Aposto Europe

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Friday

The EU delayed efforts to approve an energy relief package as member states struggled to resolve a deep split over a push to toughen the planned price cap on gas imports. Energy ministers holding an extraordinary meeting in Brussels agreed on the content of several emergency measures, but will put formal approval on hold until mid-December, EU energy chief Kadri Simson said.

Thursday

Workers at China’s largest iPhone assembly factory confronted police —many in white hazmat suits and some in riot gear— over disputes about pay and sanitary conditions. On Wednesday, protesting workers were saying in a video shared over social media that Foxconn failed to honor their promise of an attractive bonus and pay package and has been implementing insufficient anti-Covid measures.

• A step back: The Zhengzhou plant, which was put under lockdown last month in line with China’s zero-Covid policy, had seen many workers flee the site after an outbreak. In order to fill positions, Foxconn held a massive recruitment drive and offered quadrupled daily bonuses.

Wednesday

The global economy in 2023 will face a “significant growth slowdown” but should avoid a recession, the OECD’s latest Economic Outlook said on Tuesday, while high —albeit declining— inflation will remain in many countries. The OECD is forecasting world growth to slow from 3.1% this year to 2.2% next year and bounce back to a relatively modest 2.7% in 2024, with Asia being the main engine of economic expansion whereas Europe will bear the brunt of Russia’s war in Ukraine.

• Furthermore: The Paris-based organization also expects the UK to be at the bottom of the G7 table for growth in the next two years, with only Russia being seen to perform worse among the top 20 major economies. British output will contract by 0.4% in 2023 and expand by just 0.2% in 2024 while Germany is the only other G7 country forecast to shrink next year, by 0.3%, but will bounce back with 1.5% growth in 2024.

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