Australian millionaire property developer Tim Gurner is facing backlash for calling for increased unemployment to give companies more leverage over employees, claiming that they have become "arrogant" since the COVID-19 pandemic.
The British government's risk register, which assigns scores to various potential catastrophes, is considered to be good but flawed in its presentation and methodolog
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The global debt-to-GDP ratio has decreased for the second consecutive year, but the decline may be coming to an end as the post-COVID growth surge fades, according to the International Monetary Fund (IMF). China and the United States both have high debt-to-GDP ratios, and the IMF has called for strategies to reduce debt vulnerabilities in various sectors.
China's economy is facing both cyclical and structural stress, but the government is well-equipped to manage the situation through incremental stimulus and reform, according to U.S.-China Business Council President Craig Allen.
U.S. and European firms are shifting investment away from China to other developing markets, with India receiving the majority of redirected foreign capital, due to concerns over China's business environment, economic recovery, and politics. However, diversification is unlikely to result in a rapid decline in exposure to China as the markets foreign firms are investing in are still heavily reliant on trade and investment with China.
The UK's Serious Fraud Office (SFO) has charged four individuals, including a former director, with fraud over the collapse of bakery chain Patisserie Valerie, which collapsed in 2019 following a multi-million pound black hole in its finances due to potentially fraudulent accounting irregularities.
Chinese stocks experienced the largest monthly outflow in a year, with foreign investors withdrawing $15.5 billion from emerging market portfolios in August, driven by concerns over China's economic growth.
The BRICS group invited six new members, including Saudi Arabia and the United Arab Emirates, indicating a move towards energy dominance and diversification, but internal divides and strategic rivalries within the bloc may hinder its ability to challenge the current global energy order.
Argentines face daily challenges in trying to find deals and lower prices as the country's inflation skyrockets above 100%, leading to a cost-of-living crisis and increased poverty levels.
China's economy is facing potential decline due to high debt levels, government interference, and an aging population, with warnings of a full-blown financial crisis echoing the 2008 US recession. Failure to liberalize the economy could have long-term consequences, as foreign investments are restricted and the lack of capital inflow and outflow could harm businesses.
Ukrainian presidential adviser Mykhailo Podolyak sparked controversy by making comments about the 'intellectual potential' of Indians and Chinese, stating that they fail to analyze the consequences of their actions and have weak intellectual potential.
Despite the pressure on the market, the major US equity indexes have held steady near their recent highs, with the S&P 500 up 16.21% year to date and the Nasdaq Composite up 31.6%, raising questions about whether the current market weakness is due to seasonality or potentially something more significant like inflation.
The number of new corporate defaults globally reached a high in August 2021, indicating increasing corporate stress due to aggressive rate hikes and looming debt maturities.
Zara owner Inditex beats expectations with a 40% increase in half-year net profit, driven by strong sales and stable prices, despite investors booking profits and shares falling by 1.5%.
The sale of anti-obesity drugs in Denmark, particularly Ozempic and Wegovy, has significantly boosted the country's economy and prevented it from entering a recession, with the pharmaceutical industry adding almost two percentage points of growth to the GDP in the first half of 2023. The success of these drugs has also made Novo Nordisk, the company behind them, the highest valued company in Europe.
The duration and economic impact of a potential UAW strike against the Detroit automakers is uncertain, with the UAW's strategic walkouts making it difficult to predict the length of the strike and losses in the economy. While a short strike may not fundamentally change Michigan's economic trajectory, a longer strike or one targeting all three automakers could have a longer-lasting effect on the state's economy. However, a strike-induced recession for the US economy seems unlikely, and Michigan could rebound with wage gains if the strike is relatively short.
Reliance Retail, India's largest retailer, is in talks with existing investors, including sovereign wealth funds from Singapore, Abu Dhabi, and Saudi Arabia, for approximately $1.5 billion in new investments as part of its plan to raise $3.5 billion by the end of September at a valuation of $100 billion.
The slumping Russian ruble has raised concerns of a potential exodus among Central Asian labor migrants, as their salaries decrease in value and they have less to send home to their families, exacerbating an existing labor shortage in Russia and impacting the country's long-term economic potential.
Thailand's new government has approved measures to boost the economy, including a cut to the diesel tax, a visa-free entry program for Chinese tourists, and a suspension of debt payments for farmers.
Consumer spending in the US has supported the economy despite concerns of a recession, but rising interest rates, the resumption of student loan payments, and dwindling savings are predicted to put pressure on consumers and potentially lead to a shrinking of personal consumption.
The Pakistani rupee has depreciated significantly in the first three weeks of the interim government's tenure, reaching a record low and making it the worst-performing Asian currency this quarter, due to factors such as a change in government and high inflation. The State Bank of Pakistan is implementing measures to address the economic challenges, including reforming the exchange rate and modernizing the banking system.
The UK economy contracted by 0.5% in July, worse than expected, due to strikes in hospitals and schools as well as inclement weather, raising concerns of a potential recession.
The used-auto lending industry is facing challenges including failed loans, regulatory scrutiny, and increasing delinquencies, which could have significant implications for the U.S. economy.
The UK's GDP has contracted more than expected in July due to strikes, adverse weather, and a decline in retail trade, with a 0.5% decrease, although the broader picture indicates growth across various sectors; meanwhile, wages have risen by 7.8% and unemployment has increased to 4.3%.
