Egypt inflation soars to 26.2%

CAIRO: Egypt’s annual urban consumer price inflation rate unexpectedly accelerated to 26.2 percent in August from 25.7 percent in July, data from statistics agency CAPMAS showed on Tuesday. Month-on-month, prices jumped by 2.1 percent, speeding up from a 0.4 percent rise in July. Food prices climbed by 1.8 percent in August after having eased by 0.3 percent in July and were 29.0 percent higher than a year ago. A poll of 19 analysts had expected August urban inflation to ease to a median of 25.1 percent. Sara Saada of CI Capital was one of the few analysts who had predicted inflation would accelerate. — Reuters

German industrial value creation

BERLIN: Around 20 percent of industrial value creation in Germany is under threat, according to a study published by the business association BDI on Tuesday. Germany is under more pressure as a business location than ever before in what should be a wake-up call for urgent reforms and investments, BDI said. Additional investment of 1.4 trillion euros ($1.55 trillion) is needed by 2030, according to the BDI study with Boston Consulting Group and the German Economic Institute IW. The study - conducted in collaboration with more than 30 companies and associations - shows that the main problems of Germany as a business location are high energy prices, labour shortages, too much bureaucracy, a lack of investment and high taxes. — Reuters

US plans talks with Yunus on economy

WASHINGTON: The United States is set to launch economic talks this week with Bangladesh’s interim government, including its leader, Muhammad Yunus, the Financial Times reported on Tuesday. The government led by the Nobel Peace laureate was sworn in last month with the aim of holding elections in the South Asian nation after the ouster of prime minister Sheikh Hasina following deadly protests against quotas for government jobs. “The United States is optimistic that, by implementing needed reforms, Bangladesh can address its economic vulnerabilities and build a foundation for continued growth and increased prosperity,” Brent Neiman, assistant US Treasury secretary for international finance, told the newspaper. — Reuters

Xi eyes green energy tie with Norway

BEIJING: China is willing to work with Norway to promote “friendly” cooperation including on green energy, President Xi Jinping told visiting Norwegian Prime Minister Jonas Gahr Stoere in Beijing on Monday. Xi highlighted environmental protection, energy transition, shipping, agricultural and fishery products and electric vehicles as areas where the two countries could expand cooperation, according to Chinese state broadcaster CCTV. Regarding the Ukraine crisis, Xi told Stoere that he hoped all parties would work to create “favorable” conditions for a political resolution through dialogue, CCTV reported. “At present, the world’s unprecedented changes are accelerating, testing whether the international community can make the right choice. China will continue to follow the path of peaceful development,” Xi said according to CCTV. — Reuters

Former Swedbank CEO jailed

STOCKHOLM: A Swedish court on Tuesday sentenced the former chief executive of Swedish bank Swedbank to 15 months in prison for deceiving investors about the bank’s links to a money laundering scandal. Birgitte Bonnesen was found guilty of “gross swindling”.

Her lawyer, Per Samuelsson, told Swedish news agency TT he was “in shock” over the conviction and would file an appeal. The Svea Court of Appeal overturned a district court ruling from 2023, which had acquitted Bonnesen, and comes five years after the eruption of a money laundering scandal implicating Swedbank.—AFP

BMW recalls 1.5m cars over bad brake

FRANKFURT: BMW said Tuesday it was recalling about 1.5 million vehicles due to problems with their brakes and cut its outlook for the year, sending the German luxury carmaker’s shares tumbling.

The recall will have a “negative worldwide sales effect in the second half of the year,” said the group, which also includes the Rolls-Royce and Mini brands. The financial impact in the three months to the end of September will be in the “high three-digit million” euro range, it said.—AFP