica Brignola reports.
For more on this, we were joined by Alessandra Priante, who is the director for United Nations World Tourism Organisation for Europe.
EuropeTourism #TravelIndustry #AirTravel
At the best of times, South Africa's power producer Eskom can meet about 87% of the nation's electricity needs. But recent strike action has worsened its capabilities. While this week saw the worker's demands met, the power shortfall persists and the brunt is being felt by the most vulnerable. Naledi Moleo reports from Johannesburg.
ShinzoAbe #ShinzoAbeLegacy #JapanEconomy
The UK business lobby says the political vacuum caused by Prime Minister Boris Johnson's resignation needs to be filled, as Britain struggles to deal with a cost of living crisis. The Confederation of British Industry is calling for stability, after Johnson announced he was stepping down in the wake of the mass resignation of fellow Conservative Party MPs and ministers. The search is now on now for Boris Johnson's successor, who'll be inheriting the reins of power in a country facing its worst cost-of-living crisis in decades. From the Brexit referendum to the coronavirus pandemic, Johnson's time in the top job will certainly be remembered. He was known for his gaffes and blunders that became part of his brand. Simon McGregor Wood takes a look at how we got to this point.
For more, we spoke to economist Vicky Pryce, who is a board member at the Centre for Economics and Business Research in London.
BorisJohnson #BorisResigns #UKEconomy
Japan is in shock after former Prime Minister Shinzo Abe was assassinated while making a campaign speech in the city of Nara on Friday. Abe's economic legacy is defined by his namesake strategy, Abenomics. Those policies sought to jolt Japan's economy back to life after more than two decades of stagnation, following the collapse of an asset bubble in the early 1990s. He also looked to reverse Japan's post-war pacifist stance. Melinda Nucifora looks back at his legacy.
ShinzoAbe #ShinzoAbeLegacy #JapanEconomy
The Sterling has steadied at around the $1.2 mark, after having appreciated on Thursday as UK Prime Minister Boris Johnson announced that he would step down after more than 50 resignations from his government. The FTSE100 in the UK is slightly down today but it rallied yesterday, closing at 1.14% But despite this, the UK economy has had a difficult year so far. First of all, the Sterling has fallen more than 9% against the US dollar this year. Inflation in the country is currently running at 9% and the Monetary Policy Committee projects it will exceed 11% in October.
We spoke to Stephen Innes, who is SPI Asset Management Managing Partner. He shared his thoughts on the pound's trajectory for the rest of the year.
UnitedKingdom #Pound #UKEconomy
Asia-Pacific markets are mostly higher this morning as investors watch for market reaction to the latest minutes from the US Federal Reserve. Central bank officials recognised that a "more restrictive stance" in policy could be suitable if inflation doesn't ease, even if it slows the economy. Fed officials also said a hike of 50 or 75 basis points would be likely at the July meeting. Meanwhile, oil prices extended declines for a third session on Thursday, with WTI slipping under $100 a barrel, as fears of a potential global recession spur concerns about oil demand.
For more, we spoke to David Madden, who is a market analyst at Equiti Capital, in London.
FederalReserve #InterestRates #OilPrices
Oil prices have steadied near $100 a barrel, after nose-diving on Tuesday, as a broad sell-off in commodities markets reflected fears that an economic downturn will undercut fuel demand. The prices fell by the most in four months dropping around 9.5%. Now, WTI is trading at $101 a barrel and Brent at $103.
For more, we spoke to Han Tan, who is chief market analyst at Exinity Group, in Abu Dhabi.
OilPrices #OilDemand #Recession
Ties between the world's two largest economies may be starting to improve. That's after years of heightened tension due to the hostile policies by former US President Donald Trump. President Joe Biden's top economic lieutenant, Treasury Secretary Janet Yellen, has spoken to Chinese Vice Premier Liu He. According to Beijing's readout of their phone conversation, the two senior officials discussed tariffs that both sides have placed on each other's goods. The White House says those additional levies have made wide range of products imported from China more expensive. Last month, Secretary Yellen also said some of those tariffs don't make any strategic sense.
We spoke to Danni Hewson, who is a financial analyst at AJ Bell in the UK.
Tariffs #China #Biden
The British government has announced a tax cut that would boost the budgets of 30M people across the country. This will be achieved by raising the income threshold at which workers are required to make national insurance payments. It'll cost the government more than $7B in foregone revenue, and will help the UK's lowest salary earners.
Susannah Streeter is an investment analyst at Hargreaves Landsdown and she joined us from Bristol, the UK.
UnitedKingdom #TaxCut #UKInflation
New management takes the charge in the Philippines. Ferdinand Marcos Junior has assumed the presidency after winning in a landslide in May, overcoming the controversies that have hounded his family for decades. Paolo Montecillo has more on the challenges the new government will have to face.
Philippine #PhilippinesEconomy #MarcosJr
The bestselling book series of all time, the Harry Potter franchise, has turned 25. It's sold more than 500M copies worldwide since the first book hit the shelves in 1997. As Tayyibe Aydin reports, it's generated a lot of money-making magic.
For more on the wizarding world, we're joined by Richard Haigh, the managing director of the brand valuation consultance Brand Finance.
HarryPotter #Rowling #PhilosophersStone
At the top of the agenda for G7 summit was crude oil, a commodity the world needs, but that's increasingly in short supply. For months, leaders have been putting pressure on oil exporters to pump more fuel out of the ground. They want other suppliers to offset the reduction in shipments from Russia, which have sanctioned by the West. This week, the expanded cartel OPEC+ announced it would hike output by 648,000 barrels of crude a day in July and August. But there's been a disconnection between what the group has promised on paper and the actual volumes it's added to markets. For the month of May, the group's production was 2.7M barrels a day below its collective target.
For more on the story, we were joined by Taha Meli Arvas who is Adjunct Professor of Finance at Bogazici University.
OilPrices #G7Summit #OPEC
The southern region of Türkiye is often referred to as the country's agricultural hub. Citrus fruits have long been the dominant crop there, but changing trends and consumer tastes have pushed farmers to explore new ground. Rumeysa Codar reports.
Türkiye #Agriculture #Avocado
In the face of higher fuel prices, and longer-term concerns over the climate crisis, many consumers are making the switch over to electric cars. Sales are surging around the world. And the cost of entry is also going down as automakers introduce new models that are getting more affordable with each iteration. TRT World's Ludovica Brignola spoke to the CEO of French carmaker Citroen, who was in Istanbul this week, to find out how the company is contributing to this transition.
Türkiye #Citroen #ElectricVehicle
Oil is headed for its third weekly drop, its longest losing run this year, on concerns that a recession could cut into energy demand. Oil prices are edging up this morning, after falling 3% on Thursday, as the OPEC+ group of producers, including Russia, agreed to stick to its output strategy. However, the producers' club avoided discussing policy from September onwards. Brent crude is now trading at $109 a barrel, and WTI at $105 a barrel. Crude fell around 8% in June, as investors fretted over a potential global economic slowdown.
We spoke to Craig Erlam, who is senior market analyst at OANDA.
OilPrices #Recession #OPEC
Chinese markets rose on Thursday as government data showed factory activity grew in June, for the first time in four months. That's as authorities lifted a strict lockdown in Shanghai, buoying growth in production and new orders, and as a rebound in the services sector is pressing on. The official manufacturing purchasing managers' index rose to 50.2 in June from 49.6 in May. The 50-point mark separates growth from contraction on a monthly basis, and the index has been under 50 since March.
For more on China's economic recovery, we spoke to Stephen Innes, who is SPI Asset Management Managing Partner in Bangkok.
China #ChinaEconomy #ChinaFactoryActivity
The world's oil exporters, for the past two years and counting, have consistently failed to meet their commitments on how much crude to pump out of the ground. The expanded global oil cartel known as OPEC+ agrees on how much each member should produce every month. But since May of 2020, the group has fallen more than half a billion barrels short of its commitments to its clients around the world.
Han Tan is the chief market analyst at Exinity Group and he joined us in Abu Dhabi.
OPEC #OilSupply #OilPrices
Oil prices rallied for a third day in a row on Tuesday, as threats to global output risked tigthening the market, just before OPEC+ meets later this week to address supply concerns. In Libya, a worsening political crisis may lead to more disruptions to exports, and in Ecuador, anti-government protests are threatening to shut down production completely in the former OPEC member.
For more on the oil market, we were joined by Naeem Aslam, who is chief market analyst at AvaTrade in London.
OilPrices #OPEC #EcuadorProtests
Russia has defaulted on its foreign debt for the first time since the 1917 revolution, according to reports. The country missed a deadline of Sunday night to meet a 30-day grace period on interest payments of $100M on two Eurobonds originally due on May 27. Some Taiwanese holders of Russian Eurobonds said on Monday that they had not received interest payments due. That's after Russia's attempts to pay in its ruble currency were blocked by international sanctions.
David Madden is a market analyst at Equiti Capital and he joined us in London.
RussiaAttacksUkraine #RussianRuble #RussiaDefaults
Eco-tourism is a growing trend in the travel industry. The desire to be with in nature while still maintaining a level of luxury is steering travelers towards glamping, the modern take on camping. Tayyibe Aydin reports from a glampsite in Sapanca, Türkiye.
Glamping #EcoTourism # Türkiye
Türkiye and Saudi Arabia are looking to boost their economic ties and increase bilateral investments, following a visit to Ankara by the Kingdom's Crown Prince Mohammad bin Salman. Businesses are now hoping for a rebound. Construction, refined fuel and chemical companies along with manufacturers of textiles and furniture would be among the biggest beneficiaries.
For more on that, we spoke to Taha Arvas, who is Bogazici University Adjunct Professor of Finance.
Türkiye #SaudiArabia #MohammedBinSalman
Sri Lanka's economic crisis is deepening, as the government scrambles for money just to pay for basic goods. The country needs a bailout worth billions of dollars, which officials say will buy them time to implement reforms that can turn things around. Paolo Montecillo has more.
For more on this, we spoke to Chayu Damsinghe in Colombo. He is head of macroeconomic research at Frontier Research. He says the government is struggling to implement reforms demanded by the International Monetary Fund and other international lenders and that rehabilitating the country's finances could take months.
SriLankaEconomy #EconomicCrisis #FuelShortage
Russia's attack on Ukraine has made energy a new battlefield. The EU has been searching for ways to cut its dependency on Moscow's fossil fuels and the quest to cut energy costs is also driving other countries to seek out new suppliers. Sibel Karkus has more from Berlin.
For more on the story, Bob Ward joined us from London. He's the policy and communications director at the London School of Economics.
EuropeanUnion #Russia #Energy
Netflix is cutting hundreds of jobs as it seeks to streamline operations, in the face of tougher competition. The streaming giant says it's letting go of 300 people or about 4% of its workforce. Last month, the company fired 150 employees, shortly after reporting that it had lost subscribers for the first time in a decade. Earlier, carmaker Tesla said it would cut about 3.5% of its staff and Facebook-owner Meta will slow down hiring of new employees.
For details, we spoke to David Madden, who is market analyst at Equiti Capital in London.
Layoffs #TechFirms #Netflix
In Western Europe, millions are enduring record-breaking temperatures that have risen to as high as 43 degrees this week. Northern Italy, the engine of Europe's third-largest economy, is suffering particularly badly. The European nation faces severe drought and climate conditions threaten food production and power generation. Ludovica Brignola reports the story.
Italy #Drought #PoRiver
The Chinese government is promising more stimulus to prop up the world's second largest economy. In a statement, President Xi Jinping said Beijing will be deploying what he describes as more "forceful measures" that would help the nation beat current private sector forecasts. President Xi did not give details about the new stimulus measures, but said the government would stick to its goal of a 5.5% expansion.
For more on Chinese economy, we spoke to Stephen Innes, who is managing partner at SPI Asset Management in Bangkok.
China #ChinaEconomy #XiJinping
The economic crisis in Sri Lanka has taken yet another turn for the worse. Government officials have ordered a fresh lockdown in the country, shutting down schools and suspending non-essential public services. But it's not because it's trying to prevent an infectious disease from spreading. The country is deliberately paralysing its economy because it's run out of money, so it can't pay for fuel. Sri Lanka is currently in talks with the IMF for a potential bailout worth billions of dollars. But that money's contingent on reforms like higher taxes and spending cuts.
For more on Sri Lanka's economy, we spoke to to Professor Guido Cozzi, who teaches macroeconomics at the University of St. Gallen in Switzerland.
SriLanka #SriLankaEconomy #EconomicCrisis
Oil prices are sliding amid worries that a slowdown in major economies will lead to lower demand. The crude benchmark Brent has fallen more than 4% to around $110 a barrel. Natural gas prices are also down more than 2%. This comes as the US government considers suspending some taxes on oil to ease the burden of high costs on consumers. US President Joe Biden has also called on American oil giants to boost supplies.
For more on the oil market, AJ Bell financial analyst, Danni Hewson joined us from the UK.
OilPrices #OilTax #OilSupply
Saudi Arabia and Egypt have signed 14 agreements that will help the North African nation cope with the effects of the crisis in Ukraine on the global economy. The deals are worth around 7.7B for various projects. That's according to Egypt's General Authority for Investment and Free Zones. Saudi Arabia's de facto ruler Crown Prince Mohammad bin Salman is in Egypt today as part of a broader tour of the Middle East.
For more on the story, researcher Betul Dogan Akkas joined us from Durham in the UK.
Egypt #SaudiArabia #MohammadBinSalman
Investors are cautious today amid simmering fears that rapid hikes in consumer prices will lead to a deep economic slump. Wall Street banking giant Goldman Sachs issued a warning to its clients this week that it sees a 30% chance that the US will slip into a recession. But there's optimism that Washington could find a way to provide some much needed relief. The Biden administration says it wants to bring down the price of goods from China, by slashing tariffs put in place by his predecessor Donald Trump.
We spoke to Craig Erlam, who is senior market analyst at OANDA. He joined us from London.
UnitedStates #USEconomy #Recession
Oil prices stabilised on Monday after falling over the weekend, due to fears the global economy is heading for a recession. Brent crude traded around 113 dollars a barrel. Investors are increasingly worried that major economies like China, the US and Europe are in a slump, which could slow down their purchases of oil.
Han Tan joined us live during the programme. He's the chief market analyst at the Exinity Group in Abu Dhabi.
OilPrices #GlobalRecession #BrentCrude
The Walt Disney Company has launched its video streaming service, Disney Plus, in Türkiye. The platform is entering a market dominated by local players like Blu TV and Exxen. And as Tayyibe Aydin reports, the entertainment juggernaut is going on a marketing blitz to carve out its own share of the Turkish audience.
We spoke to investment analyst Susannah Streeter about how Disney Plus could set itself apart from the competition.
Disney+ #Türkiye #StreamingMarket
Cotton is one of the biggest agricultural industries in Adana, in southern Türkiye. But every year hundred tons of cotton are wasted, spilled during the harvesting process. One new venture is looking to cut that waste, and boost farmers' productivity. Rumeysa Codar reports from Adana.
Türkiye #Agritech #Cotton
The European Union has launched legal action over the UK's plan to re-write the hard-won Brexit deal between the two sides. Britain says existing rules over the Irish border have created problems in its domestic economy. Boris Johnson's government wants to set new terms, but Brussels is pushing back hard. Paolo Montecillo reports.
For the details on that story economist Taha Arvas joined us in the studio. He's an adjunct professor of finance at Bogazici University in Istanbul.
Brexit #NorthernIrelandProtocol #EuropeanUnion
In Colombia, a former leftist rebel and a populist businessman took the top two spots in the country's presidential election. But neither candidate managed to get a majority of the votes needed to win the race. They're headed to a runoff this month. And as Sena Saylan reports, Colombians are looking for a leader who will help combat rising poverty and inequality.
Colombia #ColombiaElection #ColombiaEconomy
Historic jump in borrowing costs takes place in the world's largest economy. Rising prices of food, fuel and other products have driven the US Federal Reserve to hike its benchmark interest rate by a three-quarters of a percentage point. That's the sharpest increase in interest rates since 1994. Other central banks are also swinging into action to tame rising prices. The Bank of England raised its lending rate by 25 basis points to 1.25% and the European Central Bank says it intends to raise rates multiple times this year.
We spoke to Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics. He joined us from London.
InterestRates #Inflation #MonetaryPolicy
Global markets are still mired in volatility at the end of a week that saw trillions of dollars in losses for investors. In Asia, Japanese shares fell by 2% amid persistent fears that the global economy is on the verge of another recession. But the bigger concern for consumers will be the price of oil. The international crude benchmark Brent rose more than one percent following Washington's announcement of new sanctions on Iran's oil sector.
For more on global economy, we spoke to Danni Hewson, who is financial analyst at AJ Bell in the UK.
GlobalEconomy #StockMarkets #IranSanctions
The Bank of England has hiked rates for the fifth time in a row to try and rein in inflation. The Monetary Policy Committee voted 6-3 to increase the benchmark lending rate by 25 basis points to 1.25%. The bank faces the difficult task of bringing consumer prices back under control against a backdrop of slowing growth and a rapidly depreciating currency, as well as a major cost of living crisis in the UK.
For more on the story, we were joined by Massimo Massimilla, who is partner and CIO of Albemarle Asset Management, in London.
BankofEngland #UnitedKingdom #InterestRates
Asian markets are rising after the largest Fed rate hike since 1994, with European markets set to join the global rally later on today. The Federal Reserve raised benchmark interest rates 75 basis points on Wednesday in a move that equates to the most aggressive hike in 29 years. This is as it is scrambling to contain a disruptive surge in inflation, which is proving much more difficult to tame than expected. Despite the big increase at this month's meeting, the Fed's chair Jerome Powell has indicated that he is not expecting moves of this size for at least the rest of the year.
David Madden, who is Equiti Capital Market Analyst, joined us from London.
FederalReserve #JeromePowell #InterestRates
The European Central Bank is considering emergency measures to rein in spiraling borrowing costs in the economic bloc. Its Governing Council is holding an unscheduled meeting today as a measure known as Europe's fear gauge hit its highest level since early 2020. The difference between Italian and German bond yields, a measure also widely watched among investors, has widened the most since early 2020, with the yield on the 10-year Italian government bond crossing the 4% mark.
