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Explainer-What does Red Sea disruption mean for Europe's economy?

Weeks of attacks by Iranian-backed Houthi militants on vessels in the Red Sea have disrupted shipping in the Suez Canal, the fastest sea route between Asia and Europe carrying 12% of global container traffic. For the European economy, already skirting a mild recession as it tries to shake off high inflation, prolonged disruption would be a new risk to its outlook and could derail plans by central banks to start cutting interest rates this year. WHAT HAS BEEN THE IMPACT ON THE EUROPEAN ECONOMY ...
Red Sea Djibouti General Mark John Fatih Birol Catherine Evans Christine Lagarde
Source: yahoo.com

As Davos crowd gathers, governments urged to rein in 'billionaire class'

The combined fortunes of the world's five richest men have more than doubled to $869 billion since 2020 while five billion people have been made poorer, anti-poverty group Oxfam said. An Oxfam report, which comes as business elites gather this week for the annual World Economic Forum (WEF) meeting in Davos, found that a billionaire is now either running, or is the main shareholder of, 7 out of 10 of the world's biggest companies. Oxfam called on Monday for governments to rein in corp...
Larry Ellison Amitabh Behar Warren Buffett Alexander Smith Max Lawson Bernard Arnault
Source: yahoo.com

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Analysis-German budget fix to further crimp growth in 2024

Germany's hastily agreed coalition pact to overcome a legal setback to its budget plans is based mainly on spending cuts that will drag further on already insipid growth in Europe's largest economy, economists said. As sought by Finance Minister Christian Lindner, an advocate of budgetary rigour, Germany will reinstate its cap on new net borrowing in 2024 and fill funding gaps worth a total 17 billion euros ($18 billion) largely with cost savings. With the restrictive monetary policy...
East Germany Christian Lindner Michael Huether Olaf Scholz Catherine Evans Carsten Brzeski
Source: yahoo.com

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