International News

  Bloomberg Singapore’s inflation is seen to remain elevated until the first quarter of next year and the central bank will probably tighten further at the October review, according to a Bloomberg survey of economists. Headline and core inflation forecasts show a quickening into yearend, before both measures start to ease in the January-March period and slip below 4% from ...

  Bloomberg API Holdings Ltd, owner of India’s largest online pharmacy PharmEasy, has withdrawn its preliminary filing for an initial public offering, citing market conditions and strategic considerations. The Mumbai-based company is planning to raise funds via a rights issue for convertible preference shares, according to an announcement to investors seen by Bloomberg News. The price is expected to be ...

  Bloomberg Sichuan’s worst drought in more than a half century spurred the Chinese province to extend industrial power cuts and activate its highest emergency response, adding to manufacturers’ woes as they shut down factories in the region. Temperatures above 40 degrees Celsius (104 degrees Fahrenheit) and scant rainfall, along with surging demand for air conditioning, have caused gaps in ...

Bloomberg Drought and extremely high temperatures made worse by climate change across Europe have led to record levels of fire activity in the continent, with blazes burning through an area roughly equivalent to one-fifth of Belgium. Wildfires in the European Union have consumed 660,249 hectares (1,631,511 acres) of land for the year through August 13, according to data from the ...

  Bloomberg UK government borrowing came in higher than forecast in the first four months of the fiscal year as soaring inflation drove up debt costs. A larger-than-forecast £4.9 billion budget deficit in July took the total for 2022-23 so far to £55 billion pounds — £3 billion more than officials forecast in March. Debt-servicing costs surged by 81% from ...

  Bloomberg Europeans returning from their summer breaks will find a more fragile economy that risks buckling under the threats of energy rationing, record inflation and tighter monetary policy. Purchasing managers’ indexes due on Tuesday will likely show private-sector output shrinking for a second month, adding to signs that a recession in the 19-nation euro zone is now more likely ...

  Bloomberg Swiss watch exports rose again in July, increasing to near record levels and notching their highest value in eight years as demand for pricey Rolex, Omega and Vacheron Constantin timepieces booms. Exports rose 8.3% in July compared to the same month in 2021 to 2.2 billion Swiss francs ($2.3 billion), the Federation of the Swiss Watch Industry said. ...

  Bloomberg Norway’s economy grew in line with analysts’ forecasts in the second quarter, boosted by a post-pandemic rebound in service industries that outweighed the dent from surging prices. Mainland GDP, which adjusts for the oil-rich nation’s offshore industry, expanded 0.7% from the previous three months, the statistics office said. This was in line with economists’ projections in a Bloomberg ...

  Bloomberg The water level at a key German chokepoint on the Rhine River jumped, easing a crisis that’s hampered energy and industrial production this month. The marker at Kaub — a narrow and shallow waypoint west of Frankfurt — jumped to 47 centimeters from 35 centimeters a day earlier, according to Federal Waterways and Shipping Authority. At that depth ...

  Bloomberg The UK temporarily pauses overseas development aid that is not deemed critical because of concerns about rising pressure on government budgets, people familiar with the matter said. The Foreign Office informed some staff a freeze is necessary because crises including Russia’s war in Ukraine have led to additional expenditure that means the government is in danger of overspending, ...