Private equity firm KKR is paying $3.17 billion for 25 percent of Enilive, a biorefining subsidiary of Eni, the Italian national energy company.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – Oct 29 2024
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SPOTLIGHT ON CHINA’S ECONOMIC STRUGGLE: LOCAL GOVERNMENT DEBT MARKET SEES RECORD DEFAULT LEVEL
In 2023, local governments floundered in debt and Beijing swooped in with $309 billion in new bonds to pay back those debts. The central government also ordered state-owned banks to lend even more money to those failing municipalities.
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SPOTLIGHT: THE LUXURY INDUSTRY’S VERY BAD YEAR
Cosmetics powerhouse L’Oréal announced third-quarter sales growth of 3.4 percent, a far miss from analysts’ expectations of a 6-percent gain.
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TOP TREND 2024, EV GO FU: AUTOMAKERS TURN TO PLUG-IN HYBRIDS. CONSUMERS TURN AWAY
When consumers slowed their purchases of all-electric vehicles (EVs), they turned to hybrids that run mainly on gas but also draw some power from a battery pack.
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EUROPE’S ECONOMY CONTINUES TO WEAKEN
Europe’s economic output is poised to fall further and further behind the U.S.’s as this decade progresses, largely due to Europe’s “lack of business dynamism,” the International Monetary Fund (IMF) warned last week.
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BANK OF CANADA CUTS INTEREST RATE BY HALF A PERCENT
Faced with Canada’s sinking economy, the Bank of Canada (BoC) cut its key rate from 4.25 percent to 3.75 percent on 23 October.
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BRICKS AND MORTAR ARE BACK IN STYLE WITH EUROPE’S RETAILERS
Europe’s retailers are trending back to physical stores as they battle for customers with giant e-commerce firms.
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RUSSIA’S CENTRAL BANK JACKS INTEREST RATE TO 20-YEAR HIGH
The Bank of Russia has raised its key interest rate to 21 percent, the highest since 2003, as runaway military spending pushes inflation’s pace to an average of 8.8 percent this year, bank governor Elvira Nabiullina said in a press briefing.
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WOLFSPEED ABANDONS PLAN FOR CHIP FACTORY IN GERMANY
U.S. chip maker Wolfspeed has suspended plans to build a €3-billion, cutting-edge semiconductor factory in Germany, damaging chancellor Olaf Scholz’s plan to transform the country into a high-tech hotbed as its flagship auto industry continues to decline.
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VW WILL SHUT THREE FACTORIES, LAY OFF THOUSANDS, LABOR LEADER SAYS
Volkswagen plans to shut down at least three of its assembly plants in Germany, downsize its other plants in the country, and lay off tens of thousands of workers, Daniela Cavallo, chief of the company’s works council, told Reuters.