Business
Germany likely in recession – Bundesbank
The EU’s largest economy is now in its fourth straight quarter of zero or negative growth, according to the German central bank
Small EU country becomes Russia’s biggest whisky supplier – media
Latvia became Russia’s top whisky supplier last year despite Western sanctions, RIA Novosti has reported
Israeli economy shrank by a fifth since start of Hamas war – official stats
Israel’s economy slumped by 19.4% in the final quarter of 2023 due to plummeting consumption and investment, data shows
Poverty in Argentina soars to record high – study
Levels of poverty in Argentina have hit a two-decade high amid President Javier Milei’s drastic economic reforms
Wall Street trading heralds the arrival of Bitcoin
The world’s leading cryptocurrency has more than doubled in value since last year with the approval of Bitcoin exchange-traded funds
UAE banks closing Russian accounts – media
Some UAE lenders have begun limiting transactions with Russia due to the risk of being targeted by secondary sanctions, Vedomosti reports
Germany poised for worst downturn in two decades – survey
Over a third of German businesses say the economic situation in the country will worsen in 2024, a poll by the business group DIHK has shown
Britons warned of slip in wage growth
British workers this year may see their first decline in salary increases since the pandemic amid the cost-of-living crisis, a report says
Shipping giant warns of prolonged Red Sea crisis
Houthi rebel attacks on freight ships will continue to unravel the key global trade route, according to Maersk
Global LNG demand to surge 50% – Shell
Demand for liquefied natural gas across the globe is expected to rise by over 50% by 2040, Shell’s latest outlook has revealed
BRICS to see 85% surge in millionaires – report
The bloc is projected to become the world’s new wealth powerhouse by 2034, according to Henley & Partners
EU plagued by new hidden inflation – MP
The quality of goods is suffering across the EU due to ‘skimpflation,’ European Parliament MP Biljana Borzan has warned
West could upend global financial system – Russian central bank
The dollar and euro could lose their credibility and status of reserve currencies if Russian assets are seized, Elvira Nabiullina warns
Asia-to-Europe shipping costs up 400% – EU commissioner
EU Economy Commissioner Paolo Gentiloni has said that the cost of transferring goods has skyrocketed due to the Red Sea crisis
Thousands of German luxury cars seized in US
US customs has detained luxury VW vehicles reportedly due to a link to alleged forced labor in China, the FT says
Moscow lifts Ecuador banana ban
Russia has lifted its partial restrictions on imports of bananas from Ecuador that was imposed after a dangerous pest was discovered