Many companies are experiencing significant profits in the latest earnings season, but some are achieving this by cutting back rather than increasing sales, posing a potential threat to the market and economy amid slowed inflation.
The Bank for International Settlements has acknowledged recent progress in tackling inflation but emphasized that central banks still face challenges, with money markets predicting rate cuts and policymakers needing to be flexible and nimble, according to the quarterly report from the central bankers' central bank.
Panama is expected to see a sharp decline in economic growth in 2024 as a result of a court ruling that led to the closure of Canadian miner First Quantum's copper mine, which accounted for 5% of the country's GDP, prompting the government to revise its GDP growth forecast from 5% to 1-2%.
British finance minister Jeremy Hunt expressed his hope to reverse the decline in public investment outlined in the government's budget plans, aiming to return to a point where decreasing public investment is not necessary.
Despite some recent decreases, mortgage rates remain higher than they were a year ago, making it difficult for many people to afford to buy a home.
Spotify plans to reduce its workforce by 17% in order to cut costs amid slower economic growth, following significant investments in podcasts and expansions into new markets.
Residents of President Biden's hometown of Scranton, Pennsylvania, offered mixed reviews on his claim to view the U.S. economy through their eyes, with some criticizing his perspective and others giving him more time to address their concerns.
US restaurant workers' wages have risen faster than food prices in the last decade, helping to reduce wage inequality, with wage growth exceeding price growth due to increases in state minimum wages and a tight labor market, according to a Quartz analysis of data from the US Bureau of Labor Statistics.
Wall Street opens lower as investors adopt a cautious stance ahead of key economic data and potential interest rate cuts by the Federal Reserve.
Mika Purni, a young Canadian woman, is working multiple jobs and engaging in side hustles to make ends meet in an economy that heavily relies on gig work, highlighting the challenges and toll of the "hustle culture" that glorifies hard work without providing financial security.
The UK culture secretary has expressed concerns about a proposed increase to the BBC licence fee of almost £15, stating that it would be too much of a burden on households already facing cost of living pressures. The fee has been frozen for the past two years but is expected to rise in April with inflation, currently projected to be £173.30 per year. The culture secretary is considering different measures of inflation to calculate the increase. The BBC is already seeking to make savings of £500m due to inflation and the freeze on the licence fee.
India is on track to become a $5 trillion economy, with the third largest GDP, by 2027-28, and aims to be an advanced economy by 2047, supported by a strong rupee and government initiatives.
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Spotify plans to reduce its workforce by around 17% in an effort to cut costs amid slower economic growth, following a rare quarterly net profit in October; around 1,500 employees will leave the company.
India is poised to replace China as a major global economic player, attracting significant foreign investment, according to economist Swaminathan Aiyar. Aiyar believes that global investors have already anticipated Prime Minister Modi's victory in the 2024 elections and predicts a more optimistic outlook for India.
German exports unexpectedly fell in October, declining 0.2% due to a slump in demand within the European Union.
More than a quarter of jobs in Ireland are considered poor, with women, younger workers, and the less educated being disproportionately affected, according to a report on job quality based on the first major national survey of job quality in Ireland.
The US economy, which is projected to grow 5.2% in the third quarter, is expected to experience a significant slowdown next year, with economists forecasting a growth rate of only 1% between the fourth quarter of 2023 and the fourth quarter of 2024.
Climate change and AI are expected to have the biggest impact on the fashion industry in 2024, with uncertain growth predicted and the potential for extreme weather events to disrupt apparel exports and threaten jobs. Generative AI is also seen as a top priority for fashion executives, although there is a knowledge and talent gap in utilizing its full potential.
Kenyan commercial banks have seen a 78% increase in dollar holdings, reaching a record $6.32 billion in September, indicating an easing of the dollar shortage in the country due to the dollarisation of the economy and a growing greenback black market.
Inflation in Kenya dropped to 6.8% in November, remaining within the official target range for four consecutive months, primarily driven by lower food prices due to favorable weather.
Speculation that the Bank of Japan will tighten policy is causing uncertainty in the yen bond markets, weakening investor demand for corporate bonds and leading borrowers to explore new pricing structures.
Almost one in 10 UK households failed to pay a major bill in November, indicating a worsening cost of living crisis, with consumer group Which? calling on businesses to assist struggling customers and urging supermarkets to offer affordable essentials in their pricier convenience stores.
Recent concerns have been raised about the reliability of market-moving statistics, such as inflation and job data, as the declining response rates for surveys tracking these key indicators are causing unease in the markets.
Pakistan's caretaker government is optimistic about the country's economic recovery, citing positive economic signals, increased economic activity, and a stable exchange rate, although higher mark-up payments and limited use of economic performance data remain concerns.
Former chief economic advisor Choi Sang-mok has been nominated by South Korean President Yoon Suk Yeol to become the country's next finance minister, as the incumbent is expected to step down to run for election. Choi will need to maintain economic momentum ahead of parliamentary elections in April 2022, which will determine the level of legislative support for several proposed government bills, including the ministry's proposal to restrict fiscal spending growth.
The decline in pork prices in Thailand contributed to a decrease in inflation rates in October, while rampant smuggling of pork into the country poses a major threat to the domestic industry.
