News in Brief
China announces measures on consumption boosting
AFP – Chinese authorities announced new measures to boost consumption on Monday, as fresh economic data suggested that the country’s post-COVID recovery is running out of steam and growth is slowing.
Official figures released Monday showed factory activity contracting for the fourth straight month in July, adding to a run of dismal economic data that has ramped up calls for government support measures.
China’s State Council released on Monday a 20-point plan to increase consumption across the board, touching on housing, culture and tourism, as well as green consumption such as electric vehicles.
Eurozone inflation slows in July
REUTERS – Economic growth in the eurozone rebounded in the second quarter, data showed Monday, but concerns remain over inflation that is slowing yet still stubbornly high, and over stagnation in the German economy.
The EU’s Eurostat data agency said growth in the 20-country single currency zone reached 0.3 percent over the April-June period after recording zero growth in the first three months of the year.
UK to issue oil, gas licences in North Sea
CNBC – The UK government said Monday it would issue “hundreds” of new oil and gas licences in the North Sea to secure energy reserves while still aiming for net zero carbon emissions by 2050.
The announcement angered environmental groups and comes amid an internal debate within the ruling Conservative party on green policies.