Craig Erlam, who is OANDA senior market analyst joined us from London.
ECB #BondYields #InterestRates
Shares in Asia-Pacific are tumbling after the S&P 500 fell overnight and closed in bear market territory, which means that stocks on average fell at least 20% off their high. And yesterday, the index fell as much as 4%, bringing its losses since January to more than 21%. According to the Wall Street Journal, Fed policymakers are now contemplating a 75-basis-point rate increase later this week, bigger than the 50-basis-point hike that was expected.
Stephen Innes, who is SPI Asset Management Managing Partner in Bangkok joined us live.
MarketUpdate #StockMarket #InterestRates
Shares in Asia are tumbling this morning as investors fear mainland China's COVID situation may be worsening. Beijing city has suspended offline sports events, delayed return to school and tightened other controls, only days after loosening them. Investors are keeping a very close eye on the Fed, which is expected to announce its interest rate decision later this week. This comes after a hotter than expected US inflation number on Friday, making investors worried across the globe.
StockMarkets #MarketUpdate #Inflation
For most workers, a three-day weekend is a rare treat a break in the monotony of their nine to fives. But dozens of companies and organisations in the UK want to make it routine. They're betting that they can tilt the work-life balance towards family and friends, without sacrificing their ability to get their jobs done. Paolo Montecillo has more.
Andrew Barnes, who is the founder of the 4-Day Week Global campaign joined us from London.
UnitedKingdom #WorkDays #FourDayWork
Demand for online food and grocery delivery services skyrocketed during COVID-19 lockdowns. But the reopening of economies and rising inflation are discouraging people from placing orders. And that's wiped out billions of dollars in stock value for the likes of DoorDash, UberEats and Deliveroo.
FoodDelivery #GroceryDelivery #DeliveryLayoffs
As global food prices continue to rise and shortages emerge in many countries, Türkiye's looking to boost its output to ensure adequate supplies for both the domestic and export markets. Government and private sector players are gathering for the Agriculture Summit in Adana. TRT World's Rumeysa Codar is there and sends this report.
Türkiye #Agriculture #FoodSecurity
The World Bank says rising food and fuel prices and supply chain disruptions worsened by Russia's attack on Ukraine are taking a devastating toll on the global economy. It expects global growth to slow significantly from 5.7% in 2021, to 2.9% this year. Officials say that rate could drop even lower if supplies of grains and fuel from Ukraine and Russia don't normalise soon. Developing economies are likely to face the brunt of this slowdown. The World Bank says some of them are at risk of 'severe recession' not seen since the 1970s.
Economist Joann Weiner, who is the director of the Applied Economics graduate programme at George Washington University joined us for details.
GlobalEconomy #InterestRates #GrowthProspects
In South Korea, truckers have expanded a strike that is threatening to slow down shipments like cars and electronics to other parts of the world. The labour action is on its fourth day, and has already resulted in disruptions across the country. Shipments from the industrial hub of Ulsan have been suspended entirely. That port accounts for a tenth of the nation's trade, and is the main facility used by auto giant Hyundai.
Frank Smith is following this story from Seoul. He has more on the government's response.
SouthKorea #TruckerStrike #KoreanTruckers
Stocks are mostly down to end the week over concerns about the health of the global economy. Investors are looking ahead to data on consumer prices out of the US on Friday. Analysts expect inflation for the month of April to have stayed at just over 8%. Meanwhile, investors are digesting the European Central Bank's signal that it will raise interest rates next month. That would be the first such move in more than a decade, with further hikes planned for later in the year.
Craig Erlam is a senior market analyst at OANDA in London. He says the European Central Bank may be acting a little too late.
USInflation #ECB #InterestRates
The price of crude has risen to its highest in more than two months, putting more strain on households and businesses that rely on the commodity. International benchmark Brent surged to more than $123 a barrel, or 2% overnight. The global supply of crude remains tight, due to sanctions on Russia, a major exporter. Demand is also climbing, partly due to the easing of lockdowns in China, the world's second largest economy.
We had Han Tan, who is the chief market analyst at Exinity Group in Abu Dhabi.
OilPrices #OilDemand #OilSupply
The World Bank has issued a dire warning: economies almost everywhere will slow down significantly this year. In its twice a year check-in, the multilateral lender slashed its global growth forecast to 2.9%. That's lower than the January prediction of more than 4%, and about half of last year's expansion. Officials describe this year's challenge as a 'perfect storm' caused by convergence of several dark clouds.
For more on global economic outlook, Equiti Capital market analyst David Madden joined us from London.
WorldBank #GlobalEconomy #GrowthProspects
Sri Lanka's prime minister says the country is facing a critical shortage of fuel, which will continue for at least the next three weeks. He's calling on the public to avoid travel, and says without urgent international assistance, food and fuel shortages could jeopardize the lives of millions of people. Mobin Nasir reports.
We spoke to Rohan Samarajiva, who runs the think tank LIRNEAsia in Colombo. He says the fuel shortages are disrupting supply chains and leaving millions of households unable to cook meals.
SriLanka #SriLankanEconomy #FuelShortage
Australia's central bank has surprised markets with a larger-than-expected hike in its benchmark interest rate. The adjustment of half a percentage point is the largest in more than two decades. It's a sign that officials there are growing increasingly concerned over consumer prices, which rose more than 5% in the first quarter. Meanwhile in China, economic engines are once again starting to fire on all cylinders after the easing of lockdowns.
Naeem Aslam is the chief market analyst at AvaTrade in London. He says consumer prices won't cool down soon.
Australia #Inflation #InterestRates
Oil is surging to start the week after Saudi Arabia raised the price of crude being sold to Asian consumers. The international crude benchmark rose 1% to top $120 a barrel. It's recognition that the world's largest exporter of the commodity expects global supply levels to remain tight. That's despite the oil cartel OPEC, which is led by Saudi Arabia, announcing plans to raise output to meet growing global demand.
We spoke to Neil Atkinson, who is an independent energy industry analyst in Paris.
OilPrices #SaudiOil #OPEC
Pakistan's Prime Minister, Shehbaz Sharif, wants to develop a bipartisan road map to pull the country out of its economic crunch. In his first address to the nation, Shehbaz has sought dialogue with all his political rivals including his predecessor Imran Khan to implement economic reforms. He made the offer as economists warn Pakistan could potentially face a Sri Lanka-like situation. Kamran Yousaf has more in this report.
Economist Ali Khizar told us more about how rising prices will affect regular Pakistanis in the coming year.
Pakistan #PakistanEconomy #FuelPrices
Trendyol is expanding beyond Türkiye. The fashion and e-commerce giant has opened a new office in Germany. It's set to be the first of more to follow this year, as it plans to expand all over Europe. Sibel Karkus reports from Berlin.
Türkiye #Trendyol #Ecommerce
At the beginning of the week, EU leaders agreed to ban 75% of Russian crude imports to the bloc. That's part of the EU's sixth sanctions package on Russia since the conflict in Ukraine started three months ago.
How different will this sixth round of sanctions be? What will it really entail? We spoke to Sophie Udubasceanu, energy analyst at ICIS to get answers.
RussiaAttacksUkraine #RussiaSanctions #OPEC
In China, a surge in COVID-19 cases has forced the government to slap social restrictions on vast portions of the population. The world's second-largest economy has just emerged from its worst outbreak since 2020. It was a crisis that leaders chose to confront with the use of strict lockdowns, even as the rest of the world learns to live with the virus. Now officials in Beijing are trying to chart a path to a steady recovery.
Economist Taha Arvas joined us in the studio. He's an adjunct professor of finance at Bogazici University.
China #ChinaEconomy #ChinaLockdown
The world's oil exporters surprised markets this week, announcing a larger-than-expected hike in output. The Saudi-led alliance OPEC and its allies said they would pump an extra 648,000 barrels of crude out of the ground every day, starting July. That's 50% higher than this month's increase. But oil prices still shot up, with investors viewing the adjustment as too small for a global economy growing increasingly thirsty for crude.
For more, let's hear from energy analyst Sophie Unubasceanu, who says oil price hikes will be difficult to stop.
OPEC #OilPrices #OilSupply
After months of pressure, particularly from Washington, Saudi Arabia is finally pumping more fuel out of the ground. According to reports, the Kingdom is set to announce that it's raising its output. That's sent the price of crude falling 2% to around $114 a barrel. The move is designed to offset the reduction in supply out of Russia, which has been bombarded by western sanctions over Ukraine.
We spoke to Han Tan, who is chief market analyst at the Exinity Group in Abu Dhabi. He talked about what may have compelled Saudi Arabia to play ball with the US.
SaudiArabia #OPEC #OilPrices
The Australian economy grew more than expected in the first quarter, in a sign that the nation is regaining its footing after the pandemic. GDP expanded by 3.3% in January to March. The country's biggest challenge on the economic front is inflation. Consumer prices rose more than 5% in March, the most since the year 2000.
For more on Australia’s economy, we were joined by Stephen Innes, who is managing partner at API Asset Management in Bangkok.
Australia #AustraliaEconomy #AustraliaInflation
Asian share prices are getting a boost as major Chinese cities prepare to emerge from a weeks-long lockdown. Data for the month of May showed factory output continued to shrink, as those COVID restrictions kept workers at home and paralyzed supply lines. The manufacturing sector's Purchasing Manager's Index stood at 49.6. But the number was a 2 point improvement from the previous month, a sign that local busineses are on track for a quick recovery.
For more on Chinese economy, we spoke to Danni Hewson who is a financial analyst at AJ Bell in London.
China #ChinaEconomy #ChinaLockdowns
It's a bad start to the week for most consumers, as the price of oil climbed to its highest in about two months. The international crude benchmark Brent is back up above $120 a barrel. That's as European nations continue their political wrangling on a sixth round of sanctions on Moscow, which include a gradual ban on Russian oil imports.
For more, we spoke to David Madden. He's a market analyst at Equiti Capital in London.
OilPrices #OilDemand #RussiaSanctions
Just half a year ago, cryptocurrencies like bitcoin were heralded as this generation's version of gold - the best assets to buy to insulate your portfolio from the booms and busts of financial markets. Since then, that's been proven a fallacy, following a wholesale crash that's wiped out more than a trillion dollars in wealth. Paolo Montecillo reports.
Cryptocurrency #Bitcoin #ElSalvador
Rising international oil prices and the success of Saudi Aramco's stock market listing are encouraging other companies in Saudi Arabia to sell shares to the public. At the beginning of this year, 50 Saudi firms had announced plans to list on the country's Tadawul stock exchange, through Initial Public Offerings. But as global economies slow, international investors appear less willing to place fresh bets. And that could knock the wind out of the sails for the Kingdom's IPO boom.
We spoke to Tranversal Consulting President and author of the book, Saudi Inc, Ellen Wald. She explains the factors driving the boom in Saudi Arabia's stock market listings and what could make it go bust.
SaudiArabia #Tadawul #Aramco
Siemens is joining hundreds of corporations like McDonalds, PepsiCo and Shell pulling out of Russia over its attack on Ukraine. The German multinational company employs around 3,000 people in the country, and had already put all business in Russia and Belarus on hold since February. TRT World's Tayyibe Aydin asked Siemens Türkiye CEO, Huseyin Gelis, how exiting the Russian market will effect business.
Siemens #Russia #Sanctions
After eight consecutive weeks of sell-off, it hasn't been plain sailing for markets this week either. First of all, natural gas has been on a real roller-coaster, surging above $9 per million British thermal units, hitting the highest level in more than a decade as dwindling inventories push prices higher. On the stocks front, there has also been more than one bump in the road during the week. The S&P500 is down 17% since the beginning of the year, and the Nasdaq nearly 30%.
NaturalGas #StockMarkets #MarketMeltdown
'Economy is security' - that was the take-away message from this week's summit of the so-called 'Quad' group of Indo-Pacific nations - the US, Japan, India, and Australia. It comes amid rising tensions between the world's two largest economies. US President Joe Biden's administration is taking aim at what it describes as China's attempt to reshape the international order. Secretary of State Anthony Blinken says Beijing is engaging in provocative rhetoric and activity, and he's calling on countries in the region to join ranks with Washington to keep China's ambitions in check. Blinken's comments have drawn a rebuke from Beijing. Chinese officials accuse Washington of running a smear campaign and undermining international law.
For more on the story, we were joined by Christian Lawrence and Harish Bijoor. Christian Lawrence is a senior cross-asset strategist at Rabobank in New York and Harish Bijoor is business strategy specialist in India.
AsiaPacific #Quad #USChinaTensions
China's industrial profit fell sharply in April, shrinking 8.5% from a year earlier. That is the worst drop since March 2020 and comes as high raw material prices and supply chain chaos squeeze margins and disrupt factor activity. Despite this, stocks are bouncing in Asia this morning. Hong Kong's Hang Seng is up 2.3%, as Alibaba's shares alone surged 13%. Chinese Shanghai Composite is also higher this morning, following an unprecedented nationwide meeting via teleconference held by Chinese authorities in a bid to bolster an economy battered by Covid.
For more on the story, we spoke to Victoria Scholar, who is head of investments at Interactive Investor in London.
China #ChinaIndustry #ChinaEconomy
Asia-Pacific stocks are mixed this morning as the Bank of Korea announced a 25 basis points increase in its base rate to 1.75%, which is the central bank's second straight rate hike. The Korean exchange KOSPI is down 0.37%, but the Chinese Shanghai Composite, is up 0.44%. The Korean currency, the won, is strengthening against the dollar, after touching a decade-low a few weeks ago.
We spoke David Madden who is a market analyst at Equiti Capital in London.
SouthKorea #Won #InterestRates
Oil prices have risen to their highest level in 7 years, supported by tight supplies but also by the prospect of rising demand from the start of the summer driving season in the United States, which is the world's biggest crude consumer. Global crude supplies continue to tighten as buyers avoid oil from Russia, amid sanctions following its attack on Ukraine. But the crude supply situation is also tightening in the US ahead of the three-day, Memorial Day weekend, which is expected to be the busiest in two years.
For more on the oil market, AJ Bell's Danni Hewson joined us from the UK.
OilPrices #OilMarket #MemorialDay
Moving on now to energy markets, which are in turmoil due to the crisis in Ukraine and global heating. Now more than ever, nations are under pressure to wean themselves off fossil fuels so they can protect their people from volatile price swings, and reverse the climate crisis before it's too late. TRT World's Paolo Montecillo was at a recent energy summit hosted by Türkiye's Independent Industrialists and Businessmen's Association. There he got the latest on government efforts to help the private sector shift toward renewable energy.
Türkiye #RenewableEnergy #GreenTransformation
Markets in Asia-Pacific were subdued in Tuesday trading, off the back of weak economic data from Asia. And this is despite US President Joe Biden considering cutting tariffs on Chinese goods. Meanwhile, in China, Goldman Sachs says it expects more real estate defaults. Twenty two high-yield bond issuers, all related to the property sector, have either defaulted on their U.S. dollar-denominated bonds or deferred repayments with bond exchanges since the start of this year.
We spoke to Craig Erlam, who is senior market analyst at OANDA.
#AsiaMarkets #JapanManufacturing #ChinaProperty
The international crude benchmark Brent is up around 1% to $113 a barrel to start the week. That comes ahead of what's known in the US as peak driving season, which begins this weekend and stretches all the way to September. During this period, Americans are expected to use their cars more than at any other time of the year.
For more, AvaTrade's Naeem Aslam joined us from Dubai.
UnitedStates #DrivingSeason #OilPrices
For residents of Afghanistan's capital Kabul, bomb blasts, shootings and other forms of violence remain a constant threat. But one startup is trying to help Afghans stay safe and informed. Ehtesaab is a mobile phone app that provides security updates to its users. We spoke to its founder Sara Wahedi and asked her about the inspiration behind the app. We also asked the Time magazine Next Generation Leader what impact a changing political landscape has had on her operations in Afghanistan.
Ehtesaab #Afghanistan #Taliban
We spoke to Ahmet Daglioglu, who is the president of the Investment Office of the Presidency of Türkiye. He says as global businesses rush to secure their supply lines, many are turning to Türkiye because of its geo-strategic location and extensive transport infrastructure.
Türkiye #Investment #TechStartups
Stocks have been under severe pressure lately, flirting with a bear market for the past week. The S&P 500 is now 18.6% below a record closing high set in early January and more than 19% below an intraday all-time high reached earlier this year. And indeed investors have been focused on the rate hiking cycle this week, trying to decipher whether the Federal Reserve will continue with an aggressive rate hikes and whether the European Central Bank will decide to follow suit.
StockMarkets #MarketCrash #InterestRates
Ministers and officials from more than 60 countries gathered in Germany this week, to discuss the global logistics crunch. While much of the focus has been on decarbonisation and digitalisation in recent years, the war in Ukraine has created additional hurdles on the road to global transport connectivity. Sibel Karkus reports from Leipzig.
LeipzigSummit #SupplyChain #GlobalTrade
New research in the UK has found a quarter of Britons have started skipping meals due to the rising cost of living. The country's rate of inflation has hit 9%, the highest it's been in 40 years. The cost of fuel, food and energy are all increasing, with families struggling to pay their bills. Sarah Morice takes a look at the impact this is having on people going about their daily lives.
For more on this, Vicky Pryce joined us from London. She's a board member at the Centre for Economics and Business Research.
UnitedKingdom #Inflation #FoodPrices
The United States has accused Russia of holding global food supplies hostage since it launched an attack on Ukraine. The ongoing conflict is impeding their ability to ship their products out. The United Nations says unless fighting stops soon, tens of millions of people will starve. Vulnerable communities are already struggling to put food on the table, due to rising prices, the effects of global heating and pandemic supply chain constraints.
RussiaAttacksUkraine #FoodInsecurity #FoodPrices
Asian stocks are rallying to close a volatile trading week, as the Chinese central bank provided more stimulus for the world's second-largest economy. Monetary authorities in Beijing surprised markets on Friday, slashing interest rates beyond expectations, giving domestic output a boost.
Craig Erlam joined us from London. He's a senior market analyst at OANDA.
