In FY23, e-banking transactions accounted for 85% of total payments processed by banks and microfinance banks, marking a shift towards digital channels influenced by the post-Covid era, according to the State Bank of Pakistan's annual report.
The unemployment rate in Vineland-Bridgeton, New Jersey, experienced the largest increase in August compared to a year ago, while Kokomo, Indiana, had the largest decrease; Bismarck, North Dakota, had the lowest unemployment rate in the US at 1.5%, and Las Vegas-Henderson-Paradise, Nevada, had the highest at over 6%. The numbers suggest that the labor market in the US remains resilient despite economic challenges.
Argentina's center-right presidential candidate, Patricia Bullrich, would not seek new loans from the IMF if she wins the upcoming general election, but instead aims to manage the country's existing debt with the global lender, according to a top advisor; this comes as Argentina's economy continues to struggle with high inflation and a deteriorating local currency.
Chinese hackers stole tens of thousands of emails from the US State Department, with most of the victims working on East Asia and the Pacific, according to a US Senate staffer attending a briefing by State Department officials. The hack has strained US-China relations and raised concerns about the government's reliance on a single IT services provider, Microsoft.
About 60 percent of U.S. consumers live paycheck to paycheck, with high-income earners also facing financial constraints, according to a report by Pymnts and LendingClub.
The UK economy shows signs of recovering from the economic shocks of the pandemic and Ukraine war, but deep-rooted challenges remain, particularly in terms of underinvestment in both the private and public sectors, low productivity, and declining public services.
White House economic adviser Jared Bernstein warns that the US economy faces challenges from a possible government shutdown, student debt payments restarting, higher interest rates, and an autoworkers' strike. However, he believes that as long as there are no policy mistakes or external shocks, the economy will continue to perform well.
Amid an annual inflation rate above 100%, the portion of Argentines living in poverty has reached 40.1%, leading to increased demand for shelters and assistance.
Credit card delinquency rates are rising, which could potentially pose a problem for banks and lenders in the future.
Economists are accurate at predicting recessions in the near future but become less precise as the prediction timeline extends, according to a study by an economist at the Federal Reserve Bank of St. Louis.
Economist David Rosenberg believes a recession is highly likely in the U.S. within the next six months, citing economic headwinds such as rising oil prices and student loan payments, and highlighting the impact of fiscal stimulus fading and consumers slowing their spending.
More than 60% of Japanese business leaders expect increased risks of operating in China due to economic and geopolitical concerns, while the majority also plan to boost their company's return on equity to at least 10%.
Former President Donald Trump has been found liable for fraud in a civil lawsuit brought by New York’s attorney-general, potentially leading to the dismantling of parts of his business operation.
China and the UAE have launched a joint venture to bring energy efficiency to over 700 buildings in Abu Dhabi, with plans to expand across the UAE and the Middle East, reducing energy costs by over $30,000 per month for each building involved.
Europe, despite being geographically unclear and lacking a defined border, is more than just a geographical concept, with definitions based on cultural, political, and historical factors leading to confusion and shaping membership in the European Union.
Saudi Arabia's newest airline, Riyadh Air, plans to use artificial intelligence to track the least carbon-emitting flight routes and prioritize sustainability by reducing carbon emissions and improving fuel usage, as well as exploring environmentally conscious systems at airports.
Inflation in Argentina has caused poverty levels to rise, with 40.1% of Argentines living in poverty, and the country is heading towards its sixth recession in a decade, leading to increasing despair ahead of the upcoming election.
The resumption of student loan repayments will lead to a significant decrease in consumer spending, causing a contraction in real consumer spending growth and an increase in student loan delinquency rates, according to Fitch Ratings.
The 10-year Treasury yield reaching 5% hinges on investors' belief in a strengthening economy and the Fed maintaining high interest rates, according to Bank of America researchers.
The US military is exploring the use of beneficial biofilms to combat the harmful effects of bacterial colonies on military equipment, such as corrosion and drag, by replacing them with naturally occurring species that can protect surfaces and prevent damage.
The pandemic led to an increase in wealthier customers shopping at dollar stores, but now even dollar stores are struggling as shoppers spend less on non-essential items and prioritize essential purchases.
Italy's government, led by right-wing Prime Minister Giorgia Meloni, is facing challenges in balancing its budget and has significantly increased planned net spending, which could test investor confidence and raise concerns among European policymakers as it exceeds EU limits during a period of economic slowdown. Italy now forecasts a higher deficit compared to previous expectations, and it is struggling with anemic growth rates and a large debt burden. The government is grappling with limited funds for its spending commitments, including healthcare and tax cuts, while debt servicing costs and a contraction in GDP further add to the financial strain. The situation is drawing increased attention from market participants and the European Central Bank as Italy's economic policies come under scrutiny.
India is expected to be the fastest-growing major economy this fiscal year, but the forecasted growth is still below potential and risks are skewed to the downside, with a drier than normal monsoon season and sluggish private consumption acting as restraints; however, economists predict that the Reserve Bank of India will cut rates in the second quarter of next year.
The U.S. has a national debt of $33 trillion, raising concerns as the possibility of a government shutdown looms and lawmakers debate spending for 2024.
The U.S. Latino economy is thriving, with recent reports revealing that Latino GDP has reached $3.2 trillion, making it the fifth-largest global economy, and understanding and marketing to this fast-growing demographic will be key for businesses to find success.
