Tag Archives: Economy

Janet Yellen warned that a default would result in job losses while driving household payments on higher interest rates. US Treasury Secretary Janet Yellen on Tuesday warned that failure by Congress to raise the government’s debt ceiling – and the resulting default – would trigger an “economic catastrophe” that would …

Oil prices rose on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer. Brent crude rose 1.06, or 1.3%, to $82.72 a barrel by 12:17 p.m. EDT (1717 GMT). U.S. West Texas Intermediate crude rose 95 cents, …

The United Nations made a renewed appeal for international aid for Afghanistan, warning that a cut in funding in response to the Taliban government banning women from education and jobs would perpetuate extreme poverty that lasts for decades. Afghanistan remains cut off from the global financial system since the militant …

Brazilian President Luiz Inacio Lula da Silva said on Monday he believes the country’s economy will grow “more than pessimists think,” noting he does not agree with forecasts of a slow gross domestic product growth. Lula said at a meeting with ministers his administration would announce further moves next week …

European bank shares tumbled on Friday in the wake of a dramatic sell-off in U.S. lenders as concern spread that the sector will be vulnerable to the rising cost of money. Europe’s STOXX banking index fell more than 4%, set for its biggest one-day slide since early June, with declines …

The bank’s chief analyst expects the benchmark S&P 500 to slump sharply US stocks have soared to unsustainable highs and could crash 26% within months, Morgan Stanley’s top strategist has warned. In an analyst note the bank’s chief US equity strategist, Mike Wilson, said that the current level of stock …

Lebanon’s struggling banks on Friday decided to suspend their strike, which started earlier this month, for one week after caretaker Prime Minister Najib Mikati asked them to do so. The Association of Banks in Lebanon did not give further details about the suspension. The strike began Feb. 7 in protest …

US consumer spending increased by the most in nearly two years in January amid a surge in wage gains, while inflation accelerated, adding to financial market fears that the Federal Reserve could continue raising interest rates through summer. The report from the Commerce Department on Friday was the latest indication …

Oil prices fluctuated in a narrow range on Thursday as the market weighed mixed U.S. economic signals and prospects for a Chinese demand recovery with a build in U.S. crude stockpiles and a stronger dollar. Brent crude futures rose 7 cents to $85.45 a barrel by 11:33 a.m. EST (1633 …

Price growth nevertheless remains close to a 40-year high, official data shows British inflation fell by more than expected last month, to 10.1% annually, which is the lowest reading since September, the Office for National Statistics (ONS) reported on Wednesday. Data showed that the decline in the consumer price index …

EU residents, particularly Italians, are struggling to pay for food and other amenities with many saying their standard of living has fallen drastically due to the increased interest rates by the European Central Bank. The recent decision by the European Central Bank to raise interest rates by a further 0.5% …

Iraq’s Prime Minister Mohammad Shia al-Sudani on Tuesday said that his government’s program includes “clear-cut and serious” solutions for the currency crisis in the country. Al-Sudani’s remarks came during a meeting with the head of al-Wataniya Coalition, Ayad Allawi, in Baghdad earlier today. According to a readout by his bureau, …

About one in five British adults turned to eating food past its use-by date or consuming smaller portions this winter, the executive office of the UK Statistics Authority has revealed, as the cost-of-living crisis weighs heavily on people’s lives. According to a damning report published by the Office for National …

The global economy is predicted to register slower growth this year, continuing the trend from last year, with the United States, also poised to mark a smaller pace of growth and several countries likely to see a “mild recession,” according to the United Nations. Global economic growth in 2023 is …

Business activity across the 20 countries that use the euro expanded in January for the first time in six months, according to data published Tuesday, providing fresh evidence that Europe’s economy could confound expectations and dodge a recession this year. An initial reading of the eurozone’s Purchasing Managers’ Index, which …

The number of insolvencies has reportedly risen for the first time in three years Japan recorded its first increase in the number of company bankruptcies in three years in 2022, according to a new survey by Teikoku Databank. The report showed that a total of 6,376 companies declared bankruptcy in …

Microsoft plans to lay off 10,000 employees, the company said Wednesday, as part of a restructuring plan to focus on areas of growth and brace the company for an economic downturn. The tech giant is the latest corporation to cut workers amid economic uncertainty, coming off the spectacular highs of …

Some top US banks are preparing for an economic slowdown amid depressing forecasts of fourth-quarter profits, due to be released this week. “With most US economists forecasting either a recession or significant slowdown this year, banks will likely incorporate a more severe economic outlook,” wrote Morgan Stanley analysts, as cited …

Iraq’s Prime Minister, Mohammed Shia Al-Sudani, chaired on Monday a meeting of the Ministerial Council for Economy. Al-Sudani’s media office said in a statement that the meeting discussed the budget bill draft. The meeting parties laid emphasis on the need to implement strategic plans in the fields of health, education, …

The external debt of developing economies has more than doubled from a decade ago to $9 trillion in 2021, the World Bank said Tuesday, warning the debt crisis facing these countries has intensified. The pandemic has forced many countries to take on more borrowing, and World Bank President David Malpass …