The Indian government has formed a committee headed by former President Ram Nath Kovind to explore the possibility of holding simultaneous Lok Sabha and state Assembly elections, also known as 'One Nation, One Election', and plans to introduce a bill on the matter during a special parliamentary session in September.
The U.S. economy may achieve a soft landing, as strong labor market, cooling inflation, and consumer savings support economic health and mitigate the risk of a recession, despite the rise in interest rates.
Canada's economy unexpectedly contracted in the second quarter, raising concerns of a possible recession, as declines in housing investment and slower exports and household spending impacted growth. This is likely to lead the central bank to hold interest rates steady.
US inflation remains too high despite recent improvements, according to Federal Reserve Bank of Cleveland President Loretta Mester, who also states that the labor market is still strong.
The article discusses the potential for the West to use China's economic slowdown to gain an advantage in the electric car race, highlighting the need for a different approach to counter China's advantage. The author suggests welcoming Chinese investment and immigration of skilled Chinese scientists to strengthen the American EV industry and potentially weaken China.
Pakistan is expecting $60-70 billion in foreign investment over the next three to five years through the Special Investment Facilitation Council, according to interim prime minister Anwaar-ul-Haq Kakar.
The Russian government will not make it easy for foreign banks to leave the country, and the decision will depend on the unfreezing of Russian assets.
The slowdown in China's property market continues despite government measures to revive the economy, with analysts warning that the sentiment among many Chinese is too weak for these moves to be effective.
Several developing nations, including Zambia, Sri Lanka, Ghana, Pakistan, Tunisia, Egypt, El Salvador, Kenya, Ukraine, and Lebanon, are struggling with significant debt problems, which will be a key topic of discussion at the G20 summit in Delhi next month.
Surging interest rates in the UK have led to a slump in factory output, the biggest annual drop in house prices since the global financial crisis, and signals of distress in different sectors of the economy, posing a dilemma for the Bank of England as it decides whether to raise interest rates further.
US job growth picked up in August, but the unemployment rate rose to 3.8% and wage gains moderated, signaling a slowing labor market and reducing expectations for a September interest rate hike by the Federal Reserve.
U.S. manufacturing activity rose in August, but the sector remains in contraction territory according to the Institute for Supply Management, suggesting that a sustained recovery is unlikely amid a weakening global economy.
Americans who use delivery services spend an average of $407 per month, a 159% increase since 2021, leading to financial strain and buyer's remorse for many.
The euro rose against the dollar and euro zone bond yields fell after US unemployment rate increased, suggesting the Federal Reserve may be done with interest rate hikes.
China's troubled developer Country Garden is facing a debt crisis in the property sector, and if it fails to extend its domestic debt, it may default, exacerbating the country's real estate crisis and putting strain on its lenders.
The US added 187,000 jobs in August, but the unemployment rate rose to 3.8 percent, indicating a plateau in the labor market as the Federal Reserve considers another interest rate hike.
Europe is facing economic challenges including rising inflation and energy crises caused by Russia's invasion of Ukraine, but there are signs of slow recovery and easing inflation in the future, providing opportunities for businesses like Nestle SA, Unilever plc, and PepsiCo, Inc. This article also provides a ranking of the richest to poorest countries in Europe by GDP per capita (PPP).
The Bank of Canada is set to issue an interest rate update, with experts predicting a potential rate hike that could impact mortgage payments and home values.
The US economy may face disruption as debts are refinanced at higher interest rates, which could put pressure on both financial institutions and the government, according to Federal Reserve Bank of Atlanta President Raphael Bostic.
The week has been driven by macroeconomic data, but the threat of economic contraction is not currently imminent, with the US Ten-Year Note yielding around 4.11% overnight and the US Dollar Index trading around 103.5; the Bureau of Labor Statistics will release its employment-related surveys for August today, with economists expecting non-farm job creation of around 170,000 and wage growth at 4.4% year over year.
Indebted nations facing lengthy negotiations with creditors should have faster access to sovereign debt restructuring mechanisms, according to the IMF's Gita Gopinath.
The Reserve Bank of Australia is expected to keep its key interest rate unchanged at 4.10% as inflation slows, but economists anticipate a final hike in the next quarter.
Struggling U.S. families relying on credit card loans to cover living expenses may face a spending correction soon, as consumers continue to spend despite rising rates and living costs, leading to potential unsustainable debt levels and limited access to credit.
Luxury consumer goods brands are entering the Indian market in anticipation of increased affluence, with factors such as global exposure, a younger demographic, and economic recovery playing a role, leading to a surge in luxury products despite inflationary trends.
Canada's largest pension fund, CPP Investments, has reportedly laid off at least five investment professionals in its Hong Kong office and halted new investments in China due to concerns over the country's economic recovery and tensions with the West. Other Canadian pension funds, such as OTPP and CDPQ, have also scaled back their investments in China.
The August jobs report is expected to show steady job growth and a stable unemployment rate, suggesting that the current "Goldilocks" labor market could be sustained for a long time, but concerns remain about cooling economic growth, rising debt, and the risk of reaccelerating inflation.
The UK economy recovered to pre-pandemic levels in the fourth quarter of 2021, earlier than previously thought, with GDP growth revised up by 0.9 percentage points to an 8.5% increase in 2021, according to the Office for National Statistics.
The expansion of India's production-linked incentive scheme is expected to attract investments worth Rs 1.28 lakh crore in nine major sectors, with Gujarat, Karnataka, and Tamil Nadu being the primary beneficiaries.
