The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind.&nbsp;As per a Daily Mail report, even though earnings have risen at near-record rates, in real terms wages have plummeted in the three months to November.

Watch |&nbsp;Nurses and ambulance workers strike in UK over pay hike

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Over the three months, pay overall rose by 6.4 per cent in cash terms; 7.2 per cent for the private sector and 3.3 per cent for the public sector.

Compared to the CPI or Consumer Price Index, the above-mentioned time period reportedly saw pay tumble by 3.9 per cent; which is the biggest fall since 2009. Regular pay also saw a 3.8 per cent fall.

Also read |&nbsp;<a href="https://www.wionews.com/economy/uk-inflation-dips-from-41-year-high-but-food-prices-continue-to-rise-542994">UK inflation declines from 41-year high but food prices continue the upswing</a>

Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce.

However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-23000-schools-across-uk-to-be-affected-as-teacher-announce-a-strike-heres-all-you-need-to-know-553439">Explained: 23,000 schools across UK to be affected as teachers announce strike. Here's all you need to know</a>

However, there was a drop in the number of people out of a job for more than a year.

As per ONS director of economic statistics Darren Morgan, “Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised”

“The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began,” he added.

(With inputs from agencies)

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The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind.

The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind. As per a Daily Mail report, even though earnings have risen at near-record rates, in real terms wages have plummeted in the three months to November. Watch | Nurses and ambulance workers strike in UK over pay hike Over the three months, pay overall rose by 6.4 per cent in cash terms; 7.2 per cent for the private sector and 3.3 per cent for the public sector. Compared to the CPI or Consumer Price Index, the above-mentioned time period reportedly saw pay tumble by 3.9 per cent; which is the biggest fall since 2009. Regular pay also saw a 3.8 per cent fall. Also read | UK inflation declines from 41-year high but food prices continue the upswing Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce. However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years. Also read | Explained: 23,000 schools across UK to be affected as teachers announce strike. Here's all you need to know However, there was a drop in the number of people out of a job for more than a year. As per ONS director of economic statistics Darren Morgan, “Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised” “The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began,” he added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

As inflation soars in UK, Britons see real-time value of their wages plummet; biggest fall since 2009

Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum in&nbsp;Davos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country. The minister also said that the relationship between the two nations was “great” and one which Saudi “will continue to grow”.

In conversation with WION’s Business Editor Sumit Chaturvedi, the Saudi minister said that his nation was “open for business like never before”. Opening up about Riyadh’s presence at the WEF summit, he said that Saudi’s government is investor centric, and the meeting is a key venue to talk to investors and discuss the different initiatives his country offers.

Watch |&nbsp;Davos 2023: WION speaks to Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef

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Responding to a question about Riyadh’s push to non-oil business, like manufacturing, travel and tourism, Alkhorayef said that the nation's Vision 2030’ framework is “all about diversifying our economy,” to which “both industry and mining are great contributors”.

“In Saudi Arabia, we bet on technology to leapfrog the industrial sector much faster than anybody else, but also to create the jobs of the future for our people. We are working also to make Saudi Arabia an important hub for logistics, to be a serious player in securing the supply chain for the global community,” he added.

Saudi Arabia is one of the biggest players in the oil market globally. Recent days have seen the global economies face a battering at the hands of inflation; rising costs of oil and crude have further&nbsp;been exacerbated due to the ongoing conflict in Ukraine.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/survival-of-the-richest-for-a-more-equal-world-cut-down-number-of-billionaires-by-half-suggests-oxfam-552962">‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam</a>&nbsp;

Responding to a question about the kind of oil prices his country favours, the Saudi Industry Minister said that in his opinion the Ministry of Energy in "a very practical way", was looking at "fair pricing between supply and demand to ensure that the markets also get the quantities."

He further added that Saudi’s focus is on ensuring "the future of the commodity rather than the spot price."&nbsp;

In October of last year, Riyadh along with other OPEC+ nationsdecidedn to cut oil production. The decision was vehemently protested by the United States, with the nation’s President Joe Biden as per reports going as far as delaying military aid to Saudi.

Also read | <a href="https://www.wionews.com/business-economy/big-oil-firms-will-push-their-agenda-at-davos-say-protesting-climate-activists-553056">Big oil firms will push their agenda at Davos, say protesting climate activists</a>

The World Economic Forum’s annual meeting, which kicked off on January 16, will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit.

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Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum in Davos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country.

Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum in Davos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country. The minister also said that the relationship between the two nations was “great” and one which Saudi “will continue to grow”. In conversation with WION’s Business Editor Sumit Chaturvedi, the Saudi minister said that his nation was “open for business like never before”. Opening up about Riyadh’s presence at the WEF summit, he said that Saudi’s government is investor centric, and the meeting is a key venue to talk to investors and discuss the different initiatives his country offers. Watch | Davos 2023: WION speaks to Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef Responding to a question about Riyadh’s push to non-oil business, like manufacturing, travel and tourism, Alkhorayef said that the nation's Vision 2030’ framework is “all about diversifying our economy,” to which “both industry and mining are great contributors”. “In Saudi Arabia, we bet on technology to leapfrog the industrial sector much faster than anybody else, but also to create the jobs of the future for our people. We are working also to make Saudi Arabia an important hub for logistics, to be a serious player in securing the supply chain for the global community,” he added. Saudi Arabia is one of the biggest players in the oil market globally. Recent days have seen the global economies face a battering at the hands of inflation; rising costs of oil and crude have further been exacerbated due to the ongoing conflict in Ukraine. Also read | ‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam Responding to a question about the kind of oil prices his country favours, the Saudi Industry Minister said that in his opinion the Ministry of Energy in "a very practical way", was looking at "fair pricing between supply and demand to ensure that the markets also get the quantities." He further added that Saudi’s focus is on ensuring "the future of the commodity rather than the spot price." In October of last year, Riyadh along with other OPEC+ nationsdecidedn to cut oil production. The decision was vehemently protested by the United States, with the nation’s President Joe Biden as per reports going as far as delaying military aid to Saudi. Also read | Big oil firms will push their agenda at Davos, say protesting climate activists The World Economic Forum’s annual meeting, which kicked off on January 16, will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Exclusive | Riyadh focusing on future of oil rather than 'spot price', says Saudi Industry Minister Alkhorayef

Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board.

Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership.

He criticised Disney for failing to plan properly for its succession, overspending on 21st Century Fox and "over-the-top" compensation packages.

In a blistering statement, Peltz-owned Trian, which holds a $900 million stake in Disney, said, "Disney's recent performance reflects the hard truth that it is a company in crisis".

Watch |&nbsp;<a href="https://www.wionews.com/videos/wion-fineprint-disney-asks-employees-to-come-back-to-the-office-551197">WION Fineprint | Disney asks employees to come back to the office</a>

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Trian also noted that Disney's stock is near an 8-year low because the company lacks cost discipline.

While Peltz listed several problems, which he says are "self-inflicted and need to be addressed," he did not give any detailed plan to overcome those difficulties.

A boardroom stand-off will pit one of corporate America's most respected activist investors for his work at consumer companies against Iger, one of the most revered and hugely popular CEOs in media.

Also read |&nbsp;<a href="https://www.wionews.com/world/disney-to-roll-back-theme-park-prices-as-iger-attempts-to-woo-visitors-back-551720">Disney to roll back theme park prices as Iger attempts to woo visitors back</a>

But Peltz says he does not want to replace Iger or break the company up, and instead, he was in favour of restoring the company's dividend by 2025.

Peltz is known for forcing his way into boards of large corporations such as Mondelez International and Proctor &amp; Gamble co., including through proxy battles.

Even when the activist investor has been unsuccessful in his bid for a seat, such as in the case of Dupont, his campaigns have helped cost savings and managerial reforms.

On the other hand, the boardroom battle is a rebuke of Iger, who rose to prominence as one of the media industry's top CEOs during his first tenure as head of Disney between 2005 and 2020, but has failed to appoint a successor.

The latest also marks the second request for change in six months from an activist shareholder. Daniel Loeb of Third Point had previously pushed Disney to sell ESPN, repurchase shares, and replace its board.

(With inputs from agencies)

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Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board. Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership.

Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board. Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership. He criticised Disney for failing to plan properly for its succession, overspending on 21st Century Fox and "over-the-top" compensation packages. In a blistering statement, Peltz-owned Trian, which holds a $900 million stake in Disney, said, "Disney's recent performance reflects the hard truth that it is a company in crisis". Watch | WION Fineprint | Disney asks employees to come back to the office Trian also noted that Disney's stock is near an 8-year low because the company lacks cost discipline. While Peltz listed several problems, which he says are "self-inflicted and need to be addressed," he did not give any detailed plan to overcome those difficulties. A boardroom stand-off will pit one of corporate America's most respected activist investors for his work at consumer companies against Iger, one of the most revered and hugely popular CEOs in media. Also read | Disney to roll back theme park prices as Iger attempts to woo visitors back But Peltz says he does not want to replace Iger or break the company up, and instead, he was in favour of restoring the company's dividend by 2025. Peltz is known for forcing his way into boards of large corporations such as Mondelez International and Proctor & Gamble co., including through proxy battles. Even when the activist investor has been unsuccessful in his bid for a seat, such as in the case of Dupont, his campaigns have helped cost savings and managerial reforms. On the other hand, the boardroom battle is a rebuke of Iger, who rose to prominence as one of the media industry's top CEOs during his first tenure as head of Disney between 2005 and 2020, but has failed to appoint a successor. The latest also marks the second request for change in six months from an activist shareholder. Daniel Loeb of Third Point had previously pushed Disney to sell ESPN, repurchase shares, and replace its board. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Walt Disney and investor activist Nelson Peltz to face off on boardroom seat

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.&nbsp;

That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures.

Watch |&nbsp;World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

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China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world.

Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand."

Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel.

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-apple-going-back-on-its-word-touchscreen-for-macs-as-early-as-2025-551842">Is Apple going back on its word? Touchscreen for Macs as early as 2025</a>

With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide.

Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today.

(With inputs from agencies)

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Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg. That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures. Watch | World Business Watch: Goldman sees $110 oil by third quarter on full China reopening China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world. Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand." Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel. Also read | Is Apple going back on its word? Touchscreen for Macs as early as 2025 With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide. Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Higher inflation this year? Goldman Sachs predicts oil prices could rise up to $110 a barrel

Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US&nbsp;inflation data due later in the week.&nbsp;The US&nbsp;dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday.

US&nbsp;Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5&nbsp;per cent versus 7.1&nbsp;per cent in November.

"Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones.

"We're sensing a bit of sideways movement in the market today and probably we'll continue to get that."

The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&amp;P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-soon-gets-its-home-grown-iphone-as-tata-group-nears-takeover-says-source-551539">India to get its first homegrown iPhone maker as Tata Group nears takeover, says source</a>

While the S&amp;P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading.

The pan-European STOXX 600 index lost 0.59&nbsp;per cent and MSCI's gauge of stocks across the globe gained 0.30&nbsp;per cent while emerging market stocks rose 0.05 per cent.

Signs of slowing wage inflation from the December US&nbsp;jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes.

But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden.

"What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management.

However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/embattled-bharatpe-co-founder-ashneer-grover-aanounces-mercedes-as-bonus-for-his-new-startups-employees-551505">Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees</a>

San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next.

"Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret.

The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734.

"Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone.

The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly.

Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent.

Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows.

U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56&nbsp;per cent on the day.

In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce.

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Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week.

Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week. The US dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday. US Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5 per cent versus 7.1 per cent in November. "Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones. "We're sensing a bit of sideways movement in the market today and probably we'll continue to get that." The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63. Also read | India to get its first homegrown iPhone maker as Tata Group nears takeover, says source While the S&P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading. The pan-European STOXX 600 index lost 0.59 per cent and MSCI's gauge of stocks across the globe gained 0.30 per cent while emerging market stocks rose 0.05 per cent. Signs of slowing wage inflation from the December US jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes. But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden. "What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management. However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in. Also read | Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next. "Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret. The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734. "Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone. The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly. Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent. Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56 per cent on the day. In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US stocks rise, bond yields go up with December's upcoming price data in focus

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult".

"Let's get some work done in 2023!" he wrote.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/private-equity-firm-carlyle-buys-a-majority-stake-in-indias-vlcc-551062">Private equity firm Carlyle buys a majority stake in India's VLCC</a>

"We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people.

"5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates.

Here's the post:

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He further shared an email address at which interested people can send in their job applications.&nbsp;Grover originally announced the startup on his 40th birthday in June 2022.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bharatpe-sacks-ashneer-grovers-wife-over-misappropriation-of-funds-455770">BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds'</a>

Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages.

(With inputs from agencies)

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Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm.

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult". "Let's get some work done in 2023!" he wrote. Also read | Private equity firm Carlyle buys a majority stake in India's VLCC "We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people. "5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates. Here's the post: × He further shared an email address at which interested people can send in their job applications. Grover originally announced the startup on his 40th birthday in June 2022. Also read | BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds' Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg.

This is the largest repayment batch due in the next five years.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt.

According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level.

Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/perilously-close-to-falling-into-recession-world-bank-cuts-global-growth-to-17-551183">‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7%</a>

China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market.

Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause.

And while there are some indications that the worst for bond markets may be over, uncertainty still persists.

Also read | <a href="https://www.wionews.com/business-economy/russias-budget-gap-surges-to-record-high-as-ukraine-war-weighs-on-finances-551139">Russia's budget gap surges to record high as Ukraine war weighs on finances</a>

"Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg.

China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added.

(With inputs from agencies)

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Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg. Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg. This is the largest repayment batch due in the next five years. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt. According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level. Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario. Also read | ‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7% China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market. Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause. And while there are some indications that the worst for bond markets may be over, uncertainty still persists. Also read | Russia's budget gap surges to record high as Ukraine war weighs on finances "Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg. China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Asian borrowers face a daunting $314 billion debt repayment as rates rise

At the stroke of midnight as people revelled in New Year festivities, Croatia the small Balkan nation of four million people, took two major steps - it entered the European Union's control-free Schengen area and became the latest EU member nation to adopt the Euro as its currency.

Croatia enters Schengen, switches to Euro; bids farewell to Kuna currency

Qatar on Tuesday announced its first major deal to send liquefied natural gas to Germany as Europe scrambles to find alternatives to Russian energy sources.

Qatar's Energy Minister Saad Sherida al-Kaabi said up to two million tons of gas a year would be sent for at least 15 years from 2026, and that state-run QatarEnergy was discussing other possible deals for Europe's biggest economy.

Kaabi, who is also QatarEnergy's chief executive, said so many European and Asian countries now want natural gas that he did not have enough negotiators to cope.

The talks for the latest deal took several months as Germany has resisted the long-term contracts that Qatar normally demands to justify its massive investment in the industry.

Russia's invasion of Ukraine in February increased pressure on the German government to find new sources. And the latest deal will not help the country get through the looming winter.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-willing-to-build-closer-partnership-with-russia-on-energy-issues-says-xi-jinping-538497">China willing to build closer partnership with Russia on energy issues, says Xi Jinping</a>

The gas will be bought through US firm ConocoPhillips, a long-term partner with QatarEnergy, and sent to a new terminal that Germany is hurrying to finish at Brunsbuttel.

"We are committed to contribute to the energy security of Germany and Europe at large," Kaabi told a press conference after the signing ceremony with ConocoPhillips chief executive Ryan Lance.

Lance hailed the accord as "a vital contribution to world energy security".

Qatar last week announced a 27-year agreement to ship four million tons a year to China. It said this was the longest contract agreed in the industry.

Qatari officials would not discuss prices but industry analysts have said Germany will have to pay a premium for the shorter contract and the hurried start to deliveries.

Intense demand

Kaabi again stressed the "sizeable investments" that his country has made in extracting gas for deliveries around the world.

But he also said that Qatar was negotiating with German companies to further increase the "volumes" being sent.&nbsp;

The gas will come from the North Field East and North Field South projects that Qatar is developing with ConocoPhillips and other energy multinationals. North Field contains the world's biggest natural gas reserves and extends under the Gulf into Iranian territory.

Also read |&nbsp;<a href="https://www.wionews.com/world/two-chinese-type-075-amphibious-assault-ships-are-combat-ready-says-pla-navy-538513">Two Chinese Type 075 amphibious assault ships are combat ready, says PLA Navy</a>

Through expansion in North Field, Qatar is aiming to increase its production by 60 per cent by 2027. With increases in international prices, the value of its exports has almost doubled in the past year, state media said recently. &nbsp;

Asian countries led by China, Japan and South Korea have been the main market for Qatar's gas, but it has been increasingly targeted by European countries since Russia's war on Ukraine threw supplies into doubt.

