Philippine inflation unexpectedly quickened in August due to higher food and transport costs, putting pressure on the central bank to maintain its hawkish stance, and the government may consider reducing rice tariffs to help lower domestic costs.
China's services activity expanded at the slowest pace in eight months in August, indicating weak demand and a lack of stimulus measures to revive consumption in the country's second-largest economy.
China's services activity expanded at the slowest pace in eight months in August, as weak demand continued to affect the economy and government stimulus failed to boost consumption significantly.
China's services activity expanded at its slowest pace in eight months in August, as weak demand and stimulus measures failed to revive consumption, according to a private-sector survey.
First Lady Jill Biden has tested positive for Covid-19 and is currently experiencing mild symptoms, while President Joe Biden has tested negative; concerns are growing about the Pirola variant of Covid-19, which is reported to be causing higher infections and may have a higher potential for breakthrough infections than previous strains.
Japan has criticized China's ban on Japanese seafood in response to the release of treated radioactive water from the Fukushima nuclear plant, calling it "totally unacceptable" and urging China to repeal the action.
Japanese household spending experienced its largest decline in almost 2-1/2 years due to rising prices; however, the impact of volatility in certain areas suggests that the outlook may not be as dire as the headline figures indicate.
Bank Negara Malaysia (BNM) is expected to maintain its key policy rate at 3.00% as the central bank adopts a no-change stance due to moderating economic growth and cooling inflation, according to a Reuters poll of economists.
China's largest private property developer, Country Garden, made interest payments on its U.S. dollar bonds just hours before the grace period deadline, avoiding default for the second time in four days and providing relief to the crisis-hit property sector.
China's relief measures to support the property sector have spurred a home-buying spree in Beijing and Shanghai, with transaction volumes in both cities increasing significantly, indicating robust housing demand; however, concerns persist that this demand may not be sustained due to other restrictions and a faltering growth outlook.
South Korea's annual consumer inflation accelerated to 3.4% in August, the fastest rate since early 2017, raising concerns for policymakers.
Asian stocks are expected to open lower as traders focus on China's economic conditions and European shares fail to provide a strong lead, while oil and bond yields remain relatively high.
British consumer spending growth slowed in August, despite a surge in cinema takings after the release of films like "Barbie", with spending on essentials such as food and fuel growing at its slowest rate since April 2020, pointing to a weakening economy.
Companies, employees, and governments worldwide are still grappling with how to adapt to changes in the workplace brought on by the pandemic, with stark differences emerging across continents and cultures, and Asian and European workers largely returning to offices at a faster pace than their American counterparts due to factors such as cultural expectations, reliable public transportation, and home office sizes.
Mark Cuban emphasizes that the key ingredient to success is effort, stressing the importance of going the extra mile and exceeding expectations.
The U.S. federal deficit is projected to double this year to around $2 trillion, largely due to higher interest rates, lower tax revenue, and increased Social Security and Medicare costs.
China's housing crisis has led to a record number of defaults among the country's private developers, with 34 out of the top 50 developers experiencing delinquencies on offshore debt, and the remaining 16 facing a combined $1.48 billion of bond payments in September, raising concerns about a potential bond default by industry giant Country Garden and the potential ripple effects on the broader economy and social stability.
The Reserve Bank of Australia is expected to keep its key cash rate unchanged as inflation eases, while Asian markets show signs of revival due to China's efforts to support its property sector and wider economy.
Colombia's government and industry associations are urging the central bank to lower interest rates and encourage business leaders to resume investment decisions in order to revive the country's economy, which expanded less than expected in the second quarter.
Americans are struggling to pay their bills as inflation rises, leading to a surge in credit card and auto loan defaults, which is expected to worsen with rising interest rates and the expiration of the student loan moratorium. Low- and middle-income earners are particularly affected, resorting to using credit cards for essential purchases, while opening new lines of credit to pay off debts, resulting in record-high credit card debt. The resumption of student loan payments and potential holiday season spending add to concerns about escalating debt levels.
Israel's economy is strong and stable, but inflationary pressures have not eased as predicted and the shekel has weakened against the US dollar, causing concerns about the impact of the proposed judicial overhaul on the economy.
The Federal Reserve is considering whether to raise interest rates even higher to combat inflation, but some policymakers believe that the current level is sufficient and should be maintained for an extended period.
French President Emmanuel Macron has expressed support for implementing a low-cost monthly subscription system for regional trains in France, similar to the one in Germany, in order to reduce CO2 emissions and help citizens cope with inflation.
Saudi Arabia is experiencing a thriving fintech sector, with digital payments reaching 62% of the country's target of 70% by the end of 2025, and the number of fintech companies reaching 183, representing 80% of the target set for 2025. The growth of fintech is expected to support institutions, enable small businesses, and contribute to the expansion of the digital economy in Saudi Arabia.
Reinforced autoclaved aerated concrete (RAAC) is causing safety concerns in Britain as it crumbles due to water infiltration and lack of maintenance, resulting in collapsed roofs and closure of buildings, highlighting the need for regular inspections and possible replacement with conventional materials.
The UK economy recovered from the Covid-19 pandemic faster than previously thought, with revised data showing that UK GDP was actually 0.6% larger by the end of 2021 than in the final quarter of 2019, erasing Britain's laggard status; however, economists caution that this stronger data does not change the overall outlook for Britain's growth or provide relief to households facing high inflation and rising borrowing costs.
