June, 2023

• 21 June

  Chancellor Olaf Scholz warns against ‘politics of fear’ in jibe at far-right AfD

  

  BLOOMBERG Chancellor Olaf Scholz urged Germans to sign up to his vision of the country’s technological and environmental transformation and warned against the rise of “ill-tempered” political rivals he accused of exploiting the fears of ordinary citizens. In a clear reference to recent gains by the far-right AfD in opinion polls, Scholz said the priority for him and his government ...

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• 21 June

  Japan PM pledges to fix problems with ID card rollout

  

  BLOOMBERG Japanese Prime Minister Fumio Kishida promised the public he would fix problems with the introduction of a national ID card that have damaged support for his government and raised concerns about data breaches. Kishida told a news conference he is taking seriously the problems with what is known as the “My Number” card. “We will work on the complete ...

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• 21 June

  Sunak struggles to contain Tory anxiety over UK mortgage costs

  

  BLOOMBERG Prime Minister Rishi Sunak faces mounting pressure from members of his Conservative Party to help Britons struggling with surging mortgage costs, amid fears that the UK’s sticky inflation and skyrocketing interest rates will cost them their seats in the next general election. Data showed the government is struggling to deliver on its promise to halve inflation this year, with ...

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• 21 June

  Yuan extends drop as PBOC’s weak fix worsens sentiment

  

  BLOOMBERG China’s yuan tumbled past the closely watched 7.2-per-dollar level and analysts are bracing for more losses after Beijing showed little resistance to the decline. The offshore yuan fell as much as 0.3% to 7.2007 to the greenback, the weakest since November. A lack of aggressive stimulus from authorities is fuelling a wave of selling in Chinese assets, with a ...

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• 21 June

  Stocks struggle for directions for Powell; UK rate bets rise

  

  BLOOMBERG Stocks struggled for direction as a hot inflation reading in the UK proved a cautionary tale for global central banks fighting inflation and markets wagering they’re close to the end of their tightening cycles. Futures contracts on the S&P 500 fluctuated in a narrow range after the gauge notched its first back-to-back losses in nearly four weeks. Economic bellwether ...

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• 21 June

  Tesla’s electric vehicles sweep top four spots on Cars.com ranking

  

  BLOOMBERG  Tesla Inc’s electric vehicles (EV) took the top four spots on this year’s Cars.com Inc list of the most-American-made cars, the second time in as many years all of the EV-maker’s models ranked in the top ten. Tesla’s Model Y SUV, Model 3 sedan, Model X SUV and Model S sedan ranked in spots one through four, according to ...

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• 21 June

  Renault sees its EV venture to be profitable by 2025

  

  BLOOMBERG  Renault’s electric-vehicle (EV) venture is set to be profitable as soon as 2025 with the company readying the Ampere unit for an initial public offering (IPO). The French carmaker also expects to break even on free cash flow by then before raising results to a double-digit operating profit margin by the end of the decade, Renault said. Chief Executive ...

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• 21 June

  UK house prices rise first time since September in official data

  

  BLOOMBERG  The first rise in UK house prices in seven months was overshadowed by a rapidly darkening outlook for the property market after a surge in bets for higher interest rates. The average cost of a UK home rose to £286,000 ($363,520) in April, up 0.5% compared to the previous month, the Office for National Statistics (ONS) said. The figures ...

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• 21 June

  Bayer sees $109b opportunity in cleaner farming, reducing carbon

  

  BLOOMBERG  Bayer AG is seeking to double the sales potential of its crop-science division by tapping opportunities to reduce carbon emissions from farming. The chemicals firm sees more than €100 billion ($109 billion) in possible revenue from segments adjacent to its core agricultural businesses, it said in a statement, without specifying a time frame. These include precision digital tools to ...

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• 21 June

  FedEx’s profit forecast misses estimates as job cuts hit 29,000

  

  BLOOMBERG  FedEx Corp said it cut 29,000 US jobs over the past year and issued a 2024 profit outlook that fell short of analysts’ expectations as it continues to trim costs in the face of waning package delivery demand. The company is slashing expenses as the industry copes with a decline in package volume following two years of surging demand ...

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