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Unprecedented inflation is ravaging the Eurozone

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1 year ago

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Unprecedented inflation is ravaging the Eurozone

Unprecedented inflation is ravaging the Eurozone

Friday – 2nd Al-Hijjah 1443 Hijri – 01 July 2022 AD Issue no. [
15921]

Euro zone inflation hits record high in June (Reuters)

Brussels: “Middle East”

According to a new estimate by the Statistical Office of the European Union (Eurostat), the inflation rate in the countries of the European single currency (euro) reached a record level, from 8.1 percent in May to 8.6 percent in June.
The price hike is primarily driven by energy prices reaching 41.9 percent compared to June last year. Food, liquor and tobacco prices rose to 8.9 percent from 7.5 percent in May.
The Baltic countries (Estonia, Latvia and Lithuania) have been hardest hit in the 19-member Eurozone. Estonia now has an inflation rate of 22 percent, followed by Lithuania at 20.5 percent and Latvia at 19 percent. Inflation is 10 percent or higher in six other eurozone countries, including Luxembourg, Belgium and Spain. Germany’s inflation rate stood at 8.2 percent, up from 8.7 percent in May.
The unemployment rate in Europe fell to 6.6 percent in May, after 6.7 percent in April, according to the announcement of “Eurostat” on Thursday, the inflation results came to reach a new record level.
The index is at its lowest monthly level since the European Statistics Office began compiling these figures in April 1998. Across the EU as a whole, the unemployment rate fell to 6.1 percent in May, also the lowest level.
The labor market benefited from the strong recovery of the European economy that began in the spring of 2021 and clearly recovered after the slowdown associated with the “Covid-19” pandemic. Europe’s growth forecast has been cut sharply, inflation is on the rise… but the repercussions of this deterioration are not yet visible in employment figures.
In May, Brussels cut its forecast for GDP growth in the euro area for 2022 by 1.3 points to 2.7 percent, and inflation expectations rose by 3.5 points to 6.1 percent compared to figures reported on February 10th (February). Beginning of the Russian offensive.
The unemployment rate fell in May by 1.5 points in the euro area and by 1.2 points in the EU as a whole on a year-on-year basis. However, about 13.07 million men and women are unemployed in the 27 member states, including 11 million in the 19 countries that share the common currency.
Spain (13.1 percent), Italy (8.1 percent) and Sweden (7.7 percent) reported the highest unemployment rates in the EU in May. In France, 7.2 percent of the population was unemployed, according to Eurostat data.

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Economy

European shares fall for fifth straight day, real estate shares fall, Reuters

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4 hours ago

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September 28, 2023

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European shares fall for fifth straight day, real estate shares fall, Reuters
© Reuters. Electronic screens show stock trading activity on the German DAX index at the Frankfurt Stock Exchange on Wednesday. Photo: Reuters.

(Reuters) – European stocks fell for a fifth straight day on Wednesday as negative reports from brokerages on property owners in Britain hurt real estate stocks, while recent moves weighed on shares of Dutch insurers and Swiss bank UBS. .

The European index fell 0.2 percent, closing at its lowest level in six months.

The European real estate sector index fell 2 percent.

Land Securities, British Land and Derwent London shares fell between 3.4 percent and 4.3 percent.

Overall, market sentiment remained pessimistic with investors on the likelihood of major central banks keeping interest rates high for longer, and a slump in China’s real estate sector added to negative sentiment.

The STOXX 600 index appeared to be on track for its first quarterly loss in four years, while the German index turned out to be the worst performer at the regional level.

Meanwhile, shares of Dutch insurers took a hit after court rulings raised the prospect of huge damage claims in a long-running battle over investment-linked products.

NN shares fell 18.8 percent, while ASR shares fell 14.2 percent.

Shares of UBS Bank fell about three percent after the U.S. Justice Department stepped up scrutiny of cases of suspected noncompliance with rules that helped clients from Russia avoid sanctions.

H&M shares, on the other hand, rose 3.4 percent after the world’s second-largest clothing retailer reported a slightly larger-than-expected increase in its quarterly profit, supported by cost cuts.

