A handful of new institutions are disrupting higher education in the UK, offering innovative programs and degrees focused on practical skills, though their growth is hindered by regulatory challenges and lack of government support.
A global tax convention to tackle tax avoidance by multinational corporations, including tech giants, is expected to be signed by 138 countries by the end of the year for implementation in 2025, along with a separate framework enforcing a 15% minimum global corporate tax rate.
JPMorgan Chase CEO Jamie Dimon warns that while the U.S. economy is currently strong, it would be a mistake to assume it will sustain long-term due to risks such as central bank actions, the Ukraine war, and unsustainable government spending.
Americans are expecting high inflation to persist over the next few years, with a median expectation of 3.6% one year from now and estimates of around 3% three years from now, according to a survey by the Federal Reserve Bank of New York. This suggests that sticky inflation may continue to be a concern, as it surpasses the Fed's 2% target. Consumers also anticipate price increases in necessities such as rent, gasoline, medical costs, and food, as well as college tuition and home prices.
Kyle Bass predicts that the US banking industry will suffer losses of hundreds of billions of dollars due to exposure to the office market, representing a 10% hit to US banking equity, while industrial and multi-family sectors will remain strong.
Investors and the Federal Reserve will have to wait for inflation to return to acceptable levels, as the Consumer Price Index report for August 2023 shows consumer prices rising at half the pace compared to a year ago, despite a jump in gas prices.
The Indian government denies allegations of overspending on the G20 summit, stating that the additional expenditure was for permanent asset creation and infrastructure development and not limited to hosting the event.
This podcast features three essential articles from the latest issue of The Economist, discussing the future of the Middle East, Wall Street's pursuit of wealth management, and the impact of London's bus drivers on healthcare.
China's economy is at risk of a financial crash due to its property bubble and soaring debts, according to market veteran Ruchir Sharma.
Investors are growing increasingly concerned about the ballooning U.S. federal deficit and its potential impact on the bond market's ability to finance the shortfall at current interest rates, according to Yardeni Research.
Argentina's Consumer Price Index likely rose 11.8% in August, the highest monthly figure since 1991, due to a sharp devaluation of the local peso currency and the country's ongoing inflation crisis.
Japanese long-term interest rates and the yen rose after Bank of Japan Governor Kazuo Ueda hinted at the possibility of ending the bank's negative interest rate policy.
US household wealth reached a record high of $154.3 trillion in Q2 2022, driven by a surge in stock market investments and real estate values, according to Federal Reserve data, providing consumers with a cushion to weather future economic storms and a potential increase in unemployment.
The crashing office real estate market in America's largest cities is putting them at risk of an economic "doom loop" with potential consequences including higher tax rates, property value declines, and financial trouble for banks.
Approximately $7.6 trillion of outstanding U.S. government debt is set to mature within the next year, raising concerns about how the Treasury will finance its borrowing needs going forward, although the Treasury Borrowing Advisory Committee believes that Treasury can continue to issue Treasury bills given the current levels of demand, according to a letter released last month; the committee also recommended that Treasury take steps to normalize the level of T-bill issuance over time.
A new ports and railway corridor for the Middle East and South Asia, which includes train links to India, has been unveiled at the G20 summit in Delhi as a response to China's Belt and Road Initiative.
S&P Global's chief economist, Paul Gruenwald, discusses soft economic landings, sticky inflation, the dash to decarbonize, and the emergence of India as key subjects of concern in the global economy.
Saudi Arabia is considering setting up an office for its sovereign wealth fund in India's financial services center, GIFT City, as part of a joint task force for $100 billion of Saudi investment in India.
Furniture industry giant Mitchell Gold + Bob Williams abruptly shuts down, leaving hundreds of employees without any notice or jobs, and impacting local businesses as well.
The US economy is facing a looming recession, with weakness in certain sectors, but investors should not expect a significant number of interest-rate cuts next year, according to Liz Ann Sonders, the chief investment strategist at Charles Schwab. She points out that leading indicators have severely deteriorated, indicating trouble ahead, and predicts a full-blown recession as the most likely outcome. Despite this, the stock market has been defying rate increases and performing well.
Deputy Treasury Secretary Wally Adeyemo believes that reversing the rise in inequality in the United States is crucial for overall economic growth, and the Biden administration is focused on driving down inflation and making targeted investments to revitalize underserved communities.
The West needs to increase pressure on Russia's economy by intensifying sanctions and implementing stricter controls on Russian exports, oil price caps, and financial transactions, while also uncovering hidden stashes of money and putting Russia under a full financial embargo.
U.S stocks are recovering from losses, with the S&P 500 and Dow Jones Industrial Average both up 0.4%, as tech stocks lead the market higher and investors await key data on inflation this week.
Consumer spending in the US is expected to decline in early 2024, marking the first quarterly decline since the start of the pandemic, according to a survey by Bloomberg. The pessimism is attributed to high borrowing costs and the depletion of COVID-era savings.
Zara owner Inditex is expected to lower prices amid weakening demand for clothing, despite having raised prices in response to surging inflation.
