Business

Russia has sold significant volumes of its gold reserves so far in 2026 as the Kremlin seeks to raise cash to offset a big budget deficit. The Russian Central Bank announced recently that its gold reserves stood at 73.4 million troy ounces, or 2,282 metric tons, as of the start of July. That represents a decline of around 43.5 metric tonnes since the start of 2026. It means Russia's gold reserves are now at their lowest level since before the full-scale invasion of Ukraine began in February 2022. Gold prices hit record levels earlier this year, with prices averaging around $4,800 (€4,210) per ounce in the first four months before falling back to a current level of around $4,000 per ounce. Moscow's sell-off is likely to have raised more than $5 billion. "The fact that they're selling ...

Reports that Nvidia is in talks to give financial guarantees of almost $250 billion (€217 billion) to OpenAI for a massive data center project show two sides of the artificial intelligence boom. On one level, it shows the monumental scale of AI's financial muscle and potential. On another, it shows the risks of a so-called "circular" financing system at the core of the AI ecosystem. If one domino falls, would others fall with it? "The interconnected nature of the AI ecosystem is real," Gary Tan, portfolio manager at Allspring Global Investments, told DW. "But near term risks are mitigated by the strong balance sheets, cash flows and credit quality of the major providers funding the buildout." Jan Frederik Slijkerman, a tech sector strategist at ING, agrees that the exceptionally strong ...

Charred tree stumps, melted asphalt, burned-out cars and destroyed buildings: The wildfires in southern Europe are leaving a trail of devastation and causing billions of euros in damage. Spain's economy in particular is at risk of being choked by clouds of ash. According to the EU's Copernicus Earth observation system, around 206,000 hectares of forest in Spain have already gone up in flames this year. "According to the European Commission, the economic impact of wildfires in Spain in 2022 amounted to approximately €7.1 billion ($8.1 billion), representing around 4.5% of the country's GDP. This figure reflects not only the direct costs of firefighting but also the long-term economic consequences of recovering the affected areas," Emilio Vizuete Luciano, an economist at the University of ...

Charred tree stumps, melted asphalt, burned-out cars and destroyed buildings: The wildfires in southern Europe are leaving a trail of devastation and causing billions of euros in damage. Spain's economy in particular is at risk of being choked by clouds of ash. According to the EU's Copernicus Earth observation system, around 206,000 hectares of forest in Spain have already gone up in flames this year. "According to the European Commission, the economic impact of wildfires in Spain in 2022 amounted to approximately €7.1 billion ($8.1 billion), representing around 4.5% of the country's GDP. This figure reflects not only the direct costs of firefighting but also the long-term economic consequences of recovering the affected areas," Emilio Vizuete Luciano, an economist at the University of ...

In the latest sign of China's threat to the United States' tech dominance, the Trump administration on Tuesday banned new foreign-made humanoid and four-legged robotsfrom entering the country. The Federal Communications Commission (FCC) cited "unacceptable risks" to national security for the decision. The FCC noted how the robots "collect data that could be leveraged by malign actors to surveil Americans, enhance the capabilities of foreign intelligence services, or to remotely commandeer the robots." The move is widely seen as aimed squarely at China, which accounted for 85% of humanoid robot deployments last year, according to British bank Barclays.Humanoid robots steal the show at German trade fairTo view this video please enable JavaScript, and consider upgrading to a web browser th...

BMW makes five BMW on Wednesday became the fifth German carmaker to announce major job cuts, as the country's auto sector seeks to tackle rising competition from China. The Munich-based firm said it would cut up to 8,000 jobs globally, representing about 5% of its 154,000-strong workforce. BMW, which also owns the Mini and Rolls-Royce brands, said the job losses would primarily affect operations in Germany and be achieved through natural staff turnover and a voluntary redundancy program. Although BMW was seen as more resilient to Chinese competition, the company warned last month that its sales in China were falling sharply. Chinese rivals have intensified competition for electric vehicles (EV), which has crushed BMW's sales volumes and pricing power. Last year, BMW's vehicle deliv...

A potentially record-strength El Nino is now intensifying across the Pacific, bringing either drought or flooding to the world's key farming regions. Earlier this month, the US National Oceanic & Atmospheric Administration (NOAA) predicted a 63% chance that the unusual weather pattern could be "very strong" this year. JP Morgan, meanwhile, warned last week that El Nino, combined with $100 (€88) oil prices, could spike food inflation by up to 1.5%. The arrival of El Nino follows two major conflicts in Ukraine and the Middle East, during which global food supplies have held up remarkably well. So, could this third crisis bring the perfect storm that tips the balance?Are African nations underestimating the risks of El Nino?To view this video please enable JavaScript, and consider upgr...

A potentially record-strength El Nino is now intensifying across the Pacific, bringing either drought or flooding to the world's key farming regions. Earlier this month, the US National Oceanic & Atmospheric Administration (NOAA) predicted a 63% chance that the unusual weather pattern could be "very strong" this year. JP Morgan, meanwhile, warned last week that El Nino, combined with $100 (€88) oil prices, could spike food inflation by up to 1.5%. The arrival of El Nino follows two major conflicts in Ukraine and the Middle East, during which global food supplies have held up remarkably well. So, could this third crisis bring the perfect storm that tips the balance?Are African nations underestimating the risks of El Nino?To view this video please enable JavaScript, and consider upgr...

For many German farmers, the heat wave in late June couldn't have come at a worse time. While barley was already ready for harvest across much of Germany, the drought struck other crops during a particularly vulnerable stage of development. "This year is another difficult one for farms," Horst Gömann of Germany's North Rhine-Westphalia Chamber of Agriculture told DW. Corn has been particularly hard hit, as the extreme heat coincided with the flowering period, he said. "We're already seeing some corn plants failing to form cobs. That, of course, essentially amounts to a total crop failure," Gömann said. In corn, the energy is concentrated in the cobs. If they're missing, yields plummet dramatically. The heat wave in June, with peak temperatures exceeding 40 degrees Celsius, hit other Eu...

The Strait of Hormuz has become one of the world's most dangerous waterways since March, when Iran began attacking shipping vessels as a pressure tactic in its ceasefire talks with the United States. Still, though a significant proportion of the global oil trade bottlenecks at the strait, shipping traffic never completely halted. With the United States and Iran issuing conflicting statements as to whether the Strait of Hormuz is open, DW analyzed public data sources to track how shipping traffic has changed during the course of the war and which vessels are still taking the risk of transiting the maritime choke point, which connects the Persian Gulf with the Gulf of Oman.  Shipping through Strait of Hormuz disrupted  As Iran's strikes on and interception of vessels in the Strait of Horm...