Some Chinese cities are suffering from financial difficulties due to debt and deflation, leading to the implementation of bizarre fines and budget cuts to generate revenue, as the nation faces the risk of an economic "lost decade."
Former US treasury secretary Larry Summers believes that an eight percent GDP growth target is achievable for India and would have a transformative impact on the lives of millions of people, although he acknowledged that there are hindrances to achieving this goal such as issues between states and the central government; Summers also discussed the urgent need for renewable energy and increased international cooperation to combat climate change.
Sales of previously owned homes in the US fell for the third consecutive month in August, as higher mortgage rates, rising prices, and a lack of available properties have limited homebuyers' options.
The Federal Reserve has paused its interest-rate hike campaign, but this decision provides little relief to debt-ridden Americans as credit card rates have surged to a new record of 20.71%, making it harder for individuals to pay down their debt.
The Ghanaian government has filed for bankruptcy after failing to pay billions of dollars in debt to international creditors, necessitating a $3 billion loan from the International Monetary Fund to stabilize the economy and address the ongoing debt crisis linked to COVID-19, geopolitical events, and rising food and fuel prices, raising concerns about future financial stability.
The resumption of student loan payments in October is expected to negatively impact American economic growth and could harm borrowers and the wider economy alike, with economists predicting a potential disruption to the growing economy and a reduction in consumer spending.
US business confidence in China is being drained by geopolitical tensions and an economic slowdown, with only 52% of American firms optimistic about their five-year China business outlook, according to a study by the American Chamber of Commerce in Shanghai.
Norway's central bank has raised its key interest rate for the thirteenth time in two years due to soaring costs and high inflation, with another rate hike likely in December to combat inflation that stands at 4.8%, but it aims to maintain a tight monetary policy to address the issue.
The Bank of England has ended its streak of interest rate hikes after new data reveals lower-than-expected inflation, signaling a potential pause in the rate hiking cycle. The Bank's Monetary Policy Committee also voted to cut its stock of U.K. government bond purchases, and investors are now speculating whether this decision marks the peak of the interest rate cycle.
China will expedite the implementation of additional policies to solidify its economic recovery, according to state media, in an effort to address the challenges posed by the uncertain property sector and maintain the upward momentum of the economy.
British Prime Minister Rishi Sunak delays the ban on sales of new petrol cars by five years and eases targets on heating and insulation, sparking criticism from businesses and environmental campaigners.
The Federal Reserve predicts a "soft landing" for the economy, with low inflation and no recession, as it aims to control inflation without hindering economic growth.
The migration of automakers to the anti-union South and the shift to electric vehicles is threatening the United Auto Workers (UAW) union, as fewer plants in the South are unionized and EV jobs pay less than traditional auto jobs, raising concerns about lower compensation and the future of unions in the auto industry.
Rising oil prices, closing in on $100 a barrel, pose a threat to the Federal Reserve's efforts to combat inflation, as higher oil prices can drive up the cost of gasoline and other crude-related products and squeeze the Consumer Prices Index higher.
Tech salaries in the US have experienced a significant decline in the past year, with local roles seeing a 3% drop and salaries hitting their lowest point in five years, according to Hired's 2023 State of Tech Salaries Report. Junior talent, specifically professionals with less than four years of experience, had the most significant salary decrease at nearly 5% year on year, while the demand for junior staff also declined. However, the tech industry still offers an average salary of $158,000, nearly double the average US knowledge worker.
Gas prices in the US have reached their highest level in 11 months, posing challenges for the Federal Reserve in its campaign to control inflation. Factors contributing to the increase include rising oil prices, production cuts by Saudi Arabia and Russia, reduced refinery production due to hot weather, and low reserves in the Strategic Petroleum Reserve. However, prices are expected to decrease with the switch to a cheaper gasoline blend in the fall and projected global economic slowdown in 2024.
U.S. stocks slumped after the Federal Reserve indicated that it may not cut interest rates next year as much as initially expected, causing concerns among investors on Wall Street.
