Canadian Prime Minister Justin Trudeau's warning of new taxes on grocery chains to combat rising food prices is unlikely to address food inflation and may result in increased prices for other essential items, according to industry experts.
US stocks slumped as reports of China's recovering economy caused concern, potentially impacting global stock exchanges, while the US auto workers' strike and oil price rallies also contributed to market fluctuations.
The UAW strike, rise in oil prices, strong dollar, and upcoming Federal Reserve meeting are factors impacting the economy, causing stocks to be lower.
India successfully used its G20 presidency to showcase its rising power status, bridge the gap between the West and the Global South, and highlight Prime Minister Modi's leadership, but the summit itself did not deliver concrete outcomes on key issues such as climate change and multilateral development bank reform.
The Central Bank of Russia has raised its key lending rate to 13% in an effort to combat inflation and stabilize the struggling ruble, which has weakened significantly against the dollar due to decreased exports and increased imports. The country also faces challenges with low unemployment and a brain drain of talent to other former Soviet states. However, the Russian government remains optimistic about economic growth forecasts for 2023.
With the right reforms, India has the potential to become the next engine of global growth, benefiting from major economic re-alignments caused by China's slowdown and the US diversifying its supply chains. Major corporations are already investing in India, recognizing its potential. However, India needs to overcome challenges such as high tariffs, infrastructure improvements, and regional cooperation to fully realize its manufacturing potential and attract foreign investment.
UAW President Shawn Fain is injecting chaos into negotiations with striking autoworkers, implementing a unique strike strategy to maximize leverage and keep the automakers guessing, while also pressuring President Joe Biden by withholding the union's endorsement and criticizing his support.
Lebanon continues to face enormous economic challenges, including a collapsed banking sector, eroding public services, deteriorating infrastructure, and worsening poverty, according to the International Monetary Fund (IMF). The IMF called for comprehensive policy decisions to address the country's external and fiscal deficits, as well as the restructuring of the banking sector and state-owned companies. Lebanon's political class has been resistant to implementing economic and financial reforms, despite ongoing talks with the IMF.
Mortgage rates for home purchases and refinancing have fluctuated, with rates for 30-year terms increasing and rates for 10-year and 15-year terms decreasing. Borrowers have the option to choose a term that aligns with their financial goals and preferences.
Higher interest rates next year will negatively impact a significant number of corporations when they need to refinance, according to Mohamed El-Erian, the chief economic adviser at Allianz SE.
Rates on 30-year mortgages have decreased, reaching their lowest point since September 1st, after dropping nearly a quarter percentage point from their 22-year high recorded last week.
The G7 countries plan to announce an import ban on Russian diamonds in an effort to reduce Russia's capacity to finance the war in Ukraine, but the success of the ban depends on cooperation from India, the world's top diamond cutting and polishing hub.
South Africa's rand weakened against the dollar due to a power crisis, upcoming inflation figures, and an interest rate decision, while mining figures also contributed to its decline.
The price of rice has reached its highest level since 2008, causing concerns of a potential food crisis in Asia, as the continent is responsible for consuming 85% of global rice production; factors contributing to the price increase include irregular rainfall, drought, and disruptions in the supply chain, while export restrictions imposed by major rice-producing countries have further exacerbated the situation.
The top 10 African countries with the highest interest rates in September, according to Trading Economics, are Zimbabwe, Ghana, Sudan, Congo, Malawi, Liberia, Egypt, Sierra Leone, Nigeria, and Mozambique.
Canada's employment insurance (EI) premium rate will increase by three cents in 2024, according to the Canada Employment Insurance Commission, as the country aims to strengthen its social safety net and support its growing labor market.
Gasoline prices in the US have reached a record high for this time of year, posing a challenge to President Joe Biden's fight against inflation.
Prime Minister Justin Trudeau's proposed reforms to competition law are seen as a positive step toward increasing Canada's corporate competitiveness, but it remains uncertain whether this will address voters' concerns about rising prices.
Americans are facing a higher rejection rate for loans and credit cards as lenders tighten their lending standards, with those with a credit score below 680 most affected.
The author reflects on their observation that while capitalism is a popular topic of discussion, economists have different definitions of what it actually is, leading them to explore the concept further and discuss its impact on society.
Chinese economic data showed signs of improvement in August, with retail sales and industrial production exceeding expectations, and key commodities experiencing growth, although challenges remain in the property market.
Americans are feeling uncertain about the economy's direction and are starting to worry about a possible government shutdown, as consumer sentiment dips in September due to concerns about inflation and higher gas prices.
Russia's central bank has raised interest rates to 13% in an effort to combat inflation and support the struggling ruble, which is trading near a 16-month low against the dollar.
Consumer sentiment in the US fell for the second month in a row in September, reflecting concerns about the economy, even though Americans believe that inflation will continue to slow.
