Europe
HSBC cost cuts expose new CEO’s bigger problem
There’s always a case to be made for cost cuts at HSBC. The $160 billion lender employed 214,000 people in June and arguably suffers from duplication across its different bits. Still, new CEO Georges Elhedery has a much bigger job than finding the modest savings that he is reported to be eyeing. Growth is the bank’s key challenge.
Russia sets price floor for wheat at int’l tenders
Russia’s agriculture ministry asked exporters at a closed-door meeting on Friday not to sell wheat by tender to international buyers below a minimum price, two sources with direct knowledge of the matter told Reuters.
As EU targets Chinese cars, European rivals sputter
As the EU seeks to put a brake on competition from Chinese electric cars, European automakers are stuck in second gear.
Gulf turmoil will leave ratesetters on edge
Central bankers are probably watching unfolding events in the Middle East through their fingers. Tuesday’s strike by Iran on Israel raises the risk of a robust riposte. One of the dangers facing the global economy is that the conflict makes a mess of ratesetters’ plans to loosen monetary policy.
Bank of England warns of prolonged economic risk
The British economy remains open to financial market shocks amid geopolitical tensions and high levels of public debt in major economies, the Bank of England warned on Wednesday.
Gold pushed to new records as India demand reignites
Gold reached record-breaking levels in September, buoyed by a bumper US interest rate cut, fears of rising geopolitical conflict, and an import tax cut in India that has galvanised local demand.
EU launches WTO challenge against China dairy probe
The EU on Monday launched a WTO challenge against a Chinese anti-subsidy investigation into imports of European dairy product, in an escalating trade row between Beijing and Brussels.
UK energy bills to rise, sparking fuel poverty fears
British energy bills are set to start rising again this autumn, the sector regulator announced on Friday, sparking fears that fuel poverty will worsen amid an ongoing cost of living crisis.
China’s biodiesel producers seek new outlets amid hefty EU tariffs
Chinese biodiesel producers are seeking new outlets in Asia for their exports and exploring producing other biofuels as supply to the European Union, their biggest buyer, dries up ahead of anti-dumping tariffs, biofuel executives and analysts said.
Oil prices steady
Oil prices were broadly steady on Thursday as investors took profits from earlier gains fuelled by larger than expected declines in US crude stocks.
EU tariffs hit growth in China’s EV exports
The prospect of European tariffs cut 20-30 percentage points off China’s growth in exports of electric and plug-in hybrid cars in recent months, an official at a leading Chinese auto industry body said on Monday.
Oil settles 1% lower
Oil prices settled lower on Friday as the rising possibility of a ceasefire deal in Gaza outweighed strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes.
New UK government faces tough economic challenge
Britain’s new Labour government on Friday pledged immediate action to grow the economy after the centre-left party won a landslide general election victory.
Eurozone business growth slows sharply in June
Overall business growth across the eurozone slowed sharply last month as a solid expansion in the bloc’s dominant services industry failed to offset a further deterioration in manufacturing, a survey showed on Wednesday.
Eurozone inflation eases slightly in June
Eurozone inflation cooled in June, official data showed Tuesday but experts say it will not be enough to convince the European Central Bank to accelerate its rate-cutting cycle despite sluggish economic growth.
Global debt risks beginning to recede
The debt crisis risk that has overshadowed the global economy for four years is beginning to recede, the Paris Club of rich creditor nations said in its 2023 annual report on Wednesday.
Red Sea gives shipping an Uber-style price surge
Anyone who has tried to secure an Uber at a busy time of day will have experienced the ride-hailing app’s least appealing feature: surge pricing. Too many punters and too few available cars mean the cost of getting from A to B spikes. Something similar is currently afflicting the global shipping sector.
EU, China open talks over EV tariffs
EU and China trade chiefs held “candid and constructive” talks on Saturday over plans from Brussels to ramp up tariffs on Chinese electric cars, and the two sides will hold further consultations, the EU said.