Prime Minister Narendra Modi has transformed Uttarakhand into a state that is moving forward, following the vision of former Prime Minister Atal Bihari Vajpayee, according to Union Home Minister Amit Shah, who addressed the Uttarakhand Global Investors Summit. Shah praised the leadership of Chief Minister Pushkar Singh Dhami and highlighted the state's progress in various sectors under Modi's leadership. The summit saw the signing of multiple memorandums of understanding worth ₹3.5 lakh crore.
Economists anticipate soft headline inflation but a stronger core reading, with energy prices leading to soft headline inflation and swings in volatile components reflecting an increase in core inflation; further down the inflation pipeline, U.S. producer prices are expected to rise slightly; the Federal Reserve is expected to maintain interest rates and focus on how long to hold them at high levels; and economists predict a dip in November retail sales, with auto sales being weak.
India's Prime Minister Narendra Modi aims to transform the western state of Gujarat into a global sustainable finance hub to secure the $10 trillion investment required for the country to achieve its 2070 net zero emissions target.
China is encouraging African nations, such as Zambia, to use the Chinese Yuan instead of the US dollar for cross-border trade, particularly in the copper industry, as part of its efforts to promote de-dollarization and strengthen local currencies within the BRICS bloc.
About 35% of respondents to a survey by Fidelity Investments reported being in worse financial shape due to inflation, but the majority expressed confidence in their financial plans for 2024, with saving money, paying down debt, and spending less being their top priorities.
The productivity of U.S. workers grew at the fastest pace since 2020 in the third quarter, with consecutive quarters of growth for the first time in three years, attributed to factors including less turnover, flexible work arrangements, cost management, and increased investments. The data also suggests that remote work has not significantly impacted productivity.
The article discusses the economic growth in Asia and highlights the 15 cheapest countries to live in the continent, including Malaysia, Indonesia, Uzbekistan, Azerbaijan, Bhutan, Tajikistan, Kazakhstan, Bangladesh, Kyrgyzstan, Turkey, and others.
Arizona's economy is expected to continue growing in 2024, albeit at a slower pace, with job growth and population gains moderating due to interest-rate hikes and a return to normal levels of migration, while home affordability remains a significant problem, according to a forecast from the University of Arizona.
Maryland needs to increase its population and number of businesses in order to boost its economy and address budgetary challenges, according to economist Daraius Irani. The state's over-dependence on federal government jobs and the impact of the pandemic on the labor market have hindered its recovery and growth. The state's budget is facing deficits, and difficult choices such as tax increases or spending cuts may be necessary unless the population and economy can be expanded.
With the 2022 selloff leaving some attractive closed-end fund (CEF) deals, one undervalued CEF to consider is the Apollo Tactical Income Fund (AIF), which offers an 11.7% dividend and is trading at a 12.4% discount to its net asset value (NAV) despite being managed by Apollo, one of the largest private credit firms, making it a smart end-of-year buy for investors.
Calgary has the highest cost of basic necessities among major Canadian cities, surpassing Vancouver and Toronto, according to Statistics Canada's market basket measure, despite earning higher median income and experiencing income inequality.
Toronto police are investigating a shooting that killed a 36-year-old man, while a woman has been charged with second-degree murder in the death of a three-year-old boy, and Canada's high cost of living is leading to reverse immigration. In international news, the death toll in Gaza reaches over 17,700, Israel continues its offensive in Gaza, and New Brunswick's Université de Moncton decides not to change its name despite its connection to a problematic historical figure. Additionally, McDonald's plans for global expansion, Cigna ends its pursuit of Humana, Nikki Haley focuses on a strong showing in Iowa, the Pittsburgh Steelers place T.J. Watt in concussion protocol, British Columbia announces a new action plan to address gender-based violence, Alberta child-care fees are set to decrease, and drug lords go on a killing spree in Tijuana.
Renowned economic historian Jim Grant warns that the US economy's debt problem, fueled by a decade of near-zero interest rates, will have devastating consequences now that higher interest rates are here to stay, particularly in credit markets and for heavily indebted corporations. He predicts that the bubble created by the "free money era" has only partially deflated and expects an era of higher rates that could last a generation, leading to low economic growth, high inflation, and potential corporate defaults. However, technological progress and deflationary effects may provide a counterargument.
