WeWork, the global chain of co-working spaces that was once valued at $47 billion, filed for Chapter 11 bankruptcy protection in the U.S. this month after seeing its stock price plunge by more than 98 percent this year.
Tag: Economy
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GERMAN SHIPPING COMPANY SEES PROFITS TORPEDOED
German container shipping company Hapag-Lloyd reported profits this year through September were almost 80 percent below those of last year over the same period, falling to €3.2 billion.
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U.K. GROCERY INFLATION FALLS TO SINGLE DIGITS FOR FIRST TIME IN 18 MONTHS
Inflation in British grocery prices fell to 9.7 percent in the four weeks ending 29 October, the first time monthly food price gains have been limited to single digits since July 2022, research service Kantar reported.
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BRITAIN’S ECONOMY STAGNATES IN THIRD QUARTER
The U.K.’s economy showed no growth in this year’s third quarter from the second, “entering what is expected to be a protracted period of stagnation on the cusp of a recession,” The New York Times reported.
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EV SALES SLUMP IN U.S., EUROPE
Even though electric vehicle (EV) sales in the United States topped 300,000 for the first time in this year’s third quarter, sales of electric vehicles (EVs) have stalled in Europe and the U.S., prompting manufacturers to slow or halt production and dealers to slash prices to move the cars off their lots.
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NATIONS BOOST FOSSIL FUEL PRODUCTION, VIOLATING CLIMATE PLEDGES
In the 2015 climate summit, world leaders promised to cut fossil fuel production and use to a level that would limit global warming to 1.5°C above pre-industrial temperatures.
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TOP TREND 2023, GOING GREEN, LIKE IT OR NOT: RISING COSTS SQUEEZE CLEAN ENERGY PROJECTS
Higher interest rates and inflated prices for hardware are pinching financing for clean energy projects, The Wall Street Journal reported.
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EUROPE’S INTEREST RATES WILL STAY HIGH, CENTRAL BANKS SAY
Top-line inflation in Europe is easing, but central bankers are warning they do not expect to cut interest rates any time soon.
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TOP TREND 2023, MIDDLE EAST MELTDOWN: MIDEAST WAR SENDS ISRAELI BUSINESSES INTO FINANCIAL CRISIS
The Israel-Hamas war has had catastrophic impacts on Israel’s $488-billion economy, with 350,000 military reservists—about 8 percent of the country’s workforce and a large share of the retail customer base—called into service.
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SPOTLIGHT: BIGS GETTING BIGGER
As we have noted since the Central Banksters started to rapidly raise interest rates, the decade’s long merger and acquisition spree is over.