"There is very intense discussions with European buyers and with Asian buyers," Kaabi said, highlighting the "scarcity of gas coming in the next few years".

"We do not have enough teams to work with everybody, to cater for the needs" of all countries making demands.

Kaabi said the deal with China's Sinopec showed that "Asian buyers are feeling the pressure of wanting to secure long-term deals... I think we are in a good position."

The Brunsbuttel terminal supplies customers of German energy companies Uniper and RWE, and Economy and Energy Minister Robert Habeck said the two firms "have to buy on the world market.

"It is clear that the world market has different suppliers, and it is smart from the companies to buy the most favourable offers for the consumers on the world market, and that includes Qatar," he said.

Bill Farren-Price, head of macro oil and gas research at energy data analytics firm Enverus, said the deal underlines Qatar's "key role" in filling the Russian gas shortfall.

"With Qatar the subject of Western criticism over its staging of the World Cup, this deal, like the Sinopec one a few days ago, shows just how significant Qatari LNG will be in rebuilding European energy security," he told AFP.

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Qatar on Tuesday announced its first major deal to send liquefied natural gas to Germany as Europe scrambles to find alternatives to Russian energy sources. Qatar's Energy Minister Saad Sherida al-Kaabi said up to two million tons of gas a year would be sent for at least 15 years from 2026, and that state-run QatarEnergy was discussing other possible deals for Europe's biggest economy.

Qatar on Tuesday announced its first major deal to send liquefied natural gas to Germany as Europe scrambles to find alternatives to Russian energy sources. Qatar's Energy Minister Saad Sherida al-Kaabi said up to two million tons of gas a year would be sent for at least 15 years from 2026, and that state-run QatarEnergy was discussing other possible deals for Europe's biggest economy. Kaabi, who is also QatarEnergy's chief executive, said so many European and Asian countries now want natural gas that he did not have enough negotiators to cope. The talks for the latest deal took several months as Germany has resisted the long-term contracts that Qatar normally demands to justify its massive investment in the industry. Russia's invasion of Ukraine in February increased pressure on the German government to find new sources. And the latest deal will not help the country get through the looming winter. Also read | China willing to build closer partnership with Russia on energy issues, says Xi Jinping The gas will be bought through US firm ConocoPhillips, a long-term partner with QatarEnergy, and sent to a new terminal that Germany is hurrying to finish at Brunsbuttel. "We are committed to contribute to the energy security of Germany and Europe at large," Kaabi told a press conference after the signing ceremony with ConocoPhillips chief executive Ryan Lance. Lance hailed the accord as "a vital contribution to world energy security". Qatar last week announced a 27-year agreement to ship four million tons a year to China. It said this was the longest contract agreed in the industry. Qatari officials would not discuss prices but industry analysts have said Germany will have to pay a premium for the shorter contract and the hurried start to deliveries. Intense demand Kaabi again stressed the "sizeable investments" that his country has made in extracting gas for deliveries around the world. But he also said that Qatar was negotiating with German companies to further increase the "volumes" being sent. The gas will come from the North Field East and North Field South projects that Qatar is developing with ConocoPhillips and other energy multinationals. North Field contains the world's biggest natural gas reserves and extends under the Gulf into Iranian territory. Also read | Two Chinese Type 075 amphibious assault ships are combat ready, says PLA Navy Through expansion in North Field, Qatar is aiming to increase its production by 60 per cent by 2027. With increases in international prices, the value of its exports has almost doubled in the past year, state media said recently. Asian countries led by China, Japan and South Korea have been the main market for Qatar's gas, but it has been increasingly targeted by European countries since Russia's war on Ukraine threw supplies into doubt. "There is very intense discussions with European buyers and with Asian buyers," Kaabi said, highlighting the "scarcity of gas coming in the next few years". "We do not have enough teams to work with everybody, to cater for the needs" of all countries making demands. Kaabi said the deal with China's Sinopec showed that "Asian buyers are feeling the pressure of wanting to secure long-term deals... I think we are in a good position." The Brunsbuttel terminal supplies customers of German energy companies Uniper and RWE, and Economy and Energy Minister Robert Habeck said the two firms "have to buy on the world market. "It is clear that the world market has different suppliers, and it is smart from the companies to buy the most favourable offers for the consumers on the world market, and that includes Qatar," he said. Bill Farren-Price, head of macro oil and gas research at energy data analytics firm Enverus, said the deal underlines Qatar's "key role" in filling the Russian gas shortfall. "With Qatar the subject of Western criticism over its staging of the World Cup, this deal, like the Sinopec one a few days ago, shows just how significant Qatari LNG will be in rebuilding European energy security," he told AFP. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Qatar announces first major gas deal for Germany

New analysis shows that Paris has overtaken London to become Europe's biggest stock market.&nbsp;As per a Bloomberg report amid recession jitters in Britain, the French market has gained a marginal edge on the London stock market.

Five years back when Britain voted to leave the European Union its stocks were worth $1.5 trillion more than France's now it is a little behind. Paris now has a combined value of $2.823 trillion while the UK market is worth $2.821 trillion altogether.

Watch |&nbsp;London loses EU's stock market crown to Paris

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Plummeting pound, Brexit and France's high-end shares have also contributed to the change.&nbsp;

Speaking to Bloomberg, Michal Saunders, a policymaker at the Bank of England said that Brexit has "permanently damaged' the UK economy by reducing the country's potential output, which has led to a plunge in investments to businesses.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/stocks-pound-up-as-sunak-to-become-new-british-pm-528020">Stocks, pound up as Sunak to become new British PM</a>

The major victims of this economic downturn have been small ad consumer-focused firms, who have also taken the hit from the energy crisis, inflation and market volatility.

Dropping 13 per cent in value against the US Dollar, Pound this year has taken a major hammering. In comparison, Euro has only seen a 9.2 per cent fall.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/global-debt-grew-considerably-in-2021-warns-world-bank-president-report-533752" hreflang="en">Global debt grew considerably in 2021, China leading lender: World Bank president</a>

In September, as per Reuters, consumer price inflation in Britain saw a 40- year high of 10.1 per cent, this figure is only expected to rise as last month also saw regulated energy prices jump in spite of the subsidies.

As per an AFP report in spite of the ongoing recession and the cost-of-living crisis, Britain will hike taxes and slash public spending in its government budget which will be unveiled on Thursday (November 17). This is meant to signal "a return to austerity".

(With inputs from agencies)

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New analysis shows that Paris has overtaken London to become Europe's biggest stock market. As per a Bloomberg report amid recession jitters in Britain, the French market has gained a marginal edge on the London stock market.

New analysis shows that Paris has overtaken London to become Europe's biggest stock market. As per a Bloomberg report amid recession jitters in Britain, the French market has gained a marginal edge on the London stock market. Five years back when Britain voted to leave the European Union its stocks were worth $1.5 trillion more than France's now it is a little behind. Paris now has a combined value of $2.823 trillion while the UK market is worth $2.821 trillion altogether. Watch | London loses EU's stock market crown to Paris Plummeting pound, Brexit and France's high-end shares have also contributed to the change. Speaking to Bloomberg, Michal Saunders, a policymaker at the Bank of England said that Brexit has "permanently damaged' the UK economy by reducing the country's potential output, which has led to a plunge in investments to businesses. Also read | Stocks, pound up as Sunak to become new British PM The major victims of this economic downturn have been small ad consumer-focused firms, who have also taken the hit from the energy crisis, inflation and market volatility. Dropping 13 per cent in value against the US Dollar, Pound this year has taken a major hammering. In comparison, Euro has only seen a 9.2 per cent fall. Also read | Global debt grew considerably in 2021, China leading lender: World Bank president In September, as per Reuters, consumer price inflation in Britain saw a 40- year high of 10.1 per cent, this figure is only expected to rise as last month also saw regulated energy prices jump in spite of the subsidies. As per an AFP report in spite of the ongoing recession and the cost-of-living crisis, Britain will hike taxes and slash public spending in its government budget which will be unveiled on Thursday (November 17). This is meant to signal "a return to austerity". (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Britain is no longer Europe's biggest stock market; Paris takes the crown

The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.9 per cent. A huge increase of 41.9 per cent has caused the inflation to jump, said Eurostat. The European Central Bank has already warned last week that a recession is looming. It had announced a jumbo interest rate hike in order to attempt to curb inflation.

