A blanket of smog covers Milan, empty reservoir bake in Sicily and wine production is down in Piedmont as a lack of rain across Italy exacerbates pollution and sparks droughts. Meanwhile Piedmont in the northwest asked the agricultural ministry on Monday to declare a natural disaster for drought in the region, saying it has affected vineyards and caused "significant" drops in wine production.
President Joe Biden's administration signaled Monday it would postpone a draft of an Asia trade pact that had been set to be unveiled at a summit in San Francisco, after facing domestic criticism.
Equity markets edged up Tuesday as investors cautiously await the release of US inflation data, aware that a big miss in either direction could have major implications for the Federal Reserve's interest rate plans over the next few months.
A 1962 Ferrari 250 GTO sports car sold for $51.7 million in New York on Monday, making it the second most expensive car ever sold at auction, Sotheby's said. The 250 GTO went on sale Monday evening after a few minutes of bidding in the auction room, but at a price lower than the more than $60 million expected by RM Sotheby's, the luxury car subsidiary of the auction house.
Economic development and environmental action need to march hand in hand if the world is to successfully combat global warming, US Treasury Secretary Janet Yellen said Monday at the start of major global meeting.
Argentina's annual inflation rate has hit 143 percent, the statistics agency announced Monday, just days before a presidential election in which the dire state of the economy will be a deciding factor. The national statistics agency reported that inflation over the past 12 months had risen 142.7 percent, up from 138 percent in September.
Emirates announced a bumper order of 95 planes and flydubai snapped up 30 wide-bodied aircraft as home-grown airlines unveiled big orders on day one of the Dubai Airshow on Monday. This week is the first edition of the biennial Dubai Airshow since Emirates bounced back into the black. th/ho/jsa
Around 100 climate campaign groups warned COP28 organisers Monday that success of critical upcoming talks in Dubai rests on whether countries can negotiate a formal agreement to replace polluting fossil fuels with clean power.
At a munitions factory in northeast England run by BAE Systems, production is running at full speed thanks to the war in Ukraine and an increasingly dark outlook for geopolitics. - 'Unprecedented' orders - BAE on Monday issued a bright earnings outlook on its "increasing exposure to structurally growing defence markets" and "a time of heightening geopolitical risk".
German auto supplier Continental said Monday it will cut thousands of jobs to reduce costs, at a time the sector is facing severe headwinds. Germany's auto suppliers have been facing problems as the transition to electric mobility gathers pace, after decades relying on fossil fuel vehicles for their profits. sr/hmn/lth
Economy
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