Senator Bob Menendez of New Jersey has been indicted for corruption, accused of aiding Egypt's authoritarian government and using his influence for personal gain in exchange for gold bars and cash.
China Evergrande Group's founder, Hui Ka Yan, is under investigation for suspected "illegal crimes," raising concerns among creditors about the company's future as it faces a debt revamp plan and liquidation risk. The investigation marks the first indication that authorities could hold the billionaire accountable for Evergrande's financial troubles, which have had a significant impact on China's property sector and economy as a whole. The investigation has disrupted the hopes of successful restructuring and has increased the likelihood of liquidation.
If Congress fails to act, a potential government shutdown this weekend could harm the U.S. credit rating, according to Moody's. The agency highlighted the U.S.'s weak fiscal planning and dysfunctional budgeting process as factors that may negatively impact its credit rating.
President Joe Biden is set to join striking United Auto Workers in Michigan as he tries to balance low inflation and strong unions.
Saudi Arabia's Vision 2030 is driving the transformation of Riyadh through eight mega-projects, including the world's largest linear park, Sports Boulevard, the New Murabba downtown area, the Qiddiya entertainment city, King Salman Park, Diriyah's cultural establishments, the Jax district for contemporary art, the King Abdullah Financial District, and the Diplomatic Quarter. These projects aim to enhance the standard of living and quality of life for residents by integrating advanced technologies and sustainable practices.
Mortgage rates have increased over the last week, with average rates for 15-year fixed and 30-year fixed mortgages rising, while rates for 5/1 adjustable-rate mortgages remained steady; however, rates are expected to fluctuate in 2023 depending on inflation and economic indicators, and homebuyers are advised to focus on improving their credit score and saving for a down payment to qualify for the best rate.
The US is facing the possibility of a government shutdown as Republicans demand deep spending cuts, risking furloughs of federal workers and halting various services.
Pending home sales in the US dropped 7.1% in August, following a surge in mortgage rates to levels not seen in 20 years, with all four US regions experiencing monthly losses and year-over-year declines in transactions.
US home prices reached a new record high in July, marking the sixth consecutive month of gains, driven by low inventory and rising costs, according to the S&P CoreLogic Case-Shiller US National Home Price Index.
Consumer confidence in the US dropped in September, signaling a growing concern among Americans that the economy might be heading towards a recession, as inflation, rising interest rates, and recession fears continue to impact consumers.
The Japanese yen remains weak against the U.S. dollar due to high U.S. Treasury yields and anticipation of the Bank of Japan maintaining its current monetary policies, while the dollar is boosted by the prospect of higher U.S. interest rates.
German economic institutes are predicting that the country's GDP will contract by 0.6% in 2023, due to rising interest rates and high inflation, causing slower recovery in industry and private consumption.
Latinos in the U.S. played a significant role in propelling the overall economy forward during the COVID-19 pandemic, with their Gross Domestic Product (GDP) reaching $3.2 trillion in 2021, making it the world's 5th largest economy and exceeding the economies of major countries like the UK, France, Spain, Italy, and India, according to a report by California Lutheran University and UCLA.
US mortgage rates reached their highest level in nearly 23 years, with the 30-year fixed-rate mortgage averaging 7.31%, up from 7.19% the previous week, due to persisting inflation pressures.
The European Central Bank is exploring how artificial intelligence (AI) could improve its understanding of inflation, by processing and analyzing multiple data sources to produce better analysis for policy decisions and simplify communication.
About 60 percent of U.S. consumers live paycheck to paycheck, with high-income earners also facing financial constraints, according to a report by Pymnts and LendingClub.
Sales of lentils from Canada to India have slowed down after Canadian Prime Minister Justin Trudeau accused India of involvement in an assassination on Canadian soil, raising concerns of trade restrictions and potential inflation in India's domestic food prices.
Government bond yields are spiking in the US, Europe, and the UK due to investors realizing that central bank interest rates may remain high for an extended period, and concerns over inflation and supply shortages caused by the retirement of baby boomers.
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