October, 2021

• 13 October

  European Union must answer Poland’s query

  By going officially and formally rogue, Poland may unwittingly have done the European Union a favour. In blatantly challenging the bloc’s legal authority, Warsaw is forcing the EU to decide whether it wants to become the “ever closer union” it claims to be, or to remain the malleable club of nations it actually is. Union or club — either way ...

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• 13 October

  BOE risks hiking too far ahead of the Fed

  That was one sharp hawkish volte-face from the Bank of England (BOE). Over the weekend, three Monetary Policy Committee (MPC) members, including Governor Andrew Bailey, made clear that they are ready to raise rates sooner rather than later. The UK government bond market really doesn’t like it. Gilts, which UK Treasury bonds are called, have been the worst-performing major fixed-income ...

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• 13 October

  North Korea shows expanding array of missiles to hit US

  

  Bloomberg Kim Jong Un showed off his increasingly varied arsenal of missiles designed to frustrate US defense systems, in a rare display that appeared to be the North Korean leader’s latest effort to break a diplomatic stalemate over his nuclear program. Blaming the US for “creating regional tension with wrong decisions and action,” Kim vowed at a defense forum to ...

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• 13 October

  EU unveils $1.15bn support package to counter Afghan crisis

  

  Bloomberg Ursula von der Leyen, head of the European Commission, on Tuesday announced an expanded support package to Afghanistan worth about $1.15 billion to try and contain a spiraling humanitarian crisis. The package combines European Union aid “with the delivery of targeted support on basic needs in direct benefit of the Afghan people and neighbouring countries,” von der Leyen said ...

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• 13 October

  France to build small nuclear reactors by 2030 in export push

  

  Bloomberg The French government will help state-controlled utility Electricite de France SA develop so-called small modular nuclear reactors by 2030, betting that the technology will be exported to regions looking to accelerate their transition to cleaner fuels. The announcement, made by President Emmanuel Macron, signals that he sees nuclear power as key to reducing global carbon emissions, alongside renewable energy. ...

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• 13 October

  Austrian poll shows Kurz’s party drop in hit from scandal

  

  Bloomberg The corruption investigation that forced Austria’s Sebastian Kurz to resign as chancellor has wiped out his lead against his closest rival. Support for the People’s Party dropped to 26% from 33%, putting it almost on par with the Socialist Party, which stood at 25%. That is according to a survey conducted by the IFDD pollster as the political turmoil ...

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• 13 October

  Scholz’s bid to run Germany hits key phase as discord persists

  

  Bloomberg Social Democrat Olaf Scholz’s bid to succeed Angela Merkel as German chancellor is reaching a critical phase as the party seeks to work through vast policy differences with its two prospective junior partners. After 14 hours of talks this week and sparring over the weekend, the Greens and the pro-business Free Democrats said they made progress in finding common ...

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• 13 October

  Macron unveils $35 billion plan for industrial revival

  

  Bloomberg French President Emmanuel Macron unveiled a 30-billion-euro ($35 billion) plan to create the high-tech champions of the future and reverse years of industrial decline in the euro area’s second-largest economy. The plan, dubbed “France 2030,” foresees investing the funds over five years in sectors including nuclear and renewable energy sources, electric cars, semiconductors and robotics. “I want us to ...

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• 13 October

  Global PC sales stunted by supply, logistics snarls

  

  Bloomberg Computer sales grew at the slowest rate since the start of the pandemic due to component shortages and logistics snarls, according to the latest report by IDC. The key US market shrunk for the first time since sales cratered in the first quarter of 2020 with the coronavirus outbreak, the market researcher said. Shipments there fell 7.5% in the ...

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• 13 October

  Lonza to keep investment high amid vaccine demand

  Bloomberg Swiss drug-ingredient maker Lonza Group AG said it plans to keep investment at high levels over the coming years to keep up with demand to manufacture products such as Moderna Inc.’s Covid-19 vaccine. Capital expenditure will be 25% of total revenue this year and remain at such elevated levels for the next few years, the company said on Tuesday. ...

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