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Economy News
China Import and Export Activity Drops in Worrying Sign for Economy
2 years ago
Economy News
China’s exports plunged this past December at the fastest rate since 2020. Imports also cooled, a warning sign that the country’s road to post-pandemic recovery will not be an easy one.Exports in the world’s second-largest economy dwindled 9.9% year-on-year in ...
SEC Charges Crypto Firms with Selling Unregistered Securities
2 years ago
Cryptocurrency News
In a sign of increasing scrutiny of the crypto market, the US Securities and Exchange Commission (SEC) this week charged two prominent crypto firms, Genesis Global Capital and Gemini, for selling unregistered securities to investors through Gemini's Earn crypto asset ...
Egyptian Pound Sheds Half Its Value Since March
2 years ago
FOREX News
Egypt, the most populous country in the Arab world, has had a brutal year. The Egyptian pound recently softened by more than 13% to a new low of 32 to the US dollar. Since March 2022, the pound has lost ...
World Bank Says Global Economy Very Close to Recession
2 years ago
Economy News
The World Bank has warned in an annual report that the global economy will come “perilously close” to a recession this year. On the back of weak economic growth in the world’s top three economies – the US, Europe and ...
Tesla Cuts Prices in China Again as Demand Flags
2 years ago
Stocks News
Tesla has trimmed its prices in China again, the second time in under three months, causing speculation of a price war as demand weakens due to monetary tightening measures taking place in developed countries around the world.The automaker has also ...
Europe's Inflation Shows Slowdown but Cost of Living Remains High
2 years ago
Economy News
Cooling inflation has brought some respite in Europe, with price gains easing moderately. However, the cost of living is still high, even if the slowdown hints that weary consumers might be through the worst.The consumer price index in the Eurozone ...
Samsung Expects Lowest Quarterly Profit in Eight Years
2 years ago
Economy News
Samsung Electronics is bracing for its worst fourth-quarter performance since 2014 after a marked drop in worldwide demand for memory chips and smartphones.Profits are expected to sink by 69% to $3.4 billion for the October-December period, the South Korean technology ...
Meeting Minutes Show Fed’s Determination to Tackle Inflation
2 years ago
Economy News
Federal Reserve meeting minutes from last month have revealed the extent of the US central bank’s determination to tame inflation, with officials warning investors to expect interest rates to be kept high for some time. Before the meeting, markets expected interest ...
Apple Loses $1 Trillion in Market Value
2 years ago
Stocks News
Apple Inc’s total stock market value slipped on Tuesday, falling below $2 trillion for the first time since early 2021, exactly one year to the day the company became the first public tech company valued at $3 trillion.Apple’s shares fell ...
Tesla Reports Record Quarterly Production, but Still Below Expectations
2 years ago
Economy News
Tesla Inc. this week reported a record number of electric vehicle deliveries in a quarter. However, it still missed Wall Street estimates because of a combination of logistical challenges, softening demand, climbing interest rates, and jitters over a possible world ...
IMF Warns Global Economy Faces Tougher 2023
2 years ago
Economy News
IMF Managing Director Kristalina Georgieva has said that 2023 is going to be a tough year as the main engines of global growth – the US, Europe and China – are all going through weakening activity at the same time.Speaking ...
Crypto's Terrible Year Continues with Yet Another Closure
2 years ago
Cryptocurrency News
Major cryptocurrency exchange Kraken announced it will close its operations in Japan and deregister from the country's main financial regulator at the end of January 2023. The company is one of the world's biggest crypto exchanges, with trading volumes in ...
China Tosses Quarantine Rule for Inbound Visitors
2 years ago
Economy News
China will stop sending incoming travelers to quarantine starting from January 8 in an important move toward reducing curbs on its borders, which have been closed since 2020. The country has moved its classification of COVID-19 to the less-severe Category ...
Electric Vehicle Sales Hit an Important Landmark in 2022
2 years ago
Economy News
Electric vehicles (EV) are making important market share inroads in the US, with EVs accounting for 5.6% of all new cars sold in 2022. While still a relatively small figure, it represents major growth, as EVs made up just 1.4% ...
China’s Workforce Returns to Office
2 years ago
Economy News
Mask-wearing commuters in Beijing and Shanghai, China’s two largest cities, are crowding roads and public transport as workers return to factories and offices after tough “Zero-COVID” measures were dropped.Following years of harsh anti-Coronavirus curbs, President Xi Jinping scrapped the country’s ...
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