FRANKFURT: Global supply chain bottlenecks forced the German government to downgrade its 2021 growth forecast yesterday as it prepares to hand over the reins of a spluttering economy to the country’s next coalition. 

WASHINGTON/BEIJING: China has an important part to play in the global economy as it recovers from COVID-19, but its growth is slowing, IMF Managing Director Kristalina Georgieva said Monday. 

NEW YORK: Global stock markets rallied yesterday on fading fears over dangers arising from the new Omicron COVID variant. London stocks won 1.2 percent in late morning deals, while Frankfurt and Paris fizzed more than two percent higher at midday in the eurozone. 

STOCKHOLM: The world’s biggest weapons manufacturers largely avoided the economic downturn caused by COVID-19 and recorded a growth in profits last year for the sixth year in a row, according to a report published yesterday. 

LONDON: British inflation will “comfortably” top five percent in April due to rocketing energy prices, well above the Bank of England’s target, a high-ranking BoE official forecast yesterday. 

LONDON: European equities advanced yesterday on hopes that the Omicron coronavirus variant might not be as damaging as initially feared, traders said. 

KUWAIT: Kuwait’s consumer price inflation edged down slightly to 3.2 percent y/y in July versus June but has trended higher over the past year. Price increases in the food, clothing, transport and recreation segments continue to drive the headline rate. 

PARIS: The idea of spending millions on non-existent land may sound ludicrous-but feverish predictions of a virtual reality future are pushing investors to bet big on digital real estate. 

CAPE TOWN: Hundreds of environmentalist demonstrators gathered on South African beaches yesterday to protest against oil and gas exploration by energy giant Shell. In Cape Town protesters held up the peace symbol and brandished a giant model snoek fish to highlight their concerns about the potential impact of the project on sea life.