StockMarkets #China #InterestRates
Billions of dollars in wealth have evaporated, following one of the worst days for stock markets since early in the pandemic. The sell-off started on Wall Street, where the blue chip Dow Jones index fell 3.57% or more than 1,100 points. Shares on the NASDAQ and S&P 500 indices were also down 4%. The declines were triggered by fears over slowing global economic growth, coupled with the rapid rise in consumer prices.
Victoria Scholar, head of investment at Interactive Investor in London, joined us for more.
GlobalStocks #MarketTurmoil #InflationFears
Sri Lanka is defaulting on its debt, in just the latest sign of the nation's escalating economic collapse. The government had failed to pay back almost $80M in interest for bonds sold to foreign investors. Sri Lanka's energy ministry says the country can no longer afford to pay for petrol shipments, due to the rising cost of crude in international markets.
For more, we were joined by Chayu Damasinghe in Colombo. He's the head of macroeconomic research at the think thank Frontier Research.
SriLanka #SriLankaEconomy #EconomicCrisis
Consumers in the UK saw another major blow to their purchasing power last month, due to the higher cost of food and energy. Inflation in the world's fifth-largest economy surged to 9% in April. That's the most since records began in 1989.
For more on inflation data in the UK, Equiti Capital market analyst David Madden joined us from London.
UnitedKingdom #Inflation #UKInflation
Oil prices have rallied as China set out a clear timetable for the reopening of its financial hub Shanghai on June the first. The international crude benchmark Brent rose more than 2% to around $114 a barrel. Investors are betting the world's second largest economy can quickly rebound from a slowdown caused by lockdowns.
For more on China's economy and its impact on oil prices, AJ Bell financial analyst Danni Hewson joined us from Huddersfield, UK.
OilPrices #ChinaEconomy #ChinaLockdowns
The Chinese government plans to ease social distancing restrictions in major cities next month. And it can't come soon enough, with the lockdowns, including in major cities like Shanghai, causing a major economic slump. Government data show the world's second largest economy is on track for a contraction in the second quarter, as it deals with its worst COVID-19 wave since the beginning of the pandemic.
For more on the Chinese economy, we were joined by Guido Cozzi, who is macroeconomics professor at the University of St. Gallen.
China #Economy #COVID-19
Cryptocurrency investors have lost hundreds of billions of dollars this week, and some currencies, like Luna, are facing an existential threat. The market had been contracting steadily since hitting record highs in November, but the sell-off intensified sharply, this week. Stable coins, which aim to maintain their value against major currencies like the dollar, were particularly hard hit.
We spoke to financial economist Alex de Vries for more on the crypto crash.
Cryptocurrencies #StableCoins #Luna
In the Philippines, where President Rodrigo Duterte is leaving his successor Ferdinand Marcos Junior with an economy at the height of a post-pandemic boom. Consumer spending in the nation of 100M people has jumped, thanks to the relaxation of social distancing restrictions. Now the challenge for the incoming government will be solidifying those gains so the country is able to deal with future crises.
TRT World's Senior Business Producer Paolo Montecillo was in the Philippines this week and spoke to the governor of the country's central bank, Benjamin Diokno. They discussed the biggest achievements of the outgoing Duterte administration and the prospects for the domestic economy.
Philippines #PhilippinesEconomy #BenjaminDiokno
In Europe, companies such as Volkswagen posted strong results for the first quarter, as operating profit before special items hit $541M. Things are not looking any better on the other side of the pond. In the US, the global shortage in semiconductor chips has been wreaking havoc on profits.
AutoIndustry #ChipShortage #Earnings
European Union responses to Russia's attack on Ukraine with new round of sanctions. Since the conflict began on the 24th of February, the bloc has announced six rounds of sanctions that officials say are squeezing Moscow's revenues. While EU members are seemingly unwilling to turn off the taps on Russian energy immediately, Brussels says it's got a plan to end the EU's reliance on Moscow, by 2030.
For more on the story, independent analyst Neil Atkinson joined us from Paris.
RussiaAttacksUkraine #Russia #EuropeanUnion
Oil prices extended gains on Friday but they are headed for their first weekly loss in three weeks. Investors are concerned that rising inflation and China's COVID lockdowns are slowing global growth. Supply concerns have eased for now, as the prospects of the EU quickly ending purchases of Russian fuel, are dimming.
Equiti Capital market analyst, David Madden joined us from London.
OilPrices #Russia #OilEmbargo
Global equity markets continue to fall as investors fear rising prices may knock the wind out of consumer spending and job creation. The fresh round of selling began in the US after the Bureau of Statistics reported inflation at 8.3% for April. The tech-heavy Nasdaq fell 3% and the S&P 500 closed at its lowest level for the year. It is now down 17% since the start of the year. But the worst carnage is being felt by investors in the cryptocurrency markets. The price of Bitcoin is down nearly 9% while Ethereum has plunged by 13%.
For more on the markets, we spoke Victoria Scholar, who is the investment head at Interactive Investor.
UnitedStates #Inflation #Cryptocurrencies
It's been one month since Shehbaz Sharif became prime minister of Pakistan, replacing Imran Khan. His government's biggest challenge has been to revive the country's faltering economy. But the coalition government is reluctant to take difficult and some say unpopular decisions. Kamran Yousaf has more in this report.
PakistanEconomy #PakistaniRupee #ShehbazSharif
Shares in Asia-Pacific are in the positive territory, as investors react to higher than expected inflation in China. Producer prices in the country rose 8% year-on-year against an expected increase of 7.7%. The data comes as China battles its worst Covid outbreak since the initial phase of the pandemic in early 2020. Meanwhile, US stock futures are also higher ahead of a key inflation reading. Mega-cap technology names such as Apple and Microsoft, led gains Tuesday, after struggling through the last four sessions.
We had OANDA's senior market analyst, Craig Erlam to discuss more on inflation readings in China and the US.
China #United States #Inflation
Asian stocks are under pressure once again as slowing demand from China, rising inflation and interest rates continue to dampen investor sentiment. Tech stocks are among the biggest losers. Industry giants Apple, Microsoft, Tesla and Alphabet have lost more than $1T over the last three trading days. Apple alone, the most valuable publicly-traded company, has seen its market capitalization trimmed by over $200B since Wednesday, when the Fed raised interest rates by a half percentage point.
AvaTrade chief market analyst, Naeem Aslam joined us from London to discuss more on global markets.
StockMarkets #TechFirms #Apple
Oil prices have risen for three consecutive sessions, despite a strong dollar and fears of a global recession are dampening oil demand. Global financial markets are also spooked by concerns over interest rate hikes and extended COVID-19 lockdowns in China that are suppressing demand in the world's second largest economy. Bitcoin has also fallen below a key support level of $34,000 following the sell-off in US stocks.
For more on global markets, Exinity Group chief market analyst Han Tan joined us from Abu Dhabi.
OilPrices #GlobalMarkets #Bitcoin
Reopening the economy after coronavirus lockdowns has benefited some companies but not all of them. Some are actually feeling the pain, in the face of growing competition. Let's take a look at what happened this week.
Earnings #FinancialResults #StockMarket
Would you pay thousands of dollars in commission to buy a five-dollar artwork? Well, some enthusiasts did just that when the Bored Ape Yacht Club put up its latest collection of non-fungible tokens, for auction. Organisers bagged nearly $300M but as Adama Munu explains, users lost another $200M in the bidding frenzy.
NFT #Ethereum #BoredApe
The US Federal Reserve has moved to help tame soaring inflation by announcing the sharpest rise in interest rates in over 20 years. The Fed's benchmark interest rate has been raised by half a percentage point, to a target rate range of between three-quarters of a percent and one-percent. The Bank of England also raised rates this week, raising its benchmark a quarter-point to 1%, its highest level since February 2009. While Australia's Reserve Bank stunned analysts with a 25 basis points rise to 0.35% the first increase in more than a decade. India's central bank also surprised pundits with a 40-point hike, taking its benchmark repo rate to 4.4%.
We had Massimo Massimilla who joined us from Milan. He's a partner and chief information officer of alternative strategies at Albemarle Asset Management.
FederalReserve #InterestRates #Inflation
The war in Ukraine, coupled with rising inflation around the world, has seen food and commodity prices surge. In Japan, this economic situation has started to eat away at the consumption of one of the country's most beloved and once inexpensive foods. Ludovica Brignola has more.
JapanInflation #FoodPrices #JapaneseEconomy
EU announces sixth round of sanctions on Russia. Brussels says it wants all member states to stop buying oil from Moscow, and they're looking to significantly scale down imports of natural gas. If approved, the sanctions will involve the phasing out of purchases of Russian crude oil within the next six months. The proposal also calls for a ban on refined oil products by the end of next year.
Meyer Resources CEO, Cornelia Meyer joined us to discuss more on the energy war.
RussiaAttacksUkraine #EuropeanUnion #Energy
Global stock markets are in the middle of their worst stretch since the beginning of the pandemic amid fears the global economy will slip into a recession. The selloff started on Wall Street, where all major indices fell overnight. Investors have now lost some $8T in wealth from US stocks since the start of 2022.
For more on that, AJ Bell financial analyst Danni Hewson joined us from UK.
UnitedStates #StockMarket #Nasdaq
The US Federal Reserve has raised its benchmark interest rate by half a percentage point. That's the biggest increase in more than two decades, as the American central bank tries to tame historic consumer price increases in the world's largest economy. That's not all. The Fed says it's also shrinking its balance sheet starting next month. It's selling government debt and mortgage-backed securities that it bought up during the pandemic.
We spoke with David Madden, market analyst at Equiti Capital in London. He says US Federal Reserve is avoiding an overly hawkish stance to ensure a soft landing.
FederalReserve #InterestRates #Inflation
Poland and Sweden are hosting an international conference in Warsaw on Thursday to raise funds for war-ravaged Ukraine. A similar event held last month in the Polish capital collected nearly $10.5B. Ukraine’s allies seem prepared to do what they can to keep it afloat. But what's the extent of the damage Russia’s assault has caused on the Ukrainian economy? TRT World’s Hasan Abdullah takes a look.
Donation #Ukraine
Proposed EU sanctions on Russia's energy sector are fuelling another rally in oil markets. The international benchmark Brent is up more than 2% to around $107 a barrel. Investors are also reacting to reports that oil exporters have been unable or unwilling to pump more crude out of the ground. A survey by Bloomberg shows the oil cartel, OPEC raised its output by just 10,000 barrels a day in April well below its pledge, 400,000 barrels.
Taha Arvas joined us from Istanbul. He is professor of finance at Bogazici University.
OilPrices #OPEC #RussiaSanctions
Oil prices are up slightly as the European Union prepares to ban Russian oil imports. That's part of a sixth package of sanctions on Moscow over the military operation in Ukraine. Europe's largest economy, Germany, says it's already trimmed its imports, and would not stand in the way of a continent-wide embargo.
For more on the story, AvaTrade chief market analyst Naeem Aslam joined us from London.
OilEmbargo #EuropeanUnion #OilPrices
Saudi Arabia's economy is in its best shape in more than a decade, thanks to its most important industry, the extraction and sale of oil. The world's largest exporter of the commodity says its GDP grew 9.6% in the first quarter. That's the biggest expansion since 2011, and much better than forecast.
Chief market analyst at the Exinity Group Han Tan joined us from Abu Dhabi. He gave us his take on where oil prices are going.
SaudiArabia #EconomicGrowth #OilPrices
Apple workers in the US have filed a petition to form a labour union, a first for the tech giant. Momentum has been building since similar efforts began at other major corporations like Amazon and Starbucks. And it comes at a time when worker shortages are giving labour organisers more leverage. Tayyibe Aydin reports.
TechFirms #LabourUnion #Unionization
The cruise industry was among the earliest victims of the economic fallout of the COVID-19 pandemic. Large operators like Carnival and Princess Cruises cut staff and scrapped vessels. But now, as social restrictions ease, new players are sailing in. UK-based Ambassador Cruise Line is one such company. It's launched the country's first new cruise line in more than a decade. We asked chief executive Christian Verhounig about the course ahead.
CruiseVacation #TravelIndustry #GlobalTourism
Russia stops the supply of natural gas to Poland and Bulgaria, after both countries rejected Moscow's demand for payment in roubles. State-owned energy major, Gazprom has halted flows from the Yamal pipeline which funnels natural gas from Western Siberia to the Polish-German border. The move could trigger an energy crisis in Bulgaria because it depends on Russia for 73% of its gas supplies. Poland could also struggle as it had expected to meet half of its needs this year, through these shipments. Both Warsaw and Sofia have protested the move and say they will seek legal recourse.
For more on the energy crisis, we were joined by independent analyst, Neil Atkinson in Paris.
NaturalGas #Bulgaria #Poland
A slew of tech earnings moved markets this week - in the US and Europe. Microsoft posted stellar results, beating analysts' expectations for its revenue and profits. But the future isn't as bright for Facebook's parent company, Meta. Its net income plunged by 21%, marking its worst performance in 10 years. Apple shares dipped after the company warned of a possible $8B hit from supply constraints. Amazon recorded its slowest ever revenue growth in the first quarter amid a drop in online retail sales and rising costs.
TechEarnings #TechnologyCompanies #EarningSeason
Elon Musk has been toying with the idea of buying Twitter for a long time, and now it's finally happening. The social media giant's board has accepted a bid for around $44B from the tech billionaire. Musk says he wants to take the company private and make it 'better than ever'. But there are a lot of unanswered questions.
We were joined by Bob O'Donnell, who is the president and chief analyst of TECHnalysis Research in California.
Twitter #ElonMusk #TwitterTakeover
Another commodity that's in short supply is cooking oil. Ukraine is a leading exporter of vegetable oil. But its output has ground to a halt as a result of Russia's incursion. Now Indonesia, Asia's top producer, is suspending its exports to ensure domestic supplies don't run dry. Adama Munu reports.
PalmOil #VegetableOil #CookingOil
US stocks are set to open lower on Friday after a string of disappointing earnings reports by some of the world's largest companies. The biggest surprise was retail giant Amazon, which said it lost $3.8B in the three months to March. Apple said sales rose 9% in the same period. But the iPhone maker is warning investors that earnings may take a dive in the coming months.
We spoke to Danni Hewson, financial analyst at AJ Bell in the UK. She talked about why kinks in the supply chain have been so difficult to straighten out.
TechEarnings #Amazon #Apple
The US dollar shot to a two-decade high against the Japanese yen after the Bank of Japan pledged to buy endless amounts of bonds, in a monetary policy response many investors are calling 'uber-dovish'. That's driven down the value of the yen to the psychological barrier of 130 against the dollar, levels not seen since 2002.
For the details in currency market, we had Susannah Streeter, who's an investment analyst at Hargreaves Landsdown in Bristol, UK.
JapanYen #Dollar #CurrencyMarket
Natural gas and oil prices rise after Russia halts some shipments of natural gas to the European Union. International crude benchmark Brent is up 0.7%, and is trading at around 105$ a barrel. The cost of natural gas is also 1% higher. Meanwhile, the possibility of fresh stimulus in China is also fueling the rally in energy markets. Victoria Scholar, head of investment at Interactive Investor in London, joined us for more.
EnergyPrices #Russia #China
The Twitter board has agreed to a $44 billion buyout offer from billionaire Tesla CEO Elon Musk. Under the terms of the deal, Musk is paying $54.20 per share in cash for Twitter. The purchase price represents a 38 per cent premium to the company's closing price on April 1, the day before Musk revealed he had built a 9 per cent stake in the company. Elon Musk is providing about $21 billion and has secured $25.5 billion of debt and "margin loan financing".
In order to discuss details of the deal, we were joined by Naeem Aslam, who is chief market analyst at AvaTrade in London.
Twitter #TwitterBuyout #ElonMusk
China's worst outbreak of COVID-19 since the beginning of the pandemic shows no signs of slowing down. Millions of people in Shanghai have entered their fourth week under a strict lockdown, aimed at curbing the spread of the virus. The International Monetary Fund has warned that strict health measures could result in a slump in the world's second-largest economy. Meanwhile stocks in Europe are down, as concerns over global economic growth outweigh the re-election of the business-friendly President of France, Emmanuel Macron.
For more, we were joined by Einar Tangen, who is a senior fellow at the Beijing-based think tank, the Taihe Institute.
China #COVID-19 #PandemicLockdowns
After two years of widespread caution, passengers are returning to the skies. As more countries around the world lift pandemic restrictions, mask mandates, and open their borders to tourists, airlines are preparing for a busy summer travel season. But is the industry prepared for the upsurge? Tayyibe Aydin reports.
Aviation analyst Alex Macheras says he expects global air traffic to return to pre-pandemic levels within just a few months.
AviationBoom #AirTraffic #TravelRestrictions
Streaming services were among the biggest winners from lockdowns and other social restrictions imposed during the COVID-19 pandemic. But as economies around the world continue to reopen, many people are switching off. The industry pioneer, Netflix lost subscribers for the first time in a decade, in the first quarter. And it could be facing even tougher times ahead.
Netflix #SubscriberNumber #NetflixEarnings
This week, Libya's National Oil Corporation shut down operations at its El Sharara oilfield, because of protests at the site. It's one of the largest fields in the oil-rich country, accounting for nearly one-third of Libya's production. In a global oil environment that's already overheated, this supply shock caused the price of crude to rise further. Also, geopolitical tensions will likely move oil prices in only one direction, and that is upward. Easing lockdowns in China are supporting the price of crude, which has hovered around a 14-year peak.
OilDemand #OilPrices #LibyaOilFieldShutdown
The Russian economy is expected to shrink significantly this year, as financial sanctions mount on Moscow over its attack on Ukraine. That's pushing a growing number of Russians to take their money out of the country, and invest elsewhere. As Paolo Montecillo reports, Türkiye has emerged as one of the preferred destinations.
Türkiye #RealEstate #RussianInvestors
Surging inflation is hitting consumers everywhere and the World Bank warns most governments can do nothing to stop it. It says food prices are up by nearly 40% since the beginning of Russia's attack on Ukraine. And energy costs are likely to remain high for months to come. The collective price hike is also taking a toll on consumer spending and the growth of businesses worldwide. As a consequence the World Bank expects global growth to slowdown from its previous estimate of 4.1% to 3.2%. It's also warning of a looming food crisis.
