The main UN agency providing aid to Gaza is running out of fuel, which could hinder its ability to assist the 1 million people displaced by the recent Israel-Hamas war. France’s Worldline, a major global payment company, saw its shares drop over 50% after warning that its revenues and margins would be negatively impacted by a worsening economic outlook. Porsche criticised the EU’s investigation into Chinese EV subsidies, while LG Energy Solution warned of low EV sales due to high interest rates. In banking news, Deutsche Bank predicted its highest annual revenues in seven years, Santander reported a 20% rise in net profit, and UniCredit set aside €1.1bn as non-distributable reserves instead of paying an Italy-mandated windfall tax. Lloyds saw a drop in defaults and reported a third-quarter statutory profit before tax of £1.9bn, while Barclays reported a 16% decline in profits and announced forthcoming cost cuts. UK regulators scrapped the cap on bonuses for bankers, and opposition and supporters of the move weighed in on the decision. The UK’s prime minister, Rishi Sunak, faces criticism for the economic stability and confidence following Liz Truss and Boris Johnson, while a new PMI survey showed UK business activity decreasing for the third consecutive month. The International Energy Agency projected a 50% reduction in oil demand by 2050 if governments uphold environmental commitments, and Chris Giles listed the top 10 inflation mistakes made by central banks. Apple faced scrutiny over its claim of “carbon neutrality,” and luxury spending decline impacted Kering, Gucci, Saint Laurent, and Hermès. Ukraine struggled to build up its own arms industry amidst global shortages, and the US Treasury named cryptocurrencies as a source of fundraising for Hamas.
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