Russia's war on Ukraine has also made matters worse. Russia is one of the major gas supplier to Europe. In the wake of Ukraine war, Russia has drastically cut gas supplies to Europe as a result of which the continent is facing energy crisis. There are fears of power shortages just as winter approaches.

Watch | US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills

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The third quarter figure was marginally better than expected after economic powerhouse Germany bettered forecasts with 0.3 percent growth.&nbsp;

Among other key economies, France and Spain were at 0.2 percent and Italy on Monday announced growth of 0.5 percent.&nbsp;

Eurostat said that overall Eurozone increased by 2.1 per cent as compared to same quarter last year.

Also Read | <a href="https://www.wionews.com/world/eu-thinking-of-more-sanctions-against-iran-over-excessive-crackdown-says-scholz-529994">EU thinking of more sanctions against Iran over 'excessive' crackdown, says Scholz</a>

But despite the mildly better-than-expected news, analysts warned that a recession appeared to be on its way regardless.

"It is a matter of how deep the recession will be and not if there will be one," Oxford Economics said in an analyst note. &nbsp;

"Therefore, while Q3 was more resilient than expected a recession over the winter in eurozone is imminent."

(With inputs from agencies)

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The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.

The European Union's statistics agency said on Monday (October 31) that inflation in Eurozone was at record 10.7 per cent in October. Just a month before, the same figure was at 9.9 per cent. A huge increase of 41.9 per cent has caused the inflation to jump, said Eurostat. The European Central Bank has already warned last week that a recession is looming. It had announced a jumbo interest rate hike in order to attempt to curb inflation. Russia's war on Ukraine has also made matters worse. Russia is one of the major gas supplier to Europe. In the wake of Ukraine war, Russia has drastically cut gas supplies to Europe as a result of which the continent is facing energy crisis. There are fears of power shortages just as winter approaches. Watch | US Midterms 2022: Inflation tops voter concern, residents struggle to pay bills × The third quarter figure was marginally better than expected after economic powerhouse Germany bettered forecasts with 0.3 percent growth. Among other key economies, France and Spain were at 0.2 percent and Italy on Monday announced growth of 0.5 percent. Eurostat said that overall Eurozone increased by 2.1 per cent as compared to same quarter last year. Also Read | EU thinking of more sanctions against Iran over 'excessive' crackdown, says Scholz But despite the mildly better-than-expected news, analysts warned that a recession appeared to be on its way regardless. "It is a matter of how deep the recession will be and not if there will be one," Oxford Economics said in an analyst note. "Therefore, while Q3 was more resilient than expected a recession over the winter in eurozone is imminent." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Eurozone inflation hits a new record high, says Eurostat

In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation.

To join the eurozone as the 20th member, Croatia will say goodbye to its currency, the kuna, on January 1.

The former Yugoslav Republic, which joined the <a href="https://www.wionews.com/world/us-set-to-put-united-nations-focus-on-iran-protests-next-week-529304">European Union</a> almost ten years ago, reported an annual inflation rate of about 13 per cent in September, compared to 10 per cent in the eurozone.

Also read |&nbsp;<a href="https://www.wionews.com/world/russian-assets-worth-17-bn-euros-frozen-by-eu-says-official-529442">Russian assets worth 17 bn euros frozen by EU, may be given to Ukraine for rebuilding: Official</a>

Authorities have often emphasised the benefits of adopting the euro for the nation's 3.9 million residents in the run-up to the switchover.

"The euro brings resilience," Ana Sabic of the Croatian National Bank told AFP, arguing that Zagreb will, if needed, have access to more favourable borrowing conditions amid economic hard times.

The European Central Bank has been implementing a monetary tightening strategy since July in an effort to tame the inflation that has exploded due to skyrocketing oil and food costs brought on by <a href="https://www.wionews.com/world/the-task-set-by-you-has-been-completed-russia-ends-mobilisation-for-ukraine-zelensky-expresses-doubt-529302">Russia's war</a> in Ukraine.

Analysts continue to claim that eastern European EU nations like Poland and Hungary, whose currencies are not pegged to the euro, have been significantly more susceptible to rising inflation.

(With inputs from agencies)

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In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation.

In an unpredictable world where geopolitical headwinds are rattling Europe and inflation is on the rise, Croatia is hoping that its impending move to the euro would provide some measure of safety for the Balkan nation. To join the eurozone as the 20th member, Croatia will say goodbye to its currency, the kuna, on January 1. The former Yugoslav Republic, which joined the European Union almost ten years ago, reported an annual inflation rate of about 13 per cent in September, compared to 10 per cent in the eurozone. Also read | Russian assets worth 17 bn euros frozen by EU, may be given to Ukraine for rebuilding: Official Authorities have often emphasised the benefits of adopting the euro for the nation's 3.9 million residents in the run-up to the switchover. "The euro brings resilience," Ana Sabic of the Croatian National Bank told AFP, arguing that Zagreb will, if needed, have access to more favourable borrowing conditions amid economic hard times. The European Central Bank has been implementing a monetary tightening strategy since July in an effort to tame the inflation that has exploded due to skyrocketing oil and food costs brought on by Russia's war in Ukraine. Analysts continue to claim that eastern European EU nations like Poland and Hungary, whose currencies are not pegged to the euro, have been significantly more susceptible to rising inflation. (With inputs from agencies) WATCH WION LIVE HERE:

Croatia gears up for Euro switch amid soaring inflation

The recognisable Euro sign in Frankfurt has been saved by a new sponsor, the global fin-tech firm "Caiz Development." This Tuesday, the public was given a first look at the new sponsorship plate (September 27).&nbsp;

The well-known Ottmar Hörl sculpture was slated for auction sale in October after the "Frankfurter Kultur Komitee" declared that it was unable to continue paying the annual maintenance costs of about 200,000 euros, according to media reports.&nbsp;

Manfred Pohl, the founder and CEO of the "Frankfurter Kultur Komitee," claimed that although the organisation has received alternative sponsorship offers, they would not permit the sculpture to remain at Willy-Brandt-Platz, where it has stood since 2001. The Euro emblem being placed on one of the Deutsche Bank towers was a serious proposition that was made, according to Pohl. Then it would be visible from the air when entering Frankfurt and would not be damaged.

However, a blockchain technology startup helped the sculpture stay in its customary spot. In response to cryptocurrencies, managing director of "Caiz Development" Joergen Hansen stated, "We are not a threat to the euro; the euro will always exist." Let's put it this way, though: We are giving it some technological assistance so that it can reach more people.&nbsp;

According to the "Frankfurter Kultur Komitee," "Caiz Development" had committed to pay for the sculpture's upkeep for the subsequent five years.

(with inputs from agencies) 
&nbsp;

The recognisable Euro sign in Frankfurt has been saved by a new sponsor, the global fin-tech firm "Caiz Development." This Tuesday, the public was given a first look at the new sponsorship plate (September 27).

The recognisable Euro sign in Frankfurt has been saved by a new sponsor, the global fin-tech firm "Caiz Development." This Tuesday, the public was given a first look at the new sponsorship plate (September 27). The well-known Ottmar Hörl sculpture was slated for auction sale in October after the "Frankfurter Kultur Komitee" declared that it was unable to continue paying the annual maintenance costs of about 200,000 euros, according to media reports. Manfred Pohl, the founder and CEO of the "Frankfurter Kultur Komitee," claimed that although the organisation has received alternative sponsorship offers, they would not permit the sculpture to remain at Willy-Brandt-Platz, where it has stood since 2001. The Euro emblem being placed on one of the Deutsche Bank towers was a serious proposition that was made, according to Pohl. Then it would be visible from the air when entering Frankfurt and would not be damaged. However, a blockchain technology startup helped the sculpture stay in its customary spot. In response to cryptocurrencies, managing director of "Caiz Development" Joergen Hansen stated, "We are not a threat to the euro; the euro will always exist." Let's put it this way, though: We are giving it some technological assistance so that it can reach more people. According to the "Frankfurter Kultur Komitee," "Caiz Development" had committed to pay for the sculpture's upkeep for the subsequent five years. (with inputs from agencies)

Frankfurt's symbolic Euro sign rescued by a blockchain-tech company

After Russia announced last weekend that Nord Stream 1 gas pipeline will remain shut indefinitely, the Euro on Monday slid below 99 cents for the first time in over 20 years.