For more on this, we were joined by economist Vicky Pryce who's a board member of the Centre for Economics and Business Research.
WorldEconomy #EconomicGrowth #Inflation
Oil prices are on track to decline for the third-consecutive week as concerns over global economic growth outweigh supply fears caused by the crisis in Ukraine. The international crude benchmark Brent is down 4% in the last seven days, and is now trading around $106 a barrel. Crude prices have already given up most of the gains made since the start of Russia's attack on its neighbour.
We had David Madden, market analyst for Equiti Capital in London. He said that despite demand concerns, prices are likely to stay at higher levels in the medium to long term.
OilPrices #GlobalEconomicGrowth #Inflation
Electric car maker Tesla has reported better-than-expected earnings for the first three months of the year. That's as the company successfully navigated supply chain issues that have slammed the brakes on the rest of the auto industry. The world's most valuable EV firm says profits reached $3.7B or three times higher year-on-year.
Victoria Scholar joined us from London. She is head of investment at Interactive Investor.
Tesla #ElectricVehicles #AutoIndustry
The IMF says global financial markets are headed for further volatility as central banks raise interest rates and introduce other measures to rein in inflation. The fund expects commodity prices to continue facing turbulence while stocks and cryptocurrencies extend losses. It also expects a slowdown in new stock listings.
For more on the story, we were joined by Agnes Gitau, who is GBS Africa Managing Partner in London. She also sits on the board of the Eastern Africa Association.
EmergingCountires #GlobalInflation #IMF
Stocks in China are in the red as monetary authorities in Beijing held off on cutting interest rates, which would have given the world's second-largest economy a boost. Instead, the Chinese central bank has announced more modest stimulus measures aimed at helping homeowners, small businesses and logistics firms.
Craig Erlam joined us from London. He is a senior market analyst at OANDA.
ChinaEconomy #ChinaLockdown #InterestRates
Oil prices rose on Tuesday as investors worried about tight global supply. Libya has halted production at its largest oilfields and suspended exports. The OPEC member's oil output is expected to be halved as protesters force the closure of major facilities. Factories in Shanghai are reopening, propping up demand from the world's second-largest economy.
For the details of the story we were joined by Naeem Aslam. He's chief market analyst at AvaTrade in London.
Libya #OilFieldShutdown #OilPrices
Chinese economic data is weighing on stocks. Although GDP expanded in the first quarter, sluggish retail sales and employment numbers are making investors nervous over the future prospects of the world's second-largest economy.
Einar Tangen is an independent affairs commentator and senior fellow at Taihe Institute. He joined us from Beijing to discuss more on China’s economy.
ChinaEconomy #ChinaGDP #ChinaLockdown
Rising price levels are unleashing a slew of challenges, particularly for the world's poorest economies. The World Bank has warned that food and fuel shortages may spark unrest in several African countries. And Oxfam is calling on international lenders to do more to address rising poverty and hunger.
We spoke to Nabil Ahmed, the head of executive strategy and communications at Oxfam in Nairobi. He says governments should take action to reduce the impact of the Russia-Ukraine tensions on vulnerable communities.
Poverty #FoodShortage #Oxfam
Russia's attack on Ukraine is worsening supply constraints that have lingered since the onset of the coronavirus pandemic. Prices of wheat, corn and other grains have soared 25% since the war began on the 24th of February. Prices at the petrol pump have surged as the threat to crude oil supplies rises. The benchmark barrel, WTI, is at least 10% more expensive compared to just two months ago.
We were joined by Joseph Foudy in New York. He's an economics professor at the NYU Stern School of Business.
RussiaAttacksUkraine #Inflation #FoodPrices
The New York International Auto Show is making its post-pandemic return following a two-year hiatus. The latest and greatest cars from around the world are on display, with EVs in the spotlight. Carmakers are showcasing dozens of hybrid and fully electric vehicles at the show, thanks to a recent boom in consumer interest.
NewYork #InternationalAutoShow #ElectricVehicles
Türkiye's southeastern province of Hatay aims to attract a record number of tourists this year. The area has a lot to offer. It's one of the country's gastronomy hotspots, so it's an ideal destination for foodies. History buffs can also take in the remains of the more than a dozen civilisations that have occupied the region over two millennia. But Hatay has been held back by inadequate infrastructure, a problem local officials are now hoping to fix. Paolo Montecillo has more.
Hatay #Hudo #TürkiyeTourism
Rising interest rates are discouraging people from swiping their credit cards, and taking on loans for homes, cars and other big purchases. A number of large banks reported their first quarter financial results this week, and all of them have seen earnings from commercial lending slide.
InterestRates #BankEarnings #MarketMovers
Sri Lanka has suspended all payments of foreign loans and has begun defaulting on billions of dollars of its international debt. The country's foreign currency reserves have plunged to less than $500M. That leaves the import-dependent economy gasping for food and fuel shipments. And as Tayyibe Aydin reports, that's building pressure on the government to step down.
Paikiasothy Saravanamuttu is the founder and executive director of the Centre for Policy Alternatives in Colombo. He told us more about the current situation in Sri Lanka and what a loan from the IMF would mean for the country.
SriLanka #SriLankaEconomy #EconomicCrisis
Oil prices have jumped on speculation that European nations are going ahead with banning Russian crude shipments, albeit gradually. According to the New York Times, the phased approach by the European Union will give members such as Germany time to find alternative suppliers. Already, private companies are shunning Russian oil voluntarily as sanctions mount over the attacks in Ukraine. The International Energy Agency says that could cut global supplies by 3M barrels a day.
For more on the story Osama Rizvi joined us. He's an energy and economic analyst at Primary Vision in Lahore, Pakistan.
RussiaAttacksUkraine #RussiaEnergyExport #RussiaOilExport
The world's richest man Elon Musk wants to buy Twitter. The Tesla and SpaceX boss already owns 9% of the company. That's more than anyone else. Now he wants to be Twitter's sole stockholder, and he's offering existing investors $54.20 for each of their shares. That's a 38% premium from the firm's share price on April the 1st, the day before Musk made his stake public.
For more on the story, OANDA senior market analyst Craig Erlam joined us from London.
ElonMusk #Twitter #HostileTakeover
Asian and European stocks are trading higher, as investors reacted to central banks in those regions tightening their monetary policies. Authorities are raising the cost of borrowing to keep inflation in check. But they're also doing so to keep up with the US, which is hiking interest rates, making dollar-denominated assets more profitable, and therefore, more attractive to fund managers. Meanwhile, China is moving in the opposite direction. The central bank in Beijing is expected to announce a move to increase the amount of cash circulating in the Chinese economy.
Ryan Payne is the president of Payne Capital Management in New York. He talked about the rally in US stocks on Wall Street overnight, saying it's a signal that prospects for the world's largest economy are brighter than many expect.
StockMarkets #InterestRates #CentralBanks
Consumer prices in the US, world's largest economy rose 8.5% in March. Last month's reading was slightly higher than expected, and represents the biggest blow to household budgets in 40 years. That increases pressure on the Federal Reserve to continue raising borrowing costs - a move that could choke economic output. Rising inflation is tied to the cost of oil, which has gone up due to Western-led sanctions on crude exporter Russia. To ease the burden on consumers, the White House is easing regulations on ethanol.
For more, Exinity group chief market analyst Han Tan joined us from Abu Dhabi.
UnitedStates #Inflation #FederalReserve
Italy has signed a new deal to buy more natural gas from the North African nation of Algeria. Italian Prime Minister Mario Draghi says the agreement is a significant step to reducing his country's reliance on Russian gas. Details of the deal were not immediately available. Algeria is the EU's third-largest gas supplier, behind Russia and Norway. The Algerian state energy company Sonatrach says Europe is the 'natural market of choice' for Algerian gas, which accounts for around 11% of Europe's gas imports.
Italy #Algeria #NaturalGasDeal
Sri Lanka has suspended all payments of foreign loans and is warning of an imminent default on international debt. The country's foreign currency reserves have plunged to less than $500M. That leaves the import-dependent economy gasping for food and fuel shipments. And as Tayyibe Aydin reports, that's building pressure on the government, to step down.
For more on the story, Chayu Damsinghe joined us from Colombo. He's an economist at Frontier Research.
SriLanka #SriLankaEconomy #SriLankaForeignReserves
Shares in Asia are mixed while European markets are down, as investors wait for a string of reports on rising prices in several major economies. The most closely watched data will come out of the US later on Tuesday. The Labour department in Washington is expected to report that inflation surged past 8% in March. That would be the fastest in 40 years.
Danni Hewson joined us on the programme. She is a financial analyst at AJ Bell in the UK.
Inflation #ConsumerPrices #GlobalMarkets
Chinese stocks are off to a bad start this week as the country deals with its worst outbreak of COVID-19 in two years. Shares on both the mainland and the financial hub Hong Kong are down more than 2%. That's after the government reported more than 27,000 new coronavirus infections in one day. Factories have been forced to close because of the rising cases and investors fear officials will keep millions of people under lockdown, to curb the spread of the disease at the expense of consumer spending.
Business groups representing companies from the US and Europe that do business in China say extended lockdowns in major cities like Shanghai could have a lasting effect on the country's economic prospects.
ChinaLockdown #COVID-19 #PandemicRestrictions
Rising restrictions on Russia and the destruction of Ukraine's infrastructure are impeding the global trade of fuel, food and other products. The widening imbalances between global demand and supply are creating challenges - as well as opportunities - for other economies. One such country is Mongolia. Its straddled between Russia and China, and relies on its neighbours for oil, gas, fertiliser and other goods. On the other hand, it has vast reserves of natural resources like copper and lithium, which are also getting more expensive. We spoke to Mongolia's Finance Minister, Boldin Javkhlan, about how the government is dealing with rising inflation and diversifying its industry.
MongoliaEconomy #MongoliaGDP #MongoliaTrade
The latest round of sanctions being imposed by the US and its allies, on Russia over its attack on Ukraine. They've accused Moscow of committing war crimes, including the indiscriminate killing of civilians in Bucha and other parts of the country. And the new punitive measures will hit close to home for President Vladimir Putin. Washington is also restricting Russia's ability to send and receive funds overseas. It's frozen more than $600M in foreign currency reserves held in US bank accounts.
For more on the story, economist Ali Khizar joined us from Lahore.
RussiaAttacksUkraine #RussiaSanctions #RussiaFrozenAssets
Mounting international restrictions on Russia are slamming the brakes on its economy, but they are also taking a toll on global trade, stifling supplies of food grains, fuel, fertiliser and other products. As commodity prices spiral higher, many countries are grappling with rising inflation and the economic crisis is leading to political upheaval. Mobin Nasir reports.
For more on the story, economist Ali Khizar joined us from Lahore.
Inflation #FoodPrices #FuelPrices
This month, the southern Turkish city of Hatay opened its biggest exhibition, Expo '21, which was post-poned due to the pandemic. With its rich history and culture, this gem of the Mediterranean coast hopes to attract a record number of tourists this year. Tayyibe Aydin reports.
TürkiyeTourism #HatayCulture #HatayExpo
The crisis in Ukraine is forcing policymakers around the world to make some very tough decisions. Among them are the people running the US Federal Reserve. The Fed is ending its monetary stimulus. It's already started hiking interest rates, and according to a senior official this week, there's more to come. The bank is also reversing its quantitative easing programme, by selling off government bonds and mortgages, effectively sucking money out of the economy. The goal is to cool inflation, but, virtually every time the Fed has been this aggressive in the past, it's triggered a recession.
USInflation #FederalReserve #InterestRates
Rising prices at the pump are a bane for commuters, but for electric vehicle makers, it’s driving a boom in demand. Tesla, BMW, GM and other automakers have all reported record EV sales in the first quarter of this year and many of them are now developing more economic models to tap into the mass market.
ElectricVehicles #EVMarket #Tesla
Global stocks are mostly flat, reflecting anxiety over a fresh outbreak of COVID-19 in China. The financial hub Shanghai reported around 21,000 new coronavirus cases on Thursday. Investors worry that will force the government to extend an ongoing lockdown in the city of more than 25M people. The Chinese economy is already on track to grow at its slowest pace in decades this year. That's partly because Beijing has refused to stray from its zero-COVID strategy.
AvaTrade chief market analyst, Naeem Aslam joined us from London and told us how lockdown in Shanghai could affect Chinese economy as well as global semiconductor supply.
China #ShanghaiLockdown #PandemicOutbreak
Oil prices are rising again despite a coordinated move by major economies to increase the supply of crude in the market. The International Energy Agency says its members are releasing a combined 60M barrels of crude from their stockpiles. It's on top of the 180M barrels that the US is taking out of storage over the next six months. Their decision is meant to bring down prices, as sanctions mount on Russia, the world's second-biggest exporter. But markets were not impressed. The international crude benchmark Brent has risen around 2%, with oil now trading at around $102 a barrel.
David Madden is a market analyst at Equiti Capital and he joined us from London.
OilReserves #OilPrices #CrudeSupply
The US dollar is trading near a two-year high against other major currencies like the euro, the British pound and the Japanese yen. That follows comments by a senior US Federal Reserve official hinting at the more aggressive withdrawal of support for the world's largest economy. Governor Lael Brainard, who sits on the central bank's policy making body, says quicker action is needed to keep inflation in check. The Fed is expected to raise borrowing costs by more than usual. It's also preparing to rapidly sell off government bonds and other securities it's accumulated over the past two years.
Craig Erlam is a senior market analyst at OANDA. He says aggressive monetary policy could lead a recession in the world's largest economy.
FederalReserve #USDollar #InterestRates
Oil prices are climbing as the EU and the US call for another set of tough sanctions on Russia, one of the world's largest fuel exporters. French President Emmanuel Macron is the latest world leader to advocate for a ban on Russian crude and coal shipments. Meanwhile, Washington has stopped American banks from processing Russian debt payments using money held in the US. That means bond holders are at risk of losing some 600 million dollars.
We spoke to Danni Hewson, a financial analyst at AJ Bell in the UK. She tells how Russia is coping with Western-led sanctions.
RussiaSanctions #RussiaDebtPayments #OilPrices
EU leaders are considering further sanctions on Moscow, over alleged war crimes in Bucha. Among the possible restrictions is the creation of a temporary holding account where payments for Russian energy shipments may be frozen until troops withdraw from Ukraine. Germany has so far resisted calls to cut off the energy trade with Moscow, but officials there are now signaling they're ready to change course. Meanwhile, oil prices fell over the weekend as the US began releasing supplies from its strategic reserves.
Exinity Group chief market analyst, Han Tan joined us from Abu Dhabi to discuss details in energy market.
RussiaSanctions #EuropeEnergy #OilReserves
Hoping to rein in the spread of another variant of COVID-19, authorities in China have implemented lockdowns across Shanghai and other parts of the country. But the closure of businesses could deal a blow to the economy just as its recovers from earlier social restrictions. Mobin Nasir reports.
Guido Cozzi is a professor of macroeconomics at the University of St. Gallen in Switzerland. He joined us to discuss the details.
China #ShanghaiLockdown #COVID-19
It’s a key financial hub for the Middle East and a gateway to the region for international trade. Now Dubai’s rulers want the emirate to become a global center for virtual assets and cryptocurrencies. It’s rolled out regulations and incentives for firms operating in the sector and some big names are setting up shop there.
Dubai #Cryptocurrencies #DigitalAssets
Oil prices fell by more than $5 a barrel on Thursday, on reports that US Preident Joe Biden could order the release of 180M barrels of oil from the country's strategic reserves. Brent is trading at around $107 a barrel and WTI at $101 a barrel, after slipping as low as $100. Concerns over supply constraints have also been eased due to a slowdown in China's industrial activity. Meanwhile, OPEC and its allies are convening today to discuss global oil supplies. The International Energy Agency and others have been calling on the cartel to raise output faster, to help rein in inflation.
Equiti Capital market analyst. David Madden joined us to discuss the details.
OPEC #OilSupply #OilPrices
The US continues to raise the heat on Russia over its attack on Ukraine. In its latest round of sanctions, Washington is slapping sanctions on entire sectors of the Russian economy. But attempts to cut off Russia's biggest income source seem to be much less successful. The US is pressing allies like Saudi Arabia and the UAE, to bolster oil output to replace a potential loss in supplies from Russia. But OPEC and its allies say the global energy trade should not be politicized.
RussiaSanctions #OilMarket #OPECMeeting
The Turkish tech sector, which has produced innovative companies with growing global footprints. Among them are shopping sites like Getir, Trendyol, and Hepsiburada, which fine-tuned their business models at home and are now making waves abroad. Now the search is on for the country's next corporate 'unicorn,' as these billion-dollar firms are known. TRT World's Paolo Montecillo was at this year's World E-Commerce Expo in the Turkish city of Antalya to find out what startups are doing to make their leaps.
Emre Ekmekci joined us on set. He's head of the Turkish E-Commerce Association and attended the World E-Commerce Expo in Antalya this week.
TurkishStartups #ECommerceExpo #TürkiyeUnicorn
Oil prices are down slightly on Friday amid a US led effort to have major economies open up their emergency reserves. It aims to bring down the price of the commodity, by partly offsetting Russian fossil fuel shipments affected by Western sanctions. The International Energy Agency is meeting later on Friday to discuss the coordinated release from its stockpiles.
OANDA's senior market analyst, Craig Erlam joined us from London to discuss latest developments.
OilReserves #OilMarket #EnergyPrices
Oil prices are rebounding after heavy losses on Wednesday, amid tight supply and growing prospects of new Western sanctions against Russia. That's despite the fact that signs of progress are emerging from peace talks between Moscow and Kiev. The international benchmark Brent is trading at around $111 a barrel, while WTI stands at $105 a barrel. The focus turned to tight supply after the American Petroleum Institute industry group reported crude stocks fell by 3M barrels in the week ended March 25.
Hargreaves Lansdown investment analyst, Susannah Streeter joined us to discuss developments in oil market.
OilSupply #FuelPrices #CrudeOil
The Democratic Republic of the Congo has become the seventh country to join the East African Community. Its inclusion will provide members of the economic bloc with access to key Atlanctic Ocean ports. It also adds an economy worth $50B to the common market area.
For more on this, we were joined by Agnes Gitau, GBS Africa Managing Partner and a board member of the Eastern Africa Association.
