Economy news

The Organization for Economic Co-operation and Development (OECD) raised its global economic outlook for 2023 on Tuesday but cut the growth forecast for next year as interest-rate hikes aimed at curbing inflation take their toll.The world economy is...

The European Central Bank (ECB) raised interest rates by a quarter of a percentage point to 4% Thursday and hinted it was done with its protracted campaign of rate hikes to tame stubborn inflation.The ECB has hiked its primary interest rate for the 1...

Oil prices hit over $92 a barrel on Tuesday, marking the first time in almost 10 months, as concerns grew over potential supply issues due to severe flooding in Libya.Brent crude, a global measure, rose about 2%, reaching $92.38 a barrel – the steepe...

China saw its exports drop 8.8% and imports decrease 7.3% in August, compared to last year, according to Thursday's customs report. This adds more strain to China's big manufacturing businesses as demand slows both domestically and internationally. A...

The European Commission announced on Wednesday that six leading tech firms, including Amazon, Alphabet, Apple, Microsoft, Meta, and ByteDance, are now labeled as "gatekeepers" under the new Digital Markets Act. This legislation introduces stringent r...

At the IAA Mobility car show in Munich, Germany, two auto powerhouses, BMW and Mercedes, showcased their latest electric vehicles (EV) and plans for the future. They're stepping up their game in the electric car world, aiming to tackle competition fr...

Consumer prices across the Eurozone's 20 nations held steady with a 5.3% year-on-year increase this August, as reported Thursday by Europe's official statistics agency. This inflation rate mirrors July's figures.Although core inflation, which exclude...

In a surprising move on Thursday, Turkey's central bank ramped up its interest rate to a whopping 25%, signalinga departure from the unconventional economic policies of President Recep Tayyip Erdogan.This unexpected 7.5 percentage point hike comes ho...

European business activity witnessed a downturn in August, plunging to its weakest since November 2020, according to the data released Wednesday.The flash composite Purchasing Managers’ Index (PMI) for the euro zone took a dip, coming in at 47.0 in A...

In a notable dip, the UK's annual inflation rate for July hit its lowest in 15 months, anchored by a decrease in energy costs, and aligning with economists' predictions, recent official data revealed.The Office for National Statistics (ONS) reported...

In a striking blow to China's once-dominant property sector, Evergrande Group, once the nation's second-largest property developer, announced its bankruptcy filing in New York this Thursday.Having defaulted on its substantial debts in 2021, Evergrand...

China's economy has hit a rough patch, signalingpossible global challenges. For nearly 20 years, China's economic surge has boosted the world's economy. So, if China's economic pace slows, the remainder of the world will feel its effects.According to...

The UK economy saw a small growth in the quarter ending June 30, thanks to sharp gains in manufacturing, as well as increased spending by consumers and the government.On Friday, the Office for National Statistics reported a 0.2% increase in gross dom...

In a worrying economic shift, China's consumer prices last month fell for the first time in over two years, a telltale sign of the slowing economic recovery following the global pandemic. Recent figures reveal a deflationary trend that threatens to f...

Moody's is currently reviewing the credit ratings of six major U.S. banks, including Bank of New York Mellon, State Street, and Northern Trust, for a possible downgrade. The agency announced late Monday that this decision is due to ongoing strain wit...