After Russia announced last weekend that Nord Stream 1 gas pipeline will remain shut indefinitely, the Euro on Monday slid below 99 cents for the first time in over 20 years. Reportedly, the major currency of Europe dropped as much as 0.7 per cent to 98.80 US cents on Monday. Meanwhile, Euro Stoxx 50 futures was down 3.3 per cent. “Euro has more downside given the full impact from the indefinite cut in Russia gas supply to Europe is yet to come. No gas means no growth and a hawkish ECB." a banking expert remarked on the situation. Read more: Gazprom's halt of Nord Stream 1 pipeline plunges Europe into a gas crisis Over the weekend, European nations have announced a series of measures to arrest the slide and tackle the burgeoning inflation and cost-of-living crisis. Germany led the pack as its ruling coalition agreed on a $65 billion inflation relief package. This is the third relief package to be doled out by the German government which takes the total to $95 billion. This particular relief package will include tax breaks for energy-intensive companies and cheap public transport for the citizens. Read more: Germany agrees on $65 billion relief package, to include tax breaks and one-off payments As reported extensively by WION, Gazprom, the Russian-state-owned gas company, last Friday announced that the pipeline will not open on Saturday, after the three-day maintenance period that started on August 31. In a statement, Gazprom indicated it had discovered "oil leaks" in a turbine during a planned three-day maintenance operation and that "until it is repaired... the transport of gas via Nord Stream is completely suspended". The pipeline which runs from Russia to Germany under the Baltic Sea is the lifeline of the European countries. Despite being against Russia since its invasion of Ukraine, the European countries have remained toothless against Moscow which has used its position of dominance to circumvent the sanctions. After the halt, many countries in the 27-nation bloc fear that Russia may not resume the supplies in the foreseeable future as well which could further send Euro into a tailspin. (With inputs from agencies) WATCH WION LIVE HERE:

Euro slips below 99 cents for the first time in over two decades

European economies are in bad shape. The Euro has touched a new low against the Dollar. An energy crisis, rising inflation, and political uncertainty in some countries have raised the risk of recession. Will a global recession start in Europe? Palki Sharma tells you more.

Gravitas: World teetering on the edge of a global recession

On Tuesday, the euro saw its lowest point in two decades against the dollar, as a result of resurgent worries that an energy crisis will keep prices high and virtually drive Europe into a recession.&nbsp;

The value of the <a href="https://www.wionews.com/world/new-covid-19-testing-robot-can-produce-results-in-just-45-minutes-509333">Chinese</a> yuan fell to a two-year low, and the value of the pound briefly surpassed March 2020 lows.

The euro was able to recover from the 20-year low of $0.99005 set early in the day as business activity figures from Europe were not as dismal as anticipated.

The likelihood of maintenance on the main Russian pipeline to Europe caused markets to tremble on Monday, which resulted in a substantial increase in British and Dutch wholesale gas prices. The <a href="https://www.wionews.com/world/gazproms-halt-of-nord-stream-1-pipeline-plunges-europe-into-a-gas-crisis-509359">Nord Stream 1 pipeline</a> will be shut down by Russia for three days at the end of the month, the latest illustration of how unstable the continent's energy supply is.

Energy supply has already been strained by the continent's heat waves, and concerns are rising that any disruption during the winter months may be disastrous for business activity.

"Given the current mood, there's obviously concerns as to whether that's going to be three days or whether it's going to be three years," said Ray Attrill, head of FX strategy at National Australia Bank (NAB).

Also read |&nbsp;<a href="https://www.wionews.com/world/japan-may-scrap-covid-19-tests-for-travellers-reports-509384">Japan may scrap COVID-19 tests for travellers: Reports</a>

The Japanese yen moved up to 137.24 per dollar after striking a one-month low of 137.705 earlier in the day, while the pound was driven to a new 2-1/2-year low of $1.1718.

The risk-averse Australian dollar dropped to a one-month low before rising to about $0.6888.

China's yuan dropped to an almost two-year low of 6.8666 per dollar elsewhere in Asia.

Also WATCH&nbsp;|&nbsp;E-Commerce revenue may shrink for first time

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On Tuesday, the euro saw its lowest point in two decades against the dollar, as a result of resurgent worries that an energy crisis will keep prices high and virtually drive Europe into a recession.

On Tuesday, the euro saw its lowest point in two decades against the dollar, as a result of resurgent worries that an energy crisis will keep prices high and virtually drive Europe into a recession. The value of the Chinese yuan fell to a two-year low, and the value of the pound briefly surpassed March 2020 lows. The euro was able to recover from the 20-year low of $0.99005 set early in the day as business activity figures from Europe were not as dismal as anticipated. The likelihood of maintenance on the main Russian pipeline to Europe caused markets to tremble on Monday, which resulted in a substantial increase in British and Dutch wholesale gas prices. The Nord Stream 1 pipeline will be shut down by Russia for three days at the end of the month, the latest illustration of how unstable the continent's energy supply is. Energy supply has already been strained by the continent's heat waves, and concerns are rising that any disruption during the winter months may be disastrous for business activity. "Given the current mood, there's obviously concerns as to whether that's going to be three days or whether it's going to be three years," said Ray Attrill, head of FX strategy at National Australia Bank (NAB). Also read | Japan may scrap COVID-19 tests for travellers: Reports The Japanese yen moved up to 137.24 per dollar after striking a one-month low of 137.705 earlier in the day, while the pound was driven to a new 2-1/2-year low of $1.1718. The risk-averse Australian dollar dropped to a one-month low before rising to about $0.6888. China's yuan dropped to an almost two-year low of 6.8666 per dollar elsewhere in Asia. Also WATCH | E-Commerce revenue may shrink for first time

Euro hits fresh 20-year low as energy crisis deepens

The European Central Bank (ECB) on Thursday (July 21) went for an aggressive benchmark deposit rate hike. This is a first since 2011 and has brought an end to the era of negative interest rates in the eurozone. The half point hike is bigger than expected. It has come amid soaring inflation and looming energy crisis in the wake of conflict in Ukraine.

The ECB said its new "assessment of inflation risks" justified taking "a larger first step on its policy rate normalisation path than signalled at its previous meeting" in June when policymakers shared their intent to raise rates by a more modest 25 basis points or a quarter of a percentage point.

In June, inflation in the eurozone hit 8.6 per cent. This was the highest ever level and it was well above ECB's target of two per cent.

The ECB also unveiled the first details of a new crisis tool to fight bond market stress in parts of the eurozone.

The instrument is a response to recent increases in the borrowing costs for governments in more highly indebted, usually southern eurozone members, such as Italy.

Dubbed the "Transmission Protection Instrument (TPI)", the targeted bond-buying scheme "can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area," the ECB said in a statement.

The rate hike has lifted ECB's deposit facility from negative to zero.

The rate on its main refinancing operations climbs to 0.50 percent and on its marginal lending facility to 0.75 percent.

With prices taking off, the euro weak against the dollar and other central banks racing ahead with bigger hikes, the ECB was under pressure to think about making a bigger move at the meeting on Thursday.

Future rate hikes "will be appropriate", the ECB said, as it looks to catch up with the US Federal Reserve and the Bank of England which both&nbsp; 
started raising rates earlier and more aggressively.

(With inputs from agencies)

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The European Central Bank (ECB) on Thursday (July 21) went for an aggressive benchmark deposit rate hike. This is a first since 2011 and has brought an end to the era of negative interest rates in the eurozone.

The European Central Bank (ECB) on Thursday (July 21) went for an aggressive benchmark deposit rate hike. This is a first since 2011 and has brought an end to the era of negative interest rates in the eurozone. The half point hike is bigger than expected. It has come amid soaring inflation and looming energy crisis in the wake of conflict in Ukraine. The ECB said its new "assessment of inflation risks" justified taking "a larger first step on its policy rate normalisation path than signalled at its previous meeting" in June when policymakers shared their intent to raise rates by a more modest 25 basis points or a quarter of a percentage point. In June, inflation in the eurozone hit 8.6 per cent. This was the highest ever level and it was well above ECB's target of two per cent. The ECB also unveiled the first details of a new crisis tool to fight bond market stress in parts of the eurozone. The instrument is a response to recent increases in the borrowing costs for governments in more highly indebted, usually southern eurozone members, such as Italy. Dubbed the "Transmission Protection Instrument (TPI)", the targeted bond-buying scheme "can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area," the ECB said in a statement. The rate hike has lifted ECB's deposit facility from negative to zero. The rate on its main refinancing operations climbs to 0.50 percent and on its marginal lending facility to 0.75 percent. With prices taking off, the euro weak against the dollar and other central banks racing ahead with bigger hikes, the ECB was under pressure to think about making a bigger move at the meeting on Thursday. Future rate hikes "will be appropriate", the ECB said, as it looks to catch up with the US Federal Reserve and the Bank of England which both started raising rates earlier and more aggressively. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

ECB goes for aggressive rate hike for first time since 2011

Russia's invasion of Ukraine earlier this year and sanctions that followed have triggered a downfall for European currency. Euro has dropped to a new low; Euro and Dollar have now reached parity.

