Tata Motors to buy Ford car plant in India

Indian automaker Tata Motors has agreed to buy a Ford manufacturing plant in the western state of Gujarat for 7.26bn rupees ($91.5m).   The deal comes as Tata moves to boost its car production to meet demand.   The deal between Tata’s electric vehicle subsidiary and the US car maker’s Indian unit covers land, machinery […]

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US inflation eases as fuel prices drop

Prices in the US continued to rise rapidly last month, but a fall in petrol costs helped to ease the pace.   The annual inflation rate, the pace at which prices rise, was 8.5% in July, down from June when it surged to 9.1%, the Labor Department said.   Aside from energy, costs for many […]

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European, Asian and US polymers fall. WTI and Brent Crude fall

European polymer prices fell over the week to 5th August. There were reductions of between 20 and 150 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, PVC and ABS. In the UK, prices fell across most grades as the pound gained value against the Euro.   Asian polymers fell with reductions of […]

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US jobs growth jumps despite slowdown fears

US employers added more than 500,000 jobs in July and the unemployment rate dropped, defying fears that the labour market is heading for a slowdown.   The jobless rate fell to 3.5% from 3.6% in June, as restaurants, bars and other firms continued to add workers.   The report from the Labor Department was far […]

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OPEC+ agrees to slight output rise

The world’s biggest oil producers have agreed to raise production slightly in a bid help ease high prices.   OPEC+, including Russia, agreed on Wednesday to add 100,000 more barrels per day to the market from September.   The latest production output increase is at a much slower pace than in recent months.   The […]

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UN Secretary calls for additional oil and gas business taxes

UN Secretary General Antonio Guterres has called for oil and gas companies to face special taxes.   His comments come as surging energy prices sparked by the war in Ukraine push industry profits to new highs.   Mr Guterres said it was “immoral” for firms to be profiting from the crisis.   Russia’s invasion of […]

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China could miss economic growth target

China has signalled that it may miss its annual economic growth target, as Covid restrictions weigh on the world’s second largest economy.   The Politburo, the ruling Communist Party’s top policy-making body, said it aims to keep growth within “a reasonable range”.   It did not mention the official growth target of 5.5% it had […]

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UK set for slowest growth of G7

The UK is set for the slowest growth of the G7 richest economies next year, the International Monetary Fund has warned.   It is predicting UK growth will fall to just 0.5% in 2023, much lower than its forecast in April of 1.2%. The global economy has shrunk for the first time since 2020, the […]

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Ukraine accuses Russia of waging a “gas war”

Ukraine has accused Moscow of waging a “gas war” against Europe and cutting supplies to inflict “terror” on people.   Russian energy firm Gazprom announced it is once again reducing gas flows into Germany to allow work on a turbine on the Nord Stream 1 pipeline.   But Ukraine’s President Volodymyr Zelensky said this was […]

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