DemocraticRepublicofCongo #EastAfricanCommunity #DRC
The yen is in focus for investors, as it hovers near a six-year low and continues to weaken. On Monday, the Bank of Japan offered to buy unlimited amounts of 10-year government bonds for the first four days of this week. And finance minister Shunichi Suzuki says the government is keeping a close eye on currency markets to avoid what he describes as a "bad yen weakening".
For more, AJ Bell financial analyst, Danni Hewson joined us from Huddersfield, UK.
JapanYen #BankofJapan #YenDepreciation
Oil prices are down sharply after China placed the financial hub Shanghai under lockdown due to rising coronavirus infections. The international benchmark Brent fell more than 5%, and is now trading at around $115 a barrel. Fresh COVID-19 restrictions in the city of 26M people are exacerbating concerns over a possible dip in demand for fuel from the world's biggest crude importer.
We were joined by AvaTrade chief market analyst, Naeem Aslam in Bodrum, Türkiye,
ShanghaiLockdown #OilDemand #PandemicinChina
The European Union is set to announce a deal to import more natural gas from the US. That new supply will replace Russian shipments that the bloc wants to eliminate, over Moscow's military operation in Ukraine. According to reports, the US would sell an additional 15B cubic metres of liquefied natural gas or LNG to Europe this year. That would add to the 22B cubic metres a year that American firms already sell to customers in the bloc.
We were joined by Osama Rizvi, energy and economic analyst at Primary Vision in Lahore, Pakistan.
LiquefiedNaturalGas #EuropeanUnion #LNGDeal
Russia and Ukraine usually supply about a third of the world's wheat. Since the conflict began, aid agencies have warned of potential food shortages and price increases. They say North Africa and the Middle East are particularly at risk, as the regions rely heavily on Ukrainian wheat. And in Lebanon, a grain shortage could be devastating. Imogen Kimber reports from Beirut.
We were joined by Imogen Kimber in Beirut, to hear more about the situation there.
GrainShortage #LebanonPoverty #FoodPrices
Turkish firm, Smart Solar Technologies has raised $36M from its listing on the Borsa Istanbul this week. The company aims to use the funds to boost manufacturing of photovoltaic cells. Demand for the equipment is booming as both the government and private sector look to harness renewable energy sources.
Türkiye #RenewableEnergy #SmartEnerji
Turkish football club, Galatasaray are known as powerhouses on the pitch, but now they're turning their entire stadium into a solar power plant. The project is expected to significantly curb energy costs and make the Istanbul team a leader in the field of renewable energy. Tayyibe Aydin reports.
SolarPower #Galatasaray #Enerjisa
Data from the United Nations show Russian bombs and bullets have destroyed $100B-worth of Ukrainian infrastructure since the conflict began. That number is obviously still climbing, and even before the current crisis, Ukraine had already lost $280B in income due to Russian incursions into Crimea and the nation's eastern regions.
The longer the conflict drags on, the higher the cost will be for the Ukrainian and global economy. That's according to Gabriella Legrenzi, an associate professor of economics at Keele University in the UK.
RussiaAttacksUkraine #WarCost #UkraineDestruction
As the US, EU and their allies step up sanctions on Moscow, Russian President Vladimir Putin says the reliability of dollars, pounds and euros have become questionable. He's instructed state-owned energy companies to demand payments for gas shipments in rubles. Moscow had published a list of these ‘unfriendly countries’ earlier in May. It includes, the US, UK, EU member states and more than 20 other countries. Ukrainian officials are calling on the international community to maintain pressure on the Kremlin and not give in to Putin's demand.
We were joined by Cornelia Meyer, who is the chairperson and CEO of Meyer Resources.
RussiaAttacksUkraine #RussianRuble #NaturalGasTrade
The US has announced another round of sanctions on Russia, this time targeting hundreds of lawmakers. Meanwhile, President Joe Biden has also met with leaders from the EU and other allied countries, to prepare a joint strategy to blunt the impact of the conflict on global energy markets.
RussiaAttacksUkraine #RussiaEnergyExport #Sanctions
The European Union is set to announce a deal to import more natural gas from the US. That new supply will replace Russian shipments that the bloc wants to eliminate, over Moscow's military operation in Ukraine. According to reports, the US would sell an additional 15B cubic metres of liquefied natural gas or LNG to Europe this year. That would add to the 22B cubic metres a year that American firms already sell to customers in the bloc.
OANDA senior market analyst, Craig Erlam joined us from London.
LiquefiedNaturalGas #EuropeanUnion #LNGDeal
The ruble is trading at its strongest level in about a month. That's after President Vladimir Putin's shock announcement to require what he calls unfriendly countries to pay for natural gas using the Russian currency. Moscow had released a list of those unfriendly states this month, and it includes the US, European nations, and their Asian allies. Natural gas is used to heat homes and power factories, and Europe gets 40% of its needs from Russia. The Kremlin's move is meant to counter painful economic sanctions imposed on Moscow by the EU and US.
For more, Equiti Capital market analyst, David Madden joined us from London.
RussianRuble #NaturalGasTrade #UnfriendlyCountries
In Türkiye, where the government is stepping up support for the technology sector, with a $300M cash injection. The money's being raised by the country's sovereign wealth fund in partnership with Abu Dhabi's government. The deal is part of a broader agreement under which the UAE plans to invest $10B in the Turkish economy. Ludovica Brignola has the details from Istanbul.
TürkiyeWealthFund #TurkishStartups #AbuDhabiDevelopmental
Oil prices are rising again, as US reserves unexpectedly fell last week. It shows that consumers and businesses in the world's largest economy are using more oil than companies are able to buy. Data from the American Petroleum Institute showed crude stocks declined by more than four million barrels for the week ending March the 18th. That follows a ban on Russian crude shipments imposed by Washington earlier this month, over its attack on Ukraine.
Han Tan joined us live during the programme. He's the chief market analyst at the Exinity Group in Abu Dhabi.
OilPrices #USReserves #Russia
EU member states plan to begin buying liquefied natural gas cargoes, jointly as a bloc, instead of as individual countries. Following a formal deal signing later this week, the bloc will outline rules for the collective purchases, which aim to end reliance on Russian suppliers. The bloc is also discussing a ban on Russian oil imports, following similar restrictions by the US and the UK.
CMarkits CEO, Yousef Alshammari joined us for details.
RussiaAttacksUkraine #LiquifiedNaturalGas #EuropeanUnion
Switching to an energy source that is not limited, Turkish utility provider, Enerjisa is helping football club Galatasaray turn its stadium into a solar power plant. And when the game is not on, the stadium could power as many as 2,000 homes. Tayyibe Aydin reports from the field.
SolarPower #Galatasaray #Enerjisa
EU member states plan to begin buying liquefied natural gas cargoes, jointly as a bloc, instead of as individual countries. Following a formal deal signing later this week, the bloc will outline rules for the collective purchases, which aim to end reliance on Russian suppliers. The bloc is also discussing a ban on Russian oil imports, following similar restrictions by the US and the UK. Naeem Aslam, chief market analyst at Ava-Trade in London, explains how difficult it would be for Europe to find adequate alternative energy sources.
RussiaAttacksUkraine #LiquifiedNaturalGas #EuropeanUnion
Oil prices spiked more than 3% as the European Union mulls a potential ban on Russian crude shipments, as a consequence for its attacks in Ukraine. Markets are also rattled after Houthi rebels carried out missile strikes on oil facilities in Saudi Arabia. As Paolo Montecillo reports, consumers around the world are feeling the pinch.
RussiaOilTrade #EUSanctions #OilPrices
The European Union is considering an embargo on oil from Russia, amid Moscow's continuing attack on Ukraine. Foreign ministers from the bloc are discussing the proposal on Monday, ahead of a summit by NATO and G7 nations. If the measure is approved, the EU would be joining the US and the UK in banning Russian oil, which is among Moscow's biggest sources of income.
Vicky Pryce, a board member at the Centre for Economics and Business Research joined us fore more.
RussiaAttacksUkraine #RussianOil #EuropeanUnion
Inflation has been the story of the week, with central banks around the world finally making moves to rein in soaring price levels. The US Federal Reserve announced its first rate hike since 2018, raising the interest rate by a quarter of a percentage point. US consumer prices in February rose by their fastest rate since 1982. In response, the US central bank to take drastic action, with chair Jerome Powell saying he expects to raise rates six more times this year.
Inflation #InterestRates #USFederalReserve
Hailed by many as the the future of the internet, Web 3.0 is attracting attention and investments from the likes of Microsoft. In its latest funding round, blockchain technology startup, Consensys has raised $450M from the software giant, and from the Japanese investment fund Softbank and Singapore's Temasek. The money will go towards developing mobile wallets, decentralised business platforms and other tools that aim to give users more control over data.
Web3.0 #DecentralisedInternet #FutureofInternet
Who is on the winning and losing ends of China's economic problems?
China's latest lockdowns have led to the closure of factories that make products for some of the world's biggest companies. Tesla was forced to suspend production at its so-called giga-factory in Shanghai this week. iPhone-maker Apple also faces a shortage of gadgets after supplier Foxconn was forced to hit pause at its factory in Shenzhen.
Those supply-chain bottlenecks are expected to add to inflationary pressures that have made consumer goods more expensive. But a slowdown in the world's second-largest economy is also relieving some pressure on household and corporate budgets.
ChinaLockdown #WinnersLosers #FactoryClosures
Beijing's anti-COVID-19 playbook has stayed unchanged throughout the pandemic. Clusters of infections are still met with strict lockdowns and mass testing. That strategy is now facing its toughest test, with China in the midst of its worst outbreak since the initial wave more than two years ago. And under the sweeping restrictions, the world's second-largest economy is feeling the strain. Paolo Montecillo has more.
ChinaLockdown #CoronavirusRestrictions #EconomicImpact
The conflict in Ukraine is pushing millions of people into food poverty, according to the UN Food and Agriculture Organization. Both Russia and Ukraine are among the world's largest suppliers of grains, and disruptions in their exports mean many countries face the risk of losing their breadbaskets. Tayyibe Aydin reports.
Monika Tothova, an economist with the Food and Agriculture Organization, joined us from Rome.
#FoodInsecurity #RussiaAttacksUkraine #GrainPrices
Energy prices spiked higher this week as peace talks between Russia and Ukraine appear to have stalled. The conflict in Ukraine is wreaking havoc on the global economy - from creating panic at the pump, to trouble on the high seas. Many European buyers are turning down Russian oil shipments as their governments slap economic sanctions and cut business ties with Moscow. But that's creating shortages across the continent, leaving motorists stranded and threatening the survival of small businesses.
Ellen Wald, the president of the energy consulting firm, Transversal, joined us from Jacksonville, Florida.
RussiaAttacksUkraine #EnergyPrices #EconomicSanctions
Oil prices are extending their rally at the end of a third, volatile week of trade. That’s after slim progress in peace talks between Russia and Ukraine, which is raising fears of tighter sanctions and a prolonged disruption to oil supplies. Susannah Streeter is Hargreaves Lansdown's investment analyst. She explains what's likely to have the biggest impact on oil prices.
OilPrices #RussiaUkraine #BrentCrude
The US Federal Reserve has approved its first interest rate increase in more than three years, to address spiralling inflation. The central bank had kept its benchmark interest rate anchored near zero since the beginning of the coronavirus pandemic. With borrowing costs now on the rise, Fed officials are warning economic growth will slow.
For more, we joined to Russ Mould, AJ Bell Investment Director in London.
FED #InterestRates #USInflation
The US economy is gearing up for a hike in borrowing costs for the first time since the onset of the coronavirus pandemic. While the move is likely to curb inflation, investors are still grappling with higher commodity prices in the wake of Russia's attack on Ukraine. More in this report.
InterestRates #Inflation #CommodityPrices
Saudi Arabia is in talks with China to price some of its oil contracts in Chinese yuan, a move that may challenge the US dollar's dominance over the global market for crude and refined petroleum products.
Financial analyst at AJ Bell Danni Hewson, says if implemented, the agreement could shake up global energy trade.
SaudiOil #ChineseYuan #OilPrices
Stock indices in the Asia-Pacific region fell on Tuesday, despite better-than expected economic data from China, and a reversal in oil prices that's expected to ease energy costs. But market activity throughout the rest of this week will likely be driven by statements from the US Federal Reserve. It's expected to share its outlook for the world's largest economy and begin hiking interest rates to rein in inflation.
OANDA senior market analyst, Craig Erlam joined us from London.
AsiaStocks #China #OilPrices
Washington has warned Beijing against helping Moscow blunt the blow of international sanctions. That's after Russia said it's banking on China's help to withstand the crippling economic restrictions placed on it over the attack on Ukraine. Tayyibe Aydin reports and political and economic affairs commentator, Einar Tangen, joins us from Beijing.
RussiaUkraine #Sanctions #China
Washington has warned Beijing over helping Moscow blunt the blow of international sanctions. That's after Russia said it is banking on China's help to withstand the crippling economic restrictions placed by Western nations over the attack in Ukraine. For more, we are joined by Guido Cozzi. He's a professor of Macroeconomics at St Gallen University.
RussiaAttacksUkraine #China #RussiaSanctions
As international sanctions and financial restrictions bite, many Russians are trying to protect their savings by switching to cryptocurrencies. But law makers in the US and other countries are concerned that Russian officials and oligarchs may also be using these platforms to evade sanctions and stash their wealth in safe havens. The Biden administration is introducing new regulations to tighten its control over cryptocurrencies. But critics says the move will yield only limited gains, if any. Amy Anderson reports.
Jeffrey Tucker is a crypto market analyst and the president of Brownstone Institute. He joined us now from Austin, Texas.
RussiaEconomicSanctions #Cryptocurrency #CryptoPlatforms
The US and the UK have both imposed a ban on imports of Russian energy. Russian oil made up about 3% of all the crude shipments that arrived in the US last year. But for Europe it's a whole different story. Countries like Germany, Sweden and Romania depend on the country for around half of their crude imports. For Finland, Poland, Hungary and Estonia, it's closer to 70% or even 80%.
MarketMovers #EnergyWar #EuropeGasDependency
Rising food and fuel prices are also taking a toll on other economies. Struggling to manage their finances, developing countries like Sri Lanka and Argentina are also being driven to seek aid from the IMF, despite the organisation's strict and unpopular austerity requirements. Tayyibe Aydin reports.
GlobalInflation #FuelShortage #FoodPrices
As Ukraine faces its biggest economic and humanitarian crisis, international assistance is flowing in to help mitigate the impact of the Russian attack:
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IMF approves $1.4B emergency funds
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World Bank announces $700M in loans, grants
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Washington to provide $13.6B to Kiev
The European Bank for Reconstruction and Development has also announced a $2.2B 'resilience package' for Ukraine. Its president Odile Renaud Basso joined us from Paris.
RussiaAttacksUkraine #UkraineAid #HumanitarianAssistance
As Ukrainians continue to resist Russian forces, the cost of the conflict is rising for Moscow, Kiev and the global economy. Both Ukraine and Russia are major suppliers of food, fuel and other key inputs for a myriad industries. The Economist Intelligence Unit estimates the ongoing conflict could cost the global economy at least $400B this year. Russian heavy deployment is coming at a steep cost to Moscow, with some saying it's spending around $20B a day. And the onslaught is taking a heavier toll on Ukraine. President Volodymyr Zelenskyy's administration says public infrastructure worth more than $100B has already been destroyed.
Andrii Dligach, the co-founder of the Centre for Economic Recovery and CEO of the business consultancy, Advanter Group. He joined us from Kiev.
In Kent in the UK, we had Douglas McWilliams, the founder and deputy chairperson of the Centre for Economics and Business Research.
RussiaAttacksUkraine #WarCost #EconomicImpact
Fears of higher inflation are driving down investor sentiment across global equity markets on Friday. Stocks in the Asia-Pacific region fell lower, as the the Dow Jones heads for its fifth straight week of losses. Russia's attack on Ukraine has driven up international prices of oil, natural gas, food grains and dozens of other commodities. The impact is already being felt, with consumer inflation in the US soaring to a 40-year high of 7.9% in February.
Equiti Capital market analyst, David Madden joined us from London.
InflationFears #StockMarkets #DowJones
Oil prices have plunged by as much as 12%, to settle around $108 per barrel after rising to more than $130 earlier this week. The drop came after US Secretary of State Antony Blinken announced that the United Arab Emirates and Iraq have agreed to increase oil production. Washington has been calling on major oil exporters to raise output to rein in rising prices and make up for a fall in global supplies following its ban on Russian exports of fossil fuels.
For more on the topic, we were joined by AvaTrade Chief Market Analyst, Naeem Aslam.
RussiaAttacksUkraine #RussiaEnergyExport #GulfOilSupply
Major mainland China indices are all in the red, as rating agency Fitch says a bond default in Russia is imminent, because of the country's financial isolation following its attack on Ukraine. Meanwhile, the Russian ruble has gained some ground, after heavy losses. The currency has fallen more than 40% against the dollar since the start of the year, making it by far the worst-performing emerging market currency this year. Analysts expect it to depreciate further, if sanctions on Russia's energy sector are expanded. US President Joe Biden has announced a ban on Russian oil and other energy imports, and the barrel of oil hit its highest price this week since mid 2008.
For more on Russia's oil exports ban, we were joined by Susannah Streeter in Bristol, UK. She is an investment analyst at Hargreaves Lansdown.
RussiaAttacksUkraine #USImportBan #RussiaEnergyExport
Moscow is threatening to wage economic warfare against those countries that have imposed sanctions and crippled the Russian economy. Its biggest weapons, are oil and natural gas. Russia is a major source of both commodities, which were already in short supply before the crisis in Ukraine began. Paolo Montecillo reports.
Independent analyst, Neil Atkinson joined us from Paris.
RussiaAttacksUkraine #RussiaSanctions #NaturalGas
Russia is threatening to cut natural gas supplies to Europe via the Nord Stream 1 pipeline as part of its response to sanctions imposed over the invasion of Ukraine. Analysts fear this could further raise oil and gas prices and heighten the turmoil in energy markets. Oil prices are see-sawing near 14-year highs. The US is considering acting alone to ban Russian imports rather than teaming up with European allies, easing concerns of a wider disruption to crude supplies.