Euro falls amid fears that Russia would cut off gas

The euro slid to a 20-year low and came closer to parity against the dollar on Monday on concerns that an energy crisis will tip the region into a recession.

Euro slid to a 20-year low, approaches parity with dollar

The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone. Molly Gambhir tells you more.

WION Fineprint | Eurozone recession fears mount as Euro strikes dollar parity

For the first time in 20 years, the euro and the dollar have equalised, indicating that the market believes that the Russian invasion of Ukraine will cause a severe downturn in the European economy. Currently, 1 euro is equal to 1 US dollar. With the change, European businesses and consumers will pay more for the goods and services they import while seeing an immediate decrease in the price of European exports on global markets.

Since early February, when it was worth over $1.13, the value of the euro has fallen dramatically. Fear that Russia, the primary energy supplier for the EU, will entirely cut off gas deliveries in response to Western sanctions has caused the slump to pick up speed in recent weeks.

So far, 12 European Union nations have experienced a whole or partial decrease in Russian gas. For a scheduled 10-day maintenance, supplies from the Nord Stream 1 pipeline were suspended earlier this week. It is unknown whether the Kremlin will order the suspension to continue through that date and last indefinitely.

"Let's prepare for a total cut-off of Russian gas. "This is now the most likely option," Bruno Le Maire, France's finance minister, has said.

The euro will be closely watched to see if it manages to surpass the value of the US dollar. When the euro was valued at $0.99 in November 2002, this occurrence occurred last.

However, Russia's all-out assault on Ukraine has turned the tables and severely hurt the economy of the EU. Gas prices have reached record highs as a result of the invasion's disruption of the energy markets.

The unexpected shock has resulted in both a steady slowdown in economic activity and record-breaking inflation throughout the eurozone, with a total of 8.6 percent in June.

The spectre of stagflation, a perilous concoction that stunts growth while keeping things prohibitively expensive for both consumers and businesses, has returned as a result of the interaction of the two causes.

The European Central Bank has already increased interest rates in an effort to rein in inflation, and it plans to do so in the future as things get worse.

As Croatia completes the process of joining the eurozone and becomes the 20th EU member state to adopt the common currency, the euro and the dollar have reached parity. The European Commission is expected to announce a new downward revision to its updated economic outlook on Thursday.

Brussels has purposefully refrained from issuing any definitive predictions about an impending recession for the time being and is still optimistic that the eurozone will be strong enough to withstand the disruption caused by the conflict in Ukraine and the energy issue. 
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For the first time in 20 years, the euro and the dollar have equalised, indicating that the market believes that the Russian invasion of Ukraine will cause a severe downturn in the European economy.

For the first time in 20 years, the euro and the dollar have equalised, indicating that the market believes that the Russian invasion of Ukraine will cause a severe downturn in the European economy. Currently, 1 euro is equal to 1 US dollar. With the change, European businesses and consumers will pay more for the goods and services they import while seeing an immediate decrease in the price of European exports on global markets. Since early February, when it was worth over $1.13, the value of the euro has fallen dramatically. Fear that Russia, the primary energy supplier for the EU, will entirely cut off gas deliveries in response to Western sanctions has caused the slump to pick up speed in recent weeks. So far, 12 European Union nations have experienced a whole or partial decrease in Russian gas. For a scheduled 10-day maintenance, supplies from the Nord Stream 1 pipeline were suspended earlier this week. It is unknown whether the Kremlin will order the suspension to continue through that date and last indefinitely. "Let's prepare for a total cut-off of Russian gas. "This is now the most likely option," Bruno Le Maire, France's finance minister, has said. The euro will be closely watched to see if it manages to surpass the value of the US dollar. When the euro was valued at $0.99 in November 2002, this occurrence occurred last. However, Russia's all-out assault on Ukraine has turned the tables and severely hurt the economy of the EU. Gas prices have reached record highs as a result of the invasion's disruption of the energy markets. The unexpected shock has resulted in both a steady slowdown in economic activity and record-breaking inflation throughout the eurozone, with a total of 8.6 percent in June. The spectre of stagflation, a perilous concoction that stunts growth while keeping things prohibitively expensive for both consumers and businesses, has returned as a result of the interaction of the two causes. The European Central Bank has already increased interest rates in an effort to rein in inflation, and it plans to do so in the future as things get worse. As Croatia completes the process of joining the eurozone and becomes the 20th EU member state to adopt the common currency, the euro and the dollar have reached parity. The European Commission is expected to announce a new downward revision to its updated economic outlook on Thursday. Brussels has purposefully refrained from issuing any definitive predictions about an impending recession for the time being and is still optimistic that the eurozone will be strong enough to withstand the disruption caused by the conflict in Ukraine and the energy issue. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

1 Euro equals 1 US dollar: For the first time in 20 years, Euro hits dollar parity

Here we bring you a quick round-up of all latest news, top headlines and international breakings from all across the globe, stay tuned with Gravitas for more!

Gravitas Global Headlines: South Korea inflation; Euro hits a 20-year low

With the euro steadying after dropping to a two-decade low and oil back above $100 a barrel following a near 10% plunge a day earlier, tentative calm returned to global markets on Wednesday. The single currency traded at $1.025, a fraction above its weakest level since late 2002 touched overnight as fears of a slowdown and rising commodity prices weighed.

As reported by Reuters, government bond yields across the euro area nudged up too, and European stocks also made gains, while Brent crude bounced almost 3% after slumping on Tuesday 9.5% to its lowest in 2-1/2 months. Nevertheless, fears over growth that have stalked markets in recent were lingering, investors said.

Also Read:&nbsp;<a href="https://www.wionews.com/opinions-blogs/udaipur-terror-attack-how-my-hometown-turned-into-a-curfew-zone-494414">Udaipur terror attack: How my hometown turned into a curfew zone&nbsp;</a>

"The market moves over the past couple of days have been classic recessionary pricing," said Hugh Gimber, global market strategist at J.P. Morgan Asset Management. "Investors are really becoming more cognizant of the risks." The dollar index was just off its overnight 20-year peak at 106.57, with safe havens in demand including the Japanese yen in demand. The MSCI world equity index, which tracks shares in 50 countries, was up 0.1%. S&amp;P 500 futures pointed to gains of about 0.3% on Wall Street. Earlier, MSCI's index of Asia-Pacific stocks outside Japan fell 1%, led by a 2% drop in Taiwan's benchmark index.

Britain's pound traded near a two-year dollar against the dollar as Prime Minister Boris Johnson clung to power, wounded by the resignation of ministers and with a growing number of lawmakers calling for him to go. Sterling was down 0.1% against the dollar at $1.1912, just off the $1.1899 touched a day earlier, its lowest since March 2020. Uncertainty over Europe's gas supply has led to the latest round of growth worries, sending prices rocketing. Benchmark Dutch gas prices have doubled since the middle of June, as reported by Reuters.

(with inputs from agencies) 
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With the euro steadying after dropping to a two-decade low and oil back above $100 a barrel following a near 10% plunge a day earlier, tentative calm returned to global markets on Wednesday.