Analysis from the Tony Blair Institute reveals that Britain's obesity problem is costing the economy nearly £100 billion a year and could lead to a "sick and impoverished nation," with the cost of obesity expected to rise by £10 billion over the next 15 years, prompting calls for restrictions on junk food advertising and a focus on healthier options to combat the issue.
Britain needs a new economic strategy to reverse years of falling living standards and worsening inequality, according to a report by the Resolution Foundation and the London School of Economics' Centre for Economic Performance.
The Bank of Canada is expected to keep interest rates steady in its upcoming decision while offering no clear hints about future policy, as the likelihood of further rate hikes has diminished and the Canadian economy struggles under high borrowing costs and inflationary pressures.
Household debt in the US is on the rise, affecting residents' financial security, with the 15 states with the highest debt per capita including Idaho, Connecticut, Arkansas, Nevada, New Jersey, and Oregon.
The United States Chamber of Commerce has reported a labor shortage in America, with 1.7 million workers missing from the workforce and 9.5 million job openings. Additionally, the rise of remote work and freelancing has led to the growth of platforms such as Upwork and Fiverr.
The CEO of JPMorgan Chase, Jamie Dimon, warns that the US economy is addicted to debt and central bank spending, comparing it to heroin, and believes that the trillions of dollars handed out during the pandemic will have negative consequences for the economy, potentially leading to an "explosive" economic event.
A proposed "HomeKeeper" program could provide temporary assistance to financially stressed homeowners by taking a small equity stake in their property, helping them avoid losing their homes during a potential interest rate crunch. The program would function similarly to the JobKeeper program and could be a beneficial solution for both homeowners and the government's balance sheet.
Less than 10% of English 15-year-olds can speak a foreign language, and the decline in language teaching in the UK is considered a "catastrophic" problem that hinders the country's future prosperity, national security, and reputation abroad.
Investors are hopeful for continued gains in the stock and bond markets, believing in a "soft landing" scenario for the economy; however, skeptics warn that consumer spending and job growth slowdowns, along with corporate earnings, pose a risk to this scenario.
A new study by Ludwig Institute for Shared Economic Prosperity (LISEP) reveals that some of the least affordable cities in the U.S., like San Jose and San Francisco, are actually the best places for middle- and working-class individuals due to high wage rates, while cities like Fresno have seen a decrease in buying power and struggle to cover basic needs for their residents.
Only 14% of near retirees in Canada can expect a comfortable retirement, with younger generations facing even more financial pressures that make it difficult to save for retirement, according to a report from Deloitte Canada. The study found that those who are likely to have a comfortable retirement have over $900,000 in financial assets and own their home outright, but rising housing costs and lower wages for younger generations make it harder for them to save for retirement.
Britain is set to lose 23,000 free-to-use cash machines in less than 10 years as digital payments become more popular, leaving elderly consumers at risk of being excluded from the economy, according to the boss of the UK's ATM network.
Canada's Big Six banks report fourth-quarter earnings; Canada's economy avoids a recession but experiences a "bumpy landing"; Business bankruptcies increase in Canada and the US; First Quantum's contract for a copper mine in Panama is ruled unconstitutional; New home buyers are offering discounts to escape deals; Jennifer Teskey becomes the managing partner at Norton Rose Fulbright.
Germany will pay €700 million to ensure the construction of a battery plant, marking the first exemption from the government's spending freeze for a climate transition project.
The cost of auto and home insurance in the US is rising sharply due to factors such as extreme weather, costly accidents, and inflation, with premiums increasing by double-digit amounts, causing financial strain for many Americans.
The article discusses the evolving employment trends in the United States, highlighting the prevalence of remote work arrangements and the demand for healthcare workers. It also mentions the role of automation in job creation and the importance of upskilling. Additionally, it mentions major companies like Amazon, Apple, and Walmart contributing to job creation and economic growth. The article then provides a list of the top 20 U.S. states by median household income, with Vermont ranking at the bottom and Washington ranking sixth.
The US economy is expected to have a soft landing in 2024 with signs of a well-balanced economy, a slowdown in inflation, productivity growth, and steady job market, though there are risks of a serious downturn that could lead to interest rate cuts.
Sir Keir Starmer warns that the UK will face significant spending limitations if Labour wins the next General Election, emphasizing the importance of economic growth and criticizing the government's handling of the economy.
Euro zone inflation is expected to continue declining, but at a slower rate, according to Bundesbank President Joachim Nagel.
Euro zone inflation will continue to decrease in the coming months, albeit at a slower rate, according to Bundesbank President Joachim Nagel, who warned that the fight against inflation is not yet won due to geopolitical tensions and potential bumps in the road.
China's National Financial Regulatory Administration believes that China is well-equipped to handle financial risks due to its strong long-term fundamentals and resilient economy.
Boosting the spending power of low-income groups, particularly migrant workers, could unleash new growth potential for China amid concerns over the economy's long-term potential and the need for sustainable growth engines.
China sees artificial intelligence as a potential way to achieve economic and military superiority and help provide long-term prosperity, although its heavy reliance on AI may be concerning for its future, experts say. Furthermore, China's goals for AI extend beyond economic benefits and include domestic population surveillance and being a global leader in AI technology.