Money
What’s happening with Russia’s crippling supply chains?
Russian and Belarusian trucks are stuck in traffic at the European Union’s eastern borders as strict sanctions come into effect
Major trucking and shipping companies now have grave fears the measures will send a sector already on the brink of collapse to breaking point.
Transport vehicles in Poland are waiting in customs lines stretching for 40 kilometres and have been waiting there for between three and 10 days.
The newly-imposed ban prohibits all trucks operated by Russian or Belarusian companies from entering or remaining in the EU.
There are exemptions for hose carrying food, medicine, mail or energy.
The deadline is all part of the EU’s latest attempt to punish Russia and Putin for the ongoing invasion of Ukraine, but the consequences could be far more wide-ranging as supply chains are stretched to their limits.
It’s unclear what will happen to thousands of other trucks from the two countries estimated to still be on EU territory.
Money
France receives lowest credit rating due to crisis
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.
The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.
Political Instability
The new prime minister faces a divided parliament and must secure budget approval by October 7.
The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.
Money
ANZ job cuts spark banking clash
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.
The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.
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