Economy News

The Canadian economy recorded a massive job gain in October, coming in 10 times higher than expected, with the jobless rate remaining unchanged. The positive news came a week after a lower-than-expected interest rate hike by the Bank of Canada ...

While the Bank of Canada (BoC) once again hiked interest rates last week, its latest increase of 50 basis points was lower than the expected 75 basis points. It is the sixth-rate hike since March and brings the country’s official ...

After months of trying to energize the yuan, the People’s Bank of China has exhausted most of its policy tools, leaving it with some hard choices.The yuan now trades at 7.24 against the US dollar, a softer position brought on ...

It has been a turbulent week for the UK, both economically and politically. The headline news is, of course, the resignation of embattled prime minister Liz Truss, but that should not distract from the gloom facing the economy.Figures released this ...

The cost of living in France is becoming unbearable, with electricity bills surging because of a cut in Russian natural gas supplies that has sparked an energy crisis in Europe. Against this backdrop, tens of thousands of people took to the ...

Britain’s new finance minister has revealed a detailed reversal of the UK government’s tax-and-spending plans in a last-ditch effort to calm skittish markets and restore the government’s credibility.After just four days in the role, Jeremy Hunt announced he would scrap ...

The Bank of England (BOE) aims to further calm the bond market and ease liquidity pressures that arose after the Liz Truss government’s disastrous mini-budget announcement.The central bank has moved to quell worries about the expiry of its emergency bond-buying ...

After seven months of hiking interest rates at unprecedented speeds, the US Federal Reserve has hardly made a dent in inflation. Last week, consumer price data for September showed little improvement. Indeed, since March, overall consumer prices were up 8.5% ...

The Bank of England (BOE) continues to struggle to contain a crisis kindled by the UK government’s ill-advised plans to borrow lavishly to fund tax cuts. Fears remain that the country’s financial markets could once again spin out of control.Almost ...

Pakistan's central bank announced it would be keeping its key interest rate unchanged at 15%. This comes days after the South Asian country's credit rating was downgraded in the face of an economic catastrophe worsened by devastating floods.Pakistan is squaring ...

A recent decision by the OPEC+ alliance of oil-exporting countries to significantly cut production and boost crude prices has dealt a blow to oil-consuming nations. The US, which is heading into key midterm elections, has gone as far as accusing ...

The managing director of the IMF, Kristalina Georgieva, has said the organization is lowering its 2023 growth forecast, the fourth negative adjustment this year, when it releases its World Economic Outlook next week.The IMF next week will downgrade its forecast ...

The British government announced it is performing an about turn and will not scrap the highest rate of income tax, marking a humiliating retreat after an internal political rebellion and a week of financial and economic turmoil.Finance minister Kwasi Kwarteng ...

The UK economy grew marginally in the second quarter of the year, rather than shrinking as previously had been estimated. However, data from the Office for National Statistics also showed that the UK is the only G7 economy that has ...

The US 30-year fixed-rate mortgage averaged 6.7% in the week ending September 29, up from 6.29% the week before, its highest level in 15 years.Mortgage rates have more than doubled since the start of this year, as inflation has skyrocketed ...