The world this week--Business
Adidas, a German sportswear-maker, joined Balenciaga, a fashion label owned by Kering, a luxury-goods conglomerate, in cutting ties with Kanye West, a rapper and fashion designer, for his anti-semitic remarks.
The decision is set to cut Adidas’ annual profits in half this year.
European natural-gas prices fell below 100 euros (100.8 dollars) per megawatt hour for the first time since Russia cut supply in June, as lower demand amid mild weather and large amounts of gas in storage helped to ease concerns about winter shortages.
Demand for gas in Italy, a large consumer, sank by a tenth in August and September compared with the same months a year ago.
Saudi Arabia hosted its Future Investment Initiative, an annual conference aimed at investors.
Jamie Dimon, the chief executive of JPMorgan Chase, Stephen Schwarzman of Blackstone, a private-equity firm, and David Solomon, boss of Goldman Sachs, were among the speakers at the three-day event in Riyadh.
Saudi Arabia is set to have one of the world’s fastest-growing economies in 2022.
In Britain, real wages, which are adjusted for inflation, fell by 2.6% in the year to April, compared with the previous year, their biggest decline in a dozen years, according to the Office for National Statistics (ONS).
Inflation eroded a 5% gain in nominal wages.
British government-bond yields eased back to levels they were before unfunded tax cuts, now mostly scrapped, caused panic selling and prompted an intervention from the Bank of England in September.
The yield on 30-year bonds, also known as gilts, was trading at 3.7% on October 26th, a day after Rishi Sunak became prime minister.
The tech giants, Alphabet and Microsoft, announced slower revenue growth as customers cut spending.
Meta reported falling sales and rising costs, stoking fears of an economic slump.
European banks reported bumper third-quarter profits as a result of higher interest rates, which tend to boost bank earnings.
Barclays, Santander, UniCredit, Standard Chartered, HSBC and UBS all beat analysts’ quarterly estimates.
Deutsche Bank announced its highest annual profits in 13 years.
Canada’s central bank raised its benchmark interest rate by a smaller-than-expected 0.5 percentage points to 3.75%.
The European Central Bank and the Federal Reserve are expected to raise benchmark rates by 0.75 percentage points when they next meet.