August, 2022

• 22 August

  Singapore warns against ‘foreign actors’ as US-China ties fester

    Bloomberg Singapore’s Prime Minister Lee Hsien Loong warned against “foreign actors” and interference campaigns fueling divisions in the city state as global geopolitical tensions escalate. China-US relations have become “very troubled,” Lee said in his annual National Day Rally speech Sunday, adding that Singapore is among those trying “our best to avoid being caught up in the major power ...

  Read More »
• 22 August

  Mogadishu hotel siege ends after evacuations, at least 20 deaths

    Bloomberg The violent siege by extremists at a popular hotel in Somalia’s capital, Mogadishu, ended around midnight Saturday, local police said. A final death toll is pending from Somalia’s ministry of health. Earlier estimates suggest at least 20 people died when members of al-Shabaab stormed the Hayat Hotel on Friday night after first setting off bombs outside. “As our ...

  Read More »
• 22 August

  Wildfires in Europe burn area equivalent to one-fifth of Belgium

  

  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 ...

  Read More »
• 22 August

  UK borrows more than forecast as inflation drives up debt costs

  

    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 ...

  Read More »
• 22 August

  Europe slips towards recession

  

    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 ...

  Read More »
• 22 August

  Swiss watch exports rise in July

    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. ...

  Read More »
• 22 August

  Norway’s GDP grows in Q2, helped by services

    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 ...

  Read More »
• 22 August

  German Rhine River’s navigability improves

    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 ...

  Read More »
• 22 August

  Electric car-charging investment soars

  

  Bloomberg More than $4.8 billion has been pumped into the electric-vehicle (EV) charging industry this year — a combination of roll-out announcements, debt financing, investment and acquisitions. And this is just the deals that have disclosed financial figures. Large corporates are competing for M&A targets with pure-play charging companies they may previously have acquired, and new competitors are cropping up. ...

  Read More »
• 22 August

  Tesla, SAIC ask China government to help secure power to suppliers

  

    Bloomberg Tesla Inc and SAIC Motor Corp told Shanghai’s government they may have difficulty maintaining production if a power crunch in Sichuan continues to impact suppliers, according to people familiar with the matter, prompting city officials to ask the southwestern province if it could prioritise electricity for the carmakers’ suppliers. The companies informed authorities in Shanghai that key parts ...

  Read More »