Author: Steven Sahiounie

German industrial output plummeted for the second consecutive month. German industrial output experienced a significant decline in June, according to official data released on Monday. The German economy ministry warned of a pessimistic outlook for the economy attributing the slump to surging energy prices and elevated interest rates that have adversely impacted various sectors of industry. The recently published data by the Federal Statistics Office Destatis revealed that industrial output fell for the second consecutive month. In May industrial output decreased by 0.1% whereby in June it dropped by 1.5%. Analysts anticipate a more moderate decline of 0.5% to follow,…

Saudi oil conglomerate Aramco says its profits were down by nearly 30% in the first half of 2023. Saudi Arabia’s state-owned oil and gas giant, Aramco, has reported a substantial drop in its net income for the first half of 2023. According to the company’s financial report released on Monday, Aramco witnessed a nearly 30% decrease in its net income, amounting to $61.961 billion, as compared to the same period in the previous year. The decline in profits has been primarily attributed to several factors, with lower crude oil prices and weakening refining and chemicals margins topping the list. The…

Energy and utility groups account for more than half of the lost earnings, the paper’s analysis shows Major European companies have incurred at least €100 billion ($110 billion) in direct losses from their Russia operations as a result of Western sanctions, the Financial Times reported on Sunday. The newspaper’s survey of 600 European groups’ annual reports and 2023 financial statements showed that 176 firms recorded asset impairments, foreign exchange-related charges, and other one-off expenses as a result of the sale, closure or reduction of Russia-based businesses. The aggregate figure does not include indirect macroeconomic impacts from the Ukraine conflict such…

The drop is being attributed to a decrease in foreign currency supply and a changing trade balance The Russian ruble has extended its losses against major global currencies, sliding to more than a 16-month low early on Monday. The Russian currency was trading above 96 rubles to the US dollar at 7:29am GMT, its weakest level since March 28, 2022. It made a slight gain against the euro, having declined to more than a 16-month low of 106 on Friday. The ruble’s weakness has been attributed to soaring local demand for foreign currency that could be related to summer holiday…

LADA was the bestselling vehicle domestically in July, according to data Car sales in Russia nearly tripled in July compared to the same period last year, as the domestic automobile industry continues to recover from the impact of Western sanctions, analytical agency Autostat reported on Friday. Last month, 95,654 new passenger cars were sold in the country, which is 2.7 times more than in July 2022, the agency said, citing data from its partner, consulting company PPK. The Russian LADA was the top-selling brand, with 27,376 cars sold last month, representing a 163% increase from last year. It was followed…

The trio of nations plan to become part of the Western electricity network by 2025 The prime ministers of Estonia, Latvia, and Lithuania signed a joint declaration on Thursday agreeing to disconnect from the Russian electricity grid no later than early 2025, the press service of the Estonian government reported. The Baltic nations, which are all members of NATO and the EU, remain part of the BRELL circuit along with countries such as Russia and Belarus. In 2018, they agreed to decouple from BRELL and join an alternative power grid known as ENTSO-E by late 2025, via a link with…

Ankara won’t support any alternatives to the Black Sea corridor for transporting grain, local media report Türkiye is seeking to restore the Black Sea grain deal in its original form and will not support alternative proposals for the export of agricultural produce, Sabah newspaper reported on Sunday, citing government sources. Ankara is reportedly in diplomatic talks with representatives of the UN, Russia and Ukraine in a bid to reinstate the humanitarian corridor that facilitated exports of Ukrainian grain until the deal expired last month. Türkiye also supports work of the Joint Coordination Center (JCC) on the Black Sea Grain Initiative.…

Elon Musk announces in a recent post on X, that he would be funding the legal cases of anybody who got into trouble with their employers for something they liked or posted on X. Elon Musk pledges to pay the legal bills to anybody who got into complications at work for something they had liked or posted on X (formerly known as Twitter): noting that there would be no limit for the funds. “If you were unfairly treated by your employer due to posting or liking something on this platform, we will fund your legal bill,” Musk said on X.…

The results from the poll underline widespread financial fragility and difference, with 21% of Black and Hispanic adults unable to pay the bill as opposed to 19% of White adults. A poll conducted by decision intelligence company Morning Consult for Bloomberg News showed that fewer Americans can now afford to handle a surprise $400 bill in the third quarter without taking on debt or a loan – dropping two percentage points to 46% compared with last quarter. About one-third of respondents said some debt, like credit cards, is needed to pay off the bill, and around one in five people said they…

The leading company in crude and fuel logistics in Poland, PERN, announces it has cut off of one branch of Russia’s Druzhba pipeline after detecting a leak, but reaffirms that the second branch continues to function normally The Polish operator, PERN, announced, on Sunday, that it had closed off one of the two streams of the Russian Druzhba oil pipeline, which crosses to Germany through Poland. The leading company in crude and fuel logistics stated that “PERN’s automation systems detected a leak” on Saturday evening, which led to the decision that the main section of the stream be “immediately turned off.” According to…