The European Union has reached a preliminary agreement on a gas regulation that allows member countries to block Russian shipments of liquefied natural gas without imposing new energy sanctions.
China's consumer prices fell at the fastest rate in three years in November, indicating rising deflationary pressures and casting doubt over the economic recovery, while factory-gate deflation deepened, adding to calls for further policy support.
Despite international sanctions, the Russian economy has rebounded to near prewar levels, with its GDP growing 5.5 percent in the third quarter of 2023 and rising 3.2 percent in the first 10 months of the year; however, this surge in economic output is largely attributed to recovery from a slump rather than sustainable development, and there are indications of an overheating economy, with a predicted slowdown or recession in 2024.
Russia's economy has shown surprising resilience in the face of Western sanctions, but there are signs of overheating and Western leaders hope the sanctions will eventually take hold. The goal of the sanctions is to limit Russia's military capabilities, not provoke a global crisis or regime change. Despite being heavily sanctioned, Russia's economy has been damaged but not devastated, and its dependence on oil and military spending has increased. Russia has also found ways to bypass sanctions through a shadow fleet and parallel financial infrastructure. However, it is difficult to estimate Russia's long-term resilience, and while sanctions have complicated the lives of ordinary Russians, some wealthy individuals in Moscow are benefiting from the war.
The US workforce added 199,000 jobs in November, indicating a positive employment trend despite concerns about higher interest rates and a fading growth rate.
Workers' remittances in Pakistan have fallen by 10.3% in the first five months of the fiscal year, causing concern for the government's efforts to address trade deficits, current account deficits, and improve foreign exchange reserves.
The annual short-term inflation in Pakistan reached 42.68%, driven by higher gas and electricity prices, leading to a significant decline in consumer purchasing power.
Chinese President Xi Jinping has stated that China's economic recovery is still in a critical stage, as sluggish domestic activity and property sector issues continue to hinder post-pandemic growth.
China's housing market crisis, weak consumer sentiment, and debt-laden local governments are impacting the nation's economy, with Evergrande and Dalian Wanda Group facing liquidity issues and potential defaults, prompting concerns over China's hidden debt and credit ratings downgrades. Presale properties are also suffering, and while the Chinese government aims to reassure investors and repair the real estate sector, bailouts and government intervention may exacerbate the default crisis.
Daily Kos stands in solidarity with the Black community and shares ways to get involved in the upcoming elections.
Ratings agency Moody's has revised its outlook on Nigeria to positive, citing potential improvements in the country's fiscal and external position due to reform efforts by President Bola Tinubu.
America's growing national debt, combined with its propensity to print more money, is putting the country in serious financial trouble, according to Rich Dad Poor Dad author Robert Kiyosaki.
A generational war is erupting between baby boomer parents and their millennial children as the Reserve Bank's interest rate hikes lead to legal disputes, with parents resorting to legal action to be repaid after loaning money to help their children buy property.
Windsor, Ontario, is experiencing a wave of investment that is expected to propel its economy and shield it from a potential national recession, with major projects such as an EV battery plant and the Gordie Howe International Bridge contributing to the city's growth outlook.
The solid hiring and positive economic data are fueling hopes that the U.S. economy may achieve a soft landing next year, avoiding a recession, although the risks of miscalculation by the Federal Reserve and a potential recession still remain.
Consumer sentiment in the United States has improved, as revealed by the University of Michigan's survey, with consumers now anticipating inflation to decrease to 3.1% in the next year.
The U.S. economy added 199,000 jobs in November, resulting in a drop in the unemployment rate to 3.7 percent; wages also rose more than expected, indicating that there is still strength in the labor market despite interest rate increases.
Brazil's Central Bank is developing a digital currency called DREX, which will be issued alongside the country's physical currency, the real, and will be used to modernize the financial system, automate transactions, and reduce costs for residents; the digital currency is currently being tested by banks and is expected to launch in the second half of 2024.