Portugal's budget surplus for the first seven months of the year almost quadrupled, reaching 2.12 billion euros, due to increased tax and social security revenue from a strong job market, according to the finance ministry.
The recent increase in energy prices in Pakistan has led to protests over high inflation and electricity bills, with demonstrators burning utility bills, blocking highways, and attacking power company offices. The caretaker government has refused to lower energy prices without approval from the IMF, and has further increased petrol and diesel prices by over 14 Pakistani Rupees (PKR), surpassing PKR 300.
Job creation in the American labor market is expected to slow down in August, with the addition of approximately 170,000 jobs, reflecting a mild cooling of employment growth and wage growth, as well as the impact of higher interest rates on hiring; the recent strikes in the film industry, although not a significant direct employer, are likely to have some impact on the jobs numbers, particularly those related to on-set production and support roles.
The UK's Office for National Statistics has revised its estimate for the size of the economy at the end of 2021, suggesting a stronger recovery from the COVID-19 pandemic than previously thought, with the economy in the fourth quarter being 0.6% larger than in the final quarter of 2019.
Federal Reserve officials are closely monitoring employment numbers to assess if the economy's momentum is slowing, which will influence their decision on whether to increase interest rates further.
Emerging markets must rebuild fiscal buffers, diversify trade, and prepare for the costs of climate change, according to the IMF's deputy managing director, Gita Gopinath, who highlighted the challenges of rising geopolitical fragmentation and financial conditions, as well as the need for countries to strengthen their monetary policy frameworks and protect against climate-related financial risks.
British factories in August experienced their weakest month since the start of the COVID-19 crisis due to shrinking orders caused by rising interest rates, according to a survey, resulting in a decline in purchasing activity, inventory holdings, and staffing levels. However, the slowdown in domestic and export demand has alleviated inflation pressures, potentially leading to a decrease in goods price inflation. With the economy showing signs of a slowdown, the Bank of England is expected to raise rates for the 15th consecutive time, despite concerns that it may lead to a recession.
The dollar is not likely to lose its status as the global reserve currency despite the expansion of the BRICS group of nations and their aim to find an alternative, as technology and not commodity-based currencies are expected to be the driving force in the future.
Chinese homebuyers remain skeptical about entering the property market despite the Beijing government's measures to revive the economy, including lower mortgage rates, due to concerns about the slowing economy and the deepening crisis in the debt-ridden property sector.
China's struggling economy may be contributing to a backlash against Japan over the release of Fukushima water into the ocean, but Suntory Holdings CEO plans to continue investment in China despite the situation.
The Philippines has implemented price controls on rice in order to protect consumers from inflated prices and curb inflation, with President Marcos setting maximum prices for regular and well-milled rice.
British house prices in August 2023 experienced their biggest annual decline since July 2009, falling by 5.3% due to higher interest rates reducing buyer demand, according to mortgage lender Nationwide.
Economists at Nomura and Morgan Stanley raise their growth forecast for India's fiscal 2024 after the economy grew at its fastest pace in a year in the April-June quarter, while BofA Global Research cuts their estimates as quarterly growth falls below their forecast.
India's presidency of the G20 comes at a challenging time due to geopolitical tensions and competing priorities, requiring the country to refocus its efforts on specific priorities and potentially let go of its role as a mediator between global powers.
The dollar's status as a global reserve currency is facing challenges as countries like China and India promote trade in their own currencies, digital currencies gain popularity, and geopolitical conflicts threaten the international monetary system dominated by the dollar.
Canada's largest pension fund, CPP Investments, has laid off several investment professionals in its Hong Kong office as it reduces its involvement in deals in China, citing concerns over the country's economic recovery and tensions with the West. Other Canadian pension funds are also scaling back their investments in China.
British home prices are expected to fall by 4% this year due to high interest rates and living costs, despite the shortage of supply, according to a Reuters poll, with potential buyers being kept out of the property market; however, prices are expected to recover from 2024.
A recent study conducted by climate modellers suggests that under current emission scenarios, the Mediterranean and the Middle East can expect to experience days with temperatures exceeding 50°C once a decade by 2100, leading to increased droughts, fires, and heat-related health risks.
The car industry's expectation of a surge in demand for electric vehicles has been proven wrong as supply outstrips demand and prices tumble rapidly, revealing the misjudgment of the scale of demand; this highlights the flaw in the top-down approach of forcing manufacturers to produce millions of electric vehicles without a guaranteed market, and calls for the arbitrary 2030 ban on petrol and diesel cars to be scrapped. The Government's wind energy policy is similarly divorced from reality as rising costs lead to the abandonment of major projects, jeopardizing Britain's ambitions in offshore wind capacity. Additionally, the campaign to promote heat pumps for homes has been unsuccessful due to high costs and technology flaws, resulting in minimal uptake despite government subsidies. The article questions the viability and fantasy-like nature of net zero economics, while also raising concerns about the lack of protection for productive hi-tech industries in the UK.
China's economic slowdown is being caused by a property market downturn, softening demand for exports, and low household spending, which poses risks to financial stability and could lead to deflation and deeper debt problems. Economists are uncertain if the government's current measures, like interest rate cuts, will be enough to boost consumption and meet growth targets. Structural reforms and measures to increase household consumption are needed to address the imbalance in the economy.
U.S. job growth likely slowed in August due to factors such as striking actors and a major trucking company bankruptcy, but the unemployment rate is expected to remain low; economists caution against overreacting and advise focusing on long-term trends.
Canada's largest pension fund, CPP Investments, has laid off several investment professionals at its Hong Kong office and paused new investments in China due to concerns about the country's economic recovery and tensions with the West.