October, 2022

• 18 October

  Swedish parliament votes for Kristersson as prime minister

    Bloomberg Sweden’s Moderate Party leader Ulf Kristersson won a vote to become the next prime minister, setting the stage for his nationalist-backed coalition to govern Nordic region’s largest economy as it heads toward a recession. The parliamentary ballot confirmed backing for Kristersson by four parties, including the Sweden Democrats. Now the country’s second-largest party, the anti-immigrant force will not ...

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• 18 October

  Truss faces whim of markets and mutinous UK MPs in key week

  

  Bloomberg Britain’s beleaguered prime minister Liz Truss is battling to rescue her premiership this week, when financial markets will deliver a fresh verdict on her screeching economic reset while mutinous backbenchers plot to oust her. Only 40 days in office, Truss spent Sunday huddling with new Chancellor of the Exchequer Jeremy Hunt, her pick to restore stability after a humiliating ...

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• 18 October

  Germany faces $85bn hit as labour shortages intensify

  

    Bloomberg As Germany grapples with an energy crisis threatening its future as an industrial leader, an acute shortage of workers is compounding problems for manufacturers already struggling to stay competitive. The lack of qualified labour — brought on by an aging population and exacerbated by the pandemic — is starving manufacturers from Airbus SE to BMW AG to BASF ...

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• 18 October

  Double-digit inflation all set to return in UK

  

    Bloomberg Double-digit inflation is set to return in the UK and linger through the end of this year despite the government’s effort to cap energy bills, a survey of economists shows. The findings gathered by Bloomberg also suggest the economy is now in a recession that will last until the second half of 2023 and that the Bank of ...

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• 18 October

  Vodafone plans $7 billion fiber venture with Altice in Germany

  

  Bloomberg Vodafone Group Plc will roll out fiber to the home in Germany in a deal with Altice Europe NV to share a $7 billion investment in its biggest market. The 50-50 fiber venture with French billionaire Patrick Drahi’s Altice will build fiber optic lines to as many as 7 million homes in Germany, the companies said in a statement ...

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• 18 October

  Canada adds 21,000 jobs in tight market

    Bloomberg Canadian employment grew in September for the first time in four months, but gains remained moderate in a sign the labour market continues to be near full capacity. The country added just over 21,000 jobs last month, with small gains in both full-time and part-time work, Statistics Canada reported in Ottawa. That’s in line with the median estimate ...

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• 18 October

  Intel plans thousands of job cuts

    Bloomberg Intel Corp. is planning a major reduction in headcount, likely numbering in the thousands, to cut costs and cope with a sputtering personal-computer market. The layoffs will be announced as early as this month, with the company planning to make the move around the same time as its third-quarter earnings report, said the people, who asked not to ...

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• 18 October

  Pound and UK bonds rally; stocks, futures advance

  

  Bloomberg The pound rallied and UK bonds surged as more of Prime Minister Liz Truss’s package of unfunded tax cuts were reversed. Stocks rise, with investors preparing for a number of key earnings reports this week. Chancellor Jeremy Hunt said the UK will raise £32 billion ($36.15 billion) with new measures, scrapping plans to cut income tax and dropping a ...

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• 18 October

  China seeks to boost stock market as Xi speech disappoints

  

    Bloomberg Chinese regulators are ramping up efforts to support the stock market, which saw little reprieve from President Xi Jinping’s speech amid continued pressure from geopolitical tensions and the Covid Zero policy. A series of market-supporting measures are in the pipeline, including proposals to encourage companies to buy back shares and to ease curbs on short-term transactions by overseas ...

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• 17 October

  AD Ports inks deal with Nafis to hire 7,500 Emiratis in five years

  

    Abu Dhabi / Gulf Time The Emirati Talent Competitiveness Council (ETTC) and AD Ports group have signed an MoU to enhance the participation of UAE nationals in the private sector. As per the terms of the agreement, AD Ports will be working with Nafis to recruit 7,500 UAE nationals over the next five years, at a rate of 1,500 jobs ...

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