Money Talks

Oil prices are advancing this morning after US President Joe Biden wrapped up a landmark visit to the Middle East without a firm commitment from key producer Saudi Arabia to boost crude supplies. Meanwhile, EU investors are still worried about the resumption of gas supplies from Russia, after Kremlin-controlled Gazprom said it could not guarantee the safe operation of a critical part of the pipeline that runs under the Baltic sea to Germany because of doubts over the return of a turbine from Canada.

We spoke to David Madden, who is a market analyst at Equiti Capital.

#Biden #MiddleEast #Oil

China's economy narrowly escaped a contraction in the second quarter, when strict lockdowns paralysed major cities across the country. GDP grew by just 0.4% in the three months to June, over the same period last year. Guido Cozzi is a professor of Macroeconomics at the University of St. Gallen in Switzerland. He tells us what China's economic slowdown means for the rest of the global economy.

#China #GDP #Slowdown

Twitter is suing Tesla CEO Elon Musk, for breaching a contract to buy the social media platform. Documents have now been filed in the US state of Delaware, urging the court to order the billionaire to complete his deal to buy Twitter, arguing that no financial compensation would repair the damage he has caused. Francis Collings reports and we’re joined by Craig Erlam, senior market analyst at OANDA in London.

#Twitter #ElonMusk #Tesla

Global equity markets are down today as investors fear a recession is becoming inevitable. In Asia, growth is under threat as China revives lockdowns to curb sporadic outbreaks of COVID-19. Meanwhile, the euro has fallen to a fresh 20-year low, and briefly reached parity with the US dollar.

Its latest decline follows the temporary closure of the Nord Stream One pipeline from Russia to Germany. Danni Hewson, financial analyst at A-J Bell explains the implications of the pipeline’s closure on Europe.

#GlobalRecession #StockMarkets #NordStream

As fears of recession rise around the world, investors are flocking to the US dollar. The greenback has reached a 24-year high against the Japanese yen. It's also near equal value with the euro - something that hasn't happened in 20 years. We’re joined by Susannah Streeter, investment analyst at Hargreaves Landsdown in the UK. She tells us about the euro's weakness against the dollar, and why it is significant.

#USDJPY #StrongDollar #USDEUR

After a two-year hiatus, Muslims from all over the world are once again welcome to visit the religion's most important holy site. This year's Hajj pilgrimage in Mecca will be the biggest since the coronavirus pandemic began. And businesses in the area are eager to cash in on the flood of visitors. Rumeysa Codar has more.

#SaudiArabia #Hajj #EidalAdha

It's the most lucrative time of year for Europe's multi-billion dollar tourism sector. This year's holiday season is also expected to be the best since the pandemic began. But COVID-19-era lay-offs that helped businesses stay afloat during lockdowns now threaten to spoil the success of the summer. Ludovica Brignola reports.

For more on this, we were joined by Alessandra Priante, who is the director for United Nations World Tourism Organisation for Europe.

#EuropeTourism #TravelIndustry #AirTravel

At the best of times, South Africa's power producer Eskom can meet about 87% of the nation's electricity needs. But recent strike action has worsened its capabilities. While this week saw the worker's demands met, the power shortfall persists and the brunt is being felt by the most vulnerable. Naledi Moleo reports from Johannesburg.

#ShinzoAbe #ShinzoAbeLegacy #JapanEconomy

The UK business lobby says the political vacuum caused by Prime Minister Boris Johnson's resignation needs to be filled, as Britain struggles to deal with a cost of living crisis. The Confederation of British Industry is calling for stability, after Johnson announced he was stepping down in the wake of the mass resignation of fellow Conservative Party MPs and ministers. The search is now on now for Boris Johnson's successor, who'll be inheriting the reins of power in a country facing its worst cost-of-living crisis in decades. From the Brexit referendum to the coronavirus pandemic, Johnson's time in the top job will certainly be remembered. He was known for his gaffes and blunders that became part of his brand. Simon McGregor Wood takes a look at how we got to this point.

For more, we spoke to economist Vicky Pryce, who is a board member at the Centre for Economics and Business Research in London.

#BorisJohnson #BorisResigns #UKEconomy

Japan is in shock after former Prime Minister Shinzo Abe was assassinated while making a campaign speech in the city of Nara on Friday. Abe's economic legacy is defined by his namesake strategy, Abenomics. Those policies sought to jolt Japan's economy back to life after more than two decades of stagnation, following the collapse of an asset bubble in the early 1990s. He also looked to reverse Japan's post-war pacifist stance. Melinda Nucifora looks back at his legacy.

#ShinzoAbe #ShinzoAbeLegacy #JapanEconomy