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Russia Needs Permission For Its Ships To Probe Nord Stream Ruptures – Novak

MOSCOW, Oct 14 (Reuters) – Russia needs permission for its vessels to conduct investigations into explosions that damaged Nord Stream pipelines in the Baltic Sea, Deputy Prime Minister Alexander Novak said on Friday.

He did not specify who should grant the permission but Nord Stream AG, the operator of the older Nord Stream 1 pipeline, said last week that the owner of a survey vessel it chartered did not have the greenlight from the Norwegian foreign ministry to depart and start assessing ruptures to the pipelines.

Full coverage: REUTERS

Danone To Withdraw From Russia With €1 Bln Write-off

PARIS, Oct 14 (Reuters) – French food company Danone (DANO.PA) said on Friday it would shed its dairy food business in Russia in a deal that could lead to a write-off of up to 1 billion euro ($978 million), the latest costly exit from the country by a global company.

“This is the best option to ensure long-term local business continuity”, Danone said in a statement, adding the Russian unit accounted for roughly 5% of the group’s net sales in the first nine months of the year.

Full coverage: REUTERS

FTSE Rallies On Hopes Of Fiscal Plan Reversal

Oct 14 (Reuters) – UK’s main indexes jumped on Friday, on growing expectations that the UK government will announce a U-turn on elements of its 43-billion-pound package of unfunded tax cuts that sparked turmoil in financial markets over the past few weeks.

The blue-chip FTSE 100 (.FTSE) gained 0.9%, while the domestically focused FTSE 250 (.FTMC) added 0.9%. Both indexes have recouped a large part of their losses this week but remain on track to record their fourth weekly decline in five.

Full coverage: REUTERS

Singapore Tightens Policy, Keeps Door Open For More Moves On Hot Inflation

SINGAPORE, Oct 14 (Reuters) – Singapore tightened monetary policy as expected for the fourth time this year to combat inflation running near a 14-year high, and left the door open for further policy action as it warned of risks to the growth and price outlook.

The move by the Monetary Authority of Singapore (MAS) coincided with separate data showing the city-state’s economy outperformed in the third quarter, and extends a synchronized tightening campaign by several countries, led by the U.S. Federal Reserve.

Full coverage: REUTERS

No Plans To Change Anything In Mini-budget, UK Minister Says

LONDON, Oct 14 (Reuters) – Britain’s trade department minister Greg Hands said on Friday there were “absolutely no plans to change anything” when asked about the government’s mini-budget.

“The prime minister and the chancellor are absolutely determined to stick to the growth plan, to stick to the changes they outlined,” Hands told LBC Radio following reports that the new government could reverse some parts of the fiscal plan it laid out last month.

Full coverage: REUTERS

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Industry Dynamics

TSMC Second Quarter Profits Soar on AI Chip Demand

Taiwan Semiconductor Manufacturing Co (TSMC), a leader in producing advanced chips for artificial intelligence applications, is poised to announce a 30% increase in second-quarter profits this Thursday, driven by a robust demand for AI chips.  

2024-7-15 | Industry Dynamics

Apple Opens NFC to Rivals, Vestager Cautions on Tech Charges

Apple will make its tap-and-go payment technology available to competitors, complying with demands from EU regulators, even as EU antitrust chief Margrethe Vestager expressed ongoing concerns about the company's adherence to broader tech regulations.  

2024-7-12 | Industry Dynamics

Weekly Economic Calendar for July 15th to 19th, 2024

Weekly Economic Calendar for July 15th to 19th, 2024

2024-7-12 | Industry Dynamics