Economy news

Leisure and hospitality businesses in the US are bouncing back after the pandemic, with booking activity approaching pre-COVID 19 levels.Despite many economists predicting a recession later this year, hospitality demand has been robust. This is posit...

Pakistan has been torn by unrest since former Prime Minister Imran Khan was arrested earlier this week, complicating efforts to secure a financial lifeline from the IMF that promised to alleviate the country's worsening economic crisis. Indeed,...

On Thursday, the Bank of England (BOE) increased interest rates by 0.25 percentage points in its effort to combat out-of-control inflation. The decision marks the 12th consecutive interest rate hike, bringing the main borrowing rate in the UK to 4.5%...

Chief executives of three major Artificial Intelligence (AI) companies recently met with the Biden administration behind closed doors to discuss the dangers posed by AI technology. This comes before ChatGPT CEO Sam Altman meets with House leadership...

The White House and Republicans in Congress are locked in a standoff over the US debt limit. The debt ceiling is the maximum amount of money Congress allows the federal government to borrow to cover its bills. Treasury Secretary Janet Yellen has issu...

The US labor market gained 253,000 jobs in April, a surprising increase at a time when manyexpected a slowdown in the job market.The unemployment rate slid to 3.4% — matching a half-century low hit in January — from 3.5% the month before. Economists...

US Federal Reserve Chairman Jerome Powell has announced that the central bank has hiked interest rates for the 10 th straight time since March 2022. However, he indicated that a pause in rate hikes may be imminent under the right conditions.Monetary...

The eurozone’s annual inflation climbed to 7% in April, a surprising development after the reading fell for five consecutive months.Although the increase was small, 0.1% up from 6.9% in March, analysts feel it could be enough to prompt the European C...

JPMorgan Chase has announced that it is buying most of the assets of First Republic Bank, confirming the second-largest bank failure ever in the US.The US government invited several leading US banks to make offers to take over the assets of the belea...

Amazon, Microsoft and Google Face Cloud Revenue CutsEarnings data from Amazon, Microsoft and Google last week showed that clients are still looking for ways to curb their spending on cloud costs.Year-on-year growth at Amazon Web Services slowed to 16...

The US economy weakened noticeably in the first quarter, measured from January through March. The US Department of Commerce released figures showing that, over the period, the economy slowed to an annual pace of just 1.1%, a marked deceleration from...

Investors on Wall Street expressed relief as Google-parent company Alphabet joined Microsoft in beating market earnings expectations. Alphabet reported a 3% total year-on-year revenue increase, while Microsoft reported a near 9% bump. After a di...

Microsoft reported an earnings boost this week that had positive effects on the firm’s stock price. Shares of the company climbed 9% in Tuesday’s trading after the technology giant reported third-quarter results that exceeded most analysts’ predictio...

The troubles affecting the global banking sector may have faded into the background, but that does not mean the effects of recent disruptions are no longer evident. Credit Suisse said on Monday that $68 billion in assets have left the bank in the fir...

UK inflation stayed above 10% in March, much higher than inflation in the US and Europe. Food prices climbed sharply, with bread prices rising at a record pace.Consumer prices in the third month of the year climbed 10.1% compared to a year ago. This...