The struggling real estate sector in China, due to a current crisis and government regulations, is impacting consumer spending and causing Chinese tourists to be slow in returning to international travel. As Chinese homeowners prioritize savings and cut back on spending, global tourism destinations are experiencing a decline in Chinese visitors, resulting in a forecasted decrease of nearly 70% in China's outbound travel spending this year.
The U.S. Department of Agriculture has increased its estimate for harvested corn area, resulting in hopes of a near-record harvest despite weaker yields, as corn plantings reach a 10-year high.
Stocks declined amid speculation that US inflation data will show persistent price pressures, increasing the likelihood that interest rates will remain elevated; market focus is on the US consumer price report.
China's central bank will take measures to boost demand, support price rebound, and create a favorable monetary and financial environment to enhance economic vitality, according to an unnamed senior central bank official.
The cost of living in Kenya has risen by 6.7% due to an increase in the cost of basic commodities such as sugar, beans, maize flour, and cooking oil, posing a challenge for President William Ruto's promise to cushion citizens.
The U.S. dollar stabilized as traders await U.S. inflation data, while sterling weakened after the U.K. economy contracted more than expected in July.
The UK economy contracted by 0.5% in July due to strike action, bad weather, and weak economic growth, but the broader picture remains positive with growth in services, production, and construction sectors, according to the Office for National Statistics (ONS).
European stock markets weakened after the UK economy contracted more than expected in July, while investors await US inflation data; oil prices edged higher due to bullish demand outlook and signs of global supply tightness.
US banks are experiencing significant deposit outflows, with total bank deposits plunging by over $70 billion in a week, the lowest levels since May, leading to concerns about the ongoing regional banking crisis; meanwhile, US commercial banks have also suffered significant losses in deposits, with 60% of deposits moving to higher-yielding money market funds, and the balance of unrealized losses on securities at commercial banks rising to $558 billion in Q2; to address these issues, the Federal Reserve has reached an all-time high of $107.8 billion in its banking loan facility to provide funding to distressed banks.
The dollar remains steady ahead of a key U.S. inflation report, but rises against the yen as traders digest comments from Japan's central banker on a possible early exit from negative interest rates.
The Bank of England may raise interest rates to 5.5% this autumn due to inflation remaining above target, potentially putting further financial strain on homeowners, while households on low incomes will receive cost of living support payments from the government totaling up to £1,350 this year, and the Energy Price Cap has dropped again to £1,923 for the final quarter of the year.
U.S. consumer prices are expected to have increased the most in 14 months in August due to rising gasoline costs, while underlying inflation is forecasted to remain moderate, potentially prompting the Federal Reserve to keep interest rates steady.
Russia's economy ministry has raised its 2023 inflation forecast from 5.3% to 7.5% due to the impact of the war in Ukraine, and President Putin has acknowledged that high inflation is causing difficulties for businesses.
B.C. Premier David Eby risks indirectly influencing the Bank of Canada and driving inflation by urging the bank to not increase interest rates, according to an economist, as politicians' comments and pressure on the bank raise concerns about its independence and effectiveness in tackling inflation.
Japan's annual wholesale inflation slowed for the eighth consecutive month in August, providing relief for households and retailers affected by previous increases in raw material imports.
China's recent policies to stabilize the property sector may not be enough to stimulate real economic growth, although they could generate demand, according to analysts.
Holiday sales in the United States are expected to grow at their slowest pace in five years, as consumers are cautious due to dwindling savings and concerns over the economy, with online shopping expected to be a bright spot.
China's economic recovery is being hindered by heavily indebted local government financial vehicles (LGFVs), which were created to build public infrastructure but are now a ticking time bomb that restrains the country's ability to spend its way out of the current economic slowdown. The options for President Xi Jinping are limited, but a harsher solution like a fire sale of LGFVs' assets may be necessary to address the debt overhang and revive economic growth.
The European Union is pledging over 2 billion euros in financial support to Greece following the extensive damage caused by wildfires and floods.
The European Central Bank is expected to see inflation in the euro zone remain above 3% next year, which strengthens the case for an interest rate increase.
India's Aeroflex Industries is in talks to enter the aerospace sector and aims to be a part of India's next space mission, as the country looks to increase its share of the global satellite launch market.
The Bureau of Labor Statistics is expected to release a report showing steady growth in consumer prices with a year-on-year inflation increase of 3.6% in August, indicating that the Federal Reserve's efforts to control inflation are working but there may be more rate hikes if inflation does not decline.
Big Japanese manufacturers and the services sector in Japan are experiencing a decline in confidence, with concerns of a slowdown in China's economy affecting global and domestic growth, according to a Reuters poll. The weak sentiment in the business sector raises doubts about the ability of exports to drive economic recovery amid weak domestic demand. Many companies cited high input costs and weak demand as contributing factors, along with geopolitical risks and tensions between the US and China.
The child poverty rate in 2022 has more than doubled compared to 2021, primarily due to the expiration of pandemic-era programs such as the child tax credit, which provided support for basic necessities and decreased financial hardships for families.
The Parliamentary Budget Officer (PBO) has stated that it will take 20 years for the Canadian government to break even on the $28.2 billion in subsidies given to Volkswagen and Stellantis for EV battery plants in Ontario, raising concerns that the timeline was unrealistic and that the government likely underestimated the economic impact of the plants.