Economy

US Senate's proposed stopgap funding measure unlikely to advance in House: Speaker

US House Speaker Kevin McCarthy has said the Senate's proposed stopgap funding measure is unlikely to advance in the House, as a federal government shutdown looks increasingly likely.

Sep 28, 2023

By IBTimes SG Desk

ECB Estimates Eurozone Inflation to be Above 3% next Year; Another Rate Hike on the Cards

The updated 2024 projection is well above the central bank's 2% target and will be higher than the 3% forecast in June.

Sep 13, 2023

By Reuters

Economists Cut Ailing Chinese Economy's Growth Rate This year to 5% From 5.5%

With 70% of household wealth tied up in the ailing property market, coupled with rising youth unemployment, weak consumption demand and the reluctance by depressed private firms to invest, policymakers have been fighting an uphill job in reviving growth.

Sep 12, 2023

By Reuters

Pakistan Economic Crisis: 35-Yr-Old Dies by Suicide Over Exorbitant Power Bill, Second Such Death in a Week Amid Protests

The tragic incidents come as the caretaker government has failed to come up with any relief measures for the agitating citizens.

Aug 30, 2023

By IANS

US economy expands 1.4% in fourth quarter; corporate profits fall

Revised GDP Data Shows US Economy Remains Resilient, Powered by Consumers

Economists conclude that the latest figures show the economy's resilience, given the backdrop of a more than 500 basis point increase in interest rates since March 2022.

Aug 30, 2023

By Jacob J

Analysis: US Growth, a Puzzle to Policymakers, Could Pose Global Risks

Fed policymakers will deliver a crucial update to their economic outlook at a Sept. 19-20 meeting, when they are expected to leave their policy rate unchanged at 5.25% to 5.5%.

Aug 27, 2023

By Reuters

UK Retailers to Trim Jobs and Costs as Consumer Spending Slumps Amid Tight Rates

Retail activity in the country has dropped for a fourth straight month in August and the sentiment is at its lowest level since March 2021.

Aug 25, 2023

By Jacob J

China Trims Rates to Revive Growth; Markets Sink on Lower-Than-Expected Cut

The Chinese central bank lowered its prime lending rate to 3.45 percent from 3.55 percent on Monday.

Aug 21, 2023

By Jacob J

Battling $300 Billion Debt, Chinese Property Giant Evergrande Files for Bankruptcy in the US

The company made the Chapter 15 bankruptcy protection filing in a New York court, enabling it to protect its US assets even as it works out a restructuring of its debts.

Aug 18, 2023

By Jacob J

America is Broke, the Fed is Smoking Fantasy Weed, Says 'Rich Dad Poor Dad' Author Robert Kiyosaki

Kiyosaki's views on the US economy and the unseemly debt burden that increases by the day were echoed by Fitch Ratings, which cut the US credit rating.

Aug 16, 2023

By Jacob J