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Secretary of State James Cleverly rejected calls to classify Beijing as a “threat” while US Commerce Secretary Gina Raimondo warned that US companies were starting to view China as “uninvestable”.
Ukrainian drones destroyed several military cargo planes inside Russian territory in the largest drone attack in Kiev since the invasion of Moscow last year.
Hurricane Idalia is causing a “catastrophic storm surge” in Florida with winds reaching 130 mph.
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Good evening It looks increasingly likely that the European Central Bank will raise interest rates next month as consumer prices rose in Spain and Germany, indicating that inflation still threatens the Eurozone.
This is according to investors after Spanish inflation reached a three-month high in August, accelerating to 2.4 per cent, compared to 2.1 per cent in June.
Meanwhile, Germany’s consolidated consumer price index rose 6.4 percent in the year to August, down from 6.5 percent in the previous month. This is less than the 6.2 percent slowdown that economists in a Reuters poll had predicted.
This comes after German wages rose at a record annual pace of 6.6 percent in the second quarter, boosting consumers’ spending power.
Overall, inflation in the Eurozone is expected to decline from 5.3% in July to 5.1% when the August data is released tomorrow. Policymakers will continue to monitor core inflation.
The German government also rejected a proposal to subsidize energy prices for energy-intensive industries, a setback for Green Economy Minister Robert Habeck, who said rising energy costs hurt the competitiveness of German companies. Business groups have warned that this could lead to an exodus of manufacturing to countries with lower energy costs.
While the rate of price increases has moderated in Europe and slowed sharply in the US, Fed Chairman Jay Powell and European Central Bank President Christine Lagarde were clear last week that it was too early for central bankers to relax.
Financial Times Economics Editor Chris Giles delves into the five global economic shifts now challenging central bankers and policymakers, including changes in the labor market and the US budget deficit.
Meanwhile, the long-suffering Italian economy received a major cash infusion through the EU-funded post-pandemic economic recovery plan. £191.5 billion has been allocated from the EU for regeneration plans including the construction of 206 km of new green public transport infrastructure in 16 cities. But the locals are still skeptical that this opportunity can be missed.
Need to know: UK and European economy
United kingdom Mortgage approvals They fell more than expected in July, dropping nearly 10 percent from 546,000 in June to 49,400, according to the Bank of England.
Drought, leaking pipes and bad politics contribute to this European water crisis With a quarter of the total drinking water being lost during distribution. On a global basis, freshwater demand is expected to exceed supply by 56 percent by 2030.
Renewable energy company ØrstedThe company’s shares fell 19 percent after the Danish company announced large write-downs on the value of offshore wind projects in the United States due to supplier delays. at the same time, wind power The industry’s race for bigger turbines has experts urging slower growth and greater standardization.
The European Union is set to import record amounts of liquefied natural gas from Russia this year, despite its goal of weaning the bloc off Russian fossil fuels by 2027.
German media giant Bertelsmann It reported an increase in revenue despite a decline in advertising on its broadcast network RTL. Revenue grew by 4.5 percent year-on-year to €9.7 billion in the first six months of 2023.
Need to know: The global economy
Goldman Sachs It bought a series of British and American companies using Chinese state money. The $2.5 billion private equity “partnership fund,” set up in 2017 with sovereign wealth fund China Investment Corporation, provided cash for seven deals including cybersecurity businesses serving the British government.
Russia It displays many of the symptoms of a war economy, such as inflation, labor shortages, high government spending, and deficit financing. Tony Barber, European comments editor at the Financial Times, sheds light on the economic moves Russia might take next.
military officers in Gabon They say they took control of the oil-rich African nation just hours after its long-serving president, Ali Bongo, was declared the winner of Saturday’s elections.
Need to know: Business
UK car insurance company direct line He appoints Adam Winslow as CEO, and fires his rival Avivaas it seeks to recover from a series of profit warnings amid rising inflation in claims costs.
China It has tightened its rules on the provision of data in the financial brokerage industry, citing “national security” concerns. Five regulators have urged intermediaries who provide data to companies to establish data security governance systems to protect the “public interest”.
Danish game maker Puzzle Games It suffered its worst earnings decline in nearly two decades after its pandemic popularity abruptly ended. Operating profits fell 19 percent to 6.4 billion Danish kroner, their biggest decline since at least 2004.
The world of work
Can the morning routine of CEOs like Jamie Dimon set you up for success? This may include getting up at 5 am, meditating, or taking an ice bath.
Why only study when you are young, and wait years before running a big company? In his new book, sociologist Mauro Guillén argues that a new group, perennials, is pushing society to the brink. Post-generational revolution At what age no longer dictates our activity.
Many workers give up their long-term careers to pursue consultancy qualifications and retraining Healerswith the President of the European Psychotherapy Association, Irina Pesic, who described counseling as “the profession of the century.”
In the latest episode of Working It, the Financial Times’ Isabel Berwick wonders whether Fridays in the office are dead.
Some good news
Keepers at Marwell Zoo in Hampshire were delighted this week The birth of one of the rarest mammals on the planetThe African wild ass is threatened with extinction.
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