Day: April 11, 2022

China’s consumer and producer inflation increased in March, according to figures released by the National Bureau of Statistics on Monday.

The consumer price index (CPI) rose 1.5% in March, from the same month of last year. The market expectation for CPI was an increase of 1.2% year-on-year.

The producer price index (PPI) jumped 8.3% in March, compared to the same month of the previous year. The market estimate for PPI was a gain of 7.9% annually.

Gains in CPI and PPI come at a time when China is dealing with the worst wave of COVID-19 since the beginning of the coronavirus pandemic.

China on Sunday reported over 1,300 confirmed coronavirus infections and more than 25,000 asymptomatic cases, according to the National Health Commission (NHC).

The financial hub Shanghai, which remains under a strict lockdown, accounted for 23,937 of the 25,111 asymptomatic cases reported across China over the past 24 hours, according to the daily NHC update.

Source: Anadolu Agency

Austrian Chancellor Karl Nehammer will visit Moscow on Monday to hold talks with Russian President Vladimir Putin, becoming the first European leader to meet with him since Russia launched its war on Ukraine.

Austria is a militarily neutral country, but it has a “clear stance” on the Russian war against Ukraine, Nehammer said Sunday on Twitter.

He urged the two sides to stop the war and reach a cease-fire to pave the way for the establishment of humanitarian corridors and a full investigation of war crimes.

Nehammer said he informed European Commission President Ursula von der Leyen, European Council President Charles Michel, Turkish President Recep Tayyip Erdogan and Ukrainian President Volodymyr Zelenskyy about his scheduled visit to Russia.

Nehammer’s visit will come after he met with Zelenskyy and Kyiv Mayor Vitali Klitschko in Ukraine on Saturday.

During the visit, Nehammer reiterated Austria’s support for Ukraine and said “the war crimes committed by Russia cannot be ignored.”

Russia’s war on Ukraine, which began on Feb. 24, has been met with international outrage, with the European Union, US and the UK, among others, implementing stringent economic penalties on Moscow.

Hundreds of global companies have also suspended operations in Russia.

At least 1,793 civilians have been killed in Ukraine and 2,439 injured, according to estimates by the UN, which noted that the true figure is likely far higher.

More than 4.5 million Ukrainians have also fled to several European countries, with millions more displaced inside the country, according to the UN refugee agency.

Source: Anadolu Agency

The UK’s gross domestic product (GDP) is estimated to have grown by 0.1% in February, according to Office of National Statistics on Monday.

The GDP is now 1.5% above its pre-coronavirus pandemic level in February 2020, it said.

The services sector grew by 0.2%, becoming the main contributor to February’s GDP growth.

This, however, was partially offset by production, which fell by 0.6%, and construction that declined by 0.1%.

In February, eight of the 14 service sectors were above their pre-coronavirus levels, with the largest contribution coming from human health and social work activities, growing 9.8% from February 2020, it said.

Production output decreased by 0.6% in February, while manufacturing was the main driver of negative growth by falling by 0.4%, it added.

Source: Anadolu Agency

French multinational investment bank and financial services company Societe Generale announced Monday it has halted its operations in Russia.

“Societe Generale ceases its banking and insurance activities in Russia and announces the signing of a sale and purchase agreement to sell its entire stake in Rosbank and the Group’s Russian insurance subsidiaries to Interros Capital, the previous shareholder of Rosbank,” it said in a statement.

The bank said it is leaving Russia “in an effective and orderly manner,” ensuring continuity for its employees and clients.

It noted that the sale of its entire stake in Rosbank is subject to the approval of the regulatory and anti-trust authorities, and it is expected to be concluded in the coming weeks.

Societe Generale said the write-off of the net book value of divested activities from this move amounts to around €2 billion ($2.18 billion).

Russia’s war on Ukraine, which began on Feb. 24, has drawn international condemnation, led to severe financial sanctions on Moscow, and spurred an exodus of global firms from Russia.

Source: Anadolu Agency

The UK’s exports increased and imports declined in February, compared to the same period of last year, according to the Office of National Statistics (ONS) on Monday.

The total exports of goods, excluding precious metals, increased by £2.1 billion ($2.73 billion), or 7.8%, in February, driven by a £3-billion, or 25.4%, increase in exports to EU countries, ONS said in a statement.

The total imports of goods, excluding precious metals, decreased by £1 billion, or 2.2% in February due to a £0.7 billion, or 3%, decline in imports from EU countries, it added.

Source: Anadolu Agency

Turkiye’s unemployment rate fell by 0.5 percentage point to 10.7% in February, the country’s statistical authority said on Monday.

The number of unemployed people – aged 15 years old and over – dropped by 178,000 to 3.58 million in February, compared to the previous month, the Turkish Statistical Institute (TurkStat) said.

The unemployment rate was 9.3% for men and 13.4% for women, it added.

TurkStat also said the number of employed people was 30 million with an increase of 90,000, and the employment rate remained unchanged at 46.6%.

The labor force was almost at 33.6 million with an increase of 87,000, and the labor force participation rate stood at 52.2% with a 0.2-percentage-point decline.

Source: Anadolu Agency