Economy

ECB vs. inflation
Inflation rises in the eurozone – more expensive energy contributes

The inflation rate in the eurozone rose preliminarily to 2.9 percent in July from 2.8 percent in June, new figures from the statistical agency Eurostat show. This was in line with expectations, according to Trading Economics.

Energy costs rose by 10 percent and contributed to the rise.

Core inflation, which excludes energy and food, rose to 2.5 percent at an annual rate from 2.4 percent in June. It was expected to remain at 2.4 percent. 

Oil Market
Oil giant BP leaves the North Sea after half a century

British oil giant BP wants to sell its entire North Sea operation as part of a review of the company's operations, according to a press release.

“The UK has been our home for over 100 years and will continue to play a key role in our future,” said CEO Meg O’Neill in a statement.

The oil giant now wants to focus on the most profitable opportunities in its portfolio, she added.

Bloomberg has previously reported that the company’s North Sea operations could be worth around SEK 25 billion if sold. BP has been extracting oil in the area since the 1970s, the Financial Times reports.

Iran War Boosts Oil Giants' Profits

American energy giant Chevron's profits increased clearly more than expected in the second quarter, according to the company's interim report. The background is that the Middle East crisis has pushed up the prices of energy and fuel.

Profits almost fivefold to $12.1 billion compared to the same quarter last year. This is the largest profit since Russia's full-scale invasion of Ukraine in 2022, notes Bloomberg.

Previously, companies such as British Shell and French Total have reported sharply rising profits during the past quarter.  

The climate threat  Forest fires in Europe
Fires do not stop Swedish travelers to Southern Europe

The fires do not seem to deter Swedes from traveling to Southern Europe, reports TT. Norwegian is still booking trips to Bordeaux in France, while Ticket sees an increase in trips to France by 22 percent and to Spain by 29 percent in the past week compared to last year. None of the companies TT has spoken to have experienced customers cancelling because of the fires.

According to travel expert Lottie Knutson, this may be because it is difficult to cancel trips that have been planned for a long time.

– Travel habits can also be long-lasting. Everyone knows that fires occur in Southern Europe, even if they are unusually scary this year, she tells TT.

Several travel agencies, however, state that travelers are contacting them for advice.

The inflation rate in the EMU is normally measured in the harmonized measure HICP.