The world this week -- Business
Britain’s annual rate of inflation dipped slightly to 3.1% in September, pulled down by a fall in restaurant prices.
As in other countries, inflation is expected to remain high because of the dual crunch in energy markets and supply chains.
Speaking before the release of the data, Andrew Bailey, the governor of the Bank of England, said that action might be needed to tame inflationary pressures.
Some saw this as a sign that the central bank will raise interest rates before Christmas, though Mr Bailey suggested he is more concerned about taming prices over the medium term.
Jens Weidmann announced that he would step down as president of Germany’s Bundesbank, a position he has held since 2011.
As a leading hawk on the European Central Bank’s council, Mr Weidmann was a vocal critic of quantitative easing, saying in 2019 that the ECB had overreacted to the euro zone’s slowdown.
In remarks this week he warned central bankers “not to lose sight of prospective inflationary dangers”.
European gas prices surged again, after a closely watched auction of pipeline capacity suggested that Russia will not increase its supply in the coming weeks.
Russia provided 43% of the European Union’s gas imports last year.
The Kremlin denies it is withholding supplies as a way of pressing Germany to certify Russia’s recently completed Nord Stream 2 pipeline.
In Germany a senior Green politician accused Russia of blackmail and said the pipeline should not get a permit.
Tesla reported quarterly records for both revenue ($13.8bn) and net profit ($1.6bn).
The electric-carmaker delivered its most vehicles ever in the quarter, overcoming a shortage of chips that has put a dent in the sales figures of other car companies.
America’s first bitcoin-linked exchange-traded fund listed in New York.
Investments are made in bitcoin futures, not the cryptocurrency itself.
The price of a bitcoin reached a new high, rising above $67,000 for the first time.
The IMF is looking for a new chief economist.
Gita Gopinath is leaving the job in January and returning to her academic position at Harvard.
Another 4.4m subscribers signed up to Netflix in the third quarter, taking its total customer base to 214m.
North America still accounts for the biggest chunk of revenue at the streaming service, though Europe (and the Middle East) is closing the gap in the number of most users: 70.5m compared with 74m in North America.
Netflix’s production schedule was disrupted by covid-19 but is now back on track and it is releasing oodles of new content in the coming months.
It is also acquiring the rights to Roald Dahl’s stories.