The Indian rupee is expected to rise against the US dollar at open on Friday due to a rally in the Chinese yuan and strong domestic growth in India.
China is planning to relax home-purchase restrictions and implement new measures to address the debt crisis in its property sector, which accounts for a quarter of its economy, in an effort to boost consumer demand.
Ohio reported its lowest unemployment rate on record, with 3.3% for July, but there are still areas for improvement, including a labor force that has yet to fully recover and lower wages due to inflation.
The ability to rethink and unlearn outdated beliefs is crucial for individual and collective success, according to Adam Grant in his book "Think Again: The Power of Knowing What You Don't Know," as it allows for intellectual humility, evidence-based decision making, and adaptability, while biases and blind spots hinder this process; fostering lifelong learners, challenging false beliefs in education, and promoting open-mindedness can lead to more cooperative societies and effective problem-solving.
Pakistan is governed by a complex web of influential entities, including the military establishment, IMF and bilateral donors, powerful business elites, the religious right, and the people, making it difficult for meaningful relief and democratic transition to occur.
The recent bloodbath in the stock market and worsening economic conditions in Pakistan are attributed to electoral uncertainty, depreciating rupee, and concerns over inflation and interest rates.
Interim Prime Minister Anwaarul Haq Kakar urges people to pay their utility bills and announces plans for a relief package regarding future electricity consumption, blaming past governments for the economic mess and promising reforms in various sectors; the government is also in negotiations with global lenders on the power bill issue.
Justice Syed Mansoor Ali Shah expressed concern about attributing malice to parliament for amending NAB laws, stating that it shakes the foundations of parliamentary democracy, during a hearing on the challenges to the August 2022 amendments; the court will reconvene on Friday.
Hoarding, smuggling, and rupee depreciation have led to further price increases in sugar, pulses, and ghee/cooking oil in Karachi, causing misery for consumers.
Canada's main statistics agency, Statistics Canada, plans to change how it counts non-permanent residents in order to provide more accurate data on foreign students, workers, and others, amid debates on housing affordability and immigration policies.
A new study reveals that Nigeria spends more money on debt repayments than on health and education combined, highlighting the country's struggling healthcare system and the impact of debt on vital infrastructure. One tragic example of this is the death of a doctor whose hospital accommodation's lift fell nine floors due to lack of maintenance. With rising interest rates and devalued currencies, the debt crisis is worsening and causing increased poverty and setbacks in health and education. The report calls for increased lending from global institutions and transparency in the use of borrowed funds.
Americans facing high prices and interest rates are struggling to repay credit card and auto loans, leading to rising delinquencies and defaults with no immediate relief in sight, particularly for low-income individuals, as analysts expect the situation to worsen before it improves.
President Biden's new spending initiatives, including the "Inflation Reduction Act," are likely contributing to an increase in inflation, counteracting his claims that inflation is under control and negatively impacting the financial situation of average Americans.
The global economy is expected to slow down due to persistently high inflation, higher interest rates, China's slowing growth, and financial system stresses, according to Moody's Investors Service, although there may be pockets of resilience in markets like India and Indonesia.
India's Vedanta is accused of running a covert lobbying campaign to weaken environmental regulations during the pandemic, according to the Organised Crime and Corruption Reporting Project (OCCRP).
U.S. Treasury Secretary Janet Yellen will participate in the G20 leaders summit in New Delhi, focusing on strengthening the global economy, supporting low- and middle-income countries, and rallying support for Ukraine while deepening bilateral ties with India.
Commerce Secretary Gina Raimondo visited China to engage with top Chinese leadership during a time of security and trade tensions between the two countries and China's economic slowdown, warning that American businesses could consider China "uninvestable" unless action is taken to address their concerns.
British Columbia Premier David Eby has urged the Bank of Canada to halt further interest rate hikes, stating that another increase could worsen inflation and harm struggling Canadians. Eby emphasized the impact of rising rates on housing and called for a targeted approach to fighting inflation, focusing on housing and infrastructure improvements.
US Treasury Secretary Janet Yellen will attend the G20 leaders summit in New Delhi to focus on strengthening the global economy, supporting low- and middle-income countries, and building momentum for financing developing countries' clean energy transitions. She will also rally G20 allies to maintain economic support for Ukraine and deepen bilateral ties with India.
US Secretary of the Treasury Janet L Yellen will attend the G20 Leaders' Summit in New Delhi to focus on strengthening the global economy, supporting low and middle-income countries, and addressing global challenges such as climate change and pandemics.
Taiwanese firms in China's wealthiest county, Kunshan, are facing uncertainty as rumors circulate about the possibility of them relocating to Vietnam, leading to concerns about the future of the county and its cross-strait relations. The geopolitical landscape and pressure from downstream foreign clients have led Taiwanese manufacturers to consider moving production to other countries, despite China's role as the "world's factory." The potential exodus of Taiwanese firms could have significant implications for the county's economy and supply chains.
The Federal Reserve's preferred inflation measure edged higher in July, mortgage rates decreased slightly but remained above 7%, and Taylor Swift announced a filmed version of her tour will be released in theaters.
A pizzeria owner in the Boston area has been sentenced to two years in prison for fraudulently using pandemic relief funds to buy an alpaca farm and fund his radio program.
A study shows that over 60% of Americans are living paycheck to paycheck despite the Federal Reserve's efforts to control inflation, as prices for goods and services continue to rise.
