Business & Economy news
JPMorgan sees ‘stratospheric’ $380 oil on worst-case Russian cut
A 3 million-barrel cut to daily supplies would push benchmark London crude prices to $190, while the worst-case scenario of 5 million could mean “stratospheric” $380 crude, the analysts wrote.
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Eurozone inflation hits record, as gas crunch looms
The EU's Eurostat data agency said the increase in consumer prices in the 19 countries that use the euro reached 8.6 percent in June, leaping from the previous record of 8.1 percent a month…
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Wall Street stocks fall as S&P 500 concludes worst H1 class shares since 1970
Two weeks ago, the central bank enacted a supersized three-quarter of a point interest rate hike, the biggest increase in nearly 30 years.
Lufthansa airline bringing back A380 superjumbo, costly but in demand
Lufthansa said the aircraft was returning "in response to the steep rise in customer demand and the delayed delivery of ordered aircraft," noting the A380 remains popular with its crew, as well as…
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Experts blame North Korea for USD 100 million cryptocurrency theft
The cryptoassets were stolen on June 23 from Horizon Bridge, a service operated by the Harmony blockchain that allows assets to be transferred to other blockchains
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Capitalism means creative destruction. Can the developing world cope up?
From the invention of the Spinning Jenny to the steam engine to the aircraft to the internet or say the Internet of Things (IoT), robotics, virtual reality – the grist to the mill of the 4th…
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Pallonji Mistry, chairman of Shapoorji Pallonji Group dies at 93
Pallonji Mistry, the Indian-born billionaire whose engineering empire built luxury hotels, stadiums, palaces and factories across Asia and whose family’s epic showdown with the Tata Group sparked…
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Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering
A former employee was found guilty of aggravated money laundering over a number of transactions she had conducted or ordered to be conducted between July 2007 and December 2008, despite firm…
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US faces 'narrowing path' to avoid recession: IMF; growth forecast slashed
The US has been battling the highest inflation in decades even as the Fed last week announced a historic increase in its benchmark lending rate.
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Pakistan Stock Exchange plunges after govt announces 'super tax' on industries
At 11:40 am (local time), the market witnessed a steep dip with the KSE-100 losing 1,598 points and sinking to 41,100, the Dawn newspaper reported. The benchmark KSE-100 index was down 2,053…
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Top hedge fund firm Bridgewater doubles bet against European stocks to $10.5 billion
Ray Dalio’s Bridgewater Associates has built a $10.5 billion bet against European companies, almost doubling its wager in the past week to its most bearish stance against the region’s stocks in…
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Toyota, Subaru shares drop on recalls of their first EV models
Subaru, in which Toyota has a nearly 20 per cent stake, also said it was recalling globally about 2,600 units of the Solterra, its first all-electric vehicle jointly developed with its top…
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Is 'buy now, pay later' becoming debt trap? A third of UK users say repayments are 'unmanageable'
As per the research, consumers are spending more through BNPL as shoppers who use this form of credit now pay off an average of 4.8 purchases
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Eurozone economy at a 16-month low in June due to Ukraine war and pandemic disruptions: Report
The stagnation of demand and worsening outlook were widely blamed on the rising cost of living, tighter financial conditions and concerns over energy and supply chains linked to the Ukraine war…
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South Korean currency Won drops to 13-year low
The won fell by 0.3 per cent to 1297.6 per dollar. This was the lowest since July 2009. The currency has been the worst performer in Asia with a loss of more than 8 per cent
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