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☆ Eurozone Inflation, at 2.6%, Continues to Ease
▼ + stars: | 2024-03-01 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +1 min

The bank also keeps a close eye on core inflation, which strips out volatile food and energy prices. That annual figure dropped to 3.1 from 3.3 percent, but it is still significantly above the headline number. In Spain, the annual rate dropped to 2.9 percent from 3.5 percent in January. Italy and Latvia had the lowest inflation rates, below 1 percent. Bottom Line: It’s all about energy prices.

Persons: ” Carsten Brzeski Organizations: ING Locations: Central, Germany, France, Spain, Italy, Latvia, Austria, Croatia, Estonia

☆ Risk of a Wider Middle East War Threatens a ‘Fragile’ World Economy
▼ + stars: | 2023-11-01 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +2 min

“We are in one of the most fragile junctures for the world economy.”Mr. Gill’s assessment echoes those of other analysts. Tensions between the United States and China over technology transfers and security only complicate efforts to work together on other problems like climate change, debt relief or violent regional conflicts. If the conflict stays contained, though, the ripple effects on the world economy are likely to remain limited, most analysts agree. At the moment, the United States is the world’s largest oil producer, and alternative and renewable energy sources make up a bit more of the world’s energy mix. “It’s a highly volatile, uncertain, scary situation,” said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University.

Persons: ” Mr, Gill, Mr, Jamie Dimon, JPMorgan Chase, Jerome H, Powell, ”, Jason Bordoff, Bordoff Organizations: JPMorgan, Hamas, Federal Reserve, Center, Global Energy, Columbia University Locations: Gaza, United States, China, Israel, Egypt, Syria, U.S, Europe, Iran, Persian

☆ How West Africa Can Reap More Profit From the Global Chocolate Market
▼ + stars: | 2023-09-28 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +1 min

Fairafric, which buys beans from roughly 70 small farmers in the eastern region of Ghana, goes further, paying a premium for its organically grown beans — an additional $600 per ton above the global market price. Farmers harvest the ripe yellow pods by hand, and then crack them open with a cutlass, or thick stick. Attendance is down, the principal said, because the school has not been included in the government’s free school feeding program. Fairafric also installed a free canteen so all the factory shifts can eat breakfast, lunch or dinner on site. But “if you want to get the full benefit,” he said, “you have to go beyond just selling beans.”

Persons: Fairafric, Marmon, Halm, ” Organizations: Farmers Locations: Ghana, Budu

☆ Crisis and Bailout: The Tortuous Cycle Stalking Nations in Debt
▼ + stars: | 2023-09-18 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +1 min

Before interest, he said, the back payments add up to 50 billion cedis, roughly $4.4 billion. “Most of the contractors are home,” Mr. Cherry said. Like many others in this West African country, the contractors have to wait in line for their money. Teacher trainees complain they are owed two months of back pay. Independent power producers that have warned of major blackouts are owed $1.58 billion.

Persons: Emmanuel Cherry, ” Mr, Cherry, Nana Akufo, Addo Organizations: Independent, International Monetary Fund Locations: Accra Children’s Park

☆ A Rush to Build Defenses in Europe, but Little Consensus on How
▼ + stars: | 2023-09-12 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +1 min

At Saab’s sprawling combat production center in Karlskoga, Sweden, the 84-millimeter shells that can take out a battle tank in a single stroke are carefully assembled by hand. One worker stacked tagliatelle-shaped strips of explosive propellant in a tray. Outside the squat building, one of hundreds in the guarded industrial park, construction is underway on another factory. The enlargement is part of a titanic expansion in military spending that every country in Europe has undertaken since Russia invaded Ukraine 18 months ago. “Investing more in an uncoordinated manner will only marginally improve a dysfunctional status quo.”

Persons: Alfred Nobel, —, ” Organizations: Center for Strategic, International Studies Locations: Karlskoga, Sweden, Europe, Russia, Ukraine

☆ Why One Country Is Struggling to Break Away From Russian Gas
▼ + stars: | 2023-07-31 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +1 min

In the 17 months since Moscow ordered soldiers into Ukrainian territory, countries across Europe have moved with surprising speed to reduce their longstanding dependence on cheap Russian gas. Germany, which got 55 percent of its supply from Russia before the war, now imports zero. And Italy has been steadily trimming imports, and pledges to be free of Russian natural gas by the end of this year. As long as Russia is selling gas, Austria will buy it, the chief executive of the Austrian energy company OMV Group said this month. The government’s difficulties in weaning itself off Russian gas, which it has pledged to do, have drawn complaints from critics who say Austria’s gas payments are helping to finance Moscow’s war machine.

Organizations: OMV Locations: Moscow, Europe, Germany, Russia, Poland, Bulgaria, Czech Republic, Italy, Austria, Austrian

Monday’s attack, which was carried out by drone, threw those options into doubt. An executive whose ocean transportation company operates a ship waiting to load grain at Reni said he was waiting to hear whether Monday’s attack would affect insurance premiums, which were already high. Given Russia’s withdrawal from the deal that guaranteed safe passage for commercial vessels through the Black Sea, insurance premiums are likely to be prohibitively expensive for shipowners, analysts said. But some shipowners may decide to travel to Ukrainian ports even with the elevated risk, if they receive assurances from the Turkish and Ukrainian governments, said Yoruk Isik, an analyst with the consultancy Bosphorus Observer, in Istanbul. In recent days, Russia has launched a series of aerial assaults on Odesa, a Black Sea port in Ukraine.

Persons: Reni, Yoruk Isik, Isik Organizations: Turkish, Bosphorus Observer Locations: Ukrainian, Istanbul, Russia, Ukraine

☆ The Economic Fallout From Extreme Heat Will Rise Over Time
▼ + stars: | 2023-07-18 | by ( Patricia Cohen | More About Patricia Cohen | ) www.nytimes.com time to read: +1 min

But over the longer term, the economic fallout caused by climate change is likely to be profound. Researchers have found that extreme temperatures reduce labor productivity, damage crops, raise mortality rates, disrupt global trade and dampen investment. An analysis by researchers associated with the Centre for Economic Policy Research found that in Europe, France, Italy, Spain, Romania and Germany have been most affected by climate-related disasters over the past 20 years. Such developments put added pressure on public spending, as governments are called on to replace damaged infrastructure and provide subsidies and relief. The analysis notes that tax revenues could also shrink when climate changes disrupt economic activity.

Organizations: Northern, Centre for Economic Policy Research Locations: Europe, United States, France, Italy, Spain, Romania, Germany, Central, Eastern

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