Business

Global markets are set to end the week lower following the Fed’s hawkish rate cut on Wednesday, which sent government bond yields soaring, draining liquidities. ADVERTISEMENT Global stock markets ended Thursday in a sea of red following the Fed’s hawkish pivot, leading to a broad-based selloff not seen since August. The souring sentiment caused major benchmarks on both sides of …

Car giant Volkswagen’s biggest owner, the Porsche-Piëch family, has said they are in favour of reducing the number of German plants, as a cost-cutting measure. ADVERTISEMENT Auto manufacturer Volkswagen’s majority stakeholder, the billionaire Porsche-Piëch family, has revealed their strong support for shutting down numerous German plants, according to Financial Times. The Porsche-Piëch family is the majority owner of the German …

Poland, Bulgaria, Croatia and Romania are on track potentially to rapidly scale up their clean tech exports, which could go a long way in helping the EU meet its net zero 2050 target, as well as increase its global competitiveness. ADVERTISEMENT Central and Eastern European (CEE) clean energy technology exports could possibly triple in the coming few years, if their …

Germany’s GfK Consumer Confidence Index rose slightly, but despite beating expectations, sentiment remains fragile amid high inflation and job insecurity. The DAX fell 0.9%, marking its fifth loss, as European markets slid on hawkish Fed signals. ADVERTISEMENT Germany’s consumer climate remains entrenched in pessimism, with the January GfK Consumer Confidence Index showing only a minimal improvement. The leading indicator for …

The International Brotherhood of Teamsters said workers at seven Amazon facilities will begin a strike on Thursday morning, an effort by the union to pressure the e-commerce company for a labour agreement during a key shopping period. ADVERTISEMENT The Teamsters say the workers, who authorised strikes in the past few days, are joining the picket line after Amazon ignored a …

Fed sparks market rout: Wall Street plunged, the dollar hit two-year highs, and Treasury yields spiked as Powell struck a hawkish tone, warning of inflation risks and cautious rate cuts ahead. Bitcoin slid 5% after Powell ruled out a US crypto reserve tool. ADVERTISEMENT The December Federal Reserve meeting knocked the wind out of markets, delivering exactly what investors didn’t …

The Iranian rial fell to its lowest level in history on Wednesday, losing more than 10% of its value since Donald Trump won the US presidential election in November. The drop signals new challenges for Tehran as it remains locked in the wars raging in the Middle East. ADVERTISEMENT The rial traded at 777,000 rials to the dollar, traders in …

Previously, the ECB has indicated its support for UniCredit’s potential full takeover of Commerzbank, as the European Central Bank looks to enhance the competitiveness of the European banking system on a global scale. ADVERTISEMENT UniCredit has added another 7% to its stake in Commerzbank, leaving it with a 28% share as it closes in on a controversial takeover attempt of …

According to Karoli Hindriks by 2035 passports will be obsolete. Why? Are there any alternatives to them? Hindkiks joins My Wildest Prediction to share her views on mobility, the job market and digitalisation. ADVERTISEMENT My Wildest Prediction is a podcast series from Euronews Businesswhere we dare to imagine the future with business and tech visionaries. In this episode, Tom Goodwin talks …

Carmaker Stellantis will invest nearly €2 billion in Italian production next year and spend another €6 billion in the supply chain, the head of European operations told a government panel on Tuesday. ADVERTISEMENT Stellantis executives laid out prospects for Italian operations just weeks after the board forced former CEO Carlos Tavares to resign amid slumping sales. He is being replaced …