Business
German government issues new gas price warning – Bloomberg
Berlin expects energy prices to remain high until at least 2027, Bloomberg reports, citing a new government report
Vietnamese EV worth more than Ford and GM
The valuation of Vietnamese electric carmaker VinFast shot past $85 billion during a Nasdaq debut this week
American battery giant will rebrand for Russian market – media
Duracell will return to Russia under a new brand in the wake of Western sanctions, Mash reports
Former BMW plant in Russia launches production of Chinese cars
The Avtotor plant in Kaliningrad has begun manufacturing Chinese JMC commercial automobiles, the company has announced
Danish brewer ‘shocked’ by Russian move
Carlsberg CEO Cees ‘t Hart says the company still hopes to sell its Russian unit despite uncertain conditions
Bud Light sales still reeling after trans ad debacle
US beer brand Bud Light has continued to suffer declining sales following a campaign with trans influencer Dylan Mulvaney
Major EU country slides into recession – data
The Dutch economy is contracting due to weak consumer spending and low exports, Statistics Netherlands has revealed
Russia may bring back capital controls – Bloomberg
The Russian government and exporters are reportedly discussing partial imposition of capital controls to halt the ruble’s depreciation
Top US banks at risk of rating downgrade – Fitch
Dozens of US banks, including JPMorgan and Bank of America, could see their ratings lowered, CNBC reports
EU’s largest economy projected to stall
The German economy will remain in stagnation for the rest of 2023, according to a Bloomberg survey
Germany pledges to bankroll Ukraine’s military – media
The German Finance Ministry has promised to provide €5 billion to Kiev annually until at least 2027, Forbes Ukraine has reported
EU gas prices surge
EU gas futures have grown nearly 18%, as energy facilities belonging to Chevron and Woodside Energy in Australia face labor strikes
China on track to become world’s top car exporter – Moody’s
China has surpassed Germany and is now challenging Japan to become the world’s top car exporter as EV sales surge, Moody’s reports
Ruble strengthens as central bank takes action
The Russian ruble recovered some losses ahead of the central bank’s key interest rate decision
Russian central bank announces major interest rate hike
The Bank of Russia has increased its benchmark interest rate in an emergency move to contain the ruble’s decline
Mercedes disconnects Russian customers – Izvestia
German automaker Mercedes-Benz has stopped providing access to its software for Russian dealers, Izvestia reports