Overview of TOP weekly news 13.10. 2021

13 / 10 / 2021
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New gas supplies for EU

Gazprom rejects suspicions of market manipulation to put pressure on European lawmakers to launch the Nord Stream 2 pipeline. Russia’s energy supplier has begun to draw on its additional gas reserves in Europe, specifically from its warehouse in Haidach, Austria. The company said it wanted to work with Europe and favored energy security and stabilization in the region’s energy market.

USA is the new leader

The country has officially become the best destination for bitcoin mining. For the first time in history, the USA defeated China. New data from Cambridge University has published this opinion. Twelve months ago, the Asian country was the market leader in the field of hashrate. However, after the Beijing crash against cryptocurrencies in the spring, almost half of the world’s bitcoin minerals remained offline. This caused a mass relocation of miners from China, who headed for the cheapest sources of energy on the planet in the so-called “great mining migration.” A large number of minerals have moved to America.

Revitalization of Nestl√©’s geographical zone

The world’s coffee and chocolate manufacturer will change its geographical structure and create new zones for North America and Greater China. The company is also changing its executive board in line with the new structure. With the new zone structure, Nestl√© plans to ensure sustainable profitable growth wherever it operates. With this step, they also want to get closer to their customers, new business opportunities should ensure faster growth.

 

Nestle SA’s performance over 5 years. (Source: Investing.com)*¬†

The carmaker is considering layoffs

High competition in the automotive industry is likely to force Volkswagen to take radical steps. Currently, the car manufacturer is considering the elimination of up to 30,000 jobs. With competitors like Tesla, the company must reconsider reorganization and cost reduction. Volkswagen is also planning an IPO for its battery division. Nothing is certain yet and it may take about two years for new companies to be set up and actually prepare for the stock market. The company is responding to the plan to build a new Gigafactory Tesla in Germany.

Watch this week:

On Thursday, will be published U.S. Crude Oil Inventories. The Energy Information Administration’s (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms.

On Friday, we can watch Eurozone Trade Balance which measures the difference in value between imported and exported goods and services over the reported period.

* Past performance is no guarantee of future results

 

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