The Social Security COLA increase for 2024 is predicted to be around 3 percent, resulting in an additional $53.70 per month for beneficiaries receiving the average monthly benefit of $1,789, and it will be applied to payments made for January 2024 and the following eleven monthly payments.
Pakistan's economy is in dire straits, heavily reliant on external assistance and loans, with rising inflation, high poverty rates, and a plummeting Human Development Index, yet the country's military-owned enterprises continue to thrive, maintaining extraordinary financial control and leveraging their autonomy for corruption and lack of accountability.
Millennials are being hit harder by elevated mortgage rates than other generations, as they were not able to take advantage of historically low borrowing rates during the pandemic, leading to increased mortgage debt and difficulty in entering the housing market.
A wave of corporate bankruptcies and debt defaults, driven by high interest rates, could potentially push the US economy into a recession, as global corporate defaults reach their highest levels since 2009 and borrowing costs for firms significantly rise.
Global monetary policy is expected to transition from a period of low interest rates to rate cuts by the beginning of 2024, with only a few central banks anticipated to maintain steady rates, according to Bloomberg Economics. The forecast signals a turning point in the tightening cycle and suggests that the era of ultra-low rates will not return anytime soon. The report also highlights a slower pace of descent compared to the initial rate hikes that led to the higher borrowing costs.
Underlying US inflation is expected to rise, supporting the idea that interest rates will need to remain higher for a longer period of time, as indicated by central bankers.
Industry Minister François-Philippe Champagne says that the process of stabilizing food prices will take weeks and months, after announcing an agreement with major grocers to address prices "soon," which includes measures such as price freezing, price matching, and discounts, but did not specify how shoppers can judge the effectiveness of the plan.
The rapid increase in Treasury yields has heightened concerns about potential defaults in emerging markets, with several countries at risk of missing payments or being forced to restructure their heavy debt loads.
Despite higher interest rates offered by banks, inflation has eroded the purchasing power of savings accounts and CDs, with investment in stocks offering better returns over the long term.
The average US mortgage rate is at its highest level in 23 years, but individual rates can vary depending on factors like credit score, debt-to-income ratio, employment history, and down payment amount. Borrowers with lower risk profiles can secure lower rates, while those with higher risk may face higher rates or even loan denials. Shopping around and considering options like buying down the rate with discount points can help borrowers lower their mortgage rates. Lenders are prohibited from discriminatory practices based on protected categories, and consumers have rights to information and transparency in credit decisions.
The Federal Reserve is facing a tough decision on interest rates as some officials believe further rate increases are necessary to combat inflation, while others argue that the current rate tightening will continue to ease rising prices; however, the recent sell-off in government bonds could have a cooling effect on the economy, which may influence the Fed's decision.
Joe Biden's excessive spending and borrowing are leading to uncontrollable inflation, according to a top US economist, who suggests that the next president should prioritize spending cuts to address the issue.
Florida's low unemployment rate, aging population, and dependence on migrants for labor are causing a shortage of workers and higher costs of living, exacerbated by new laws cracking down on undocumented labor.
Japan plans to provide a subsidy of 30.6 billion yen ($205 million) for the development of hydrogen fuel cell systems and other equipment to support the creation of components for electric aircraft with reduced carbon dioxide emissions.
Hong Kong's economy has shown steady improvement since the beginning of the year, with consumer spending reaching 90% of pre-pandemic levels and an increase in the number of European firms opening offices in the city, according to Financial Secretary Paul Chan Mo-po. However, he also highlighted that external factors such as high US interest rates and global geopolitics would continue to influence the city's relatively small economy.
Saudi Arabia has begun testing its hydrogen train project, in line with the country's commitment to adopting sustainable transportation technologies and reducing carbon emissions. The national railway company, Saudi Arabia Railways, partnered with French rail transportation giant Alstom to develop hydrogen train solutions tailored for the Kingdom. The testing phase will assess the trains' compatibility with the environment and set the stage for their future deployment.
