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Europe is on the brink of a recession

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The Eurozone is on the brink of a recession according to fresh data about the rising cost of living

Europe’s Central Bank is under pressure, as inflation soars to more than four times its 2 per cent target.

The rising costs associated with living are impacting a range of sectors from aviation to the hospitality industry.

These industries are attempting to rebound from the height of the Covid-19 pandemic.

Gas prices are also up more than 30 per cent, which is stoking fears of greater shortages as the continent gets ready for a long winter ahead.

In the UK, Opposition Leader Keir Starmer is digging his heels into his new opponent Liz Truss.

“She’s spent more time talking about cuts to corporation tax than the cost of living crisis,” he said.

Gas switched off

Russia has confirmed it is shutting off the Nord Stream One pipeline, which is a major link for gas across Europe.

While the taps were turned off for a maintenance check, Russian authorities said they will shut indefinitely.

It follows fresh data of G7 members failing to meet their Paris climate targets.

Under the 2015 Paris Climate deal, countries agreed to cut greenhouse gas emissions to limit global warming to 2°C.

But it’s understood the Group of Seven’s corporate emissions targets are overall on a 2.7°C warming trajectory.

“It is not acceptable for any country, let alone the world’s most advanced economies, to have industries displaying so little collective ambition.”

Laurent Babikian, Capital Markets at CDP

The G7 consists of Britain, Canada, France, Germany, Italy, Japan and the United States.

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TikTok could be banned in the United States

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TikTok in the firing line after Chinese balloon was shot down

 
China has hit back at the U.S. after officials shot down a suspected Chinese spy balloon off the coast of South Carolina.

Washington says it was being used to monitor strategic sites.

But Beijing rejects this – claiming the balloon was a civilian airship used to monitor the weather.

The incident is just the latest in a long line of diplomatic disputes between the two countries.

Now, TikTok could be banned in the U.S. in the wake of the incident.

Republicans are now pushing for Washington to distance itself from the Beijing-based app. #trending #featured

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Companies to pay extra for verified Twitter accounts

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Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

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BMW to invest €800 million in Mexico

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BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

 
The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

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