Satellite data reveals that the sea-ice surrounding Antarctica is at a worryingly low level, posing significant risks and potentially disrupting global temperatures as a result of climate change and global warming.
Jeremy Grantham warns of a looming recession by early 2025, expresses concerns about US stock market, economy, and financial system, discourages investment in real estate and commodities, but supports climate-change stocks like Tesla.
US inflation is expected to continue its slowdown in the coming months due to easing car prices and rents, as well as a potential slowdown in the job market.
US inflation is expected to continue its slowdown in the coming months due to easing car prices, declining rents, and a potential slowdown in the job market.
Signs of improvement in China's economy, such as improving credit demand and easing deflationary pressures, may not be enough to stabilize the economy due to bigger concerns of decreasing affordability, tight wages, and rising costs that have not been addressed. A comprehensive policy revamp may be necessary for China's economy to recover.
The US Federal Reserve is expected to hold interest rates steady in September while leaving the door open for possible rate hikes in the future, as it tackles inflation and assesses the health of the economy.
French President Emmanuel Macron is apologizing to video gamers and praising the video game industry after previously blaming video games for riots in France, stating that he condemns the violence, not video games.
Canadian grocery executives are set to meet with Prime Minister Justin Trudeau to discuss food inflation, but analysts argue that the summit is unlikely to have a significant impact on the issue. Trudeau called for a plan to stabilize food inflation and warned that tax measures were on the table if consumers continued to face high grocery prices. However, analysts believe the summit is a disingenuous attempt to appear proactive on affordability concerns, and that grocers alone cannot solve the issue. They argue that factors such as the war in Ukraine and other players in the supply chain also contribute to rising food prices.
A survey by the National Council of Applied Economic Research reveals that food delivery workers in India are often the sole breadwinners in their families, experience a decline in income over time, and lack social security protection.
More than a third of homes for sale in the UK have experienced price cuts, the highest proportion in over a decade, suggesting that some sellers were initially too optimistic about their asking prices, according to property website Rightmove. The average size of the reduction is also the largest since January 2011 at 6.2%, with the typical cut amounting to £22,709. The housing market has been affected by a slump following consecutive interest rate rises, although there are signs of activity starting to pick up.
Despite the positive impact of Biden's economic agenda, Americans are still skeptical about the state of the economy, partly because the benefits of the agenda are not always visible or well-known.
Chinese police have detained employees at Evergrande Wealth Management, the financial subsidiary of Evergrande, after the company failed to make payments on its investment products, marking the first time employees have been detained; the case is under further investigation.
The European Central Bank's handling of monetary policy under Christine Lagarde, including unnecessary interest rate hikes, risks pushing the Eurozone into a recession.
Wages in Brighton and Hove have outpaced inflation, while the UK as a whole has seen a real-terms pay increase for the first time since March 2022, although low-paid workers in certain sectors continue to experience wage stagnation.
Türkiye plans to expand its gas infrastructure and establish a gas exchange to facilitate the transit of Russian gas to Europe, emphasizing its indispensable role in energy transportation corridors; it also aims to resume Iraq's northern oil export route, negotiate the construction of a second nuclear power plant, and establish a broader nuclear ecosystem for clean energy transition by 2050.
Prime Minister Narendra Modi launched the 'PM Vishwakarma' scheme, which offers traditional artisans up to ₹3 lakhs loan without any guarantee and at a low interest rate.
The disappearance of China's defense minister and a series of recent upheavals in the country's top ranks are creating uncertainty about President Xi Jinping's leadership, which could impact other countries' confidence in China's economy and political stability.
The Bank of England is expected to raise interest rates to 5.5%, potentially marking the end of its tightening cycle, as concerns about a cooling economy grow among policymakers.
Chinese commercial banks are concerned that the central bank's recent cut to mortgage rates will not be enough to prevent a surge in mortgage prepayments, which could squeeze bank margins.
The United Nations (UN) is increasingly sidelined in global politics, unable to address the wide range of crises and conflicts unfolding around the world, from war in Ukraine to coup d'etats in Niger and Gabon, leading many countries to seek alternative solutions outside of the UN system.
Indian Union Minister Rajeev Chandrasekhar warned India's enemies that going to war with India would have catastrophic consequences for their families, emphasizing that the Indian Military is a modernized and lethal force.
Chinese police have detained some staff at China Evergrande Group's wealth management unit, potentially adding to the property giant's troubles as it undergoes a debt restructuring and faces a crisis in China's property sector.
The unprecedented increase in fuel prices in Pakistan is expected to cause a significant rise in inflation, with the Consumer Price Index projected to reach as high as 30% to 32% in September 2023.
Despite Pakistan's immense potential in various sectors such as energy and agriculture, the country continues to face economic injustice and elite capture, which undermines social justice and human development, according to economist Dr Hafiz Pasha; in recent months, however, the government has taken action against electricity theft, currency smuggling, and commodity hoarding to combat these issues.
Advance tax collections in the first half of fiscal year 2023-24 have increased by 20% compared to the previous year, reaching ₹3.54 lakh crore, indicating a strong economy and healthy corporate performance.
The Benazir Bhutto Shaheed Bridge on the river Indus in Rahim Yar Khan, Pakistan, is at risk of damage due to erosion, leading to residents evacuating nearby villages and emergency repair works being conducted by the National Highway Authority (NHA).
The recent record-breaking increase in petrol prices in Karachi has had severe consequences for ordinary people, with many unable to afford fuel and resorting to alternative means of transportation, such as motorcycles or bicycles, while others contemplate selling their vehicles altogether.
