The global energy crisis, exacerbated by the Israel-Hamas war and rising tensions in the Middle East, poses a significant threat to the world economy, with higher energy prices and potential supply constraints contributing to stagflationary pressures. European countries, particularly the UK, are especially vulnerable due to their increasing reliance on fossil fuel imports from the region. However, there is also an economic opportunity in building a low-carbon economy, which can create jobs, stimulate growth, and enhance energy security.
The US economy is predicted to enter a recession next year as unemployment and mortgage defaults rise, leading to a decline in stock and house prices, according to Wall Street veteran Harley Bassman.
Ireland has a high level of market income inequality, which is partially attributed to the low workforce participation rate of mothers, particularly those with low educational backgrounds, due to the lack of affordable childcare options. Increasing the participation of women in the workforce could contribute to Ireland's future prosperity.
DINKs, or double income households with no kids, have the highest median net worth and average savings out of all types of families, indicating that choosing to be childfree is financially advantageous in today's economy.
The US economy likely grew at its fastest pace in almost two years in the third quarter, led by strong consumer spending, posing a challenge for the Federal Reserve as it debates further policy tightening.
Japan's central bank, the Bank of Japan (BOJ), has accumulated 1.01 quadrillion yen worth of Japanese government bonds over the last decade, equivalent to $6.7 trillion, but has achieved surprisingly little in terms of economic progress, as the country continues to rely on BOJ easing to avoid a recession and faces stagnant wages and lack of reforms.
Despite declining exports and imports, the US has become India's biggest trading partner in the first half of the current fiscal year, surpassing China, and trade experts anticipate further growth in bilateral trade in the coming years.
A decline in commercial bank credit and M2 money supply suggests a potential U.S. recession and downside for stocks, historically correlating with previous economic downturns.
Kenya's tax office is targeting small-scale traders and workers in the informal sector to increase tax revenue, despite previous emphasis on taxing "wealth" rather than "trade."
European money managers are cautioning that traders are underestimating the possibility of the European Central Bank (ECB) further hiking interest rates in response to rising energy prices and escalating crises in the Middle East, leaving short-maturity government bonds vulnerable.
UK inflation remains high at 6.7%, above the Bank of England's target, while rising fuel prices and a weakening job market continue to put pressure on households; however, average wage growth outpaced inflation for the first time in two years, and state financial support is available to low-income households.
Londoners are using their local leisure centres to take showers instead of at home due to the high cost of living in the city, according to a research report by King's College London's Policy Institute.
Italian Prime Minister Giorgia Meloni faces challenges of weak economic growth, high interest on the country's debt, and personal issues, despite adopting a pro-Western and EU-friendly stance in her first year in office.
The Philadelphia Orchestra and musicians have agreed to a 3-year labor deal with a 15.8% salary increase, while Venezuelans vote in an opposition primary clouded by uncertainty, St. Lawrence Seaway workers go on strike in Canada, Conservative Leader Pierre Poilievre gains international attention for an apple-eating viral moment, and former House Speaker Newt Gingrich criticizes Republicans who voted to oust Kevin McCarthy. Additionally, tensions rise between Nikki Haley and Ron DeSantis, a potential Democratic challenger for Biden may announce next week, and House Republicans' speaker fight is causing turmoil. Lastly, Israel strikes a militant compound in the West Bank, and Hezbollah launches anti-tank missiles, escalating the Israel-Hamas conflict.
The delay in implementing gas pricing reforms in Pakistan's fertiliser sector, aimed at standardising tariffs and addressing the gas crisis, could pose a threat to the sector's long-term sustainability and exacerbate the circular debt of the gas sector, which currently stands at Rs2.9 trillion.
Argentines head to the polls in a general election amidst the country's worst economic crisis in two decades, with a far-right libertarian candidate, Javier Milei, in the lead, promising radical changes to the economy and government.
The UK economy is facing uncertainty as policymakers consider the next interest rate decision and Chancellor Jeremy Hunt may further squeeze the economy despite demands for tax cuts, with inflation remaining stable and food prices remaining high, while geopolitical tensions in the Middle East pose a threat to global energy markets.
Bank of Japan officials are considering adjusting the yield-curve control program as domestic long-term interest rates rise in line with those in the US, potentially discussing changes at the next board meeting.
The World Bank warns that poverty in Pakistan has increased due to high food and energy prices, a struggling labor market, and the aftermath of floods, with over 10 million people at risk of falling below the poverty line; addressing these issues requires immediate attention and unified efforts.
Middle East conflict poses risks to global economy, including potential oil price increases, impacting central banks' inflation strategies and weakening already limping global economy.
Japanese banks are expected to see improved earnings if interest rates in the country increase by 1 percentage point, with favorable yield spreads outweighing any temporary losses on bond holdings, according to a report from the Bank of Japan.
Despite the Fed's reassurance of being in "pause" mode, the 10-Year Treasury rate continued to rise, potentially reaching a 5% level this coming week, due to factors such as supply issues, risk perception, and conflict in the Middle East, leading to concerns of an imminent recession.
Federal Reserve Board chairman Jay Powell spoke at the Economic Club of New York and emphasized the importance of humility and relying on evidence when making monetary policy, stating that the evidence suggests the economy is expanding at a solid pace.
Millions of workers in the UK are facing a stealth tax raid of £75 billion, equivalent to 9p in the pound on income tax, according to a report by the Growth Commission, an economics think tank set up by former Prime Minister Liz Truss, which highlights the significant impact of the six-year freeze on tax allowances and thresholds.
The percentage of subprime auto borrowers at least 60 days past due on their loans reached the highest level since 1994, as higher car prices and rising interest rates make it more difficult for car owners to afford their payments.
