china produce and exports most graphite for vehicle battery
China has announced that it will require export permits for certain graphite goods to protect national security. The move comes as foreign governments confront Chinese enterprises over their industrial practices. China produces and exports the most graphite, which is used in most electric vehicle battery anodes. The EU is considering taxes on Chinese-made EVs, claiming…
Israel destroyed Orthodox church and several killed
Israel destroyed a northern Gaza suburb and hit an Orthodox Christian church, signaling an impending invasion. The UN Secretary General visited the Gaza-Egypt border and stressed the need for immediate humanitarian aid. Israel has threatened to eliminate Hamas after gunmen broke through the barrier around Gaza, killing 1,400 people, mostly civilians. The Palestinian health ministry…
Nokia plans to decrease 16% jobs in 2024
Nokia is set to lose up to 14,000 positions to save costs, stating it does not expect a market recovery soon after third-quarter revenues fell 20% due to poor 5G equipment demand. The Finnish telecom equipment manufacturer’s shares fell 2% at 0900 GMT. Nokia and Ericsson’s most profitable markets, Verizon and AT&T, have turned elsewhere…
The FED 2% inflation target will take more time to accomplished
The Federal Reserve is facing challenges in lowering inflation to 2%, with projections suggesting it will take until 2026. Some suggest raising the inflation target instead, as it would require a significant economic impact and potentially a recession. The 2% target, which has been part of the Fed’s price stability mandate for over a decade,…
Commercial real estate loans making banks struggle
US banks are struggling with overdue commercial real estate (CRE) loans due to sector stress, high interest rates, and vacant offices. This has led to weak office demand, potentially causing borrowers to default and pressure banks to avoid selling loans at steep discounts. Banks have recorded provisions for credit losses and charge-offs from the previous…
Oil embargo and penalties has been requested on Israel
Iran’s foreign minister has called for an oil embargo and penalties on Israel, but OPEC sources have said no immediate action or emergency meetings are planned in response. The Gulf Cooperation Council secretary-general has urged Arab countries not to reduce oil production in retribution for Israel’s activities in Gaza, stating that the GCC is committed…
Biden new rules limit China’s chip market on US
The Biden administration’s new rules restrict China’s access to key US artificial intelligence chips, giving Nvidia, Intel, and AMD a chance to survive in the world’s largest chip market. The US Bureau of Industry and Security (BIS) requested the semiconductor industry’s help to keep delivering AI chips to China for small and medium-sized systems. The…
Oil prices surge after Gaza hospital explosion
The Gaza hospital explosion has pushed oil prices to their highest level since the Israel-Hamas war, with Brent crude rising 3.5pc to $93 a barrel. The explosion also canceled a summit with US President Joe Biden. Saudi and Russian production restrictions have raised oil prices by over a quarter since mid-June. Rising petrol prices have…