The World Bank has withdrawn its recommendation to bring individuals earning below Rs50,000 into the tax net, stating that the suggestion was based on outdated 2019 data and needs to be updated to protect low-income groups.
European Central Bank President Christine Lagarde expressed confidence in the ECB's ability to meet its 2% inflation target and in Europe's gas reserves situation.
There are concerns that there could be a shortage of Ferrero Rocher chocolates this Christmas due to a lower availability of hazelnuts in Turkey, leading to potential price increases for the holiday favorite.
Canadian shoppers, such as Brandi Dustin, are crossing the border into the U.S. to take advantage of lower food prices, despite the weak Canadian dollar and the cost of gas, saving up to $300 a month on groceries due to factors such as lower wages in the U.S. and the larger market size, which allows for more competition and lower prices.
European Central Bank President Christine Lagarde expressed confidence that the ECB will achieve its goal of lowering inflation to 2% and highlighted the positive situation regarding Europe's gas reserves.
Thousands of Britons risk missing out on a £150 boost to their bank accounts if they do not apply for the Warm Home Discount before the deadline of Friday, October 13.
Saudi Arabia is taking significant steps to enhance its food security through initiatives such as diversifying local food sources, investing in agri-tech, reducing water usage, and addressing global food supply challenges, with a focus on precision agriculture and reducing food waste. Small and medium-sized enterprises are playing a crucial role in developing innovative solutions to improve food security, while cross-sector collaboration and technological advancements are central to achieving a sustainable and secure food future.
China's oversupply of lithium batteries, caused by massive investments and subsidies, is expected to lead to the closure of smaller battery manufacturers and put downward pressure on prices, impacting profitability and the environment.
The Pakistani rupee is expected to strengthen further, potentially falling below 280 against the US dollar, due to factors such as the anticipation of the IMF's next tranche, improved balance of payments, and government actions against illegal dollar trade.
Pakistan is likely to receive the next tranche of the IMF stand-by arrangement, despite missing some targets, according to a brokerage report, as the country has met certain criteria such as net international reserves and foreign currency positions. However, the report noted that Pakistan has yet to implement the gas price adjustment agreed with the IMF, which was a prior action for the completion of the second review of the program.
The European Central Bank (ECB) has raised its key interest rates for the tenth consecutive time in response to a series of crises and the need for price stability, although the rise has caused concerns about the level of interest rates and their impact on growth; ECB President Christine Lagarde emphasizes the need to make inflation projections more robust and to communicate effectively with the public to counter misinformation.
The bond sell-off that is currently occurring in global markets is raising concerns of a potential market crash similar to the one that happened in 1987, with experts noting worrying parallels between the two eras, due to the crashing bond markets, increasing debts, overstretched equity markets, and the end of a bull market, albeit with no fiscal room for policy makers to respond this time, raising the potential for a more catastrophic event, including soaring interest rates and increased national debt servicing costs.
Pakistan is facing a social and economic crisis, with challenges such as low foreign direct investment, decreasing exports, high debt, inflation, and lagging development, and policymakers need to take decisive action to address these issues and prioritize national interests and security, including political stability, diplomatic initiatives with neighboring countries, and investment promotion measures.
The University of Toronto assures its student community of support amidst the India-Canada diplomatic standoff, acknowledging that India's suspension of visa processing will hinder face-to-face connections.
The Malaysian Health Minister plans to amend the Tobacco Act as part of the Generational End Game policy to restrict tobacco products to individuals born after 2007, which may also include restrictions on vape sales.
Chinese markets are reopening after the Golden Week holidays amidst an uncertain global market backdrop, as concerns about higher US interest rates and the attack on Israel by Hamas impact risk assets, but domestic tourism revenue surge and signs of modest economic improvements provide some optimism for China's economy.