A record number of subprime borrowers are falling behind on their auto loan payments, with delinquency rates reaching the highest level since 1994, indicating the struggles faced by lower-earning workers in a challenging economic climate.
WTI oil prices finished higher for a second consecutive week, supported by geopolitical tensions in the Middle East, with technical indicators suggesting further upside. The lifting of sanctions on Venezuela and the US-Venezuela deal are unlikely to have a major impact in the short-term.
France may struggle to bring down its budget deficit without additional efforts, according to the chief economist at the IMF, despite the reforms implemented by the government.
Former Pakistani Prime Minister Nawaz Sharif has returned to Pakistan after four years of exile and hopes to contest in the upcoming general elections, marking a dramatic victory over his rival Imran Khan.
Pawnbrokers in the UK are experiencing a surge in business as more people turn to them for short-term loans due to rising inflation and the high cost of living. The increase in business is not limited to lower-income individuals, but also includes medium-to-high earners who are feeling the impact of the economic challenges. While pawnbroking may provide some relief in the short term, it is still an expensive form of borrowing that can exacerbate long-term financial problems.
Canadian Prime Minister Justin Trudeau was booed during a visit to a Toronto mosque due to differing opinions on the Israel-Hamas war, with some calling for a ceasefire while others demanded Trudeau retract a comment supporting Hamas.
Diriyah Co. from Saudi Arabia has become an affiliate member of the UN World Tourism Organization, signaling a commitment to global tourism collaboration and advancing the Kingdom's tourism sector. This affiliation aims to enhance cultural exchange, heritage preservation, and sustainable tourism efforts in Saudi Arabia's historic city of Diriyah. The move aligns with the country's vision to attract 50 million visitors annually by 2030.
China is selling off US treasuries, equities, and stocks in an attempt to protect the Yuan and challenge the dominance of the US dollar, with Chinese investors dumping a record $5.1 billion worth of US stocks in August 2023 alone.
Australia is moving towards a cashless society, but there are concerns about excluding older Australians, relying on internet connectivity, impacting parts of the cash economy, hidden fees, hacking and scams, lagging legislation, losing the value of money and social interaction, loss of independent spending power, tracked spending, and loss of freedom of choice.
Daily Kos is showing support for the Black community and promoting ways to get involved in the upcoming elections.
China has imported a record amount of coal this year due to a spike in electricity demand caused by increased air conditioning usage and a decrease in hydropower generation, with imports expected to reach 470m metric tonnes in 2023, a 60% surge from 2022.
Rising prices and climbing mortgage rates are making it increasingly difficult for homebuyers to afford a home, as they are borrowing more money at higher interest rates, resulting in weakened financial positions and reduced affordability.
Closed-end funds (CEFs) are still undervalued despite the recent pullback, offering investors an opportunity to receive substantial payouts, with the General American Investors Fund (GAM), in particular, providing a 17.2% discount to its true value and potential for a 10% annualized yield from a special dividend.
The graying Baby Boomer generation is now buying more homes than Millennials due to their accumulated wealth and ability to pay cash, leading to a shift in the housing market.
China's central bank governor, Pan Gongsheng, has stated that the country will focus on expanding domestic demand, promoting a sustained economic recovery, and reducing financial risks through precise and forceful policies, including cutting lending rates and reducing financing costs.
China's central bank governor, Pan Gongsheng, has stated that China will focus on expanding domestic demand and reducing financial risks in order to promote a sustained economic recovery, while also implementing macro policy adjustments and boosting investor confidence.
The average retail price of petrol in Nigeria increased by 226.75% from September 2022 to September 2023, reaching N626.21 per litre, according to the National Bureau of Statistics. Additionally, the average retail price of diesel also saw an increase of 12.77%, reaching N890.80 per litre in September 2023.
Greece's credit rating has been upgraded to investment grade by S&P Global, citing the country's improved budgetary position, which is expected to boost market confidence, attract foreign investment, and lower borrowing costs.
Baby boomers, with their healthy finances and high spending, are contributing to stubbornly high inflation in the UK, posing a challenge to Chancellor Rishi Sunak's target of halving inflation this year. Boomers, armed with final-salary pensions and benefited by rising interest rates on savings, are defying economic gloom and keeping the economy afloat in areas such as housing, holidays, golf, and recreation and culture.
Shrinkflation, the practice of reducing the size or quality of products while keeping prices the same, has become widespread among manufacturers and retailers in response to rising costs, impacting items such as butter, soap, toothpaste, coffee, yoghurts, and pet food. Changes to pack sizes and ingredients are often made without clear disclosure to consumers, leading to frustration and feelings of being deceived.
Many Canadians facing high levels of debt are resorting to selling their homes and downsizing to manage their financial situation, as the country's household debt reaches unprecedented levels.
London remains the top financial center in Europe, followed by Geneva, Frankfurt, and Paris, according to the Global Financial Centres Index (GFCI), but European cities overall lag behind their American and Asian counterparts in terms of financial competitiveness.
The Japanese government's tax incentive plan to boost wages has mostly failed due to the financial struggles of smaller businesses, but Prime Minister Fumio Kishida aims to expand the program in upcoming tax reforms.
The interim federal government of Pakistan has decided to significantly reduce spending in order to show a surplus of Rs600 billion on behalf of the provinces and meet the IMF's condition of reducing the financial deficit, resulting in the postponement of new projects under the annual development program.
Australia is facing a housing crisis as the country experiences unprecedented levels of migration, leading to a severe shortage of rental properties and soaring rental prices, with concerns that the situation could worsen and potentially increase homelessness rates.