Money Talks

German Chancellor Olaf Scholz says his government is slashing taxes on energy consumption in a bid to rein in rising prices. Facing off with Russia over its attack on Ukraine, is coming at a steep cost for the European Union. Its energy supplies are under threat, and the bloc is rushing to import liquefied natural gas to make up for a reduction in shipments from Russia.

For more on this, we were joined by the CEO of Meyer Resources, Cornelia Meyer from Bern.

#Germany #EnergyTaxes #OlafScholz

Oil prices are slighty recovering after hitting a six-month low, as a larger than expected drop in US oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. Investors also awaiting clarity on talks to revive the 2015 Iran nuclear deal. Oil supply could rise if Iran and the United States accept a proposal from the European Union, which would remove sanctions on Iranian oil exports.

For more on oil market, we had Susannah Streeter, who is an investment analyst at Hargreaves Landsdown in the UK.

#OilReserves #IranOil #OilPrices

Oil prices have slumped thanks to hopes of fresh supply becoming available in the market. The potential revival of the Iran nuclear deal would allow Tehran to openly sell its substantial reserves to international customers. And there was good news out of the US, with regulators there saying shale oil production is expected to rise to a two-year high in September. But prices are also falling due to the expectation of weakening global demand.

For more on supply and demand, we had Danni Hewson in the UK. She's a financial analyst at AJ Bell.

#Iran #NuclearTalks #OilPrices

China's central bank has unexpectedly cut its key interest rates as it aims to support an economy weighed by COVID lockdowns and a deepening property downturn. It's the second time the People's Bank Of China cuts rates, this year.

For more on China's economy, we had David Madden, who is Equiti Capital market analyst in London.

#China #POC #InterestRates

In the EU, plans to reduce reliance on Russian oil and natural gas, are going up in steam. Several member countries are trying to raise power production from domestic coal, hydro and nuclear power plants. They want to ensure adequate supplies before the winter, but an unusually hot and dry summer is worsening the bloc's energy crisis. Mobin Nasir reports.

For more on this, Taha Meli Arvas joined us on the set. He's Adjunct Professor of Finance at Bogazici University.

#UnitedStates #China #Semiconductor

The idea of a 'metaverse', a virtual reality space where users can interact with each other in a computer-generated environment, which has been the stuff of science fiction novels for decades. And creating such a space for mass adoption in the real world has been slow going. But new technologies have made it easier for many to envision a new way to work and play. Sarah Balter has more.

#Metaverse #VirtualReality #AvatarFaces

The votes have been cast and counting is underway. And in just a few days, Kenya will have a new government. It was a hotly contested ballot between the two front runners; Deputy President William Ruto and opposition leader, Raila Odinga. And a host of economic and social challenges await the winner.

For more on Kenya's election and the country's economy, we spoke to Agnes Gitau, who is the managing partner of GBS Africa. She says one of Kenya's main challenges that next president has to tackle with will be high youth unemployment.

#KenyaElection #WilliamRuto #RailaOdinga

This week, the year-long chips war between the US and China has taken a new turn. President Joe Biden on Tuesday signed a bipartisan bill that aims to strengthen US competitiveness with China by investing billions of dollars in domestic semiconductor manufacturing and science research. The bill includes more than $52B for US companies producing computer chips, as well as billions more in tax credits to encourage investment in semiconductor manufacturing.

#UnitedStates #China #Semiconductor

US consumer prices rose 8.5% last month, compared to the same period last year. That's still historically elevated, but it was slower than June's increase of more than 9%, which was the highest in more than 40 years. Across the Pacific in China, rising inflation has been a lot less severe. Consumer prices there rose just 2.7% in July. That's the highest in two years, but still much lower than what other major economies have been reporting. The problem for Beijing is that moderate price increases are a symptom of overall weakness in the economy.

For more on inflation readings in major economies, we had Joseph Foudy in New York. He's an economics professor at the NYU Stern School of Business.

#UnitedStates #China #Inflation

The world's top oil producers continue to pump out less than they've promised, putting immense strain on economies big and small. According to a survey by data firm Argus, the international oil cartel OPEC+ was able to raise production by half a million barrels a day in July. But almost all of those extra barrels came from Saudi Arabia, the group's top producer and de facto leader.

And as a whole, the alliance's output was still, on average, almost 3M barrels short of the daily target. Meanwhile, in the UK, data released on Friday showed the cost of living crisis there led to a 0.6% contraction in GDP in June.

For more, let's hear from Danni Hewson, financial analyst at AJ Bell in the UK. She gave us her reaction to the economic data out of Britain.

#OPEC #OilSupply #UKEconomy