The current state of the consumer is concerning as wages are not keeping up with inflation, excess savings from the pandemic have been depleted, and increasing levels of credit card debt are making it difficult to maintain spending levels, leading to potential economic headwinds.
A majority of Wall Street investors are concerned about the stock market's gains in 2023 and believe that it could retreat further as the risk for a recession increases.
The U.S. government is facing a potential shutdown if Congress does not resolve a deadlock by this weekend, which would result in furloughs or unpaid work for federal workers and military employees, but experts believe the impact on the economy and stock market will be short-lived.
The U.S. economy is viewed negatively by most Americans despite positive personal financial situations, with concerns about inflation and credit card debt rising; however, the economy remains a top issue for voters in the upcoming presidential election.
Rising inflation and interest rates are causing financial hardship for consumers, potentially becoming a major election issue as it affects voters' take-home pay and purchasing power.
Global stock market value falls below $100 trillion for the first time in four months due to concerns about the Chinese economy and rising US interest rates, leading to a drop in luxury brand and tech stocks.
Kenya plans to construct its first nuclear power station by 2027 in an effort to diversify its energy production and reduce reliance on polluting thermal facilities, with a capacity of 1,000 Megawatts to address rising electricity demand and economic goals for 2030.
J.P. Morgan strategists predict that the Federal Reserve will maintain higher interest rates until the third quarter of next year due to a strong economy and continued inflation, with implications for inflation, earnings, and equity valuations as well as potential impact from a government shutdown.
Mortgage applications and housing demand have dropped as a result of increased mortgage rates, which are now at their highest levels in over 20 years, leading to limited inventory and fewer options for buyers.
The risks of a near-term recession are increasing due to potential government shutdown and strikes in the auto industry, which are weighing on consumer confidence, according to J.P. Morgan Asset Management Global Market Strategist Jack Manley.
India's External Affairs Minister, S Jaishankar, has responded to allegations made by Canada regarding India's potential involvement in the killing of a Khalistani separatist, stating that it is not the policy of the Indian government and that they are open to examining specific and relevant information in the case.
US durable goods orders increased 0.2% in August, with core capital goods orders jumping 0.9%, indicating underlying strength in the economy despite tightening monetary policy.
Overall mortgage lending declined in 2022 due to the increase in interest rates and fees, resulting in reduced affordability, a higher percentage of borrowers paying discount points, and more denials for insufficient income; cash-out refinances saw a significant reduction while home-equity lines of credit increased.
A lawmaker in Russia has proposed adopting China's model of having two versions of the currency to stabilize the ruble; however, experts argue that this system may not work for Russia's economy, which is considerably smaller and relies heavily on global reference pricing in dollars.
About one-third of Americans believe that the economy operates as a zero-sum game, where one person's gain is another person's loss, with the figure being higher for Democrats when talking about different ethnic groups and for Republicans when discussing non-U.S. citizen immigrants, according to a survey conducted by researchers from Harvard University, the London School of Economics, and the Vancouver School of Economics. This zero-sum thinking influences individuals' support for income redistribution, universal healthcare, affirmative action, and immigration policies.
China's President Xi Jinping has announced plans to intensify anti-corruption efforts in state-owned companies and the financial sector to enhance their economic contributions.
London's office market is experiencing a "rental recession," with the highest level of vacant office space in three decades, as remote work continues to impact utilization and prompt rent decreases.
The International Monetary Fund warns that Sri Lanka's economic recovery is not yet assured, as the country struggles to meet revenue targets and ensure growth despite taming inflation.
Orders for durable goods in the US rose 0.2% in August, primarily due to increased defense spending, while core orders, which exclude defense and transportation, increased by 0.9%, suggesting a positive sign for broader business investment. However, overall business investment remains weak due to rising interest rates and recession fears, indicating a stagnant industrial sector. Higher borrowing costs are expected to continue to impact the sector and economic growth in the future.
China's President Xi Jinping emphasizes the need for reform and opening up the economy as foreign investors consider leaving, calling for a greater opening up of free-trade zones and a focus on playing by international trade rules. Despite these efforts, China's foreign direct investment has fallen and US businesses remain skeptical due to regulatory uncertainties and geopolitical risks.
The International Monetary Fund (IMF) did not reach an agreement with Sri Lanka in their first review of a $2.9bn bailout package due to concerns about a potential shortfall in government revenue generation, according to the lender.
The recent surge in long-term interest rates, reaching the highest levels in 16 years, poses a threat to the US economy by putting the housing market recovery at risk and hindering business investment, as well as affecting equity markets and potentially slowing down economic growth.
The global demand for copper, a critical mineral in clean energy technologies, is rapidly increasing, but mining companies are struggling to keep up, posing a threat to the growth of the clean energy transition and the goal of net-zero emissions by 2050. Solutions to this problem include improving mining operations, developing new extraction technologies, and increasing recycling efforts. However, the lack of investment in new projects and potential political actions could further exacerbate the copper supply shortage.
The U.S. Latino economy has grown to $3.2 trillion in 2021, surpassing the GDP of several countries and driving growth in states like California, Texas, and Florida, according to a report by the Latino Donor Collaborative.
Japan will consider Tokyo, Osaka, Fukuoka prefecture, and Sapporo city as potential candidates for special business zones aimed at attracting foreign asset management companies, according to Prime Minister Fumio Kishida.