OANDA senior market analyst, Craig Erlam joined us from London.
RussiaAttacksUkraine #RussiaSanctions #NaturalGas
The US, EU and other world powers have piled economic sanctions on Russia. This collective action has triggered an exodus of companies from the country. The growing list of those reviewing their activity includes dozens of international businesses. And the latest to suspend operations are US payments networks.
Danni Hewson joined us from Huddersfield, UK. She's a financial analyst at AJ Bell.
RussiaAttacksUkraine #RussiaSanctions #Visa
The price of oil has jumped to its highest level since the 2008 global financial crisis. That's amid reports that the US and Europe are considering their toughest sanctions yet: a ban on Russian oil and gas imports. The sale of fossil fuels is Russia's most important industry. A boycott would starve Moscow of the revenues that account for more than a third of its spending.
Han Tan, chief market analyst at the Exinity Group joined us from Abu Dhabi.
RussiaAttacksUkraine #OilPrices #RussiaSanctions
The increasingly severe sanctions imposed by the West have plunged Russia's currency to record lows, and put the country's financial system under intense pressure. Desperate to save their earnings, many Russians are rushing to get their cash out of banks, while they still can.
Alexander Titov, a Russia affairs analyst and a lecturer at Queen's University Belfast joined us during the programme. He shared his thoughts on how sanctions could impact ordinary Russians.
RussiaAttacksUkraine #RussiaEconomicSanctions #RussiaInflation
It's not unusual for global markets to take a hit during times of conflict, but right now its energy markets that are in a tailspin, especially oil and gas prices, which are soaring as Western powers look to block Russian shipments.
We were joined by Greg Newman, CEO of Onyx Capital Group in London. He explained us how significant is Russia, as a global supplier of oil and gas.
RussiaAttacksUkraine #EnergyPrices #OilMarket
The conflict in Ukraine is also threatening global food supplies at a time when the prices of wheat, corn and other grains had already been soaring. Ukraine and Russia are among the world's biggest suppliers, and the conflict between them has brought exports to a halt. Adama Munu reports.
RussiaAttacksUkraine #GrainPrices #WheatExport
As we've heard, international sanctions and capital controls are creating cash shortages in Russia. And conditions are similar across the border in Ukraine, where the central bank has imposed limits on cash withdrawals. That's driving many people in both countries to invest in cryptocurrencies. But could cryptos really prove to be sanction-proof?
RussiaAttacksUkraine #SafeHavens #Cryptocurrency
International businesses had been pouring money into Russia following the collapse of the Soviet Union in 1991. But Moscow's attack on Ukraine has reversed this three-decade trend. The US, EU and other world powers have piled economic sanctions on Russia, triggering an exodus of companies from the country. The growing list of those reviewing their operations includes dozens of international businesses from auto manufacturers to shippers and media giants.
RussiaAttacksUkraine #EconomicSanctions #CorporateExodus
Global stock markets are deep in the red as the Russian military drives deeper into Ukrainian territory. Asia's biggest benchmarks, those in Japan and Hong Kong, are both down more than 2%. That's about the same for shares in Germany, France and the UK. US stocks are also set to extend losses from overnight. The latest development to spook investors is Russia taking control of a Ukrainian power plant, which the biggest in Europe.
RussiaAttacksUkraine #Zaporizhzhia #StockMarkets
AJ Bell financial analyst Danni Hewson joined us from Huddersfield, UK for more.
Authorities in Kiev say a meltdown there would be far worse than the Chernobyl nuclear disaster in the 80s. Though there is some relief for consumers.
The price of oil has climbed to its highest in almost a decade. That's due to persistent fears of the global economy losing access to crude from Russia, one of the largest exporters of the commodity. The international benchmark Brent has risen more than 3.5% to reach $116 a barrel. The last time oil was that expensive was in August 2013.
Earlier, I spoke to David Madden, market analyst at Equiti Capital in London. He talked about the effect of private firms starting to avoid Russian oil and what that's doing to global supply levels.
RussiaAttacksUkraine #SanctionsonRussia #OilPrices
Oil prices are soaring yet again, further amplifying the global economic toll of Russia's attacks on Ukraine. The price of Brent crude has shot up by 7% to top $110 a barrel, the highest since July 2014. That's as investors worry that Western governments will soon buckle under the pressure, and impose sanctions on Russia's energy sector. Paolo Montecillo reports.
RussiaAttacksUkraine #SanctionsonRussia #EnergyPrices
The UK government is working on an extensive list of Russian oligarchs who will be subject to additional sanctions. Downing Street's already imposed restrictions on several businesses and billionaires with links to the leadership in Moscow. Those people will be unable to travel to the UK, and any UK-based assets will be frozen.
Vicky Pryce, a board member at the Centre for Economics and Business Research, joined us from London.
RussiaAttacksUkraine #UKSanctionsRussia #OilPrices
Oil prices are soaring yet again, further amplifying the global economic toll of Russia's attack on Ukraine. The international crude benchmark Brent is up 7% to top $110 a barrel. That's its highest level since July 2014. It comes amid fears that Moscow's sustained assault will force Western governments to impose sanctions on the Russian energy sector. The rally also comes ahead of a meeting of the world's oil cartel OPEC. The group's expected to announce a decision on crude supply levels to meet growing global demand.
Naeem Aslam is the chief market analyst at AvaTrade in London.
RussiaUkraineWar #OilSupply #OpecMeeting
Russia's assault on Ukraine has drawn strong rebuke from the US, EU and other world powers, who have piled economic sanctions on Moscow. Many of its banks have been excluded from the global banking payments system, SWIFT. The measures are triggering an exodus of international companies from Russia. And as Amy Anderson reports, that's threatening thousands of jobs and raising the spectre of inflation for millions of Russians.
RussiaAttacksUkraine #RussiaEconomicSanctions #FirmsExitRussia
The most significant departures are from Russia's biggest money-maker: the energy sector: - Shell is exiting a partnership with Russia's Gazprom in a move that could cost the oil major some $3B. - That follows a similar plan by BP, which announced it's divesting from Rosneft, a decision that will result in a $25B writedown. - Norway's $1.3T sovereign wealth fund is unloading $3B-worth of shares in 47 Russian companies and other assets.
Independent oil industry analyst Neil Atkinson joined us from Paris to discuss how the departures of oil companies could impact Russia's industry.
RussiaEconomicSanctions #OilFirmsExitRussia #RussiaOilSupply
Western sanctions are already having an effect on Russia, with the currency, the ruble, in freefall. In early trading on Monday it fell almost 40 percent. It's of course left locals worried their money will be worth less and less. Tayyibe Aydin reports.
Ruble #RussiaBankQueues #RussianConsumers
Western businesses are scrambling to disentangle themselves from the Russian economy, which is growing increasingly isolated due to Western-led financial sanctions. Payments giant Mastercard says it's blocked several Russian banks from its network due to the restrictions by the US and Europe. Tech giants are also taking a stand, led by Facebook and Instagram owner Meta. It's restricting access to state-owned Russian media channels RT and Sputnik. That follows a similar move by China's TikTok. But the most significant departures are from Russia's biggest money-maker: the energy sector.
Susannah Streeter is an investment analyst at Hargreaves Landsdown in Bristol. She joined us to discuss implications of the sanctions on Russian economy.
SanctionsonRussia #RussiaUkraineWar #BusinessesExitRussia
European markets are falling sharply as investors digest news of mounting sanctions on Russia, a major oil exporter and the world's 11th largest economy. French and German shares are down by the most, with benchmarks there losing around 3%. Wall Street stocks are also set to open with steep losses when trading begins in the US on Monday. Russia's growing economic isolation has also sent its currency, the ruble, crashing by around 30%. Meanwhile, China has come out against Western restrictions, calling them illegal.
Cornelia Meyer is an economist and independent oil industry analyst, and joined us from Bern in Switzerland.
RussiaUkraineWar #EuropeanStockMarkets #ChinaRejectsSanctions
Oil prices have shot up amid mounting sanctions on Russia, one of the world's largest oil exporters. International crude benchmark Brent is back up above $100 a barrel. Around a tenth of the world's crude comes from Russia. The reliability of that supply is now in doubt due to the latest round of economic penalties. Those include the removal of Russian banks from the global payments messaging system known as Swift, as well as restrictions on the central bank in Moscow. Russia's growing economic isolation has also sent its currency, ruble, crashing by around 30%.
Han Tan joined us live during the programme. He's the chief market analyst at the Exinity Group in Abu Dhabi.
RussiaUkraineWar #RussiaEconomicSanctions #OilMarketImpact
The US, Australia and other countries have announced another round of sanctions on Russia. The EU has also shared more details about restrictions announced on Thursday. How far-reaching will the impact of the sanctions be on the people of Russia, and the rest of the world? Our senior business producer Paolo Montecillo explains.
We are also joined by Alexander Titov: Queen's University Belfast Lecturer.
RussiaUkraine #Sanctions #EconomicImpact
Russia has started an assault on Ukraine by air, land and sea. Russian cruise missiles and artillery hit targets across the country Thursday morning. We took a look at how the markets around the world are reacting to this Russian offensive. Osama Rizvi is an energy analyst at Primary Vision and joins us from Lahore.
RussiaUkraine #WarEconomy #OilPrices
Victoria Scholar; Head of Investment at Interactive Investor, tells us how markets around the world are reacting to Russian attacks on Ukraine.
RussiaUkraine #RussianInvasion #GlobalMarkets
The Turkish Treasury has recently raised $3B from the sale of the IOUs, which are known in the industry as Sukuk. These securities are a cross between debt and equity, and allow companies and governments to raise money from investors without charging interest, which is prohibited under Islamic rules. We spoke to experts at global debt-watcher, Fitch Ratings, who helped explain the intricacies of Islamic finance and why even non-Muslim majority countries are jumping into the growing market.
IslamicFinance #Sukuk #IslamicBonds
Russia and Ukraine have long been at loggerheads. And squaring-off with its larger neighbour has cost Kiev dearly. Russian troops were first detected massing near the Ukrainian border in November. That's added to volatility in energy prices that are hurting consumers in small and large markets. For more, Ellen Wald joins us from Jacksonville, Florida. She's the president of the energy consulting firm, Transversal.
RussiaUkraine #RussianInvasion #EnergyPrices
Türkiye is one of the world's top consumers of gold. It's traditionally given as gifts at weddings and births and stored 'under-the-mattress' for a rainy day. But now the government has introduced a new scheme to encourage citizens to deposit it into the banking system. Tayyibe Aydin reports. For more, we're joined by economist and professor Erhan Aslanoglu from Piri Reis University in Istanbul.
TurkeyEconomy #GoldScheme #GroundBazaar
Germany is suspending certification of the Nord Stream 2 gas pipeline in response to Russia's invasion of Ukraine. That's raising fears that the European Union may not be able to meet its energy needs. Here's a look at the project and what its shelving may mean for Europe.
NordStream2 #RussiaUkraine #EuropeEnergyCrisis
Oil prices are surging as the crisis between Russia and Ukraine escalates. According to analysts, the price of oil could spike to $110 a barrel if the crisis worsens further, given that the market is already facing supply chain disruptions. Oil prices have been very volatile in the past few months. Russia was the largest supplier of natural gas and oil to the European Union last year, and crude prices have rallied more than 80% since the beginning of 2021.
For more, we spoke to Han Tan; Chief Market Analyst at Exinity Group.
OilPrices #RussiaUkraine #StockMarkets
It's yet another scandal for Swiss lender, Credit Suisse. Several newspapers leaked details of some 18,000 accounts at the Swiss financial giant. Those accounts held more than $100 billion in assets and had been opened from the 1940s into the 2010s, according to the Organized Crime and Corruption Reporting Project.
For details, we spoke to Tom Stocks; a senior investigator at Organized Crime and Corruption Reporting Project.
CreditSuisse #FinancialCrime #WhistleBlower
Oil prices are falling on a plan for US President Joe Biden and Russia's Vladimir Putin to hold a summit on the Ukraine crisis. The office of French President Emmanuel Macron said in a statement he had pitched to both leaders a summit over "security and strategic stability in Europe", and the White House responded that Biden had accepted the meeting "in principle" but only "if an invasion hasn't happened."
For more on this, we spoke to Naeem Aslam; Chief Market Analyst at AvaTrade.
OilPrices #UkraineRussia #UkraineCrisis
Asian markets are under pressure after the US warned that a Russian invasion of Ukraine may be imminent. On Thursday, the Dow Jones Industrial Average had its worst day of 2022. It lost 600 points in its biggest daily drop since the end of November. The pan-European Stoxx 600 also ended down 0.75%, with leisure and travel stocks leading losses
For more on this, we are joined by Susannah Streeter, senior investment analyst at Hargreaves Lansdown.
UkraineRussia #DownJones #MarketTurmoil
Consumers around the world are getting relief as oil prices fall from their eight-year highs, amid signs of cooling tensions between Russia and Ukraine. International crude benchmark Brent is trading around $92 a barrel, after reaching $96 earlier in the week. Stock markets are also in the green, reversing three days of losses.
Danni Hewson is a financial analyst at AJ Bell in Huddersfield in England. She said the dip in oil prices is temporary, and consumers should expect costs to go up in the coming weeks.
OilPrices #UkraineRussia #StockMarkets
Mounting tensions between Russia, Ukraine and its allies continue to spook investors away from equity markets, in search of safe havens. That's driven gold prices to their highest level in eight months. Oil prices are hovering near their highest level in eight years, as investors worry about potential sanctions against Russia, one of the world's largest exporters of fuel.
Craig Erlam is a senior market analyst at OANDA. He told us which sectors are likely to feel most of the impact.
UkraineRussia #GoldPrice #StockMarkets
Oil prices have hit their highest level in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger U.S. and EU sanctions. This would in turn disrupt exports from Russia -- the world's top producer -- in a market that's already very tight.
For more on this, we spoke to Yousef Alshammari, who is the CEO of CMarkits.
OilPrices #UkraineRussia #RussiaSanctions
Foreign direct investments to Türkiye reached more than $14 billion in 2021, surging 81 percent over the previous year. That's despite a global decline in the flow of investments due to the coronavirus pandemic. Meanwhile the government has announced new economic reforms which it says will help rein in inflation and boost the country's foreign currency reserves.
For more on this, we are joined by Taha Arvas. He's an adjunct professor of finance at Bogazici University.
TurkeyEconomy #TurkishInflation #TurkishLira
We looked at the news and developments that've been moving global markets. This week, it's been all about corporate earnings. The auto and pharmaceutical sectors that have been making waves.
We spoke to Future Horizons founder, Malcolm Penn on Europe's microchip initiative, aiming to overcome semiconductor shortage which hits auto industry.
AutoIndustry #PharmaceuticalFirms #EuropeMicrochipInitiative
The global cruise industry was booming before the pandemic, with revenue growth hitting 27 billion dollars in 2019. But the following year, that fell by almost 90%. Two years on and the industry is still feeling the sting. And now a shipbuilding town in Germany has become the latest casualty.
CruiseShipIndustry #GlobalDreamAbondened #GentingHongKong
They're calling themselves the Freedom Convoy. Thousands of truckers and other workers have been blockading the streets of Canada's capital, demanding that the government lift a vaccine mandate for border crossings. Authorities say those demands can't be met. They've arrested dozens of demonstrators and taken steps to block their funding. Yet the protests continue, and as Daniel Padwick reports, the showdown is already taking a toll on Canada's economy.
Moshe Lander, a senior lecturer on economics at Concordia University, joined us from Montreal in Canada.
FreedomConvoy #VaccineMandateProtests #CanadianTruckersBlockRoads
The NFL is having its best ratings year since 2015. That means an audience of more than 100 million people for the biggest game of the year. NBC, which has the broadcast rights for the event, is raking in around half a billion dollars in ad revenues.
We spoke to Jessica Walker, a content creator at the cryptocurrency data tracking site CoinMarketCap. She told me why the Super Bowl is such a big opportunity for companies to reach a wider audience.
SuperBowlLVI #SuperBowlAdRevenues #NFLTradingAds
The Super Bowl is the single biggest game in American professional sports. And companies routinely line up and spend big for every bit of available air time during the almost four-hour-long broadcast. This year's list of first-time advertisers is dominated by cryptocurrency firms. It's part of the industry's push into the mainstream by infiltrating beloved past times.
SuperBowlLVI #SuperBowlCryptoAds #CryptoTradingPlatforms
Italy's oldest bank is fighting for its survival. Monte dei Paschi di Siena is struggling to stay afloat, despite repeated government bailouts. Now, Rome is under pressure from Brussels to privatise the lender, which is also the world's oldest bank that's in continuous operation. But those plans may put thousands of jobs at risk and leave taxpayers with a hefty bill.
For more on Italy's oldest bank, Giovanni Ferri joined us live from Rome. He's a professor of economics at LUMSA University.
MonteDeiPaschiDebt #MonteDeiPaschiSale #ItalyOldestBank
Inflation in the US surged more than expected over the past 12 months, signaling a worsening outlook for inflation and cementing the likelihood of more frequent interest rates hike this year. The consumer price index for January, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared with a year ago. It was the highest reading since February 1982. Rate-sensitive tech stocks were hit especially hard. The Nasdaq declined more than 2%. Government bond yields rose sharply, with the benchmark 10-year Treasury note touching 2%, its highest since August 2019.
For more on US inflation, we were joined by David Madden in London. He's market analyst at Equiti Capital.
USInflation #USPrices #InflationBreaksRecord
Saudi Arabia's economy expanded 6.8% in the fourth quarter of 2021, the fastest pace of annual growth in almost ten years. High oil prices boosted the kingdom's oil income by 10.8% according to preliminary estimates. Non-oil sectors grew 5% in the same period, but have slowed again, in the first month of this year as COVID-19 cases surged.
Independent analyst, Neil Atkinson joined us live from Paris to discuss more on Saudi Arabian economy.
SaudiArabiaEconomy #SaudiArabiaOilIncome #SaudiArabia2021GDP
It was a fairy tale ending to Disney's fourth quarter. The company reported a steady rise in new subscribers to Disney Plus, dispelling fears that the streaming video boom was running out. The company earned $1.06 a share in the first quarter, far higher than Wall Street's estimates of 63 cents, and up from 32 cents a year ago. The entertainment giant also reported a strong rebound from coronavirus pandemic lows at its theme parks and resorts.
