WION Business Wrap | The big global business stories summarised

WION'sBusiness Desk brings you this daily round up of global stories from the world of business and economy.

Australia halts trade negotiations with EU

Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. However, he expressed hope for future success and added that negotiations will continue. The negotiations between Australia and the EU have hit a roadblock over agricultural issues.

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Israel's economy may contract by 11 pc amid escalating conflict: JPMorgan

The ongoing war is bad news for the Israeli economy. JPMorgan Chase & Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year. The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted. JPMorgan's outlook is among the most pessimistic predictions from Wall Street analysts. Investors have already reacted negatively to the war and the latest prediction does not bode well for Israel.

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G-7 trade chiefs condemn weaponisation of economic dependencies: Report

In a statement that apparently targets China, trade ministers from the Group of Seven (G-7) came together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries.

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Egypt's natural gas imports suspended amid Gaza conflict

Egypt has announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war, leading to an increase in power cuts across the country. The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincides with a surge in electricity demand due to warmer-than-usual temperatures. This decision appears to be linked to Israel's recent move to shut down the offshore Tamar gas field amid concerns of potential disruptions caused by the conflict with Hamas in the Gaza Strip.

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G7 urges repeal of bans on Japanese food products; China denounces 'economic coercion'

The Group of Seven (G7) have called for an "immediate repeal" of restrictions on Japanese food product imports. The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant.

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UAW-Ford tentative deal marks significant gains for union members: Report

The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees.

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Evergrande gets a reprieve from court hearing as it seeks revised debt plan

In a significant development in China Evergrande Group debt saga, the real estate developer has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. The real estate company is working on a revised debt restructuring plan. The next hearing is likely on December 4 and if the company fails to chalk out a viable plan, it faces the threat of liquidation.

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