The August jobs report is highly anticipated as investors assess the health of the labor market amidst rising interest rates and inflation, with projections indicating an increase in hiring and a steady unemployment rate, but potential disruptions from ongoing strikes and bankruptcies could affect the data. The report is closely watched by the Federal Reserve for signs of labor market softening as they grapple with inflation, and while the labor market has remained tight, there are indications of a gradual slowdown. Job openings have decreased, along with resignations, pointing to a labor market that is cooling.
Youth unemployment remains high in most countries, with Spain having the highest rate at nearly 27.4%, indicating potential long-term impacts on young adults' careers and overall economic prospects.
The caretaker government in Pakistan has raised the price of petrol by Rs14.91 per litre and high-speed diesel by Rs18.44 per litre, bringing them to Rs305.36 per litre and Rs311.84 per litre respectively, due to currency depreciation and increasing international oil prices.
The caretaker government of Pakistan has increased petrol and diesel prices by over Rs14 due to the rising trend of petroleum prices in the international market and exchange rate variations.
Peru cancels its first fishing season in seven years due to a shift in temperature affecting the anchovy population, which could have global climate consequences.
Consumer spending is driving third-quarter GDP growth, but unsustainable spending habits, tightening lending standards, and the depletion of pandemic savings may lead to a decline in consumer spending in early 2024.
China's government is concealing economic figures and data, including youth unemployment rates, as experts believe it prioritizes stability over transparency, leading to concerns and doubts about the true state of the country's economy.
Interim Prime Minister Anwaarul Haq Kakar stated that the government is working on solutions to address inflated power bills while adhering to agreements with multilateral institutions, amidst rising inflation and public protests against excessive power bills.
Denmark has been ranked as the second-happiest country in the world and offers a happy work culture for digital workers, with high satisfaction in workplace culture and financial support, making it an attractive destination for international digital talents. Copenhagen, the capital city, is the center of Denmark's startup ecosystem and hosts a majority of the country's startups, particularly in the fields of fintech, sustainability, and life sciences. The country places a strong emphasis on sustainability and has a thriving green tech sector. Additionally, Copenhagen has a significant presence in the fintech industry and is leading the way in digital transformation in financial services.
Consumer prices in the US rose 0.2% from the previous month, and 3.3% annually, indicating persistent high inflation and posing a challenge to the Federal Reserve's efforts to curb it; core prices, which exclude food and energy, also increased 0.2% from the previous month and 4.2% from the previous year.
U.S. mortgage rates have dropped for the first time in six weeks, due to uncertainty surrounding the possibility of the U.S. Federal Reserve increasing interest rates in September.
US mortgage rates have slightly decreased after five consecutive weeks of increases, but still remain above 7% due to inflation concerns. The combination of high rates and low housing inventory is making it more difficult for potential homebuyers to enter the market, leading to lower home sales.
The current housing market presents challenges for homebuyers, with high home prices and rising mortgage rates, but investor Kevin O'Leary advises potential buyers to eliminate high-interest rate debt and downsize their demand for a home based on mortgage affordability before making a purchase.
The number of price-capped products in French supermarkets will double to 5,000, according to finance minister Bruno Le Maire, in an effort to combat the double-digit food inflation that the country has been experiencing.
China's real estate market is facing a potential crisis as Country Garden, once the country's largest property developer, experiences financial strains and missed payments, raising concerns about its impact on the Chinese economy and global stability.
Professor Isabella Weber's theory of seller's inflation, which argues that firms are passing on cost increases to consumers and benefiting from higher profits, has provoked controversy among economists and attracted attention from major media outlets. Weber's analysis challenges traditional economic theories on inflation and highlights the role of profits in driving price increases, potentially shifting the focus of policy measures towards addressing the power dynamics of capital in the market.
Job openings and layoffs decreased in July, indicating a return to pre-pandemic labor market patterns, with economists attributing the drop to a decline in turnover rather than contraction.
The average rate on 30-year fixed-rate mortgages decreased to its lowest point in three weeks, with most loan types experiencing a double-digit decline.
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Global interest rate hikes, challenges in China, a stronger dollar, and political instability in Africa have impacted emerging market assets, causing stock and currency declines and property market concerns in China, while Turkey's markets have seen a boost in response to interest rate hikes, and African debt markets have experienced a significant pullback.
The latest inflation data suggests that price increases are cooling down, increasing the likelihood that the Federal Reserve will keep interest rates unchanged in their upcoming meeting.
The Taliban government in Afghanistan has signed mining contracts worth USD 6.5 billion, aiming to tap into the country's mineral resources and improve the economy, although the successful implementation of these deals may take years.
If China were to slip into a deflationary spiral like Japan in the 1990s, it could lead to a decrease in consumer spending, a weakened economy, and negative consequences for the rest of the world, including a slowdown in imports for the US and adverse effects on developing economies reliant on Chinese exports and investment.
China Evergrande Group's money management arm has stated that it is unable to make payments for investment products this month due to a liquidity crunch caused by a failure to receive proceeds from asset disposals.
Bus networks in many British cities, aside from London, are in a poor state, but Manchester has launched a London-style franchise system to bring bus services under public control, with lower prices and emissions promised, in an effort to get more people on buses and reduce congestion and pollution.
The article provides an overview of the content and sections covered in the September 2nd, 2023 edition of The Economist.