Economy news

UK authorities are trying to soothe financial markets after plans by new Prime Minister Liz Truss to cut taxes while increasing borrowing caused alarm among investors concerned it could fuel inflation further and upend government finances.The Bank of...

The US Federal Reserve has raised its key interest rate by a substantial three-quarters of a point for a third straight time.The Fed’s move pushed its benchmark short-term rate to 3.25%, the highest level since early 2008. The central bank also signa...

Ties between China and Russia are deepening, with Chinese trade providing Moscow with an economic lifeline as it faces international isolation over its war in Ukraine.China imported 8.54 million tons of Russian coal in August amid increasing energy d...

Following the end of pandemic-era support measures, the number of companies in the UK that declared insolvency last month was 42% higher than before the advent of COVID-19.Insolvencies dropped markedly during the pandemic, as the British government u...

An increasing number of analysts are predicting that persistently high inflation will force the Federal Reserve to resort to the biggest increase in a key US interest rate in more than 40 years.At the last two meetings, the US Fed raised the targeted...

US mortgage rates scaled their highest level in 14 years, edging closer to 6% this week, as the market priced in continued aggressive Federal Reserve interest rate hikes.The 30-year fixed mortgage rate averaged 5.89% during the week ending September...

China's exports and imports slowed in August, with growth badly missing forecasts as surging inflation hobbled overseas demand and more COVID-19 lockdowns disrupted local output.Exports climbed 7.1% in August from a year earlier, slowing from an 18.0...

Inflation in Turkey is set to climb to above 80% soon, more than 16 times the central bank’s official target. Analysts believe this will leave price expectations of Turkish consumers entrenched at elevated levels for years to come. For most of the ye...

India, the third-largest economy in Asia, saw its GDP grow by 13.5% in the April-June quarter from a year earlier. This marks the fastest pace of growth in a year and comes amid concerns of growth slowing due to increased interest rates.The increase...

When Western countries imposed a raft of sanctions on Russia earlier this year, after it invaded Ukraine, it was believed these punitive measures would have a devastating effect on the country’s economy.However, results have thus far been mixed. On o...

Germans affected by Europe’s gas crisis are scrambling to get solar panels installed in their homes and businesses.So far this year, Germany has seen a 22% jump in the installation of solar systems compared with the same period last year. These syste...

US Carmaker Ford is cutting 3,000 corporate jobs as it prepares to shift from traditional internal combustion engine vehicles to electric vehicles (EV).Announcing the news, Ford CEO Jim Farley said, “Building this future requires changing and reshapi...

Europe’s economy is facing the strain of energy rationing, record inflation, and tighter monetary policy. With a round of purchasing managers’ indexes slated to arrive this week, analysts expect to see a contraction in private-sector output for a sec...

Major US retailer Target reported a significant profit decline of 90% in the second quarter, as inflation-hit consumers pulled back on spending on all but the most essential items. Target's quarterly net income fell to $183 million, down significantl...

China's central bank cut interest rates this week for the first time since January, as the economy lost steam due to renewed COVID-19 lockdowns and a brewing property crisis.The People's Bank of China reduced the main rate at which it lends to banks...