Foxconn starts to feel sting of slowing smartphone sales
Apple (AAPL.O) iPhone assembler Foxconn (2317.TW) gave a cautious outlook for the current quarter after posting results that exceeded expectations, citing slowing smartphone demand after a pandemic-fuelled boom.
Indian companies swapping dollar for Asian currencies to buy Russian coal
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoiding the U.S. dollar and cutting the risk of breaching Western sanctions against Moscow.
Exclusive: Saudi, UAE save oil firepower in case of winter supply crisis
OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output should the world face a severe supply crisis this winter, sources familiar with the thinking of the top Gulf exporters said.
Ukraine warns of new Russian offensive; Sweden, Finland move closer to joining NATO
Ukraine said Russia had started creating a military strike force aimed at President Volodymyr Zelenskiy’s hometown of Kryvyi Rih, while NATO moved closer to its most significant expansion in decades as the alliance responds to the invasion of Ukraine.
GLOBAL ECONOMY Factories squeezed by higher prices, weak demand
Factories across Asia and Europe struggled for momentum in July as flagging global demand and China’s strict COVID-19 restrictions slowed production, surveys showed on Monday, likely adding to fears of economies sliding into recession.
Italy’s Ali Group sees shelter from economic storm in Welbilt deal
Welbilt’s exposure to the U.S. fast-food market will make new Italian owner Ali Group more resilient in a slowing global economy, while the deal will bring $100 million in cost savings, the chief executive of the catering equipment company told Reuters.
Euro zone inflation hits yet another record high after big jump
Euro zone inflation rose to another record high in July and its peak could still be months away, keeping pressure on the European Central Bank to opt for another big interest rate increase in September.
‘Recession is in the air’: German economy stagnates in 2nd quarter
The German economy stagnated in the second quarter, data showed on Friday, with the war in Ukraine, the pandemic and supply disruptions bringing Europe’s largest economy to the edge of a downturn.
Analysis: U.S. LNG exports to Europe on track to surpass Biden promise
When U.S. President Joe Biden promised European leaders in March that he would help secure new supplies of liquefied natural gas to offset shortages from Russia’s invasion of Ukraine, his pledge was greeted with scepticism.
Russian gas cut to Europe hits economic hopes, Ukraine reports attacks on coastal regions
Russia said it will cut gas supplies to Europe from Wednesday in a blow to countries that have backed Ukraine, while missile attacks in Black Sea coastal regions raised doubts about whether Russia will stick to a deal to let Ukraine export grain.
