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UK Retailers Report The Weakest Revenue Growth Since The Lockdowns Ended

As consumers tightened their belts in the face of rising inflation, British retailers experienced the slowest growth in sales since the end of COVID-19 lockdowns last year, according to business consultancy BDO.   Online sales decreased by 0.6% in August, marking their first decrease since...

August Auto Sales In China Increase 32% Due To Strong EV Demand

The number of automobiles sold in China increased to 2.38 million units in August, up 32.1% from the same month last year. Electric vehicles (EV), whose sales have been boosted by government incentives, have been the main driver of this recovery.   According to data released on Friday by the...

British Pound Drops To Its Lowest Against The Dollar In 37 Years

On Wednesday, the British pound fell to its lowest level against the US dollar since 1985.   In London's afternoon trade, the pound dropped to $1.1407, the lowest level in 37 years, as investors reacted to the U.K.'s deteriorating economic outlook under the leadership of a new prime...

EU And China Exchange Jabs Over The Broken G20 Climate Talks

Following the failure of the Group of 20 (G20) climate talks last week, the European Union and China are questioning one another's commitment to battling climate change.   The 20 governments failed to come to an agreement on a joint communique on climate change at the conclusion of last...

Russia Suspends Gas Exports To Europe Via Nord Stream 1 For Maintenance

Russia's state-owned energy giant Gazprom halted gas flows to Europe via a major pipeline on Wednesday, citing maintenance on its sole remaining compressor.   Gas flows through Nord Stream 1, which connects Russia to Germany via the Baltic Sea, are expected to be suspended from August 31 to...

With Food And Energy Prices Rise, Eurozone Inflation Reaches A New High Of 9.1%

According to Eurostat's flash figures, Eurozone inflation reached a new high of 9.1per cent in August, with high energy prices being the main driver.   The rate was higher than expected, with economists polled by Reuters expecting a rate of 9 per cent. It is the region's ninth consecutive...

Bitcoin Falls Lower Than $20,000

Bitcoin fell below $20,000 on Saturday, extending a fall of nearly 60 per cent from its high point this year. Bitcoin, the most valuable and well-known cryptocurrency of the world, was lower by 1.5 per cent at $19,946 on Saturday, compared to the value of $298 when it last closed. ...

As Consumers Make Fewer Purchases, American Retailers Are Lowering Clothing Prices

American consumers have been buying less clothing due to inflation, which has forced retailers to slash prices in order to clear out inventory. The second-quarter net sales for Gap fell 8% from a year earlier to $3.86 billion, the retailer reported on Thursday. Gap is the latest to report a decline...

Germany Authorises Energy-Saving Measures For The Winter

The German government has approved a series of wintertime energy-saving measures that will reduce the amount of lighting and heating used in public structures. Through the new regulations, the government hopes to reduce gas consumption by 2 per cent.   The rules, according to Germany's...

China Has Slapped Economic Restrictions On Taiwan In Response To Pelosi's Visit

China restricted natural sand exports to Taiwan and froze imports of fruit and seafood goods from the self-governed island on Wednesday, as US House of Representatives Speaker Nancy Pelosi visited Taiwan in a trip criticised by Beijing.    Chinese customs had blocked imports from 35...

Credit Suisse Replaces Its CEO And Initiates A Strategy Review In The Wake Of A Large Second-Quarter Loss

In its most recent effort to recover from a string of scandals and losses, Credit Suisse Group AG chose Ulrich Koerner as its new chief executive on Wednesday and announced cost cutbacks as part of a strategic assessment.   The announcement is the result of months of pressure on the...

Japan Reduces Its Fiscal Year GDP Growth Is Expected To Be 2% Due To A Drop In Global Demand

Japan's government cut its economic growth prediction for this fiscal year, citing falling foreign demand, Russia's war in Ukraine, China's tight COVID-19 lockdowns, and a weaker global economy.   The prediction, which serves as the foundation for the state budget and the government's fiscal...
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