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Factbox-Big banks expected to rack up more than $1 billion in fines for WhatsApp use
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Britain’s cost of living crisis sends sterling to lowest since mid-July
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Factbox-What impact will strike at Britain’s busiest container port have?
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Gas crisis sends euro back below parity against dollar
Traders cut Ukraine 2022 combined grain and oilseeds crop forecast
Date: August 22, 2022
KYIV (Reuters) -Grain traders union UGA on Monday cut Ukraine’s 2022 combined grain and oilseeds crop forecast to 64.5 million tonnes from the previous outlook of 69.4 million due to a smaller than expected harvested area caused by the Russian invasion. The union said in a statement that Ukraine could export 32.8 million tonnes of...
UK economy shrank record 11% in 2020, worst since 1709
Date: August 22, 2022
LONDON (Reuters) – Britain recorded its biggest fall in output in more than 300 years in 2020 when it faced the brunt of the COVID-19 pandemic, as well as a larger decline than any other major economy, updated official figures showed on Monday. Gross domestic product fell by 11.0% in 2020, the Office for National...
Shares slip, dollar dominates as recession looms
Date: August 22, 2022
By Lawrence White LONDON (Reuters) – European shares slumped to month-long lows, oil prices fell and the dollar surged on Monday as fears mounted that inflation-busting interest-rate hikes in the United States and Europe will weaken the global economy. The benchmark European STOXX index fell as much as 1.1% on Monday, touching its lowest since...
HSBC ups price targets on Greek banks, with Eurobank, Piraeus top picks
Date: August 22, 2022
ATHENS (Reuters) – HSBC raised its price targets on shares of Greece’s four largest lenders after they posted strong performances in the first half, saying Eurobank and Piraeus Bank were its top picks. “Greek banks surprised us with stronger loan growth, faster repricing of securities books and robust fee income in the second quarter,” HSBC...
German recession increasingly likely, Bundesbank says
Date: August 22, 2022
FRANKFURT (Reuters) – A recession in Germany, the euro zone’s biggest economy, is increasingly likely and inflation will continue to accelerate and could peak at more than 10% this autumn, the Bundesbank said in a monthly report on Monday. With its oversized industry heavily exposed to Russian gas, Germany is among the most vulnerable to...
UK inflation to hit 18% in early 2023, Citi forecasts
Date: August 22, 2022
By William Schomberg LONDON (Reuters) – British consumer price inflation is set to peak at 18% – nine times the Bank of England’s target – in early 2023, an economist at U.S. bank Citi said on Monday, raising his forecast once again in the light of the latest jump in energy prices. “The question now...