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New UK Finance Minister Tears Up Truss’ Economic Plan

New UK Finance Minister Tears Up Truss’ Economic Plan

15
Economy news
17.10.2022

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 annou...

The Fed Is Struggling to Contain Inflation

The Fed Is Struggling to Contain Inflation

22
Economy news
16.10.2022

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...

Bank of England Doubles Size of Bond Buy-Back to Calm Market

Bank of England Doubles Size of Bond Buy-Back to Calm Market

20
Economy news
16.10.2022

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...

IMF Head Again Rebukes UK Officials Over Policy Decisions

IMF Head Again Rebukes UK Officials Over Policy Decisions

12
Economy news
13.10.2022

IMF Managing Director Kristalina Georgieva has once again rounded on the UK for its planned tax cuts, telling its finance minister and central bank head that their policies should not be contradictory.Her comments came on Thursday during the IMF and...

No Quick Fix for UK Economy

No Quick Fix for UK Economy

19
Economy news
12.10.2022

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 th...

Pakistan Predicts High Inflation and Weak Growth

Pakistan Predicts High Inflation and Weak Growth

19
Economy news
11.10.2022

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...

Bank of England Doubles Size of Bond Buy-Back to Calm Market

Bank of England Doubles Size of Bond Buy-Back to Calm Market

15
Economy news
10.10.2022

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...

OPEC Production Cuts Draw Criticism from US

OPEC Production Cuts Draw Criticism from US

22
Economy news
09.10.2022

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 Gulf...

IMF Head Warns of “Darkening” Outlook for Global Economy

IMF Head Warns of “Darkening” Outlook for Global Economy

22
Economy news
06.10.2022

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 i...

Inflation In Turkey Breaks 83%

Inflation In Turkey Breaks 83%

9
Economy news
05.10.2022

Turkish inflation has climbed above 83%, a level not seen in 24 years. Sectors like transport, food and housing, have been hardest hit with surging prices. The Turkish lira, meanwhile, has hit a new record low of 18.56 against the US dollar.Soaring i...

Australia Bucks Global Trend with Lower-Than-Expected Interest Rate Hike

Australia Bucks Global Trend with Lower-Than-Expected Interest Rate Hike

22
Economy news
04.10.2022

The Reserve Bank of Australia (RBA) has raised its benchmark interest rate by less than expected, bucking a global trend of aggressive rate hikes to tame high inflation.The RBA’s 0.25 percentage point hike this week was only half of what markets had...

UK Government Forced Into U-Turn on Tax Cuts for the Rich

UK Government Forced Into U-Turn on Tax Cuts for the Rich

23
Economy news
03.10.2022

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...

UK Economy, Still Shaking Off The Pandemic, Faces More Trouble

UK Economy, Still Shaking Off The Pandemic, Faces More Trouble

25
Economy news
02.10.2022

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 not recovered full...

US Mortgage Rates Surge Towards 7 Percen

US Mortgage Rates Surge Towards 7 Percen

25
Economy news
29.09.2022

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 and led th...

Research Firm Reports 98 Percent Chance of a Global Recession

Research Firm Reports 98 Percent Chance of a Global Recession

30
Economy news
28.09.2022

According to probability models run by Ned Davis Research, there is currently a 98.1% chance of a global recession. The only other times its recession model was this high was during severe economic downturns, most recently the pandemic in 2020 and th...