The European Central Bank's policy, as stated by President Christine Lagarde, aims to bring inflation to 2% and avoid an inflationary spiral, while maintaining a cautious but optimistic outlook on short-term growth prospects.
Bond investors are favoring notes due in one to five years as Treasuries head for a third straight annual decline, offering protection from the current sell-off and positioning themselves for a potential recession.
The strong US jobs report is increasing the likelihood of another Federal Reserve rate increase, which is adding to the pain in credit markets already affected by rising yields and could result in increased default risk and reduced profitability for corporate America.
The Reserve Bank of India (RBI) expects consumer price index (CPI) inflation to ease below 4 percent in fiscal 2024-25 if there are no further shocks and a normal monsoon, with the central bank rethinking rate cuts only if CPI inflation remains at or below 4 percent on a durable basis.
High interest rates and growing risk aversion among investors have led to debt crises in several developing economies, including Egypt, Ethiopia, Ghana, Kenya, Lebanon, Pakistan, Sri Lanka, Tunisia, Ukraine, and Zambia, which will be a primary focus at the upcoming IMF and World Bank meetings.
CEOs rank geopolitics and political uncertainty as the top risk to business growth in the next three years, although they express confidence in global economic growth, according to surveys conducted by KPMG.
Stock markets are wavering as investors anticipate another rate hike by the US Federal Reserve, fearing its impact on the global economy, however, recent inflation data suggests that inflation is declining and consumer spending is rising.
The trend of moving manufacturing back or closer to the US, known as nearshoring, reshoring, or onshoring, has been growing significantly since the start of 2022, with mentions of these terms by American firms increasing by 216% year over year; this trend has been fueled by factors including the trade war with China, the pandemic's impact on global supply chains, advances in automation, and rising freight costs.
U.S. Federal Reserve Governor Michelle Bowman believes that inflation is still too high and that the central bank may need to tighten monetary policy further to reach their 2 percent inflation goal in a timely manner.
The top 10 most innovative African economies in 2023, according to the World Intellectual Property Organization, are Mauritius, South Africa, Morocco, Tunisia, Botswana, Egypt, Cape Verde, Senegal, Namibia, and Ghana.
American firms are increasingly bringing manufacturing operations back to the US, with mentions of nearshoring and reshoring growing by 216% year over year since 2022; this trend has been accelerated by the trade war with China and the pandemic's disruption to the global supply chain, leading to a boom in construction and manufacturing projects in the US.
The economy is not likely to enter a recession until late 2024 or 2025, and metro Phoenix is expected to perform better than other parts of the country, with Arizona projected to grow three times faster than the U.S. However, there is still uncertainty as key indicators point in different directions, and experts are monitoring factors such as inflation, job growth, and interest rates.
Consumer spending in the US has been strong, driven by a "YOLO economy," but with looming concerns over a recession, financial advisors recommend reassessing budgets, prioritizing spending, paying down credit card debt, and thinking long-term to achieve financial stability.
The American economy is facing a softening trend, with depleted savings, rising debt, and increasing inflation putting pressure on consumer spending power, making a near-future recession highly likely, which could benefit real estate investment trusts (REITs) due to falling interest rates.
As the summer expenses start to add up, now is the time to reassess your budget, prioritize spending, and pay down credit card debt to ensure financial stability in the face of potential economic uncertainty.
Prime Minister Narendra Modi expressed his shock and solidarity with Israel following terrorist attacks carried out by Hamas, with the Consul General of Israel thanking Modi for his support and emphasizing the importance of India's stance in the global war against terrorism.
The housing crises across Europe are impacting nations of varying economic health, with Portugal experiencing a decline in youth homeownership, Turkey facing steep rent hikes leading to violence, and even wealthy Luxembourg struggling with the high cost of buying or renting a home.
Redfin CEO Glenn Kelman warns that relief from the "rock bottom" real estate market conditions in the US remains uncertain in 2024, with high interest rates and low home affordability posing challenges for potential homebuyers.