Economy news

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 ...

Last week was a rollercoaster for global markets. Investors in the United States and Asia were jolted by several worrying signs, including a downgrade of the U.S. credit rating, an increase in Treasury yields, and China's lack of a decisive ...

Global equities tumbled Wednesday following a decision by Fitch, the ratings agency, to reduce its credit score for the United States, highlighting "a consistent degradation in governance standards" and the mounting debt load of the US government.Japan's Nikkei 225 index ...

The euro-area economy is growing again. Gross domestic product across the 20 countries that share the euro currency rose by 0.3% in the second quarter, compared with the previous three months.GDP in the euro area had fallen by 0.1% in ...

In a move that stirred markets on Friday, Japan's central bank maintained its current interest rates, ignoring escalating inflation signs. However, it gave subtle indications toward a possible shift from its long-standing ultra-low interest rate regime in the future. This ...

India's Tata Group has unveiled plans to build a $5.2bn electric vehicle (EV) battery gigafactory in the United Kingdom, aiming to power its Jaguar Land Rover production lines. This initiative delivers a significant shot in the arm for the UK ...

American Airlines released an optimistic earnings outlook for 2023 on Friday, raising its full-year per-share prediction to between $3 and $3.75, in line with Wall Street's expectations. This upbeat revision, reflective of a fruitful peak travel season, aligns the airline ...

According to official data revealed on Wednesday, inflation in the UK saw a more significant decrease than anticipated in June, dropping to the lowest yearly rate since March of last year.In comparison to last year, consumer prices surged by 7.9% ...

Asian financial markets cooled on the back of a slowdown in China's economic growth. The Hong Kong market, leading the pack in early Tuesday trading, fell more than 1%. Other markets, including Shanghai, Sydney, Seoul, Singapore, Wellington, and Taipei, also ...

The Chinese economy is experiencing a continued second quarter deceleration in its recovery trajectory, prompting increasing demands for Beijing to implement further stimulus measures.China’s economic expansion stood at a disappointing 6.3% from April through June, a figure derived from a ...

Stocks experienced gains on Thursday following a key inflation reading that was lower than anticipated. The S&P 500 rose by 0.7%, while the Dow Jones Industrial Average gained 65 points, or 0.2%. The Nasdaq Composite saw a significant increase of ...

Elon Musk on Wednesday announced the formation of a new company focused on artificial intelligence, after months of hinting at plans to build a rival to ChatGPT.The company, called xAI, unveiled a website and a team of a dozen workers. ...

Technology giant Microsoft revealed on Monday that it had laid off 276 employees. Affected roles included customer service, sales and support.Microsoft's last-known layoffs took place in March of this year when the company axed its artificial intelligence ethics and society ...

Foxconn, the leading supplier for Apple and a global manufacturing giant, has decided to withdraw from a $19.5 billion joint venture project with an Indian conglomerate. The project aimed to establish semiconductor and display manufacturing facilities in the Indian state ...

US companies experienced a significant and unexpected surge in hiring activity during June, as reported by independent sources. The private sector added 497,000 jobs last month, surpassing economists' projections of 228,000 jobs.While independent assessments may not always align with the ...