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The Turkish Lira (TRY) has emerged as the third-largest fiat currency used for cryptocurrency trading, according to a report from Kaiko Research. The Lira now holds 19% of the market share, surpassing the euro (EUR), and reaching an all-time high in early June. This shift reflects broader economic trends and the increasing adoption of cryptocurrencies in regions experiencing economic instability. What’s driving crypto adoption in Turkey?Turkey has been struggling with significant inflation since 2022, with rates peaking at over 70%, severely diminishing the value of the Lira. As a result, Turk...
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Leaders of advanced economies are gearing up for the annual Group of Seven (G7) meeting in Italy, set against a backdrop of ongoing wars in Europe and the Middle East, and increasing competition between the West and China. The summit, hosted in the picturesque region of Apulia, will take place from June 13 to 15 at Borgo Egnazia, a luxury resort. This marks the 50th G7 Summit. Who is coming to G7 summit?The G7 includes the United States, Canada, Germany, France, Italy, Japan, and the United Kingdom. Leaders from each of these countries will attend, along with the chiefs of the European Council...
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German utility Uniper has won a multi-billion euro arbitration against former long-time supplier Gazprom, allowing it to terminate dormant gas supply contracts and potentially setting a precedent for similar cases. The ruling, announced on Wednesday, marks a significant victory for Uniper, which was rescued by the German government in 2022 after Russia’s Gazprom cut and later suspended gas supplies, forcing Uniper to buy replacement volumes at sky-high prices on the spot market. Landmark ruling and its implicationsThe arbitration tribunal in Stockholm issued the ruling on June 7, following a p...
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European stock exchanges opened higher on Tuesday as investors digested the latest data on the United Kingdom’s unemployment figure, which could have mixed implications for the Bank of England’s future policy decisions. UK unemployment and wage dataIn the three months leading up to April, the unemployment rate in Britain grew compared to the previous trimester. This increase might indicate emerging weaknesses within the country’s labor market amid tight monetary policies. However, the concurrent rise in annual wages could temper expectations of a potential interest rate cut before the upcoming...
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The EUR/USD exchange rate was flat on Friday after a stronger-than-expected European inflation report. It was trading at 1.08500, higher than this month’s low of 1.0600 as focus shifted to the upcoming US inflation data and the European Central Bank (ECB) decision. ECB decision aheadThe EUR/USD will be in the spotlight next week as the ECB concludes its two-day meeting on Thursday. This will be a crucial meeting since the bank has signaled that it will be the start of the rate cutting cycle. Analysts have scaled back their expectations for the number of rate cuts to expect after the June meeti...
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This morning, airline company Ryanair Holdings PLC announced their full year results for FY 2024. Record-breaking profits The Irish company reported a 34% rise in profits after tax to €1.92 billion as the carrier saw an increase in customers to 183.7 million fliers in the year, a 9% increase as compared with 2023. This is the highest level of profit ever recorded for the airline company. Revenues also increased by a significant 25% to €13.44 billion. Rising costs This was in spite of Ryanair’s fuel bill rising by about €1.25 billion, roughly 32%, to a total of €5.14 billion for fuel costs. On ...
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The European Union is poised to bring fresh antitrust charges against Microsoft Corporation, with concerns centered around the tech giant’s videoconferencing app, Teams, according to a report from the Financial Times on Monday. Sources familiar with the matter indicated that EU officials believe Microsoft’s practices could be disadvantaging competitors in the market. Concerns over integration and pricing strategiesThe European Commission’s main issue appears to be with the integration of Teams into Microsoft’s broader Office software suite. Despite Microsoft’s efforts to address these concerns...
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The Swedish krona continued its downward trend on Wednesday. The EUR/SEK exchange rate surged to 11.78 and is hovering near its highest level since November last year. It has soared by over 6.6% from its lowest point this year. Similarly, the USD/SEK surged to 10.92, higher than this year’s low of 9.90, making krona one of the worst-performing developed country currencies in the market. EUR/SEK vs USD/SEK The currency continued its downward trend after the latest Riksbank interest rate decision. In it, the bank decided to slash interest rates by 25 basis points to 3.75%. It also hinted that it...
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China, which has long been the leader in clean technology manufacturing, saw its global investment share drop in 2023, from 85% to 75%, amid rising investments in the United States and Europe, particularly in the battery manufacturing sector. Shifts in global clean tech investmentAccording to a report by the International Energy Agency (IEA) released on May 6, investment in battery manufacturing in the US and Europe more than tripled last year. This surge is largely fuelled by major policy initiatives such as the US’ Inflation Reduction Act and the EU’s Net Zero Industry Act, which prioritize ...
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Luxury supercar maker Ferrari reported positive earnings for Q1 2024 today, proving that companies which cater to the rich and famous have had far less of the inflationary pressures of other brands. Encouraging sales from the12Cilindri and 12Cilindri Spider models, as well as a higher percentage of clients personalising their already bespoke vehicles, were great contributors according to Ferrari. “Revenues and profits recorded double-digit growth with stable deliveries. This was achieved through an even stronger product and country mix, as well as a greater contribution from personalisations. ...
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