Economy News

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 ...

Japan's economy contracted for the first time in two quarters, as COVID-19 curbs affected the performance of the services sector, and the Ukraine war continued to inflate commodity prices and create headaches for consumers.  The world’s third-largest economy fell at ...

China has posted troubling economic data for April, revealing the severe damage COVID lockdowns have wreaked on the country. The world's second largest economy reported alarming drops in retail sales and manufacturing production, falling short of many market predictions. Retail ...

Several business groups in Sri Lanka have asked the president to install a new government and resign immediately thereafter. With little more than $50 million in foreign exchange reserves, Sri Lanka is basically bankrupt and dependent on external aid and ...

The US Federal Reserve announced an interest rate hike of a half-percentage point in an attempt to take control of the worst inflation America has seen in 40 years. The central bank has not hiked rates this much in 22 ...

India's Tata Motors is taking a frugal approach to entering the electric vehicle (EV) market. The company makes a little more than 100 EVs a day at its Pune plant, with many processes being carried out by hand to save ...

South Korea, Asia’s fourth-largest economy, saw its consumer price index rise to 4.8% in April from 4.1% in March. The country’s consumer prices rose in April at their fastest pace in nearly 14 years due to red-hot food and energy ...

The Federal Reserve's interest rate hikes should boost lending profits for major financial firms in the US. Blue chip banks, like JPMorgan Chase, Wells Fargo and Citigroup, are expected to report first-quarter earnings this week. Investors are hoping financial stocks ...