Economy news

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 reshaping virtually all aspects ...

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 second month, ...

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 significantly from ...

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 ...

After receiving approval from the US Congress, American President Joe Biden is preparing to sign a bill allocating $369 billion for climate and energy funding into law.Investors have not been slow to climb the bandwagon and have already sunk $425.5 ...

Spanish consumer prices have shot up at the fastest pace since September 1984, as inflation in the EU continues to break new records. Inflation in Spain reached 10.8% year-on-year for July, a jump from its level of 10.2% in June. ...

According to the Bureau of Economic Analysis, the US economy shrank for a second quarter in a row. GDP fell by 0.9% on an annualized basis from April through June.  By definition, two consecutive quarters of negative economic growth constitute ...

A few months ago, a massive 75-basis-point rate hike by the US Federal Reserve was unthinkable. It has now happened twice in a row. This week, members of the US Fed unanimously agreed on an additional interest rate hike of ...

China’s real estate market is in deep trouble, with property sales slumping by 25% this year alone. A confluence of factors, including China’s “Zero COVID Cases” policy, have seen property developers run out of capital to finish ongoing construction.  This ...

The European Central Bank (ECB) on Thursday announced it would hike its key interest rate by a half percentage point. This is the first time since 2011 that the ECB has raised rates, taking Europe's key rate back to zero. ...

US Inflation powered to a new peak in June, with American consumer prices leaping by 9.1% year-over-year, according to new data. Inflation is at its highest level in four decades, and higher than the previous month’s reading in May, when ...

The Turkish Statistical Institute recently shared a report showing that Iranians make up the largest group of foreign buyers of residential property in Turkey. In March of this year alone, Iranians purchased 784 homes, beating the number of properties bought ...

The US labor market is changing in significant ways, as shown by the latest data from the US Bureau of Labor Statistics. There are jobs aplenty, with 11.4 million job openings in April, even if this is a slight decrease ...

New Zealand's central bank announced a fifth straight interest rate hike this week and hinted at a much more aggressive monetary policy tightening as central bankers try to tame runaway inflation. The Reserve Bank of New Zealand (RBNZ) lifted the ...

Inflation in the UK leapt to its highest annual rate since 1982, putting severe pressure on Finance Minister Rishi Sunak to do more to help families facing a cost-of-living crisis. Consumer price inflation touched 9% in April, recalling the peaks ...