Revisions to economic data by the Office for National Statistics (ONS) have revealed that the UK economy was 0.6% larger at the end of 2021 than previously estimated, improving the country's performance relative to its peers in the G7. The revisions also highlight the impact of stockpiling in 2020 and indicate stronger growth in 2021, particularly in sectors such as wholesale trade and health services. However, while the revisions provide a more positive outlook, the UK's economic narrative remains relatively mediocre compared to pre-pandemic levels.
President Biden claimed that the United States has the lowest inflation rate among major world economies, despite his own Commerce Secretary acknowledging that inflation "still exists" and is a challenge for Americans.
Saudi Arabia plans to invest up to $25 billion in Pakistan over the next few years, focusing on sectors such as mining, agriculture, and information technology, in an effort to increase foreign direct investment and aid Pakistan's economic recovery.
Central banks across major developed and emerging economies took a breather in August with lower interest rate hikes amid diverging growth outlooks and inflation risks, while some countries like Brazil and China cut rates, and others including Turkey and Russia raised rates to combat currency weakness and high inflation.
Germany, once hailed as Europe's economic powerhouse, is now facing structural problems and could be on the verge of decline, according to experts, with factors such as stagnant GDP, high inflation, an aging population, overdependence on exports, and underinvestment contributing to its current predicament.
The Bank of Israel has maintained its benchmark interest rate but warned of potential rate hikes if inflation does not continue to moderate and the shekel weakens further. Despite signs of easing inflation, the central bank highlighted the possibility of higher borrowing costs in the future. The shekel has depreciated by over 8% against the US dollar this year, contributing to higher inflation. The bank sees the economy growing at a rate of 3% in 2023 and 2024 but warns of risks if the proposed judicial overhaul leads to increased risk premium and further devaluation of the shekel.
Lebanon's interim central bank governor, Wassim Mansouri, believes that returning funds to Lebanese depositors who have been unable to access their savings since 2019 is not impossible and should not take an extended period.
China's financial-crisis defusing measures, including the establishment of "bad banks," stimulus packages, debt-for-equity swaps, and de-risking campaigns, are facing their biggest test in a quarter century as the state banking system struggles with property-market woes and local-government debt stress.
A national rice shortage in Tunisia is causing hunger and hardship for individuals with coeliac disease, as the lack of gluten-free options hinders their ability to consume basic meals.
Kenya and China are collaborating to strengthen economic ties and reduce the trade deficit by focusing on B2B and B2C connections through exhibitions, with the aim of boosting Kenyan exports to China.
West Virginia University is proposing to eliminate its foreign languages department and other programs as it grapples with financial challenges, declining enrollment, and a budget deficit, raising questions about the responsibilities of states in providing diverse academic offerings and indicating shifting priorities in higher education.
Cuts in capital spending in education during the austerity years, as well as inflation, have led to a concrete crisis in schools, with significant cuts projected for the future, causing concerns about the allocation of capital budgets and neglect of public services.
The profitability of energy and mining corporations in Canada has contributed to the inflation crisis by driving up prices, while other industries struggled to pass on increased costs to consumers, according to a report by Statistics Canada. The report highlights the concentrated nature of inflationary pressures and calls attention to the failure of policymakers to address the issue at its source, allowing energy corporations to profit while consumers bear the burden of rising costs.
Kevin O'Leary warns that the Federal Reserve's aggressive interest-rate hikes could cause economic chaos, especially for small businesses.
The extended BRICS alliance, which now includes six new countries, has a GDP in purchasing power parity (PPP) that accounts for more than one-third of the global economy, giving them the potential to control exports of oil to the West and influence trade settlement currency choices.
The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, is set to expand with the addition of six more countries, but the selection process and consensus among members will be a challenge, particularly due to the strained relationship between China and India; however, BRICS continues to grow in importance as its members' share in the global economy rises, and it presents opportunities for trade and cooperation among emerging economies.
Insured losses from Hurricane Idalia in Florida are estimated to be between $3 billion and $5 billion, with an additional $500 million in losses to the National Flood Insurance Program.
The UK statistics office has made significant revisions to growth data, revealing a much healthier economy, which could have positive implications for investors.
JPMorgan revises its inflation forecast for Turkey to 65% from 62%, with expectations that the annual rate will peak at 73% in May 2024, due to higher-than-expected inflation data for August.
Tamil Nadu Minister Udhayanidhi Stalin has sparked controversy by calling for the eradication of Sanatan Dharma, likening it to diseases, and accusing it of promoting caste divisions and inequality.
The Federal Reserve is considering whether to raise interest rates even higher to combat inflation, but some policymakers, like Raphael Bostic, believe it is unnecessary and advocate for keeping the rates at their current level until 2024.
China's economic tactics, including BRICS expansion, are aimed at challenging the US economically rather than engaging in a war, according to US presidential candidate RFK Jr., who believes China wants to bury the US on an economic playing field while still relying on it.
Fewer people are being killed in American cities despite troubling absolute numbers; the notion that democracy is beneficial for a country's economy is not as straightforward due to the time and costs of transitioning, and the British government owes a debt to the country's hobbyists.
Top economist David Rosenberg predicts that the US will experience a recession within the next six months due to the aggressive interest rate hikes by the Federal Reserve and the erosion of credit quality in credit card debt.