Pakistan International Airlines (PIA) has secured a Rs17 billion bank loan, allowing it to pay salaries, operate flights smoothly, and fulfill its financial obligations.
The PML-N and the PPP have reignited their rivalry as common rival PTI faces political challenges, with the PPP accusing the PML-N of hiding behind institutions and the PML-N dismissing the criticism as a political stunt.
Greek Prime Minister Kyriakos Mitsotakis announced that Greece will implement state reforms to promote economic growth and provide relief measures for those affected by natural disasters, while maintaining fiscal progress; he also pledged to double state coffers for natural disasters and outlined reforms to improve ministry coordination and support sectors such as healthcare and housing.
Canada's affordable housing crisis, which is negatively impacting the government's popularity, will require years to resolve even with heightened construction efforts, according to Finance Minister Chrystia Freeland, who emphasized the need for collective action among various sectors.
Global monetary decisions over the next 36 hours may shape the rest of the year, as central banks grapple with a US push to maintain high interest rates and concerns over inflation and crude oil prices.
Amid indications that the bond market is betting on higher interest rates for a longer period, some investors are placing bets on the economy hitting a wall and a potential reversal in policy in the near future.
The French government plans to temporarily lift a ban on retailers selling road fuel below cost in efforts to combat inflation and alleviate pressure on households, while also requiring companies to indicate when they modify the size of a product on labels.
Daily Kos is encouraging people to get involved in the upcoming elections and is expressing solidarity with the Black community.
Approximately 75% of American workers earning up to $50,000 live paycheck to paycheck, while credit card debt has exceeded $1 trillion, making it difficult for those with debt to save; Gen Z saves more money than older generations due to their experience of the Great Recession, lack of trust in Social Security, and inclination to invest in cryptocurrency.
Gold prices rose 1 percent as a result of a weaker dollar and safe-haven buying, after the United Auto Workers union initiated strikes at three automakers in Detroit and expectations of a halt in US interest-rate hikes gave further support.
Ties between India and Canada have deteriorated as the Canadian trade minister cancels a trade mission to Mumbai without explanation, following strained bilateral relations and Canada's limited response to India's concerns over anti-India activities within its borders.
Honda and LG are building a battery manufacturing plant in Ohio, representing a shift towards transforming the US industrial heartland into the "Silicon Heartland" and reshoring essential technologies, although some projects have faced challenges and not materialized as planned.
Euro-area finance ministers are expressing concerns about political radicalization in Europe due to the shaky economy, sticky inflation, and voters searching for different options. There are worries of extremist parties gaining ground, particularly the far-right, amid economic challenges and upcoming EU elections. The impact of the European Central Bank's interest rate decisions on savers and the loss of competitiveness of the European economy are additional worries.
The world is de-globalizing with declining trade in goods, but services exports are thriving due to various factors such as protectionist tariffs, restrictions on sales, and shifts in operations.
Saudi Aramco's venture capital subsidiary, Wa'ed Venture, co-led a $52 million funding round for Mighty Buildings, a US-based construction technology startup known for its 3D printing technology in creating environmentally friendly and climate-resilient homes, with the funds dedicated to expanding its factory footprint in North America and entering new markets, including Saudi Arabia and the UAE. Additionally, Saudi Arabia's online marketplace Barakah raised $1.5 million in seed funding to expand its surplus food management operations, while Saudi Venture Capital invested $5 million in a fintech fund managed by UAE-based VentureSouq, focusing on early-stage fintech startups. Furthermore, logistics startup Equiptal secured $1 million in pre-seed funding to expand its team and market presence in Saudi Arabia.
The resumption of student loan payments in October could have a substantial impact on consumer spending and the economy, potentially subtracting 0.8 percentage points from consumer spending growth in the fourth quarter and putting pressure on retailers during the crucial holiday shopping season; however, the full extent of the impact remains uncertain due to factors such as income-based repayment programs, the one-year grace period for missed payments, and the potential for borrowers to prioritize other expenses over loan repayments.
European Union finance ministers are nearing an agreement on new fiscal rules, with Germany and Italy showing willingness to compromise, specifically allowing more leeway on certain investments for a limited time as a potential compromise.
Nigeria's annual inflation rate reached an 18-year high of 25.8% in August, driven by rising food prices and ahead of the Central Bank of Nigeria's upcoming interest rate decision.
A Guardian/Harris Poll survey found that although official figures suggest a strong US economy, two-thirds of Americans feel financially squeezed and find it difficult to be happy about positive economic news, potentially impacting the Biden administration's popularity and the upcoming election in swing states like North Carolina.
According to a ranking based on factors such as alcoholism, adultery, suicide, and wealth rates, the top 10 happiest countries in the world are the Republic of Korea, Hungary, India, Belgium, Estonia, Norway, Sweden, Australia, Austria, and Finland.
Gas prices have been rising in the US due to drilling restrictions imposed by OPEC, with California having the highest prices; automotive workers in the US, represented by the UAW union, have initiated a large-scale strike against General Motors, Ford, and Stellantis; President Biden believes that auto companies haven't fairly shared their record profits with workers; Senator Sanders supports the strike as a fight for better conditions for the working class; the Federal Reserve will meet to discuss interest rate changes, with the current rate standing at 5.33 percent.
The high frequency weekly indicators suggest that while the long leading indicators are negative, the short leading indicators have rebounded and the coincident indicators are in conflict, with no recession warning but a continued recession watch.
The caretaker government in Pakistan has announced a historic hike in petrol and diesel prices, with fuel costing over ₹330 per litre, further burdening the public already facing high inflation.