India and Saudi Arabia are discussing the possibility of trading in their local currencies, potentially ending their reliance on the US dollar for cross-border transactions.
The latest economic forecasts from Federal Reserve regional banks show varying estimates of the economy, with one indicating it is red-hot and another suggesting a recession.
Indonesia's trade surplus in August exceeded expectations, reaching $3.12 billion, as imports of raw materials and capital goods fell more than anticipated, according to government data.
American workers are facing a decline in median annual household income due to high inflation, with 17 states experiencing a decrease while only five saw an increase, according to data from the Census Bureau. The labor market remains challenging, with wages rising but not enough to keep up with inflation.
Renowned investor Jeremy Grantham warns that the US tech bubble is on the verge of bursting due to inflated stock prices driven by AI hype, with a high chance of a US recession in the next 18 months. He advises caution in investing in US equities, real estate, and commodities, but sees compelling opportunities in climate-change stocks.
Economist Campbell Harvey warns that the Federal Reserve should not raise rates later this year, as he believes a recession may occur in 2024 due to an inverted yield curve and potential distortions in Bureau of Labor Statistics and GDP figures.
Stocks soar as a soft landing in 2024 becomes more likely, confounding earlier predictions of a bear market rally and recession.
The plan by the U.S. and India to build an alternative to China's Belt and Road Initiative could lead to better deals for countries along the route and is seen as healthy competition by participants at a conference in Hong Kong.
The New York Fed's Empire State business conditions index unexpectedly rose by 21 points in September, indicating improving manufacturing activity in the state.
Rising borrowing costs have led to the highest rate of canceled home purchases in almost a year, with nearly 60,000 deals falling through in August, equaling 16% of homes under contract.
World leaders gathering for the UN's Sustainable Development Goals (SDG) Summit are facing the failure of their grand promises, with the goals unlikely to be achieved until half a century late, and the author argues that prioritization is needed to focus on the most efficient policies that can deliver significant social benefits at a low cost.
Almost a third of Americans earning $150,000 a year or more are living paycheck to paycheck and relying on credit cards to cover expenses, indicating an economic divide that is widening among Americans.
The potential government shutdown threatens to deprive the Federal Reserve of crucial data on the labor market and inflation, which could hinder its ability to make informed decisions about the economy and interest rates.
The US economy shows signs of weakness despite pockets of strength, with inflation still above the Fed's 2% target and consumer spending facing challenges ahead, such as the restart of student loan payments and the drain on savings from the pandemic.
Approximately 30% of all unsecured loan borrowers, including credit card and personal loan borrowers, have debt levels that require them to allocate more than 50% of their income towards repayment, leading to financial distress and a reliance on loan sharks, according to ttb analytics.
The performance of Alibaba and JD.com stocks suggests that investors are uncertain about whether China's economy is improving despite positive Chinese data.
Argentine presidential candidate Javier Milei, known for his radical and aggressive style, has gained momentum in the country's political landscape with his promises to tackle economic volatility, inflation, and decline, as well as his pledge to dollarize the economy. He is seen as the front-runner in the upcoming October election, although his aggressive style has both appealed to and put off voters.
The Birmingham City Council, the largest local authority in Europe, has declared bankruptcy and suspended all spending except for essential services due to a lack of resources, with critics blaming the Pakistani and Bangladeshi population for negatively impacting the council's balance sheets.
The economy's structural problems, including racial wealth disparities and low-wage work, have been perpetuated by dominant narratives of hard work and meritocracy, and our current version of capitalism needs to be improved to provide equal opportunities for all.
Sri Lanka's economy contracted 3.1% in the second quarter due to high inflation, a depreciating currency, and lower purchasing power, but experts predict a return to growth in the third quarter.
The decline of Airbnb due to new restrictions in New York City has raised concerns that it could lead to a collapse in the American housing market, according to financial guru Robert Kiyosaki, who also sees it as a potential financial opportunity for investors and homebuyers.
The Federal Reserve is expected to maintain one more rate hike on the table in their updated forecasts, despite their growing faith in the prospect of an economic soft-landing.
China and Zambia have upgraded their relationship to a comprehensive strategic cooperative partnership, signaling China's growing role and ambitions to be a global leader, as it forges deeper ties with the Global South.
India's Finance Minister Nirmala Sitharaman expressed optimism about achieving a 10.5% growth target this fiscal year and prioritized economic growth over taxing diesel vehicles.
India's trade deficit widened to a 10-month high of $24.16 billion in August, with a decrease in both imports and exports.
US companies have experienced a 176% increase in debt defaults in the first eight months of 2023 compared to the same period in 2022, with high interest rates pushing businesses into financial distress, particularly in the media and entertainment sector.