Markets & Industries
World food prices start declining after rising in July - 09/11/2023
Following a modest increase in July, global food prices dropped in August, according to the UN Food and Agriculture Organization (FAO). Last month, the FFPI food price index dropped to 121.4 points. The index was down 2.1% as compared to July. In August 2023, the FAO Food Price Index averaged 121.4 points, down 2.1% from July and up to 24% from the highs recorded in March 2022. The index's rise...
Analysts: Latin America will slow down GDP growth - 09/08/2023
According to an estimate by researchers in a Focus Economics regional analysis, the average economic growth rate for Latin American countries will be just 1.6% this year, which is half the pace expected in 2022. The economy of Latin America will grow at the slowest rates among all other developing nations. Focus Economics poll show that ineffective institutions, political unpredictability,...
U.S. economic activity shows growth in the second half of summer - 09/07/2023
According to the Beige Book, a summary of the Federal Reserve's (Fed) remarks on the nation's economic situation, the economic activity in the US increased moderately in July and August compared to the prior report, which covered the time period from May through July. The report states that "according to contacts from most districts, economic growth was moderate in July and August." The survey...
Saudi Arabia extends oil production cut by 1M bps until the year end - 09/06/2023
Before that, the voluntary cut was first planned for July and then expanded to include August and September. Saudi Arabia has chosen to continue the voluntary cut until the end of 2023 by voluntarily cutting its oil output by 1 million barrels per day (bpd), reports The Saudi Press Agency quoting an authorized source inside the Kingdom's Ministry of Energy. Prior to that, the voluntary decrease...
"Barbie" becomes the highest-grossing movie 2023 - 09/04/2023
Greta Gerwig’s "Barbie" has become the year's highest-grossing movie, bringing in $1.36 billion worldwide. According to Collider, Greta Gerwig's "Barbie" became the year's highest-grossing movie after bringing in $1.36 billion worldwide. Previously, the animated movie "The Super Mario Bros. Movie" held the top spot thanks to its $1.358 billion worldwide box office haul. The movie also broke...
US allocates $15.5B to retool electric cars factories - 09/01/2023
The US Department of Energy claims that these actions are specifically intended to increase the production of batteries, battery raw materials, and "components currently imported from other countries." The administration of US President Joe Biden will allot $15.5 billion to retool plants in order to expand the nation's production of electric cars, reads a statement issued by the US Department of...
Eurozone economic sentiments fall below expectations in August - 09/01/2023
The Economic Sentiment Indicator (ESI) in the euro area dropped below forecasts in August, reaching its lowest level since November 2020 (93.3 points as opposed to a projection of 93.7 and a value of 94.5 in July). The ESI for EU nations decreased from 93.5 to 92.9 points from one month earlier. The indictor includes data from surveys of businesses in the industrial, services, retail,...
New passenger car sales in EU skyrocket in July - 08/30/2023
ACEA: the EU saw a 15.2 percent increase in new passenger car sales in July. The European Automobile Manufacturers Association (ACEA) reported that in annualized figures, new passenger car sales in the European Union climbed by 15.2 percent in July to 851.156 thousand vehicles. "The EU vehicle market increased by 15.2% in July 2023, marking the twelfth month in a straight that it has grown. As...
Bitcoin trading volume on exchanges hits lows in nearly five years - 08/30/2023
The amount of Bitcoin traded on exchanges fell to its lowest level in almost five years. According to statistics from analytics platform CryptoQuant, the amount of Bitcoin (BTC) traded in August fell to its lowest level since November 10, 2018, CNBC writes. Its data shows that on August 12, the trading volume of the digital currency and its derivatives on all exchanges dropped to 112,317 BTC, the...
NYT: G7 countries intend to completely ban diamond imports from Russia from January 2024 - 08/29/2023
According to the newspaper, the G7 nations account for almost 70% of global diamond consumption. The European Union and the Group of Seven (G7) nations want to completely forbid the import of diamonds from Russia, reported The New York Times. The import of uncut Russian diamonds as well as Russian-cut diamonds was prohibited by the United States starting in 2022. At that, the prohibition still...