Head of investment at Interactive Investor, Victoria Scholar joined us live from London.
DisneyEarnings #DisneyPlusSubscription #DisneyThemeParks
Daily top business stories from around the world in 60 seconds:
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US adds 33 Chinese entities to watch list
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Report: Chinese funding of African projects surges
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US household debt increases by $1T in 2021
ChineseFirmsAddedWatchList #ChinaAfricaInvestments #USHouseholdDebt
Japanese motor industry giant, Toyota saw its profits fall by 21% for the last three months of 2021 as the global chip shortage took a toll on production. The world's best-selling carmaker also cut its annual production target by 500,000 vehicles to 8.5M. Manufacturers around the world are struggling to find microprocessors for their products.
Future Horizons founder and chairperson, Malcolm Penn joined us to discuss global chip shortage and its economic impacts on automakers.
ToyotaEarnings #ChipShortage #CarmakersCutProduction
Peloton's co-founder John Foley is ceding his top job in a shake-up that will cost the company 2,800 jobs. Barry McCarthy, the former chief financial officer of Spotify and Netflix, will replace John Foley as CEO.
We were joined by Naeem Aslam live from London to understand more on recent developments regarding Peloton.
Peloton #JohnFoley #BarryMcCarthy
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BP profit hits 8-year high on surging energy prices
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Volvo, Northvolt to build battery plant in Sweden
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US, Japan reach deal to remove tariffs on steel
BPEarnings #VolvoBatteryPlant #SteelTariffs
Brussels has announced plans to turn the EU into a semiconductor powerhouse, rivalling recent efforts by the US. Europe wants to produce up to 20% of the world's chips by 2030, which would mean it needs to quadruple its semiconductor production in only 8 years.
EuropeChipProduction #Semiconductor #EUMicrochipInvestment
Meta is threatening to shutdown Facebook and Instagram in the European Union, unless authorities let it continue to save users' data in the US. Lawmakers say the data transfers don't adequately protect European citizens' privacy, and they are currently drawing up new legislation that will dictate how EU citizens' user data gets transferred across the Atlantic.
For more on the story, AJ Bell financial analyst, Danni Hewson joined us from Huddersfield, UK.
EuropeanUnion #Meta #SocialMediaRegulations
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Largest firms accused of failing on climate pledges
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US urges China to meet phase 1 commitments
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Abu Dhabi Ports Group raises $1.1 billion in IPO
ClimatePledges #USChinaTrade #AbuDhabiPorts
Fresh inflation data is in focus this week, after a surprisingly strong job report in the US triggered speculation that the Federal Reserve could be a lot more aggressive than expected. The consumer price index will be reported on Thursday, with the headline number expected to stand at 7.2%, the highest figure since 1982. This, according to analysts, is set to fuel further market volatility after a rollercoaster week for Wall Street.
USInflation #FinancialMarkets #USPayroll
We looked at the news and developments that've been moving global markets. This week, it's been all about corporate earnings. Social media giants and Big Tech firms announced strong fourth quarter results.
Alphabet #Apple #Shell
The 2022 Winter Olympics are under way in Beijing. China says this year's event will be the cheapest in decades. That stands in contrast to recent Summer and Winter Games, which almost always go over budget, and saddle their host countries with expensive infrastructure that gets little to no use after the closing ceremonies. But as Aadel Haleem reports from the Chinese capital, there's more to the government's estimates.
WinterOlympics2022 #ChinaOlympics #BeijingWinterGames
We were joined by Economist Vicky Pryce in London and Carsten Brzeski in Frankfurt.
Vicky Pryce is a board member at the Centre for Economics and Business Research.
Carsten Brzeski is global head of macro research at ING.
Brexit #VickyPryce #CarstenBrzeski
Brexit was sold to voters as a way for the U-K to regain its financial and economic independence. And in that sense, yes, British policymakers have more power now.
Downing Street has gained control over its trade rules. It can set up its own border controls, and send its own representative to bodies like the World Trade Organization. The UK has also signed a free trade deal with Japan and Singapore, and is working on other agreements with the U-S, New Zealand and Australia.
But Britain's biggest trading partner is its closest neighbour, the European Union. And the exit from the single market has been tricky.
BrexitWinners #BrexitLosers #BrexitAnniversary
Two years after the UK left the EU, many of the most contentious issues between London and the economic bloc remain unresolved. The movement of people and goods across borders has been impacted by the introduction of more red tape. On 1st of January, additional customs requirements kicked-in, causing long delays for truck drivers at the Port of Dover. Unless an agreement is reached, trade and tourism could face devastating consequences.
Brexit #UKTrade #UKCustom
Co-founder and CEO of Spyke Games, Rina Onur Sirinoglu joined us in the studio in Istanbul.
RinaOnurSirinoglu #SpykeGames #RoyalRiches
While many industries have been badly affected by the COVID-19 pandemic, for videogame developers, it's been a major boom. Research shows binge gaming is up 13% over last year with some age groups spending as much as 6 hours at a stretch glued to their screens. The rising demand is attracting investment to the sector, and Turkish developers are among the biggest winners.
TurkiyeGamingIndustry #GameDevelopers #TurkishStartups
Amazon shares rallied in after-hours trading on Thursday after the company posted a big earnings beat for the fourth quarter, helped by its invesment in electric vehicle company Rivian. Earnings per share stood at $5.80, significantly higher than the expected $3.57. But sales numbers were weaker-than-expected, and the guidance was disappointing. In fact, fourth-quarter sales grew 9.4%, Amazon's first period of single-digit growth since 2017. Despite this, shares popped as much as 14% in extended trading, as Amazon disclosed revenue from its fast-growing advertising business for the first time as well as a gain of almost $12 billion from its investment in Rivian.
For more on Amazon earnings, Susannah Streeter joined us. She is an investment analyst at Hargreaves Landsdown in Bristol.
Amazon #AmazonEarnings #AmazonShares
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Japan's services sector shrinks fastest in 5 months
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China invested $60B in B&R projects in 2021
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Hackers steal $323M from DeFi platform Wormhole
JapanServices #BeltandRoad #Wormhole
Facebook's shares have tumbled more than 20% in after-hours trade on Wednesday as the company reported weaker-than-expected earnings. The company also issued disappointing guidance for the first quarter. Daily Active Users were slightly down in the fourth quarter compared to the previous three months, marking its first quarterly decline in users on record.
For more on the story, Victoria Scholar joined us live from London. She is head of investments at Interactive Investors.
Meta #Facebook #MetaEarnings
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Turkiye's exports hit record high of $17.6B in January
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J&J, drug firms to pay Native Americans $590M
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US national debt tops $30T as borrowing surges
TurkiyeTrade #OpioidSettlement #USDebt
Consumer prices in the Eurozone have risen at their fastest pace in the bloc's two-decade history. Inflation reached a record 5.1% in January. That's up slightly from 5% in December, and much higher than what most investors had expected.
Zsolt Darvas joined us from Belgium. He's a senior fellow at the European economy think tank, Bruegel.
EUEconomy #EurozoneInflation #EnergyPrices
Oil prices are trading near seven year highs amid reports that exporters are failing to meet their commitments to raise output. According to a Bloomberg survey, OPEC members were only able to pump out an additional 50,000 barrels of crude a day in January. That's far short of the extra 400,000 barrels a day that was approved by the group and its allies late last year. The shortfall together with soaring demand from a global economy emerging from lockdowns has pushed up the price of the commodity.
Danni Hewson joined us from Huddersfield, UK to discuss upcoming OPEC's decision on oil supply. She's a financial analyst at AJ Bell.
OpecMeeting #OilSupply #OilPrice
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Turkiye's tourism revenues double to $24.5B in 2021
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UK house prices record strong start to the year
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Eurozone manufacturing PMI hits five-month high
TurkiyeTourism #UKHouseMarket #EurozoneManufacturing
The Indian economy is currently on track to grow by more than 9%, in a sharp rebound from last year's contraction. The official forecast is for the current fiscal year that ends in March, and is in line with IMF estimates. If it's met, India would be one of the fastest-growing major economies in the world, outpacing the likes of China, Japan and the U-S. The government unveiled the new projection during a budget presentation for the 2023 fiscal year. Narendra Modi's government wants to raise spending on infrastructure projects like ports, roads and train lines to fuel a sustained recovery.
Harish Bijoor was with us to discuss more on Indian economy. He's a business strategy specialist in Bangalore.
IndiaEconomy #IndiaGDP #IndiaBudget
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Japan's consumer sentiment falls on Omicron
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Macau Legend CEO resigns after arrest
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Citrix reportedly nears sale to Elliot, Vista for $13B
JapanConsumerConfidence #MacauLegend #Citrix
Manmade fertilisers have boosted food production around the world. They've doubled the amount of people who can be fed from one hectare of land. But these chemical fertilisers cause pollution both when they're being made and when they are used. In Colombia, one company is on a mission to promote a cleaner kind of fertiliser. As Manuel Rueda reports, it's trying to do something big from a thing that's tiny.
BeetleLarvae #OrganicFertiliser #GreenFarming
Cryptocurrencies are sometimes called the future of finance. But the leading digital token, bitcoin, has been criticised for being stuck in the Dark Ages when it comes to its environmental practices. A company in Costa Rica, however, is trying to show that crypto mining doesn't have to be a dirty word.
BitcoinMining #CryptoMining #Hydroplant
Rising fuel prices and growing concerns over the use of fossil fuels are driving demand for electric vehicles. Global EV sales shot up from 2.1 million units in 2020, to 4.5 million, last year. While the likes of Tesla and China's SAIC Motor are leading the pack, many conventional automakers are also entering the race to go electric.
Daniel Ives was with us to discuss more. He's the managing director of Wedbush Securities.
ElectricCars #FuelPrices #EVMarket
Oil price has risen to its highest in years over the past week. Demand for the commodity has grown due to the easing of strict pandemic restrictions. Geopolitical tensions are also threatening to hamper global supplies.
Russia is the biggest supplier of the natural gas that millions of European households need to heat their homes, and businesses to run their machinery. Moscow wants to sell even more to the bloc, with the commodity flowing through the Nord Stream 2 pipeline.
Neil Atkinson is an independent oil industry analyst in Paris. He tells us what an escalation between Russia and Ukraine would mean for the European economy.
David Amaryan also joined us the programme. He's the founder of Balchug Capital, an emerging-markets investment manager based in Moscow.
OilPrice #NaturalGas #RussiaUkraineTensions
Economic growth in Europe slowed to a crawl in the fourth quarter of 2021, as the Omicron variant forced governments to reimpose social distancing restrictions. GDP in the 19 countries sharing the euro expanded just 0.3% quarter-on-quarter. That's in line with market expectations, but much lower than the 2.3% growth recorded in the previous three months.
Hilary Ingham joined us from Lancaster, UK. She teaches economics at the University of Lancaster in the UK.
EurozoneGDP #EuropeEconomy #EuropeRecovery
Asia's economic recovery is stalling, with two of the continent's manufacturing giants reporting slowdowns in production. In Japan, factory output shrank 1% in December. That's the first dip in three months, as the global shortage in semiconductor chips continued to weigh on the nation's gadget and car makers. Meanwhile, in China the manufacturing sector grew less than expected in January, with the industry's purchasing managers index declining to 50-point-1 points.
For more Naeem Aslam joined us from London. He's chief market analyst at AvaTrade.
AsiaEconomy #JapanFactoryOutput #ChinaManufacturing
US President Joe Biden marked his first year in office on Thursday and has spent much of that time tackling the many domestic issues that he says weren't addressed by the Trump administration. Chief among them now is runaway, record-setting inflation, which is already widening the gap between rich and poor households. The impact can readily be seen, with higher prices for everything from food to fuel.
To discuss on the challenges for the world's largest economy Joann Weiner joined us. She's a professor of applied economics at George Washington University.
Biden'sFirstYear #USEconomy #USInflation
It's been more than two years since COVID-19 was first discovered, and infection rates are still rising to record levels in virtually every corner of the globe. And that's expected to further widen the gap between rich nations, which have an abundance of vaccines, and poor countries that are struggling to roll-out even their first dose.
Max Lawson joined the programme to discuss more. He's the head of Inequality Policy at Oxfam in London.
PandemicRocevery #Covid19 #VaccineInjustice
Microsoft has announced it's buying embattled video game-maker, Activision Blizzard, for almost 70 billion dollars, a historic deal and the company's biggest acquisition. The deal would transform the Windows-maker into world's third largest gaming company by revenue, after Tencent and Sony.
Gaming industry analyst and economist, Serkan Toto joined us from Tokyo. He's the CEO of the industry consultancy, Kantan Games.
Microsoft #ActivisionBlizzard #GamingIndustry
An Australian bio-tech start-up has developed new technology to fight the country's rapid deforestation. It thinks its army of air-seed drones can help plant millions of trees every year.
Drone #Seed #Afforestation
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Netflix shares fall 20% on slowing subscriber growth
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South Korea to lend Egypt $1B for infrastructure development
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US home sales surge to 15-year high amid low interest rates
Netflix #Egypt # USHomeSales
Netflix shares fell 20% in after-hours trading, after the company reported its fourth quarter earnings. The figures were not bad, but its outlook for 2022 has significantly worsened. Netflix added almost 8.3 million global subscribers in the fourth quarter. That's slightly more than expectations but less than the same period in 2020. For the first quarter of this year, it expects to add only 2.5 million, far fewer than last year when it reported almost 4 million.
Craig Erlam is a senior market analyst at OANDA in London. He has more on what's behind the streaming slowdown.
Netflix #StreamingPlatforms #SubscriberNumbers
Turkiye's Central Bank has kept its policy rate, one week repo rate, unchanged at 14%, in line with expectations. The decision was announced after the first monetary policy meeting of the year. Looking ahead at the next 12 months, foreign banks expect the central bank to keep interest rates stable.
Adjunct Professor of Finance at Boğaziçi University, Taha Meli Arvas, joined us live from Istanbul.
TurkiyeEconomy #InterestRate #TurkishLira
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Wall Street banks raised pay by 15% in 2021
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Thailand resumes quarantine-free visa for visitors
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Australia's jobless rate falls to 4.2% in December
BanksWages #ThailandTravel #AustraliaUnemployment
China’s central bank cut its benchmark lending rates again on Thursday amid concerns about an economic slowdown in the world’s second-largest economy. The People’s Bank of China reduced the one-year loan prime rate by 10 basis points from 3.8% to 3.7%. In December, the PBOC had also cut the one-year loan prime rate for the first time since April 2020.
For more on the story, we were joined by Victoria Scholar. She is head of investments at Interactive Investor in London.
ChinaInterestRate #PeoplesBankofChina #ChinaEconomy
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UK inflation rises to 30-year high of 5.4% in Dec
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Microsoft to buy Activision Blizzard for $68.7B
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Dream Games raises $255M in latest funding round
UKInflation #ActivisionBlizzard #DreamGames
Asia-Pacific markets are all in the red following an overnight sell-off on Wall Street. The Dow Jones slipped 1.5% and the Nasdaq, the technology-focused index, declined 2.6%, which is its lowest level in 3 months. Asia is all painted red, with the Japanese Nikkei down as much as 2.8%.
For more on this story, Hargreaves Lansdown investment analyst, Susannah Streeter joined us from Bristol, UK.
GlobalMarkets #DowJones #Nasdaq
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UK jobless rate falls to 4.1% in three months to November
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Activision fires 37 staff over sexual misconduct
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Self-driving firm Wayve bags $200M in funding round
UKUnemployment #ActivisionBlizzard #Wayve
Brent oil extended gains, reaching its highest levels since 2014. That's as geopolitical tensions in the Middle East intensify while concerns about the demand impact of the omicron variant eases.
AvaTrade Chief Market Analyst, Naeem Aslam joined us live from London.
BrentPrice #HouthiAttack #OilMarket
The German economy grew slower than expected last year. 2021 began with high hopes, but figures published on Friday, show supply issues and renewed virus restrictions at the end of the year, have hampered the recovery of Europe’s biggest economy.
Sibel Karkus joined the programme live from Berlin, Germany.
GermanEconomy #GermanyGDP #GermanyRecovery
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Halkbank shares jump after prosecution put on hold
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Credit Suisse chair Antonio Horta-Osorio resigns
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US clears 45% of plane fleet after 5G deployed
Halkbank #CreditSuisse #5GDeployment
China's gross domestic product grew at its slowest pace in 18 months in the fourth quarter, as the government deals with its greatest economic challenge since the beginning of the pandemic. The economy expanded 4% year-on-year, better than expected, but it fell short of the 6.5% growth in the same period last year.
ChinaGDP #ChinaEconomy #ChinaGrowth
The economic situation in Afghanistan has become so dire that some people are resorting to selling their organs, and sometimes even their children, just to survive. The country has fallen into economic crisis since US troops withdrew last year, and the country fell to the Taliban. The UN says billions of dollars in aid is needed to avoid a humanitarian catastrophe.
Afghanistan #Poverty #KidneySelling
Protests have again broken out in Lebanon as the currency continues its downward spiral. The sharp depreciation of the Lebanese pound is having a negative impact on the value of people's income, while prices of imported goods are rising. And the most important of those may be fuel.
For more on this story, Sami Nader joined us from Beirut. He is the director of the Levant Institute for Strategic Affairs.
LebanonProtests #EconomicCrisis #FuelPrices
Interest rates in the world's largest economy may be hiked more than three times this year, if price levels continue to rise. The comments from US Federal Reserve officials come after inflation in the country surged to seven-percent in December, its highest level in almost four decades. But higher borrowing costs could erode profits for businesses relying on loans.
Inflation #PriceHikes #FederalReserve
Turkiye has launched its first domestically developed intelligence ship. The A-591 Ufuk is the country's latest efforts to strengthen its maritime capabilities and compete internationally.
