Economy news

Annual inflation in the euro zone slowed substantially to 2.4% in November from 2.9% in October, according to initial figures on Thursday. Economists, who had broadly penciled a reading of 2.7% as a good news story, welcomed the surprise fall.Core in...

India is aiming to grab a bigger piece of the global pharmaceutical market and challenge China as the world’s pharmacy. India’s pharma market is the third largest in volume across the globe, and the 14th largest in value.However, it is poised for mor...

The U.S. economy is giving mixed signals, although the news of reduced jobless claims is a welcome boost to the world’s biggest economy. Jobless claims totaled209,000 in the week ended November 18, which was 24,000 less than in the previous week, acc...

In a sign of the growing race for electric vehicle supremacy, Nissan will inject $1.4 billion into its British plant to build two major EV models.The Japanese automaker said last week that its plans for electric versions of the Qashqai and Juke would...

Turkey's central bank this week surprised the marketswith a bigger-than-expected interest hike as it revved up its battle against inflation as it tries to support the slumping lira.The central bank hiked its policy rate by 5 percentage points to 40%,...

Worldwide smartphone sales climbed in October after falling for 27 straight months on a year-on-year basis. Led by a recovery in emerging markets, retail sales volumes grew 5% year-on-year in October.Huawei has also made a comeback in China, clocking...

So far this year, OPEC+ members have reduced operating oil capacity by over 5 million barrels per day. This equates to roughly 5% of global production.OPEC+ is mulling additional supply cuts, to be discussed at its next meeting. The move is being con...

The victory of political outsider Javier Milei in Argentina’s presidential ballot has serious repercussions for the country’s struggling economy, including the embattled peso.A libertarian and former financial analyst who campaigned on a vow to drast...

The European Commission this week tempered its eurozone growth expectations for 2023 and 2024, saying the high cost of living and interest rates were dragging down consumers and businesses.It adjusted its 2023 growth forecast to 0.6%, removing 0.2 pe...

South Korean auto giant Hyundai Motor has started construction on a $1.5 billion mega factory in that country that will produce only electric vehicles.The group, which owns the Hyundai and Kia brands, conducted a much-publicized groundbreaking ceremo...

Moody’s on Friday lowered its rating outlook on the United States government to negative from stable, pointing to rising risks to the nation’s fiscal strength.The rating agency noted that the country is not demonstrating effective fiscal policy measu...

Gross domestic product in the United Kingdom was flat for the last quarter. After an increase of 0.2% in the previous quarter, the three months to the end of September yielded zero growth.Expressed annually, Britain’s third-quarter GDP was just 0.6%...

Saudi Arabia’s economy has slowed markedly after the world’s biggest crude oil producer cut output to shore up prices.Saudi gross domestic product contracted 4.5% year-over-year in the third quarter of 2023. That’s the largest shrinkage since the COV...

India’s economy is showing signs of growth at a time when China, which has been the engine of global growth for decades, is seeing a major economic slowdown. India aspires to be a potential successor. From a restless young population to busy factorie...

Output in Germany fell slightly in the third quarter, official data showed Monday, increasing the risk of a recession in Europe’s biggest economy.Gross domestic product dropped 0.1% in the July-to-September period compared with the previous quarter,...