With the euro steadying after dropping to a two-decade low and oil back above $100 a barrel following a near 10% plunge a day earlier, tentative calm returned to global markets on Wednesday. The single currency traded at $1.025, a fraction above its weakest level since late 2002 touched overnight as fears of a slowdown and rising commodity prices weighed. As reported by Reuters, government bond yields across the euro area nudged up too, and European stocks also made gains, while Brent crude bounced almost 3% after slumping on Tuesday 9.5% to its lowest in 2-1/2 months. Nevertheless, fears over growth that have stalked markets in recent were lingering, investors said. Also Read: Udaipur terror attack: How my hometown turned into a curfew zone "The market moves over the past couple of days have been classic recessionary pricing," said Hugh Gimber, global market strategist at J.P. Morgan Asset Management. "Investors are really becoming more cognizant of the risks." The dollar index was just off its overnight 20-year peak at 106.57, with safe havens in demand including the Japanese yen in demand. The MSCI world equity index, which tracks shares in 50 countries, was up 0.1%. S&P 500 futures pointed to gains of about 0.3% on Wall Street. Earlier, MSCI's index of Asia-Pacific stocks outside Japan fell 1%, led by a 2% drop in Taiwan's benchmark index. Britain's pound traded near a two-year dollar against the dollar as Prime Minister Boris Johnson clung to power, wounded by the resignation of ministers and with a growing number of lawmakers calling for him to go. Sterling was down 0.1% against the dollar at $1.1912, just off the $1.1899 touched a day earlier, its lowest since March 2020. Uncertainty over Europe's gas supply has led to the latest round of growth worries, sending prices rocketing. Benchmark Dutch gas prices have doubled since the middle of June, as reported by Reuters. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Global Recession: Euro steady after dropping to a two-decade low, oil prices bounce back

Euro hit a 20-year low against the dollar since 2002 as data pointed to a growing recession risk in the eurozone on Tuesday, as reported by AFP. The euro also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans more modest increases.

Economic growth in the eurozone floundered in June, a key survey showed Tuesday, hit by soaring inflation. S&amp;P Global's closely-watched monthly purchasing managers' index (PMI), which measures corporate confidence, fell to 52.0 in June from 54.8 in May.

The reading, which was a 16-month low, however, remains above the 50-point level signalling expansion.

"Growing fears of a recession are hammering the euro lower, whilst the dollar is soaring on bets that the Fed will keep hiking rates aggressively to tame inflation," City Index analyst Fiona Cincotta told AFP.

"Today's PMI data from Europe have highlighted the risk of slowing growth at the end of the second quarter and raise the prospect of a contraction in activity in the coming months," he added.

By contrast, most Asian stock markets closed higher on growing speculation that US President Joe Biden is about to roll back some of the Trump-era tariffs on Chinese goods.

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The mood on trading floors has nevertheless become increasingly gloomy in recent months as observers warn that sharp interest rate hikes aimed at curbing price rises could cause a contraction, compounding uncertainty caused by Russia's war in Ukraine.

Oil prices were mixed as traders assessed the market with demand outstripping supplies. Investors were keeping tabs also on fresh Covid outbreaks in China that have triggered City lockdowns. US markets were set to reopen later Tuesday following July 4 celebrations.

(with inputs from agencies) 
&nbsp;

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Euro hit a 20-year low against the dollar since 2002 as data pointed to a growing recession risk in the eurozone on Tuesday, as reported by AFP. The euro also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans more modest increases.

Euro hit a 20-year low against the dollar since 2002 as data pointed to a growing recession risk in the eurozone on Tuesday, as reported by AFP. The euro also dived as investors eyed aggressive interest rate hikes by the US Federal Reserve in its fight against inflation, in contrast with the European Central Bank which plans more modest increases. Economic growth in the eurozone floundered in June, a key survey showed Tuesday, hit by soaring inflation. S&P Global's closely-watched monthly purchasing managers' index (PMI), which measures corporate confidence, fell to 52.0 in June from 54.8 in May. The reading, which was a 16-month low, however, remains above the 50-point level signalling expansion. "Growing fears of a recession are hammering the euro lower, whilst the dollar is soaring on bets that the Fed will keep hiking rates aggressively to tame inflation," City Index analyst Fiona Cincotta told AFP. "Today's PMI data from Europe have highlighted the risk of slowing growth at the end of the second quarter and raise the prospect of a contraction in activity in the coming months," he added. By contrast, most Asian stock markets closed higher on growing speculation that US President Joe Biden is about to roll back some of the Trump-era tariffs on Chinese goods. Also Read: Udaipur terror attack: How my hometown turned into a curfew zone The mood on trading floors has nevertheless become increasingly gloomy in recent months as observers warn that sharp interest rate hikes aimed at curbing price rises could cause a contraction, compounding uncertainty caused by Russia's war in Ukraine. Oil prices were mixed as traders assessed the market with demand outstripping supplies. Investors were keeping tabs also on fresh Covid outbreaks in China that have triggered City lockdowns. US markets were set to reopen later Tuesday following July 4 celebrations. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Euro hits 20-year low against dollar after US hikes interest rate

Euro hits 20-year low against dollar as recession risk escalates

A top European Union court on Wednesday annulled a nearly one-billion-euro antitrust fine imposed against US chipmaking giant Qualcomm by the European Commission in 2018.

The General Court decided to scrap Brussels' decision "in its entirety" as it "committed a number of irregularities" when it put the case together, affecting Qualcomm's rights of defence.&nbsp;

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It also said it decided to "invalidate the Commission's analysis of the conduct alleged against Qualcomm."

Brussels imposed the 997-million-euro fine, amounting to $1.2 billion at the time, saying the company "abused its market dominance" by paying Apple to use its chips exclusively in iPhones and iPads.

The EU court ruled that the Commission failed to fully respect its obligation to record meetings and conference calls with third parties in the investigation.

Watch |&nbsp;'Want to reduce dependence on Russia,' European Union turns to Israel for gas supply

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It added that Qualcomm was not given the "opportunity to be heard" after the Commission modified its objections against the US company.

The Luxembourg-based court also rejected the Commission's case against Qualcomm.

EU Competition Commissioner Margrethe Vestager said in 2018 that Qualcomm had paid billions of dollars to Apple between 2011 and 2016 in order to prevent the iPhone maker from buying chips from rivals.

But the court said that it was apparent from the Commission's decisions that Apple "had had no technical alternative to Qualcomm's Long Term Evolution (LTE)&nbsp;chipsets for the majority of its requirements during the period concerned".

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"The General Court concludes that the Commission's analysis was not carried out in the light of all the relevant factual circumstances and that it is, therefore, unlawful," it said.

The European Commission can appeal the ruling to the European Court of Justice.

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A top European Union court on Wednesday annulled a nearly one-billion-euro antitrust fine imposed against US chipmaking giant Qualcomm by the European Commission in 2018.

A top European Union court on Wednesday annulled a nearly one-billion-euro antitrust fine imposed against US chipmaking giant Qualcomm by the European Commission in 2018. The General Court decided to scrap Brussels' decision "in its entirety" as it "committed a number of irregularities" when it put the case together, affecting Qualcomm's rights of defence. Also read | EU takes legal action against UK for breaching N.Ireland agreement It also said it decided to "invalidate the Commission's analysis of the conduct alleged against Qualcomm." Brussels imposed the 997-million-euro fine, amounting to $1.2 billion at the time, saying the company "abused its market dominance" by paying Apple to use its chips exclusively in iPhones and iPads. The EU court ruled that the Commission failed to fully respect its obligation to record meetings and conference calls with third parties in the investigation. Watch | 'Want to reduce dependence on Russia,' European Union turns to Israel for gas supply It added that Qualcomm was not given the "opportunity to be heard" after the Commission modified its objections against the US company. The Luxembourg-based court also rejected the Commission's case against Qualcomm. EU Competition Commissioner Margrethe Vestager said in 2018 that Qualcomm had paid billions of dollars to Apple between 2011 and 2016 in order to prevent the iPhone maker from buying chips from rivals. But the court said that it was apparent from the Commission's decisions that Apple "had had no technical alternative to Qualcomm's Long Term Evolution (LTE) chipsets for the majority of its requirements during the period concerned". Also read | Rwanda deportations: Will UK ditch European rights pact? Priti Patel says preparing for the next flight "The General Court concludes that the Commission's analysis was not carried out in the light of all the relevant factual circumstances and that it is, therefore, unlawful," it said. The European Commission can appeal the ruling to the European Court of Justice. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

European Union court annuls Qualcomm's billion-euro antitrust fine

After Germany sounded an alarm over a possible gas crunch in Europe, Russia has now allowed Berlin to pay for Russian gas and euros or dollars.

Berlin to pay for gas supplies in Euros; 'No change for EU,' Putin tells Scholz

UEFA has received declarations of interest from Britain and Ireland, Russia and Turkey to host the European Championship in 2028, the governing body said on Wednesday.

Russia and Turkey have declared their interest in hosting Euro 2032, UEFA added, and Italy has also announced its intention to bid for that tournament.

Governing bodies FIFA and UEFA have suspended Russian clubs and national teams from international competition - pending an appeal by the Russian Football Union (RFU) to the Court of Arbitration of Sport - following its invasion of Ukraine.

