Money Talks

Oil prices are recovering slightly after a major slump overnight, amid fears the global economy is heading for a recession. The price of a barrel of crude is now down to its lowest since the crisis in Ukraine began.

For the details, we spoke to Russ Mould, who is the investment director at AJ Bell in the UK.

#OilPrices #OilDemand #Recession

Asian and European markets are down across the board, due to mounting signs that the global economy is heading for, or already is, in a recession. The latest red flag comes out of China, where exports grew just over 7% in August. That's below most projections, and far slower than July's figure of 18%.

For the details, we spoke to Danni Hewson, who is a financial analyst at AJ Bell in the UK.

#China #Trade #Recession

Oil prices have declined slightly, despite an announcement by the global cartel that it's trimming output next month. The alliance OPEC+ led by Saudi Arabia says it's cutting production levels by 100,000 barrels a day in October. Meanwhile, the European Union is moving to address its own energy crunch with a proposed cap on the price of gas from Russia, its leading supplier.

That's in response to Moscow's decision to shut down the key Nord Stream pipeline to Germany.

For more on global energy market, we spoke to Craig Erlam, who is a senior market analyst at OANDA in London.

#OPEC #OilPrices #Energy

Germany has announced a fresh stimulus package to help consumers cope with the nation's cost of living crisis. The $65B measure includes tax breaks for energy firms, so they can pass on the savings to households and businesses. There will also be cash handouts to students and pensioners.

For more, we spoke to Peter Oliver from Berlin.

#Germany #BailoutPackage #OlafScholz

Around 95% of the world's jasmine supply comes from just two countries: India and Egypt. In Egypt, the trade of the fragrant flower has had a tough few years, first hit by the pandemic and then the war in Ukraine. Sena Saylan has the story.

#Egypt #Jasmine #Agriculture

After thriving during the first two years of the pandemic, tech giants in China have taken a serious hit this quarter, as the world's second largest economy continues to enforce its strict zero-COVID policy.

#China #TechnologyFirms #TechEarnings

It is the worst economic crisis Sri Lanka has faced, since its independence. But now, it is finally getting a lifeline from the International Monetary Fund. Colombo will receive $2.9B in several tranches over the next 48 months. In return, the government will raise taxes, cut subsidies on electricity and petrol. It will also pass legislation to make the central bank more independent.

We spoke to economist Chayu Damsinghe to get more on Sri Lanka’s economy.

#SriLanka #SriLankanEconomy #IMF

The founder and CEO of the failed Turkish cryptocurrency exchange Thodex has been arrested in Albania. Faruk Fatih Ozer, is wanted for fraud after he fled Türkiye last year, allegedly fleecing depositors of billions of dollars. The 27-year-old could face tens of thousands of years in jail.

For more, we spoke to economist Taha Arvas in Istanbul.

#Thodex #FarukFatihOzer #Cryptocurrency

Extreme floods have devastated lives and livelihoods in Pakistan, with more than a-third of the country now underwater. The death toll has climbed past 1,200 while tens of millions of people have been affected as homes, farmland and infrastructure are washed away. The UN has launched a major international appeal, with initial losses expected to cost the already cash-strapped country billions of dollars. Tayyibe Aydin reports.

For more, we spoke to economist Ali Khizar from Lahore.

#Pakistan #Floods #FloodAid

Oil prices are climbing to start the week, as investors wait for the latest word on supply levels from the world's top producers. The international crude benchmark Brent is up 2% to trade at around $95 a barrel. Energy markets are also in turmoil following Russia's decision to keep its natural gas pipeline to Germany closed indefinitely. Berlin has announced a $65B bailout plan to help Europe's largest economy cope with its worsening energy crunch.

For more on energy market, we were joined by Victoria Scholar, investment head of Interactive Investor in London.

#OPEC #Energy #Oil