Economy news

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...

Apple Inc has partnered with Goldman Sachs to launch a new high-yield savings account that offers a 4.15% interest rate, more than 10 times higher than the US national average. The move is the latest sign that the technology giant is canvassing tradi...

Tesla CEO Elon Musk said on Sunday that the electric automaker had now produced three million cars during its lifetime. The first-ever Tesla rolled off the line in 2009. The model, known as the Roadster, initially cost about $109,000. Today, after al...

US annual inflation based on the Consumer Price Index (CPI) dropped in March for the ninth consecutive month. Prices climbed just 5% for the 12 months ending in March, a drop from a reading of 6% in February.Annual CPI slid to its lowest rate since M...

All five of the world’s largest computer makers – Apple, ASUS, Dell, HP and Lenovo – reported double-digit falls in first-quarter shipments, reflecting weaker demand and persistent inventory woes. Apple’s decline was the biggest, falling more th...

Job growth in the US came in line with market expectations, as non-farm payrolls grew by 236,000 for March, compared to the Dow Jones estimate of 238,000. Unemployment ticked lower to 3.5% in response to an increase in labor force participation. This...

In March of this year alone, nearly 120 tech firms globally, including the likes of Meta, Apple and Amazon, implemented layoffs across various departments. Mass layoffs across the tech industry had already kicked off last year as a broader economic d...

Asia is expected to benefit from strong economic growth this year after China’s dropping of harsh pandemic curbs. The Asian Development Bank (ADB) predicts that economies in Asia and the Pacific will expand by 4.8% in 2023 and 2024, up from 4.2% last...

UK consumer prices leapt by 10.4% in February compared with a year ago, as food inflation skyrocketed to its highest level in almost 50 years. The price of a basket of food soared 18.2% from the beginning of the year to February, the steepest climb s...

China's big five lenders each reported above 3.5% annual net-profit growth, but warned that the country’s recovery was notcomplete, citing continued global banking turmoil and domestic risks.China's Bank of Communications Co Ltd (BoCom) and Bank of C...

Elon Musk, Apple co-founder Steve Wozniak and other technology leaders have called on competing artificial intelligence (AI) firms to put a hold on creating AI systems more powerful than GPT-4, OpenAI’s latest large language model. In an open letter,...

The EU and Germany have struck a landmark deal to prohibit new sales of fossil-fuel cars from 2035, as the bloc seeks to become “climate-neutral” by 2050 with net-zero greenhouse gas emissions.The agreement comes after Germany had blocked earlier dra...

US Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and a handful of other senior monetary officials called a special closed meeting of the Financial Stability Oversight Council (FSOC) last Friday. The Council deliberated over...

The Bank of England (BoE) has hiked interest rates by another quarter of a percentage point and says it anticipates the surge in inflation to cool faster than before despite a surprise jump in price growth last month.The UK’s central bank on Thursday...