Malaysia has lifted its ban on live cattle and buffalo imports from Australia after receiving an investigation report and confirming that the country remains free of lumpy skin disease.
The US is seeking to understand the details of Huawei's chip technology, which has sparked Chinese nationalism and raised questions about the effectiveness of US restrictions on the country's tech sector.
China's economic slowdown is posing a significant challenge to President Xi Jinping's agenda, forcing him to make difficult choices and potentially relinquish some control over the economy. The slump in housing sales and the crackdown on private capital are among the factors contributing to the economic setbacks, prompting calls for change and a reevaluation of economic policies under Xi's highly centralized leadership. However, Xi seems reluctant to make major changes to his strategy, opting for a hands-off approach and avoiding a big rescue plan for distressed developers and local governments. The central government's control over taxes and the need to revamp the fiscal system further complicate the situation. Restoring government finances while reassuring private investors is a daunting task that requires strong leadership and potentially contentious policy changes. The upcoming Communist Party meetings will shed light on how Xi plans to restore confidence in his economic agenda, but some economists and former officials warn that time may be running out for China to embrace necessary reforms.
US indices started the week on a subdued note as oil prices reached a 10-month high, causing concerns about global inflation, while US Treasury yields rose and the US dollar reached a ten-month high.
Despite claims of massive foreign investment pouring into Pakistan, the country's economic woes and obstacles, such as deteriorating law and order, make it unlikely that these investments will materialize and bring about significant change.
Europe's struggle with inflation and economic growth contrasts with the United States, as the European Central Bank's aggressive tightening risks pushing the euro zone into a downturn, with the manufacturing and services sectors already showing signs of contraction.
Pakistan's civilian and military leaderships are optimistic that Gulf states, particularly Saudi Arabia, will invest billions of dollars in the country to alleviate its cost-of-living crisis, but doubts remain about the feasibility of these projections and the need for economic reforms and stability.
The Australian dollar declined against the US dollar as the Australian economy slowed in Q2, indicating that the Reserve Bank of Australia may not raise interest rates further.
Birmingham City Council has issued a Section 114 Notice, blocking spending on all but essential services, due to years of under-funding by Conservative governments, creating a financial crisis for the city.
Utah has been ranked as the most debt-ridden state in the US, with households owing an average of 138% of the state's annual salary, primarily due to factors such as high auto loan and mortgage debt, as well as the state's young demographic.
Amid speculation of a proposal to rename India to 'Bharat', Union Minister Anurag Thakur dismisses the rumors, stating that those who object to the name 'Bharat' reveal their mindset against it.
Stocks fall as higher oil prices and rising Treasury yields put pressure on the market, while Arm prepares for its IPO with a valuation of up to $52 billion and Saudi Arabia and Russia extend their oil production cuts, causing concerns about inflation and raising Treasury yields.
China's official manufacturing PMI rose to 49.7 in August, indicating a slight improvement in domestic demand, while the non-manufacturing PMI fell to 51, suggesting a slowdown in the services sector; however, the composite PMI remained in expansion territory, indicating a modest cyclical recovery is likely.
Congress is planning to sell off a 1 million barrel emergency cache of gasoline created after Hurricane Sandy, as the reserve has never been used and is considered ineffective.
Goldman Sachs has lowered its odds of a US recession in the next 12 months to 15% from 20%, citing the resilience of the economy, supportive income growth, and a balanced labor market, with Chief Economist Jan Hatzius suggesting a soft landing is possible and that further rate hikes by the Federal Reserve are unlikely.
JCPenney CEO Marc Rosen acknowledges that working-class families are facing financial challenges due to inflation and increased expenses, leading to a higher reliance on credit cards and private label brands. Despite the economic difficulties, JCPenney sees an opportunity to capture market share by offering affordable fashion and upgrading its stores. The company remains in a strong financial position and does not currently have plans for major store closures or an IPO.
Goldman Sachs chief economist Jan Hatzius has revised his forecast for a U.S. recession in 2023, lowering the probability from 35% to 15% due to positive inflation and labor market news, while still expecting a mild economic slowdown.
The Cavinder Twins, budding WWE stars and social media sensations, opened up about the strain on their friendship caused by their differing fortunes during their time at Miami, with one twin excelling on the court while the other struggled.
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The biggest risk of de-dollarization is that the US could lose a key tool it's used to fight past economic crises, according to JPMorgan.
Goldman Sachs economists have lowered their probability of a recession in the next 12 months to 15% from an earlier forecast of 20%, citing cooling inflation, a strong labor market, and the belief that the Federal Reserve is done raising interest rates.
The Federal Reserve has sold about $1 trillion of its bond holdings without causing strains in financial markets, as part of its balance sheet reduction program.