Ethiopia is on the verge of defaulting on its $1 billion international bond due to the financial impacts of the COVID pandemic and the recent civil war, as talks with bondholders failed to reach an agreement.
Real estate markets in Illinois, New Jersey, and California are at risk of a downturn next year due to higher levels of foreclosures, unemployment, and underwater mortgages, particularly in areas like Chicago, New York City, and Fresno, as soaring prices and stagnating wages impact affordability.
The Sahm rule, an indicator used to predict recessions, is now less likely to trigger as unemployment in the US decreased to 3.7% in November, according to former Federal Reserve economist Claudia Sahm. The rule, which measures the difference between the current three-month average of unemployment and the lowest three-month average in the past year, suggests that a recession may occur if the difference is 0.5 percentage points or greater. However, Sahm believes that the recent decrease in unemployment is a sign of rebalancing in the labor market and doubts that the rule will trigger this cycle.
The gig economy offers flexibility and income augmentation for a wide range of workers, but the dark side includes the lack of basic benefits like insurance and unemployment claims.
Despite economic isolation and Western sanctions, Russian President Vladimir Putin suggests that Russia's economy is resilient and on track to become one of the world's growth centers, with GDP already higher than before the sanctions attack, and an expected growth of 3.5% this year.
Markets anticipate the Federal Reserve to lower interest rates in 2024, but former Treasury Secretary Larry Summers advises caution, suggesting that the Fed should wait for strong evidence of cooling inflation or an economic slowdown before making any rate cuts.
The Elbtower, a half-finished skyscraper in Germany, is at risk of being demolished due to a faltering economy and trouble in the construction industry, as Germany becomes the worst-performing major economy in the world.
November's decline in mortgage rates may not continue if the labor market remains strong, according to Fannie Mae's deputy chief economist, Mark Palim.
Credible Operations provides tools and information to help improve finances and offers mortgage rates that are subject to change and should be compared with other lenders to ensure the best deal.
Hundreds of Washington Post employees went on strike, protesting against low wages that do not keep up with record-level inflation, while the paper itself published articles praising the Biden administration's handling of the economy.
The House of Nahyan in Abu Dhabi has surpassed the Walton family as the world's richest dynasty, with an estimated wealth of $305 billion, according to Bloomberg's 2023 list of the world's richest families.
The nonprofit organization Feeding America reports that food banks are struggling with increased food insecurity and rising costs due to inflation, as more people visit food banks seeking help.
U.S. job growth remained strong in November, with 199,000 jobs added and a decrease in the unemployment rate to 3.7%, indicating resilience in the labor market despite economic uncertainties and higher interest rates.
Guyana is expected to have the highest GDP growth rate in 2023, driven by its oil production, while Macau is projected to have the second-highest growth due to industries such as tourism and gambling.
Mortgage rates have decreased to nearly 7%, but buyer interest has declined due to high home prices and mortgage rates, causing a record 86% of Americans to believe it is a bad time to buy a home.
Some Chinese university graduates are moving back to their rural hometowns to find work amid high youth unemployment, supported by Beijing's "Rural Revitalisation" initiative, although adapting to country life can be challenging for those accustomed to big-city comforts.
Former President John Mahama's 24-hour economy policy has the potential to address Ghana's economic challenges, according to Dr. Peter Quartey, the Director of the Institute of Statistical, Social, and Economic Research (ISSER). However, he emphasized the need for a detailed implementation plan and a legal framework to support the expansion of the policy to other sectors.
The University of Michigan's consumer sentiment index rose to its highest level since August, with Americans' expectations of inflation cooling in early December.
China's President Xi Jinping has called for strengthened party discipline, a crackdown on corruption, and a focus on rectifying prominent industrial, systemic, and regional corruption issues, as the country looks to shore up its economy and counter US-led efforts to de-risk from China and limit its access to advanced technology. The Chinese government aims to maintain an expansionary fiscal policy and flexible monetary policy to support growth next year, but without resorting to massive stimulus measures. Concerns remain regarding China's ability to sustain strong growth amid challenges such as a property sector crisis and difficulties in reviving consumption demand and investor confidence.