Tag: dec 21 2021

UKRAINE FEAR: EUROPEANS, U.K. HIT WITH NEW RECORD HIGH GAS PRICES  Europeans may be looking at the extended weather forecast more closely than usual in hopes of a mild winter because gas prices have hit a new record high last week as uncertainty over Russia’s intention with Ukraine looms large. The Wall Street Journal reported that...

PFIZER BUYS ARENA PHARMACEUTICAL FOR $6.7 BILLION Flush with billions in cash from the success of its COVID vaccine, Pfizer Inc. has agreed to pay $6.7 billion to buy drug maker Arena Pharmaceuticals, which specializes in medications for inflammatory bowel conditions. Pfizer will pay $100 a share for Arena, more than twice the company’s 10...

On 20 December, the People’s Bank of China reduced its one-year prime lending rate by 0.5 percent to 3.8 percent. The rate is the one at which commercial banks lend to their most credit-worthy customers and benchmarks rates for other loans, CNN Business noted. The cut is an attempt to reinvigorate a slowing economy slammed...

Germany’s economy will contract by 0.5 percent this quarter, compared to the third, and either stall or shrink further in 2022’s first three months, according to Germany’s Ifo Institute for Economic Research. An economy is officially in recession when it shrinks for two successive quarters. “Ongoing supply bottlenecks and the fourth wave of the coronavirus...

On Monday, 20 December, the value of Turkey’s lira slid to 18 against the dollar, down 13 percent after plunging 5 percent Friday. The currency cratered after the country’s central bank cut interest rates on 16 December, the fourth cut in as many months as inflation continued to rage at more than 21 percent, although...

China’s economy slackened in November, thanks to a lagging consumer economy and the persistence of the COVID virus. The property market, which makes up almost a third of China’s GDP, stumbled with the failure of major developers Evergrande Group and Kaisa Group to be able to pay their debts, resulting in both corporations being declared...

Europe’s central banks have taken different stances on interest rate increases since the U.S. Federal Reserve indicated on 15 December that it probably will begin raising rates next spring and probably will boost them three times in 2022. The next day, the Bank of England moved its base rate from 0.1 percent to 0.25 (see...

Coinciding with the new strict lockdown measures that have had thousands out on the street protesting against, the new coalition government in Amsterdam announced plans to increase public spending that will focus on housing, education, defense and climate change. The Financial Times pointed out that the Netherlands was historically considered to be the E.U.’s frugal state,...