International

EU Energy Shock: Soaring Energy Prices Provoke Growing Anger across Europe

The European Union is bracing for a recession in the wake of skyrocketing gas prices and soaring inflation, as the coming winter is likely to be "one of the worst in history," according to a top EU official.

International

Scholz Promises 65B Euros to Shield Germans Through Tough Winter

Germany will spend at least 65 billion euros ($64.7 billion) on shielding customers and businesses from soaring inflation, Chancellor Olaf Scholz said on Sunday, two days after Russia announced it was suspending some gas deliveries indefinitely.

International

U.S. Officials Order Nvidia to Halt Sales of Top AI Chips to China

Bellwether semiconductor bluechip Nvidia Corp (NVDA) said on Wednesday that U.S. officials told it to stop exporting two top computing chips for artificial intelligence work to China, a move that could cripple Chinese firms' ability to carry out advanced work like image recognition and hamper Nvidia's business in the country.

International

Once High-Flying Chinese Tech Giants Now Look to Scale Back Costs

Alibaba and Tencent executives have been focusing on cutting costs across the business from headcount to exiting non-core businesses.

International

Drought Threatens 60% Of Eu And U.K. As Europe Faces "Critical Situation"

Drought conditions are affecting about 60% of the EU and the U.K., exacerbated by climate-change driven record heat across Europe this summer, according to new research from the European Drought Observatory.

International

Elon Musk Predicts 'Mild Recession' For 18 Months, Says U.S. Economy Is 'Past Peak Inflation'

CEO Elon Musk has said that the U.S. recession is inevitable and will last for the next year and a half.

International

Japan’s Inflation Stays Above Central Bank Target for 3rd Month

Japan’s core consumer inflation remained above the central bank’s 2% target for a 3rd straight month in June

International

U.S. Treasury to End 1979 Treaty with Global Minimum Tax Holdout Hungary

The U.S. Treasury on Friday said it was moving to terminate a 1979 tax treaty with Hungary in the wake of Budapest's decision to block the European Union's implementation of a new, 15% global minimum tax.

International

British Pound Q3 2022 Forecast: The Bank of England - It’s Time to Decide

The second quarter of the year has been a tricky three months for the Bank of England (BoE) as inflation continued to soar – and is expected to rise further - while growth slowed to a crawl, sparking fears that the UK may enter a recession (two consecutive quarters of negative growth).

International

World’s Most Aggressive Central Bank Raises Key Rate to 200%

Zimbabwe’s central bank raised interest rates to a record and the government officially reintroduced the US dollar as legal currency to rein in surging inflation and stabilize the nation’s tumbling exchange rate.

International

'Delusional': UN Chief Slams New Fossil Fuel Funding and Warns of Climate Chaos

The U.N. Secretary General has slammed new funding for fossil fuel exploration, describing it as "delusional" and calling for an abandonment of fossil fuel finance.

International

China Weighs Reviving Jack Ma’s Ant IPO as Crackdown Eases

Chinese financial regulators have started early stage discussions on a potential revival of Ant Group Co.’s IPO,

International

India, Second-Largest Wheat Producer, Bans Exports amid Food Supply Concerns

India, the second-largest producer of wheat, has banned exports of the commodity, due to a risk to its food security.

International

Germany Will Support Russian Oil Embargo After Significantly Reducing Dependence: Report

According to Fox, Germany will support the European embargo of Russian oil, marking another significant turnaround in the nation’s position on the Russia-Ukraine conflict.