EUROPE

‘The worst is yet to come’: the curse of high inflation

Dec 8 (Reuters) – Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation. And although a peak could be in sight, the effects may still get worse. How did we get here? In two words: pandemic and war. A long and comfortable …

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Elon Musk briefly loses title as world’s richest person to LVMH’s Arnault – Forbes

Dec 7 (Reuters) – Twitter owner and Tesla (TSLA.O) boss Elon Musk briefly lost his title as the world’s richest person on Wednesday, according to Forbes, following a steep drop in the value of his stake in the electric-car maker and a $44 billion bet on the social media firm. Bernard Arnault, the chief executive …

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Oil drops, hits lowest since January as US data fans fuel demand fears

US fuel stocks build more than expected China’s relaxation of COVID curbs to support demand Investors wary about recession warnings, rate hikes outlook HOUSTON, Dec 7 (Reuters) – Oil edged to its lowest since the start of the year in volatile trading, after US government data showed an unexpectedly large build in fuel stocks, feeding …

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US oil plunges below $75 for the first time since just before Christmas

New York CNN Business — Oil prices have tumbled to their lowest level of the year as worries about the health of the economy overshadow concerns about new restrictions imposed on Russian energy. The sharp drop in oil prices the past two days is mostly good news for consumers, signaling prices at the gas pump …

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Ronaldo dropped, Ramos scores 3 for Portugal at World Cup

LUSAIL, Qatar (AP) — A chant of “RONALDO! RONALDO!” swept around the biggest stage at the World Cup, followed by loud jeers when the fans realized their idol wasn’t coming onto the field. Cristiano Ronaldo was, in fact, sitting in the Portugal dugout, looking glum and still wearing a substitute’s bib. And the guy who …

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Biden’s climate plan strains trade ties with Europe

London CNN Business — The world’s biggest economic relationship has hit a rough patch. The European Union and United States — together responsible for one third of global trade — have been at loggerheads in recent weeks over US President Joe Biden’s landmark $370 billion climate plan. The Inflation Reduction Act (IRA), which passed Congress …

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Exclusive: Goldman Sachs on hunt for bargain crypto firms after FTX fiasco

LONDON, Dec 6 (Reuters) – Goldman Sachs (GS.N) plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest. FTX’s implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to …

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