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The RFU has not been suspended but UEFA said it would be monitoring the situation closely.

"The UEFA Executive Committee will remain on standby to convene further extraordinary meetings, on a regular ongoing basis where required, - &nbsp;in addition to its already-scheduled meetings of 7 April and 10 May - to reassess the legal and factual situation as it evolves and adopt further decisions as necessary, including in light of the declaration of interest expressed by the Russian Football Union for hosting the UEFA EURO," a UEFA spokesperson said.

Russia staged the World Cup in 2018. Moscow's Luzhniki Stadium, which hosted the final, was used for a rally hosted by president Vladimir Putin last week.

"We should take the opportunity to host the Euro. It would be held at our World Cup stadiums. We have developed infrastructure," RFU president Alexander Dyukov was quoted as saying by Match TV.

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"We understand that there is a minimal chance (to host), but we must use it. We reserve are right to make a bid, this option is free."

Minimum requirements include having 10 stadiums available, one having a capacity of at least 60,000 and two with at least 50,000 seats.

The list of bidders will be announced in April and the hosts for both Euro 2028 and 2032 will be named in September next year.

The 2024 European Championship will be held by Germany.

UEFA has received declarations of interest from Britain and Ireland, Russia and Turkey to host the European Championship in 2028, the governing body said on Wednesday.

UEFA has received declarations of interest from Britain and Ireland, Russia and Turkey to host the European Championship in 2028, the governing body said on Wednesday. Russia and Turkey have declared their interest in hosting Euro 2032, UEFA added, and Italy has also announced its intention to bid for that tournament. Governing bodies FIFA and UEFA have suspended Russian clubs and national teams from international competition - pending an appeal by the Russian Football Union (RFU) to the Court of Arbitration of Sport - following its invasion of Ukraine. ALSO READ: India go down to Bahrain 1-2 in international friendly The RFU has not been suspended but UEFA said it would be monitoring the situation closely. "The UEFA Executive Committee will remain on standby to convene further extraordinary meetings, on a regular ongoing basis where required, - in addition to its already-scheduled meetings of 7 April and 10 May - to reassess the legal and factual situation as it evolves and adopt further decisions as necessary, including in light of the declaration of interest expressed by the Russian Football Union for hosting the UEFA EURO," a UEFA spokesperson said. Russia staged the World Cup in 2018. Moscow's Luzhniki Stadium, which hosted the final, was used for a rally hosted by president Vladimir Putin last week. "We should take the opportunity to host the Euro. It would be held at our World Cup stadiums. We have developed infrastructure," RFU president Alexander Dyukov was quoted as saying by Match TV. ALSO READ: Premier League legends Wayne Rooney, Patrick Vieira inducted into Hall of Fame "We understand that there is a minimal chance (to host), but we must use it. We reserve are right to make a bid, this option is free." Minimum requirements include having 10 stadiums available, one having a capacity of at least 60,000 and two with at least 50,000 seats. The list of bidders will be announced in April and the hosts for both Euro 2028 and 2032 will be named in September next year. The 2024 European Championship will be held by Germany.

UEFA receive declarations of interest from Britain-Ireland, Russia, Turkey to host Euro 2028

Countries interested in hosting the 2028 European Championship must confirm their bid by March next year, Europe`s soccer governing body UEFA said on Tuesday as it announced the bidding process for the quadrennial tournament. 
UEFA said joint bids from member associations would be permitted as long as the two countries are "geographically compact" while automatic qualification as hosts would not be guaranteed if more than two countries submit a joint bid. 
The bidders will be announced in April while the hosts will be appointed in September 2023.

Minimum requirements include having 10 stadiums available, with one having a capacity of at least 60,000 and two venues with at least 50,000 seats.

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Euro 2020, postponed by a year due to the COVID-19 pandemic, was held across 11 cities in Europe in June-July, with Italy beating England in the final at Wembley Stadium. The 2024 edition will be hosted by Germany, who beat Turkey in a vote by UEFA`s Executive Committee in 2018.

Countries interested in hosting the 2028 European Championship must confirm their bid by March next year, Europe`s soccer governing body UEFA said on Tuesday as it announced the bidding process for the quadrennial tournament.

Countries interested in hosting the 2028 European Championship must confirm their bid by March next year, Europe`s soccer governing body UEFA said on Tuesday as it announced the bidding process for the quadrennial tournament. UEFA said joint bids from member associations would be permitted as long as the two countries are "geographically compact" while automatic qualification as hosts would not be guaranteed if more than two countries submit a joint bid. The bidders will be announced in April while the hosts will be appointed in September 2023. Minimum requirements include having 10 stadiums available, with one having a capacity of at least 60,000 and two venues with at least 50,000 seats. ALSO READ | Nations League: France clinch title after Karim Benzema, Kylian Mbappe shine in comeback against Spain Euro 2020, postponed by a year due to the COVID-19 pandemic, was held across 11 cities in Europe in June-July, with Italy beating England in the final at Wembley Stadium. The 2024 edition will be hosted by Germany, who beat Turkey in a vote by UEFA`s Executive Committee in 2018.

UEFA announces bidding process for Euro 2028 hosts

Retail prices in Britain have shot up owing to a national shortage of lorry drivers and disruption to the global supply chain caused by the Covid pandemic, according to the latest data from the British Retail Consortium (BRC).

According to the Guardian, the costs of Brexit-induced red tape is also fuelling inflation as household budgets start to feel the sting.

The latest figures from the BRC reveal a 0.4 per cent month-on-month rise in August, driven by a 0.6 per cent rise in non-food prices, which includes a sharp spike in the cost of electrical goods caused by shortages of micro-chips and shipping problems.

“There are some modest indications that rising costs are starting to filter through into product prices,” Helen Dickinson, the chief executive of the BRC, which represents hundreds of retail businesses, told the Guardian.

“Food retailers are fighting to keep their prices down as far as possible. But mounting pressures – from rising commodity and shipping costs as well as Brexit-related red tape, mean this will not be sustainable for much longer, and food price rises are likely in the coming months,” he added.

Watch |<a href="https://www.wionews.com/videos/bid-to-fight-medical-staff-shortage-in-uk-404558">&nbsp;Bid to fight medical staff shortage in UK</a>

The BRC’s warning comes after the toy retailer The Entertainer said prices could rise by 10 per cent over 18 months because of supply chain disruption, labour shortages and higher transport costs.

The indications of rising prices surface&nbsp;in the UK as inflation across the eurozone surged to its highest level in a decade with mounting costs of energy, goods and services hitting household spending.

The statistics body Eurostat has estimated that euro area annual inflation is expected to be 3 per cent in August, up from 2.2 per cent in July.

(With inputs from agencies)

Retail prices in Britain have shot up owing to a national shortage of lorry drivers and disruption to the global supply chain caused by the Covid pandemic, according to the latest data from the British Retail Consortium (BRC).

Retail prices in Britain have shot up owing to a national shortage of lorry drivers and disruption to the global supply chain caused by the Covid pandemic, according to the latest data from the British Retail Consortium (BRC). According to the Guardian, the costs of Brexit-induced red tape is also fuelling inflation as household budgets start to feel the sting. The latest figures from the BRC reveal a 0.4 per cent month-on-month rise in August, driven by a 0.6 per cent rise in non-food prices, which includes a sharp spike in the cost of electrical goods caused by shortages of micro-chips and shipping problems. “There are some modest indications that rising costs are starting to filter through into product prices,” Helen Dickinson, the chief executive of the BRC, which represents hundreds of retail businesses, told the Guardian. “Food retailers are fighting to keep their prices down as far as possible. But mounting pressures – from rising commodity and shipping costs as well as Brexit-related red tape, mean this will not be sustainable for much longer, and food price rises are likely in the coming months,” he added. Watch | Bid to fight medical staff shortage in UK The BRC’s warning comes after the toy retailer The Entertainer said prices could rise by 10 per cent over 18 months because of supply chain disruption, labour shortages and higher transport costs. The indications of rising prices surface in the UK as inflation across the eurozone surged to its highest level in a decade with mounting costs of energy, goods and services hitting household spending. The statistics body Eurostat has estimated that euro area annual inflation is expected to be 3 per cent in August, up from 2.2 per cent in July. (With inputs from agencies)

Shortage of lorry drivers, Covid-induced supply disruptions driving inflation in UK

Euro 2020: Celebs react to Italy's win over England

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