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$75 billion price tag for Porsche has divided investors

The share price of Volkswagen hovered around breakeven on Monday, reflecting a mixed response from investors to the automaker's plans to list sports car brand Porsche AG in what could be Europe's third biggest IPO. According to Reuters, Volkswagen wants to value Porsche AG at 70 billion-75 billion euros ($70-75 billion), a little below some…
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Euro area inflation up to 9.1%, EU inflation up to 10.1% in August

Annual inflation in the euro area increased from 8.9% in July to 9.1% in August 2022. The rate was 3.0% a year earlier. In August 2022, the annual inflation rate in the European Union was 10.1%, up from 9.8% in July. According to Eurostat, the European Union's statistical office, the rate was 3.2% a year earlier. In terms of annual rates, France…
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Tunisia is expected to agree on an IMF deal by the end of October

The government's spokesperson said on Friday Tunisia hopes to reach an agreement with the International Monetary Fund by the end of October, following a wage agreement with unions. A 5% wage increase for the public sector was agreed upon on Thursday between the government and the powerful UGTT union, easing social tensions. They did not announce…
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PM Modi calls for diversified, resilient supply chains at SCO summit

At the 22nd SCO Summit today in Samarkand, Uzbekistan, Prime Minister Narendra Modi attended the event along with leaders from SCO countries. These included Russian President Vladimir Putin, Chinese President Xi Jinping, Pakistan Prime Minister Shehbaz Sarif, and Uzbekistan President Shavkat Mirziyoyev. Mr Modi said at the SCO expanded format…
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European Central Bank raises interest rates by 75 basis points

Governing council of the European Central Bank (ECB) decided to increase the three key interest rates of the ECB by 75 basis points. As a result, the interest rates on main refinancing operations as well as marginal lending facility and deposit facility interest rates will be increased to 1.25 percent, 1.50 percent, and 0.75 percent, respectively,…
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Export growth in China sinks in August, while imports shrink

There was a drop in Chinese trade in August due to a decline in global consumer demand and a drop in domestic demand, as a result of high energy prices, inflation, and anti-virus measures. The growth rate of exports decreased from 18% in July to 7% in August. The Associated Press (AP) reported that demand for Chinese exports has cooled as Western…
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As concerns over demand rise, crude oil falls to a 7-month low

As the impact of COVID-19 curbs in top crude importer China and expectations of more interest rate hikes spurred fears of a global economic recession and decreased fuel consumption, oil prices dropped more than $1 on Wednesday to their lowest level since before the Russia-Ukraine conflict. Brent crude futures fell $1.35, or 1.5%, to $91.48 a barrel…
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