News in Brief
Eurozone economic growth slows sharply in June
AFP – Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production, a keenly watched survey showed on Friday.
The eurozone entered a technical recession at the start of the year, according to official figures published earlier this month.
But inflation remains well above the European Central Bank’s target of two percent, which will keep pressure on the Frankfurt-based body to keep raising interest rates despite the stagnant
economy.
Shipping emissions tax still stuck in port
CNBC – Efforts by France to build a consensus for a global carbon tax on the shipping industry failed to produce significant results at a summit in Paris on Friday.
French President Emmanuel Macron put the item on the agenda of the two-day Summit for a New Global Financing Pact which brought together around 40 heads of state and government.
Turkey’s lira sinks to record low
REUTERS – Turkey’s lira weakened as much as 3.3% to a record low on Friday, extending losses a day after the central bank’s large rate hike failed to assure markets that President Tayyip Erdogan was abandoning his long-held unorthodox policies.
The lira touched a record low of 25.74 against the dollar at 1006 GMT, down some 27.3% this year, and was at 25.6480 at 1039 GMT.