Different regions of the world have varying approaches to returning to the office post-pandemic, with Asian and European workers largely going back to offices at a faster pace than their counterparts in the Americas, while the US lacks clear policies, leading to significant variations in remote work arrangements.
Gold prices slipped to a one-week low due to rising bond yields and a stronger U.S. dollar, as investors sought a hedge against global economic growth concerns.
The Federal Deposit Insurance Corp. is seeking buyers for $33 billion of commercial property loans from Signature Bank, with a majority being backed by multifamily properties in New York City, as part of its efforts to offload debt from the collapsed bank.
Britain's progress towards achieving net zero emissions by 2050 is faltering, as evidenced by the slowdown in offshore wind projects and the lack of leadership on environmental issues from Prime Minister Rishi Sunak, leading to concerns about the country's ability to meet its climate goals.
Oil prices surged by two per cent to their highest level since November after Saudi Arabia and Russia extended their voluntary supply cuts by three months, raising concerns about potential shortages during peak winter demand.
China's economy is showing signs of slowing down, including a decrease in GDP growth rate, declining exports, deflationary consumer price index, high youth unemployment, a weakening yuan, and a decrease in new loans, which could have global implications.
Birmingham City Council has declared itself effectively bankrupt after being hit with equal pay claims worth up to £760 million, forcing it to cease all nonessential spending. The deficit arises from difficulties in paying the claims, and the city expects to have a deficit of £87 million for the 2023-24 financial year. The council's leader has stated that a new jobs model will be implemented to address the claims bill.
Malawi's finance minister is "very optimistic" that the country's $1.2 billion external debt will be restructured and a new IMF loan program will be secured by the end of the year, pending assurance letters from China and India.
The podcast explores the lessons that can be learned from Panzhihua, a city built during Mao-era self-reliance efforts, and examines the implications of prioritizing national security over economic interests in China.
Goldman Sachs is confident that the US economy will avoid a recession, lowering its estimated chance to just 15% due to positive economic indicators such as low inflation, a strong job market, and rising wages.
US household savings accumulated during the pandemic are expected to be depleted by the end of September 2023, as the excess savings have steadily declined and are projected to continue falling at a rate of $100 billion per month, potentially impacting consumer spending and the wider economy.
Wall Street's main indexes fell in choppy trade due to rising Treasury yields and weak services activity in China, while gains in energy stocks limited losses; however, expectations of a pause in Fed monetary tightening boosted growth stocks.
China is considering further easing measures in the property market and increasing fiscal support for infrastructure investment to boost economic growth in the fourth quarter, as sluggish demand remains a challenge.
Wall Street is optimistic about the September trading month, but there are concerns about falling consumer confidence data and a potential recession next year, according to Commonwealth Financial Network Chief Investment Officer Brad McMillan.
Fears about the health of the global economy have intensified as service sector activity in China, the eurozone, and the UK shows signs of weakness, leading to a drop in share prices in Asia and a decline in the pound against the US dollar.
India's services industry experienced a slight slowdown in August, but overall conditions remained strong with record-high exports, indicating that the country will continue to be the fastest-growing major economy.
The dollar rose as investors sought the safe-haven currency amidst concerns over global growth, particularly in China, while the Australian dollar slumped after the Reserve Bank of Australia maintained interest rates.
The Canadian economy unexpectedly contracted in the second quarter, indicating a potential shift back to the sidelines for the central bank and negative consequences for the Canadian dollar.
Thousands of schools in England may need to close due to a "concrete crisis" caused by deteriorating Reinforced Autoclaved Aerated Concrete (RAAC) buildings, which have a lifespan of about 30 years and are now liable to collapse, prompting concerns over safety, repair costs, and the government's response.
Denmark's Orsted, the world's largest offshore wind farm developer, is considering walking away from projects in the U.S. unless the Biden administration provides more support.
U.S. stock futures decline as concerns over China's economy and rising bond yields weigh on global sentiment and equities.
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The Reserve Bank of India is set to introduce its central bank digital currency (CBDC) in the call money market as tokens for call money settlement.
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U.S. manufacturers reported a decline in business activity for the 10th consecutive month in August, but the declines are becoming less widespread, suggesting that the trough in the cycle may be approaching.
India's market regulator expects instant settlement of stock market trades to be implemented by October 2024, with the aim of settling trades immediately and reducing settlement time to one hour by March 2024.
The 2022 Inflation Reduction Act, aimed at fighting climate change, has prompted significant government spending and private investment, but it also violates international trade rules, highlighting the need for a modernized international trade system that supports climate goals while minimizing protectionist measures.
More than half of Germans believe work is not worthwhile after the government's planned increase in welfare payments and child benefits, according to a survey, despite the government's intention to fight child poverty and help citizens cope with inflation.