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(Prepared by Rehab Ala for Arabic Bulletin)

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Economy

Saudi Aramco to enter into new acquisition deal in China

Published

12 hours ago

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September 27, 2023

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Saudi Aramco to enter into new acquisition deal in China

Saudi Aramco continues its strategy of expanding petrochemical investments as part of a plan to convert 4 million barrels of oil per day into chemical products.

The Saudi oil giant has made China one of the most important markets it aims to expand into by entering into partnership or acquisition deals in the oil refining and petrochemical sector.

In this context, Saudi Aramco, one of the world’s leading integrated companies in the field of energy and petrochemicals, and Jiangsu Eastern Xinghong Company Limited (Eastern Xinghong), on Wednesday, September 27 (2023), signed a framework cooperation agreement to enter. In advising on potential acquisitions.

Acquisition Agreement Targets – Step Report Seen by Special Energy Platform – Acquisition of 10% strategic stake in Jiangsu Xinghong Petrochemical Industry Group Co., Ltd. (Jinghong Petrochemical), a wholly-owned subsidiary of East Jinggang, the deal is subject to necessary assessments and approvals.

Big investments

Xinghong Petrochemical Company owns and operates an integrated refining and petrochemical complex with a production capacity of 320 million barrels per day, as well as a methanol-to-olefins and derivatives complex.

Through its wholly-owned subsidiaries, it also has a facility for the production of refined terephthalic acid, and its facilities are located in the Petrochemical Industrial Park in Jiangsu Province.

An Aramco employee walks near an oil tank at the Ras Dhanura oil refinery – photo from Reuters

Under the framework cooperation agreement, Saudi Aramco intends to supply crude oil and other raw materials to Shenghong Petrochemical Company. Saudi Oil Company and Shenghong Petrochemical Company intend to cooperate on a major expansion project, subject to the results of consultations between the two countries. Conclusion of parties and binding final agreements.

The new deal comes two months after Saudi Aramco closed a deal to buy a 10% stake in Rongsheng Petrochemical Co. for 24.6 billion Chinese yuan (3.4 billion US dollars).

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The deal includes the export of 480,000 barrels per day of Arabian crude oil to the largest integrated refining and petrochemical complex in China owned by Zhejiang Petroleum and Petrochemical Co., Ltd., a subsidiary of Rongsheng.

Energy security in China

Mohammed Yahya Al-Qahdani, Saudi Arabia’s head of refining, chemicals and marketing, said, “Through our partnership with East China Sea, we look forward to providing Aramco with the reliable energy needed for growth, development and the long-term sustainability of China’s energy security.

He added: “The signing of the structural cooperation agreement with Saudi Aramco is an important step in our strategy in the field of refining, chemicals and marketing, which aims to increase the company’s ability to convert Arab crude oil into chemicals. Our vision to expand into the Chinese market, one of the world’s leading markets in the energy sector, is to “make China We consider ourselves an important partner today and for decades to come.”

Eastern Singhong, listed on the Shenzhen Stock Exchange, is one of the leading integrated companies in the energy and chemical industry and is keen to adopt advanced technologies in its new businesses in the energy and materials sectors.

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Economy

Dollar hits 10-month high as interest rates linger, via Reuters

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20 hours ago

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September 27, 2023

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Dollar hits 10-month high as interest rates linger, via Reuters
© Reuters. One hundred US dollar bills in Seoul, a photo from the Reuters archive.

SINGAPORE (Reuters) – The dollar hit a 10-month high as the U.S. continues to dominate at long-term highs.

In recent trading, the euro fell 0.14 percent to $1.05575, its lowest level in six months at $1.05555. The euro is heading for a quarterly loss of more than three percent, its worst quarterly performance in a year.

It fell 0.09 percent to $1.2146 after touching a six-month low of $1.2141 on Wednesday. Sterling is heading for a quarterly loss of more than four percent.

It hit a ten-month low of 106.30.

The rise in earnings led to a fall in the yen, which rose slightly to 149.03 yen against the dollar after falling to an 11-month low of 149.185 on Tuesday.

Some experts believe a breach of the 150 yen threshold could force Japanese authorities to intervene to support the currency, as they did last year.

The Australian dollar was down 0.20 percent at $0.6385.

The New Zealand dollar was down 0.23 percent at $0.5931.

(Prepared by Marwa Salam for Arabic Bulletin – Editing by Marwa Gharib)

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