July, 2022

• 5 July

  Johnson under pressure over Tory MP who quit in sleaze row

  

  Bloomberg Boris Johnson is under pressure to explain what he knew and when after a string of allegations surfaced over the weekend about the past sexual behavior of Chris Pincher, the Conservative MP who quit last week as one of the prime minister’s enforcers, citing his own drunken behavior. The UK prime minister suspended Pincher from the Conservative Party, almost ...

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• 5 July

  Japan ruling parties set for upper house victory

  

  Bloomberg Japan’s ruling coalition parties are set to win a majority in a July 10 election for the upper house of parliament, with the main opposition party failing to pick up support from voters worried about rising prices, a major poll showed. Prime Minister Fumio Kishida’s Liberal Democratic Party and its junior partner Komeito are together likely to secure 65-80 ...

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• 5 July

  Macron’s shuffle points to parliamentary problems

    Bloomberg French President Emmanuel Macron shuffled his cabinet after losing his outright majority in parliament last month but made few changes, in a sign that he’s failed to convince major opposition figures to join his coalition. The 44-year-old centrist is keeping Finance Minister Bruno Le Maire, Interior Minister Gerald Darmanin and Foreign Affairs Minister Catherine Colonna in their posts. ...

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• 5 July

  UK’s poorest families ‘brutally exposed’ to cost-of-living crisis

  

  Bloomberg The poorest families in the UK were left “brutally exposed” to the cost of living crunch after almost two decades of income stagnation, the Resolution Foundation warned. In a report, the think tank said too many families faced the current crisis already struggling with low incomes, scant savings and ungenerous welfare support. Adjusted for inflation, the disposable income of ...

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• 5 July

  Germany has first monthly trade deficit since 1991

  

    Bloomberg Germany reported its first monthly trade deficit in three decades, as companies faced surging costs for imports and softer demand for their products amid a darker economic outlook. The shortfall in May for Europe’s biggest economy was 1 billion euros ($1 billion), a gap not seen since 1991. Cross-border sales unexpectedly falls by 0.5%, while imports rise 2.7%, ...

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• 5 July

  Swiss inflation hits 29-year high

    Bloomberg Inflation in Switzerland accelerated to the fastest pace in nearly three decades, hitting 3.4% in June. The pace is up from 2.9% in May, and well above the Swiss National Bank’s 2% target. Based on the European Union-harmonised measure, it was at 3.2%, compared with 8.6% in the surrounding euro area. Russia’s war with Ukraine has been a ...

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• 5 July

  Tesla’s German hiring hitting roadblocks over wages: Union

  

  Bloomberg Tesla Inc may have to raise wages in Germany if it wants to achieve its goal of hiring thousands of additional workers for its factory near Berlin, according to the country’s leading automotive labour union. IG Metall is getting reports from Tesla staff at the Gruenheide site who are complaining about inadequate or unequal wages, the union said. Skilled ...

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• 5 July

  Foreign investors drained $40b from emerging Asia last quarter

  

    Bloomberg Some of Asia’s biggest stock and bond markets outside China are seeing greater outflows than in previous market crises, and the process may just be getting underway. Global funds offloaded a net $40 billion of equities across seven regional markets last quarter, exceeding any three-month period characterised by systemic stresses since 2007. The steepest selling was in tech-heavy ...

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• 5 July

  Emerging markets are well-positioned to stare down a US recession

  

    Bloomberg Emerging markets are well positioned to stare down a US recession and may even be able to lure investors their way. That’s the message from money managers including JPMorgan Chase & Co. and Deutsche Bank AG even as fears of a contraction in the world’s largest economy spark a dash into Treasuries and other haven assets. Beyond the ...

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• 4 July

  India’s windfall fuel tax can bring in $12.7b: PTI

  

  Bloomberg India’s windfall tax on domestic crude oil production and fuel exports may help the government bring in 1 trillion rupees ($12.7 billion) in revenues, Press Trust of India (PTI) reported. The federal government’s latest levies could help it recoup most of the revenues lost from fuel excise duty cuts announced in May this year, according to the news agency, citing ...

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