UK Inflation Tops 10%, Highest Since 1982.
British consumer price inflation jumped to 10.1% in July, its highest since February 1982, up from an annual rate of 9.4% in June, intensifying the squeeze on households. The increase…
Exclusive: BMW Will Receive Huge Cylindrical Batteries From China’s EVE In Europe.
China’s EVE Energy Co Ltd (300014. SZ) will supply BMW (BMWG. DE) with large cylindrical batteries for its electric cars in Europe, two people with knowledge of the matter said,…
Biden Signs The Inflation Act.
President Joe Biden signed into law a $430 billion bill that is the biggest climate package in U.S. History, designed to cut domestic greenhouse gas emissions as well as lower…
Russian Stocks Rise As The Rouble Reaches A One-Week High Against The Euro.
The Russian rouble strengthened to a one-week high against the euro, boosted by upcoming tax payments; that usually boost demand for the Russian currency, while stock indexes climbed higher. The…
China To Boost Economic Demand, Speed Up Infrastructure.
China will boost economic demand in a strong, reasonable and moderate manner; and accelerate infrastructure construction in the third quarter of the year. The comments came after bleak data for…
Automakers Scramble To Decode New U.S. EV Tax Credits.
U.S. Automakers and dealers are scrambling to figure out if they can still offer $7,500 tax credits to would-be buyers of electric vehicles (EVs); as Congress prepares for final votes…
Apple Sets Sept 5 Deadline For Employees To Return To Office – Bloomberg.
Apple Inc (AAPL.O) has set a Sept. 5 deadline for corporate employees to return to office at least three days a week. The company, which told its employees of the…
Tencent Stops Sales On Its NFT Platform Huanhe A Year After Launch As Scrutiny Mounts.
Chinese internet giant Tencent Holdings’ (0700. HK) non-fungible token (NFT) platform Huanhe will no longer release digital collectibles to the public, as regulatory scrutiny of NFTs mounts in the country.…
Exclusive: Tencent Plans To Divest Meituan Stake Worth $24 Billion.
China’s Tencent Holdings (0700. HK) plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan (3690. HK) to placate domestic regulators and monetise…
Sterling Barely Changed Following Conflicting Labor Market Statistics.
The British pound was little changed, having briefly fallen to its lowest level in over a week, after mixed data showed a jobs market that is still hot, although some…
Inflation Creates Recession Anxiety, Lowering Investor Confidence In Germany.
German investor sentiment fell slightly in August on concerns the rising cost of living will hit private consumption, and suggesting Europe’s largest economy is tipping into recession. The ZEW economic…
Rouble Weakens Towards 62 vs Dollar, tocks up.
The rouble weakened towards 62 to the U.S. dollar, pressured by falling oil prices but supported by looming taxes; that usually boost demand for the Russian currency, while stock indexes…
Pandora Shares Fall On Disappointing U.S. Sales.
Jewellery maker Pandora (PNDORA. CO) reported disappointing second-quarter sales in the U.S. Market; prompting its shares to fall, but reaffirmed its annual forecast, saying higher costs of living had not…
South Africa Network Provider Rain To Submit Merger Proposal To Telkom In Due Course.
South Africa’s data-only network provider rain intends to submit a formal non-binding proposal to bigger rival Telkom (TKGJ. J) in due course, after retracting a media statement on its merger…
Cryptoverse: Electric Ether Leaps On Verge Of Merge.
It looks like ethereum’s mega-upgrade is happening. Finally. After years of delays, the “Merge” seems all but certain to take place in September, with the cryptography underlying the blockchain undergoing…
Russia Says ‘No Need’ To Use Nuclear Weapons In Ukraine.
Russia has “no need” to use nuclear weapons in Ukraine, its defence minister said; describing media speculation that Moscow might deploy nuclear or chemical weapons in the conflict as “absolute…
To Reduce Pollution, The United States Is Providing $1.66 Billion For New Buses.
The U.S. Transportation Department said it is awarding $1.66 billion in grants to cities and states to buy 1,800 buses in a shift to cleaner, lower-emission travel. The grants will…
Inflation Reduces Income While The UK’s Hot Labor Market Cools.
Britain’s super-hot labour market showed signs of cooling in official data published; as businesses became more cautious about hiring and workers suffered a record fall in their basic wages. The…
Amid Concerns About A Recession, Stocks And Oil Prices Are Unsteady.
Stock markets struggled for direction as they grappled with worries over global growth; following weak Chinese and U.S. economic data that knocked oil prices and commodity-linked currencies. The dollar briefly…
Dutch Detain Suspected Developer Of Crypto Mixer Tornado Cash
Dutch authorities said they had arrested a 29-year-old man believed to be a developer for the crypto mixing service Tornado Cash, which the United States put on its sanctions list.…
Australian Court Orders Google To Pay $43 Million For Misleading Users.
Australia’s competition watchdog said on Friday that Alphabet Inc’s (GOOGL. O) Google unit was by the country’s Federal Court to pay A$60 million ($42.7 million); in penalties for misleading users…
Sterling Falls Vs Dollar As Focus Turns To UK Data.
The British pound fell against a broadly stronger dollar at the start of a week where traders and the Bank of England (BoE) will get the latest insight into the…
FG Borrows N2.45tn From CBN Amid Fiscal Risks-Nigeria.
The Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances rose from N17.46tn in December 2021 to N19.91tn in June 2022. According to data…
Aegon Leads Gains Among Insurers.
European shares edged higher after a strong rally in the previous session on signs of U.S. inflation cooling, while Aegon climbed after the Dutch insurer raised its full-year forecast. The…
Nigeria’s Banking Sector Leads, Attracts $1.47 Billion Foreign Inflows In Six Months.
The Nigerian banking industry attracted $1.47 billion as capital inflows in the first half of 2022, an increase of 109.8% compared to $698.2 million received in the second half of…
What Crypto Assets Investors Are Buying In August Amid Ongoing Bullish Rally.
The actions of a certain group of investors in the crypto market have shown where they are putting their funds; amid the ongoing bullish rally, according to cryptocurrency analysis company,…
Ether Trades At $1,900 On The Success Of Goerli Testnet Merge.
Ether, the native token of the Ethereum blockchain, is leading the altcoin rally in the London session; as it is currently up 15% to trade a little above $1,900 as…
Ghana’s Inflation Rate Rises To 31.7% In July 2022.
Ghana’s inflation rate rose further in the month of July 2022 after the headline rate surged to 31.7%; from 29.8% recorded in the previous month. Recall that the country’s inflation…
Coinbase Posts $1.1 Billion Loss In Q2 2022, Worst Since Listing On NASDAQ.
Citing “fast and furious” downturn of the crypto markets, Coinbase, one of the largest cryptocurrency exchanges; in the world by exchange volume, posted a staggering $1.1 billion net loss in…
Iranian Government Makes First Crypto Payment For Imports Worth $10 Million.
The Iranian government has registered its first import order, to the tune of $10 million; Iran opted to this payment option because of its lack of foreign currencies due to…