Tanzania's tourism industry is experiencing a strong recovery, with earnings reaching $2.99 billion and tourist arrivals increasing by 37.2% in July 2023, driven by visitors from Europe and the United States.
Saudi Arabia is actively seeking to exchange experience with nations around the world to ensure its sustainable development and achieve its goal of carbon neutrality by 2060, with a focus on economic, social, and environmental sustainability.
China's economic problems are more likely to impact its neighboring countries and Europe than the United States, according to U.S. Deputy Treasury Secretary Wally Adeyemo, who emphasized the need for China to address its structural economic issues.
The number of ultra wealthy individuals worldwide decreased by 5.4 percent last year, and their combined net worth fell by 5.5 percent to $45.4 trillion, with Asia experiencing the largest decline due to China's Covid policies and the war in Ukraine.
A new official survey reveals that European citizens overwhelmingly support the EU’s measures to deal with the energy crisis, boost energy security, and support Ukraine against the Russian invasion.
The African Union has been granted permanent membership to the G20, strengthening the Global South's position in international economic issues.
The global financial crisis of 2008 and subsequent events such as the covid-19 pandemic and the Ukraine war have created a more complex and volatile world, with challenges including a potential debt crisis, shifting growth engines, slowing globalization, new rules for technology, and a volatile and uncertain macro environment.
Asia is expected to continue to have more ultra wealthy people than Europe, with analysts predicting that Asia's global share of ultra high net worth individuals could hit 29 percent by 2027.
India's stock market has seen a rally as strong macroeconomic fundamentals and China's economic slowdown keep foreign investors invested in Indian stocks, while a surge in retail investor interest continues to drive the market.
The European Commission has revised down its economic forecast, citing high prices for goods and services as a significant factor, leading to reduced growth projections for the European Union and the eurozone. Germany is expected to experience a downturn, while inflation is projected to exceed the European Central Bank's target. Weak consumption, credit provisions, and natural disasters are also contributing to the loss of momentum in the economy. However, the report highlights the strength of the EU labor market with a low unemployment rate.
The Pakistani rupee's rise against the dollar is attributed to a crackdown on hoarding and illegal outflows of the greenback as well as increased vigilance in the Afghan transit trade.
A Washington-based financial institution has secured $550 million in financing for a petrochemical plant in Ceyhan, Turkey, according to President Erdogan.
The extension of voluntary oil production cuts by Saudi Arabia and Russia has caused oil prices to surge above $90 a barrel, threatening an inflationary spike that could disrupt central banks' plans to wind down interest-rate hikes, particularly for the Bank of Canada.
India's Finance Minister, Nirmala Sitharaman, has stated that India may reconsider allowing local firms to list on foreign exchanges, potentially reviving a plan put on hold due to opposition and tax concerns. Currently, Indian firms are not allowed to list directly on overseas exchanges, but can only list through instruments such as depository receipts.
The German economy is predicted to contract in 2023, with a forecasted shrinkage of 0.4%, primarily due to the impact of the Ukraine war and rising energy prices.
Bank of Japan policymakers are discussing the need to shift away from the massive monetary stimulus of the past decade, suggesting a potential policy change in response to growing price pressures and changes in Japan's deflation-prone economy.
India and other countries, including the United States and Saudi Arabia, are planning a new ports and railway corridor that will connect the Middle East and South Asia, with train links to India, in response to China's Belt and Road Initiative.
Saudi Arabia is actively seeking to exchange experience with nations worldwide to achieve carbon neutrality by 2060 and ensure sustainable development, with a focus on economic, social, and environmental sustainability.
Iowa has a relatively low average wage compared to other states, but it covers about 110% of living expenses due to the state's affordable cost of living and cheap housing.
The bullish and bearish narratives in the market are clashing over whether there will be a soft landing or economic problems in the future. The battle over the economy and concern over inflation will be the primary issue for the market in the coming months.
The G20 summit in New Delhi highlighted the shift in power dynamics, as Western leaders signed a joint statement on Ukraine with Russia, recognizing the need for realpolitik and the importance of India's role in the emerging multipolar world. The inclusion of the African Union in the G20 and calls to increase World Bank lending to developing countries further reflect this changing landscape.
Morgan Stanley upgrades Tesla and makes it a top pick with analyst Adam Jonas predicting a 60% rally, while Gilead Sciences could jump nearly 30% as biopharma bounces back, says Bank of America.
Leaders from Brazil, Russia, India, China and South Africa recently announced that Saudi Arabia, along with five other nations, would be invited to join the BRICS organization, potentially causing fears of economic catastrophe in the U.S., although experts argue that this scenario is highly unlikely.
New home sales in Beijing have increased by 16.9% in the week of September 4-10, indicating that government efforts to revive the property sector are having an impact in the Chinese capital. However, the rebound in sales is not reflected across the rest of China, with sales falling 20% on average nationwide.
Rural America is experiencing population growth, driven in part by Californians and retirees moving to cheaper states, but this influx is straining local resources and infrastructure, leading to challenges such as housing shortages and overloaded schools.