Turkey’s inflation rate rose to 17.53 percent in June, its highest in two years, edging past analysts’ expectations of 16.8 to 17.0 percent as consumers began spending again after the country lifted its lockdown this spring. Economists polled by Bloomberg expected a 16.8-percent rate. Consumer prices shot up 1.94 percent for the month, well past...
Tag: jul 13 2021
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EUROPEAN HOME PRICES CLIMBING
The median price of a home across the European Union’s 27 member countries rose 6.1 percent in this year’s first quarter, the union’s statistical agency Eurostat reported, a pace faster than at any time since the third quarter of 2007. Home prices among the 19 countries sharing the euro currency climbed 5.8 percent, the speediest...
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CHINA’S MANUFACTURING ECONOMY SLOWS IN JUNE
China’s purchasing managers index for the country’s manufacturing economy edged down in June to 50.9 from May’s rating of 51, the National Bureau of Statistics reported. Supply-chain disruptions throttled back production, but demand for exports also eased slightly, the bureau said. Factors hobbling factory output include the global shortage of computer chips that has hampered...
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EUROPEAN CENTRAL BANK SETS NEW INFLATION TARGET
In its first major policy review since 2003, the European Central Bank (ECB) has set a new target inflation rate of 2 percent but says it will tolerate higher rates for brief periods without tweaking interest rates. The previous inflation target had been a more vague “below, but close to, 2 percent.” The new 2-percent...
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EUROPE’S ECONOMY TO GROW FASTEST IN DECADES THIS YEAR
The European Union’s economy will expand by 4.8 percent this year, the European Commission (EC) has predicted, the fastest rate since 1976. The region’s GDP will grow 4.5 percent in 2022, the commission expects. Previous forecasts targeted 4.3- and 4.4-percent growth in the respective years. Germany’s economy will add 3.6 percent, France’s 6 percent, Italy’s...
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LOCKDOWNS LEAVE 22 MILLION JOBLESS IN RICH COUNTRIES
About 22 million fewer people have jobs in the world’s advanced economies than before the Covid War began, according to the annual employment outlook report by the Organization for Economic Cooperation and Development (OECD), whose 38 member nations include most of the world’s richest countries. Jobs will remain below pre-crisis numbers until late 2022, the...
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U.S. PRIVATE EQUITY FIRM JOINS BRITISH BUYOUT FRENZY
KKR, the U.S. private equity firm and takeover specialist with $367 billion in assets, has established a five-person team in the U.K. to stalk takeover targets amid a record-breaking number of deals involving private equity companies in British businesses. The five Brits will work “proactively” to build relationships with potential targets “as a main job,”...
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TRUCKING GIANT EXPANDS INTO SMALLER MARKET
Phoenix-based Knight-Swift Transportation Holdings (KS), the largest U.S. full-load trucking company, has bought regional carrier AAA Cooper Transportation (AAA) for $1.3 billion in cash and $10 million in Knight-Swift shares, the Wall Street Journal reported. Knight-Swift also has assumed $40 million of AAA Cooper debt. AAA Cooper, which travels the U.S. Southeast and Midwest, will...
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JPMORGAN CHASE GROWS WITH 33 ACQUISITIONS THIS YEAR
JPMorgan Chase, the largest U.S. bank measured by assets, has bought 33 smaller companies this year as of 7 July, the Financial Times reported. The purchases include OpenInvest, a U.K. online asset manager that enables investors to customize portfolios based on social and environmental values, and a minority share of C6, a digital bank in...