Turkish lira plummets after surprise rate cut despite inflation levels of nearly 80%

Ramberg The Turkish lira plunged 1% against the U.S. dollar on Thursday as the Turkish Central Bank delivered a surprise rate cut despite the fact that the nation is facing inflation levels of nearly 80%. Economists expected no change in its central bank policy but President Recep Tayyip Erdoğan promised rate cuts and the Monetary … Read more

China Shocks With Rate Cut as Data Shows ‘Alarming’ Slowdown

(Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Most Read from Bloomberg China’s central bank unexpectedly cut its key interest rates as it ramps up support for an economy weighed by Covid lockdowns and a deepening property downturn. The rate cut came just before data … Read more

Germany must cut gas use by 20% to avoid winter rationing, regulator says

Germany must cut its gas use by a fifth to avoid a crippling shortage this winter, its top network regulator said, as businesses and households brace themselves for Europe’s biggest energy crisis in a generation. Klaus Müller, head of the federal network agency (BNA), will be in charge of rationing gas supplies if Europe’s largest economy … Read more

Peloton to Cut 800 Jobs, Hike Prices and Shut Stores in Sweeping Overhaul

(Bloomberg) — Peloton Interactive Inc. will embark on a sweeping overhaul that includes cutting nearly 800 jobs, raising prices for its Bike+ and Tread machines, and outsourcing functions such as equipment deliveries and customer service to outside companies. Most Read from Bloomberg The changes, which the company disclosed Friday in a memo to employees, also … Read more

Valneva stock dips as FY22 outlook cut on lower COVID vaccine demand, suspends making shot

Toshe_O/E+ via Getty Images Valneva (NASDAQ:VALN) (OTCPK:INRLF) (OTC:VNVLF) reduced its FY22 revenue outlook citing reduced demand for its COVID vaccine from the EU member states. COVID-19 vaccine sales in H1 were €3.8M. However, Valneva recorded an operating loss of -€150.4M, (-€86.2M in H1), of which COVID-19 operating loss represented €110.7M. The French company said that … Read more

Chennai refinery’s crude runs cut by 25% as residents complain of odour

India’s Chennai Petroleum Corp said on Tuesday it had cut crude processing by a quarter at its 201,000 barrels per day Manali refinery in southern India, following an order by the Tamil Nadu state pollution control board. Production at the refinery has been reduced on a ‘temporary basis’ and the company is … Read more

Gasoline-Demand Forecast Is Cut for This Year Amid High US Prices

Breadcrumb Trail Links PMN Business The US will consume less gasoline this year than previously thought, although total demand will still top 2021 levels, according to the latest government forecast. Author of the article: l}8ol5dugn[840k01l7elrxc_media_dl_1.png Bloomberg RSS Article content (Bloomberg) — The US will consume less gasoline this year than previously thought, although total demand … Read more

Market boom ‘enthusiasm’ causing sellers to cut asking prices by 20%: HBB

Pandemic property market boom “enthusiasm” is causing many sellers to overprice their homes by 20%, according to HBB Solutions. Across the UK, sellers who lower their asking prices are cutting them from an average of £380,637 to £305,353 – a reduction of £75,284 – says the chain-repair property buyer, who looked at those homes currently … Read more