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Business Arena 20.09

In Wednesday’s episode, our host David Kennedy started the programme with our main stories which covered: Raising interest rates together with the economy heading towards recession as an ideal scenario for stagflation and Hungary fighting for EU recovery funds.

The two-day US Federal reserve meeting scheduled to begin today will be key to the future of the global economy. In addition to the most likely 75 basis point interest rate hike, projections outlining the monetary policy for the next two years will also be announced. Many experts have voiced their pessimism concerning the hikes, stating that they will lead to stagflation.

Also on the programme:

The European Commission’s budget chief Johannes Hahn suggested on Sunday, to halt approximately EUR 7.5 billion in funding to Hungary because of worries about the rule of law and potential financial mismanagement by the EU, the first such case in the 27-nation bloc.

Among other topics:

Chinese scientists have discovered and identified Changesite-(Y), a new mineral found on the Moon that was brought to Earth by China’s most recent space mission, Chang’e 5.

In a recent interview with Bloomberg, Matteo Salvini, leader of Italy’s right-wing coalition and frontrunner for Prime Minister in the upcoming elections, claimed that he wanted a EUR 30 billion state subsidy to soften the impact of rising energy prices on businesses.

Inflation remains a concern for most of the world’s economies, putting central banks on alert. While prices of some commodities, such as gasoline, have gone down in recent months, taking pressure off spiralling price growth, the cost of labour situation paints a different picture. Some economists suggest that if the wage growth trend continues, businesses will need to keep on raising the prices of products, prompting further wage increases.

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