Business Arena offers a fresh perspective on all things moving the global economy. On Monday’s episode, Business Arena’s host. David Kennedy kicked off the show with the main stories, which were: Russia’s war less and less profitable as crude oil is the cheapest since the attack on Ukraine and a Pew Research Center analysis of data from 44 advanced economies.
Russia’s war is less and less profitable. Crude oil is the cheapest since the attack on
Ukraine. European Brent crude oil was cheaper by 2 per cent last Thursday, and by almost a fifth within 30 days. Russia is selling at a big discount. Witold Rodkiewicz, PhD, Senior Fellow at Centre for Eastern Studies, Russian Department, was Business Arena’s guest.
Also on the programme:
A Pew Research Center analysis of data from 44 advanced economies finds that, in nearly all of them, consumer prices have risen substantially since pre-pandemic times.
Two years ago, with millions of people out of work and central bankers and politicians striving to lift the US economy out of a pandemic-induced recession, inflation seemed like an afterthought. A year later, with unemployment falling and the inflation rate rising, many of those same policymakers insisted that the price hikes were “transitory” – a consequence of snarled supply chains, labour shortages and other issues that would right themselves sooner rather than later. Now, with the inflation rate higher than it has been since the early 1980s, Biden administration officials acknowledge that they missed their call.
Among other topics, Business Arena looked at, were:
Bank of America has been fined USD 225 mln for “botching” unemployment benefit payments during the pandemic.
Airbus and Boeing will vie for almost USD 21 bn of orders at the Farnborough International Airshow.
Spain’s free train program aims to make rail a “more reliable, comfortable, economical and sustainable means of transport” than a car and help citizens to reduce fuel consumption as energy prices soar.
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