TCGUfuk #IntelligenceShip #TurkishNavy
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Eurozone trade balance swings into $1.7B deficit in November
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US venture capital investments hit record high in 2021
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JPMorgan reports 14% fall in Q4 net profit to $10.4B
EuropeTrade #VentureCapital #JPMorgan
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Turkiye's industrial output, retail sales rise in Nov
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Aramco increases foothold in Poland and Europe
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Kardashian, Mayweather sued over crypto scam
TurkishEconomy #SaudiAramco #KimKardashian
US inflation hit its fastest pace in almost four decades last year as supply chain bottlenecks, demand imbalances and monetary stimulus all helped to keep prices elevated. In December, inflation rose 7%, up from 6.8% in November. That was the fastest rise since 1982 and marked the third straight month in which inflation exceeded 6%.
OANDA senior market analyst, Craig Erlam joined us from London.
UnitedStates #Inflation #USDollar
The World Bank says the coronavirus pandemic will continue to hurt global growth through the end of next year. That's as commodity prices continue to soar and governments scale back support for people and businesses. It expects the world economy to grow just 4.1% in 2022 and 3.2% in 2023, compared to 5.5 percent last year.
IHS Markit Executive Director, Rajiv Biswas joined us.
WorldBank #GlobalEconomy #EconomicOutlook
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China's inflation slows as commodity prices fall
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Citigroup to exit Mexico retail banking
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Getir reportedly seeks funding with $12B valuation
ChinaInflation #Citigroup #Getir
While the COVID-19 pandemic has negatively impacted several sectors in China, one is blooming. The country's flower industry is worth around 25 billion dollars and it's creating social media stars out of some of the country's top flower sellers.
FlowerMarket #FlowerInfluencer #FlowerEcommerce
Now to a milestone in medicine: In a world first, doctors in the US have successfully implanted the heart of a pig into a human being. The man who got the pig's genetically modified heart, has now survived for several days and hopes to go home soon.
HeartTransplant #Xenotransplantation #DaveBennett
High-level talks in Geneva between the US and Russia have now ended. And as predicted by each side - there was no breakthrough on Ukraine's border crisis. Russian troops remain massed at its border with Ukraine, still stoking fears of invasion. And the US insists NATO will not limit membership to anyone.
Gregory Simons is an associate professor at the Institute for Russian and Eurasian Studies at Uppsala University in Sweden. He explains why finding a breakthrough between Russia and Ukraine will be so difficult.
Russia #Ukraine #UkraineTensions
The global economy may be on the mend, but policymakers and experts around the world aren't sure just how much conditions will really improve this year. The World Economic Forum's latest Global Risks Report shows an overwhelming majority of business leaders are pessimistic about the next 12 months. They say the pandemic's lasting effects also mean long-term crises, particularly global heating, will be harder to confront.
For more, Saadia Zahidi joined us from Geneva. She's the World Economic Forum's Managing Director.
GlobalEconomy #2022Outlook #WorldEconomicForum
The United Nations has launched its biggest-ever aid appeal for a single country. It's asking for 5-billion dollars this year for Afghanistan to avert a humanitarian catastrophe, and offer the war-ravaged country a future after decades of suffering.
Torek Farhadi is a former adviser to the Afghan government and former economic adviser to the International Monetary Fund and World Bank. He joined us from Geneva.
UNAid #Afganistan #Taliban
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US Fed's vice chairperson resigns over trading scandal
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China's Shimao denies asset sale reports, shares fall
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Take-Two agrees to buy 'FarmVille' maker Zynga for $12.7B
FEDTradingScandal #Shimao #Zynga
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Turkiye's jobless rate unchanged at 11.2% in November
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China Life shares fall after Beijing probes chairman
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Reliance buys control of Mandarin Oriental hotel
TurkiyeUnemployment #ChinaLife #MandarinOriental
Evergrande's bondholders are concluding a four-day meeting to decide whether the embattled property developer can shift forward the debt repayment date on one of its yuan-denominated bonds. The Chinese property giant, whose liabilities exceed $300 billion, is the world's most indebted developer. Meanwhile, shares in its rival Shimao have jumped 20%, on reports that it's selling all of its real estate projects, both residential and commercial. That's a turnaround from Friday when it's shares plunged almost 17%. The company defaulted on a loan after missing a $101 million payment.
Patrick Fok has been following the story, and has more from Beijing.
Evergrande #Shimao #ChinaPropertyCrisis
Turkiye's dream of making its own cars is finally coming true. Auto manufacturer Togg presented its new sedan at the Consumer Electronics Show in Las Vegas. Muttalip Erdogan has more from the event.
For more on this, Jim Holder joined us from London. He's editorial director at Autocar and What Car?.
TOGG #ElectricVehicles #CES2022
Turkish engineering firm Haritaevi is helping the Malaysian government modernise its aviation infrastructure. The company's working to optimise the layout of around 20 airports in the Southeast Asian nation, to ensure planes are able to take off and land safely. It comes as Malaysia tries to attract more foreign tourists, which is expected to lead to higher traffic and, if managed poorly, a rise in accidents TRT World Senior Business Producer Paolo Montecillo met with the head of the Ankara-based firm to find out more about the company's services and its project in Malaysia.
MalaysiaAviation #AirTravelSafety #Haritaevi
The US economy added far fewer jobs than expected in December as the nation grappled with a massive surge in Covid cases.
Joann Weiner joined us from Washington DC. She is the director of applied economics graduate program at George Washington University.
USUnemployment #USpayroll #USJob
The turmoil in Kazakhstan has dealt a blow to cryptocurrencies, because the country is the world's second-biggest bitcoin mining hub. The prices of Kazakh exports like crude oil and uranium are also surging, during the most violent protests in the country in years. They've broken-out at a time when the supply of both commodities is under pressure, pushing-up inflation in major economies.
Assel Tutumlu koined us from Nicosia in the Turkish Republic of Northern Cyprus. She's a Central Asia and Kazakh affairs analyst at the Near East University.
Kazakhstan #BitcoinMining #UraniumPrices
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Shimao shares, bonds tumble after missed loan payment
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Samsung expects 52.5% jump in Q2 operating profit
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GameStop shares surge after report of NFT platform plans
Shimao #Samsung #GameStop
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China's services sector expands in December
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Next raises profit outlook on strong Christmas sales
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Rivian shares fall after Amazon's Stellantis deal
ChinaServices #NextOutlook #Rivian
Investors are dumping shares in big technology companies in a broad rout that started on Wall Street, and has continued in Asian markets. The selloff was triggered by the release of the details of the US Federal Reserve's latest meeting, which took place last month. In the document, monetary officials signalled they may raise interest rates earlier than expected this year, to tame inflation.
Loreen Gilbert is the CEO of wealth management firm WealthWise in Dalls, Texas. She says investors are optimistic that the reopening of economies will boost corporate profits this year, but an aggressive Federal Reserve can spoil the party.
GlobalMarket #TechFirms #FederalReserve
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Huarong shares plunge 55% as trading resumes
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China Mobile shares surge in Shanghai debut
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Toyota overtakes GM as top-selling carmaker in US
ChinaHuarong #ChinaMobile #Toyota
Gas prices in Europe have risen 30% in one day due to declining supplies, as the weather gets colder.
AJ Bell investment director, Russ Mould, joined us from London.
Europe #NaturalGas #EnergyPrices
Pets are, as they say, man's best friend. And treating them to the best toys, clothing and food has become a multi-billion dollar global industry. That's why one company in Taiwan believes it has the purrfect recipe for success.
PetFood #Silkworm #Taiwan
Winnie-the-Pooh is now part of the public domain in the US. Copyright for the character and most of his pals expired at the start of the year. It could be a blockbuster opportunity for authors, filmmakers, and other creators who grew up with the franchise and have waited decades to enter the Hundred Acre Wood.
Jennifer Jenkins is the director of the Center for the Study of the Public Domain at Duke University in Durham, North Carolina.
WinnieThePooh #PoohCopyright #PoohFranchise
Twenty years ago this month, the first euro banknotes and coins found their way into European wallets. The launch of the single currency, meant one central bank was now responsible for the monetary policy of hundreds of millions of the continent's citizens. Although the euro has established itself as the second strongest in the world since, it still has its ups and downs.
Euro #ECB #EuroAnniversary
OPEC and its allies are sticking with their plan to increase oil output in February, amid pressure from the US to increase production, despite a spike in global COVID-19 cases.
Independent oil industry analyst, Neil Atkinson, joined us from Paris.
OPEC #OilSupply #OilOutput
Elizabeth Holmes, the founder of blood testing start-up, Theranos, that once seemed to promise the impossible - has been found guilty of four charges of fraud. The charismatic young executive had been hailed as a visionary who would revolutionise health care, gaining almost a-billion dollars from high-profile investors. It's a stunning downfall of the former tech darling, who now faces up to 20 years in prison.
Scott Lucas is a professor of international politics at the University of Birmingham in the UK. He explains why the Elizabeth Holmes trial was so captivating to the public.
ElizabethHolmes #Theranos #HolmesTrial
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China's factory activity returns to growth in December
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AT&T, Verizon agree to two-week delay of 5G roll-out
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Warner Music buys David Bowie's songwriting catalogue
ChinaManufacturing #5GWireless #DavidBowie
Apple has become the first company in history to briefly reach a valuation of three trillion dollars. It's just the latest milestone for the gadget maker, which has seen its stock rise 200 percent since the beginning of the pandemic. The company's sales have surged as lockdowns fuelled demand for its products, led by its top moneymaker, the iPhone.
AvaTrade chief market analyst, Naeem Aslam joined us from London.
Apple #AppleValue #IPhone
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Turkiye's inflation rate rises to 36% in December
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Singapore economy grows 7.2% in 2021
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Tesla deliveries hit record for sixth straight quarter
TurkiyeInflation #SingaporeGDP #Tesla
Singapore's economy grew faster than expected in the fourth quarter, as the city-state emerged from the worst recession in this history. GDP expanded 5.9% in the final three months of 2021. That brought the full-year number to 7.2%, a significant turnaround from a more than 5% contraction the year before.
Yun Liu joined us live from Hong Kong. She's an economist who keeps track of Singapore for HSBC.
SingaporeEconomy #SingaporeGDP #SingaporeCovid
Worldwide shortages have hit everything from microchips to children's toys. In Canada, dwindling inventories have forced producers to tap into emergency reserves of one of the country's most precious and delicious commodities.
MapleSyrup #Canada #MapleSyrupShortage
Space travel took a big leap forward in 2021. Private companies began sending tourists to the edge of the Earth's atmosphere and beyond over the past year. And these firms, which are backed by the world's richest people, want to make these trips routine in the coming years to meet demand from wealthy customers.
Per Wimmer is a future astronaut who signed up 16 years ago for one of Virgin Galactic's upcoming flights to the edge of space. He says critics should look at the bigger picture to see the many benefits the industry can produce.
SpaceTourism #SpaceTravel #SpaceFlight
The world's biggest car companies are investing billions of dollars over the next few years to update their model line-ups with electric vehicles. More EVs were sold in 2021 than ever before, and that growth isn't slowing down. Clean cars are becoming more accessible and affordable. They've also gotten more desirable, particularly among consumers anxious about their carbon footprints. As Paolo Montecillo reports, the shift has cleared the road for the likes of Tesla and other young car companies to enter the market and challenge its decades-old giants.
Daniel Ives is the managing director of Wedbush Securities in New York. He tells us what to expect in terms of growth in EV sales, and which companies will benefit the most.
ElectricVehicles #ElectricCars #Tesla
The market value of cryptocurrencies shot up as high as 3 trillion dollars this year. That's as hedge funds, governments and mum and dad investors looked for new ways to sustain and build their wealth. But many are concerned about the lack of regulation in the market, as well as the environmental impact of crypto mining. As lawmakers try to strike a balance between effective oversight and technological innovation, it appears price volatility will remain the hallmark of cryptocurrencies.
Financial economist, Alex de Vries joined us from Almere, the Netherlands. He explained how government regulations around the world could affect cryptoassets' legitimacy.
Cryptocurrency #NFT #BitcoinMining
2021 saw the global rollout of vaccines against COVID-19. They have had a significant effect in reducing infection, illness and deaths although the Omicron variant may reduce their efficacy. New anti-viral treatments are also being approved and will be distributed at the start of 2022. But not everyone in the world has had access to vaccines with a significant shortage of supply in the developing world. Scientists say for as long as that is the case, the emergence of new variants like Omicron will remain a serious threat.
Doctor Bharat Pankhania is a senior clinical lecturer at the University of Exeter Medical School. He told us more about how developed countries have failed to deliver their promises of immunising the rest of the world.
Vaccine #CovidVariants #CovidTreatment
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Shares in SenseTime surge in Hong Kong IPO
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Didi posts $4.7B loss ahead of Hong Kong debut
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Hugo Boss to shift more production to Turkiye
SenseTimeIPO #DidiEarnings #HugoBoss
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Vietnam's economy grows 5.2% in Q4
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JD.com boosts share buyback to $3B
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Yapi Merkezi inks $1.9B deal in Tanzania
VietnamGDP #JDCom #YapiMerkezi
2021 is expected to be one of the seven hottest years in recorded history. The past 12 months of extreme weather events have shattered records and cost lives around the world. But among the destruction, there is hope. As Sarah Morice reports, this year's COP26 climate change conference may not have delivered all that was wished for, but it does leave the world with a fighting chance.
Bob Ward is the Policy and Communcations Director at the London School of Economics Grantham Research Institute on Climate Change and the Environment. He told us more about the economic toll of extreme weather events.
ClimateCrisis #COP26 #ExtremeWeather
Over the past year, ransomware attacks have shut down large sectors of the US and global economies, as hackers cripple IT networks for a payoff. Kyoko Gasha takes a look back at this growing threat, including some of the biggest cyber security breaches of 2021.
Max Hashem Eiza is senior lecturer and researcher in cybersecurity at Liverpool John Moores University. He explains why so many businesses from different sectors have been targeted this year.
Cybersecurity #2021Cyberattacks #RansomwareAttack
In China, a sweeping regulatory crackdown that's targeted everything from high tech to the property sector and beyond has calmed in recent weeks following a year-long roller-coaster ride, which saw more than a trillion dollars wiped off the value of Chinese companies globally. But it's left businesses uncertain about the future and raised fears over China's economic outlook. Patrick Fok reports from Beijing.
Jeffrey Halley is a senior market analyst for the Asia Pacific region at OANDA. He told us how China's regulatory crackdown affected its economy.
ChinaRegulation #ChineseTechFirms #PropertyMarket
Global economic conditions have improved steadily over the past year, thanks to the rollout of COVID-19 vaccines. Most nations, particularly the richest ones, are on track to regain all the ground they lost during the height of the pandemic. But that progress has not been a straight line. Power shortages and supply chain bottlenecks have led to a surge in prices of several goods and services.
Christian Lawrence is a senior cross-asset strategist at Rabobank in New York. He tells us how the global economy regained its footing over the past 12 months, and what prospects are like for 2022.
WorldRecovery #GlobalEconomy #2022Outlook
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Japan's industrial output jumps record 7.2% in November
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Didi reportedly blocks employees from selling shares
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Riot Games to pay $100M in gender discrimination case
JapanIndustry #DidiLockUp #RiotGames
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Kaga Electronics to build new factory in Turkiye
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Cathay suffers pilot exodus due to quarantine rules
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New Spider-Man movie tops $1B at global box office
KagaElectronics #CathayPacific #SpiderMan
It wouldn't be Christmas without cheesy pop songs. And one singer who's become synonymous with the holiday is Mariah Carey. She might not want a lot for Christmas, but her song of the season has definitely helped make some of her dreams come true.
TheQueenofChristmas #MariahCarey #AllIWantForChristmasIsYou
Moving on to Spain, where the government has held the world's richest lottery, which contributes billions of dollars to charity every year. The pre-Christmas raffle has taken place without interruption since the early 19th century. And this year, just like in 2020, it offers a welcome respite for a nation that's seeing COVID-19 cases rise to record levels.
ElGordo #SpanishLottery #ChristmasLottery
In New York City, nothing says it's Christmas quite like fir trees for sale on the streets. This year though prices are high, and supply is limited. Kyoko Gasha visits a local vendor to find out if people are buying.
NewYork #ChristmasTrees #FirTreePrices
Christmas wouldn’t be Christmas without its traditional markets - at least in Germany. By now, the famous stalls selling German treats have been exported to spots all over the world. But so has the Coronavirus, which has dampened the festive mood for both sellers and visitors. Sibel Karkus reports from Berlin.
Germany #ChristmasMarket #2GRules
While millions of people around the world will be unwrapping physical presents this Christmas, many will be receiving theirs digitally. Non-fungible tokens, or NFTs, took the world by storm this year and are one of the hottest gift choices this festive season. Backed by Ethereum blockchain technology these digital assets are being used to trade art, music and an ever growing array of digital content. And as Mobin Nasir reports, analysts expect this market to continue mushrooming.
Jessica Walker is a content creator at cryptocurrency tracking site CoinMarketCap in Dubai. She told us why N-F-Ts have become popular among both artists and a new generation of collectors.
NFTGifts #NonFungibleToken #DigitalArtworks
It's Christmas time so shoppers around the world are picking up gifts for family and friends. Retail sales in major economies like the U-S and the U-K have risen less than forecast in the leadup to the holidays. Goods have also gotten more expensive due to supply chain bottlenecks. That leaves children, and some adults no doubt, anxiously wondering what they'll find under the tree on Christmas Day. So, which toys are trending on Santa's list? Natalie Powell was lucky enough to find out.
Mark Cohen is the director of retail studies and an adjunct professor at the Columbia Business School. He told us how consumers spent their money over the past year, and the challenges businesses faced as economies emerged from lockdowns.
RetailSector #OnlineShopping #RetailRecovery
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Japan's inflation rise for third straight month in November
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Thai-Austrian group buys Selfridges department store chain
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Crocs to buy casual footwear brand Heydude for $2.5B
JapanInflation #Selfridges #Heydude
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Tencent to pay out $16.4B of JD.com shares
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India halts agricultural futures trade to cool inflation
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TikTok becomes most popular website in 2021
TencentDividend #AgricultureFutures #TikTok
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Singapore halts ticket sales for quarantine-free trip
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Luxshare builds iPhone plant to take on Foxconn
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Higher software demand boosts BlackBerry results