Live Updates: Cryptocurrency Lender Celsius Says Markets Stabilize “Will Take Time”

There is a train at North Acton station in London. The Metro faces another strike by workers © John Sibley / Reuters

What started with pumping trouble due to rising fuel prices, this week’s flight disruption due to understaffing will spill over into problems in the trains – in the country that gave you this mode of transport. A series of nationwide rail strikes and, in London, another underground strike threaten to cripple the network.

The dispute centers on wage demands and the impact on jobs of efficiency cuts made more urgent by falling incomes during pandemic shutdowns. Government ministers, who, as noted in this article, are now effectively controlling all rail funding following changes made during the pandemic, declined to speak directly with the RMT, the main union calling for action.

Whether this will have a major impact on Thursday’s two by-elections in the UK – this week’s key election news – is a moot point, as the poll already points to a double whammy for the Tories – a “red wall” and a “blue wall” constituency – amid anger at their leader and the country’s prime minister, Boris Johnson.

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The aviation industry is also in the spotlight this week with the annual general meeting of the International Air Transport Association (IATA) in Doha. The news here is probably not very positive. Last October, Iata predicted that 2.3 billion people would fly by 2021 and 3.4 billion by 2022, compared to 4.5 billion people traveling in 2019.

Another international meeting this week is the postponed meeting of Commonwealth heads of state in Rwanda. The venue will raise uneasy questions for Prince Charles, who will be attending on behalf of the Queen, given the UK’s deal with the country to take in British asylum seekers, a policy the heir to the throne had described as “horrible” according to a statement. report in the Times newspaper.

The week will conclude with German Chancellor Olaf Scholz hosting his colleagues from other G7 countries for a summit at Bavaria’s remote Schloss Elmau castle, the same location his predecessor Angela Merkel chose in 2015. The salient point here, however, is the special guest, India’s Narendra Modi, and whether it will help the Western powers – Australia will do something similar during a state visit to India earlier this week – in the battle for allies over the growing closeness between Russia and to counter China.

Economic data

Polls are the theme this week with a series of Purchasing Managers’ Index reports, regional announcements from the Fed in the US and Ifo Business Confidence data in Germany.

The culmination of central bankers’ speeches — and there are a few this week — will be Jay Powell’s biannual appearance before the Senate Committee on Banking, Housing and Urban Affairs to present his report on monetary policy. And just in case you don’t have enough cost of living data, we also get more inflation updates from Germany, Canada, UK and Japan.

businesses

A Carrefour in Saint-Herblain, on the outskirts of Nantes

Among the speakers at the Consumer Goods Forum, Alexandre Bompard, CEO of Carrefour © Loïc Venance/AFP/Getty Images

Cost of living and retail trends will be at the heart of discussions among global retail groups meeting this week in Dublin for the Consumer Goods Forum. The business leaders of Unilever, Coca-Cola, Carrefour, Tesco and walmart are on the list of speakers.

Not many results have been announced this week. FedEx is set to release fourth-quarter figures on Thursday, but that was expected last week as the US delivery company shook off concerns about the economy when it announced a dividend hike and two new board members.

Read the full program for the coming week here

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