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Brussels, Belgium | AFP | by Marc BURLEIGH Germany, the EU’s top economy and Europe’s export powerhouse, looks headed for imminent recession, according to a closely watched survey Monday that pointed to a deepening eurozone contraction. There are “growing signs of an impending recession in the eurozone’s largest economy,” S&P Global Market Intelligence said as it released its eurozone purchasing managers’ index for October. The PMI for the 19-nation area fell to 47.1, down from […]
London, United Kingdom | AFP | by Roland JACKSON / Véronique DUPONT Liz Truss, the shortest serving prime minister in UK history, leaves lasting scars on the economy after her botched budget rocked markets, spiked borrowing costs and tanked the pound. The crisis-hit PM, elected Conservative leader just six weeks ago on a tax-slashing platform, announced her resignation Thursday. Her budget, peppered with tax cuts and delivered last month, sought to boost growth in […]
Zouk Mikael, Lebanon | AFP | by Jonathan SAWAYA After losing four relatives to respiratory illness, Zeina Matar fled her hometown north of Lebanon’s capital where she says a decaying power plant generates little electricity but very deadly pollution. Thick black smoke sometimes billows from its red-and-white chimneys, leaving a grey haze in the air above the Zouk Mikael industrial district where the toxins remain trapped by a nearby mountain chain. Zeina, aged 40, says […]
Washington, United States | AFP | President Joe Biden will announce Wednesday he’s putting the final 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said. The new tranche of oil from the Strategic Petroleum Reserve will be “completing the 180 million barrel release authorized in the spring,” in response to price hikes linked to Russia’s […]
Seoul, South Korea | AFP | The co-CEO of a South Korean company that owns the country’s biggest mobile messenger app stepped down Wednesday following a massive service outage that left more than 50 million without access to its widely used services for days. Kakao’s flagship messaging app KakaoTalk is installed on around 90 percent of phones in the country and its heavily used services including maps, online payments, ride-hailing, streaming and gaming. The outage started […]
London, United Kingdom (AFP) British inflation jumped back above 10 percent in September on soaring food prices, official data showed Wednesday, with the country gripped by a cost-of-living crisis bedevilling the government. The Consumer Prices Index accelerated to 10.1 percent on an annual basis, up from 9.9 percent in August, the Office for National Statistics said in a statement. The September rate matched the level in July and is the highest in 40 years as […]
Hong Kong, China | AFP | by Holmes Chan and Su Xinqi Hong Kong’s leader unveiled plans to resuscitate the business hub’s fortunes on Wednesday, hoping to lure back international expertise after an exodus of talent — but he vowed no let-up in a political crackdown that has transformed the city. John Lee, a Beijing-anointed former security chief, gave a debut policy speech that prioritised the revival of an economy mired in recession and […]
New York, United States | AFP | US inflation jumped more than expected in September, according to government data released Thursday, in the latest sign that pricing pressures have become more intractable despite aggressive central bank action. US prices rose 0.4 percent in September compared to August, twice the 0.2 percent projected by analysts, with price increases for food, shelter and medical care weighing on consumers, according to data from the Bureau of Labor […]
Washington, United States | AFP | Hiring in the US economy slowed slightly in September, as expected, while the jobless rate ticked back down to the same level as July, the government reported Friday. The data showed 263,000 jobs were added last month, while the unemployment rate slipped two-tenths of a percentage point to 3.5 percent, the Labor Department said. The steady slowdown in new positions added in the world’s largest economy is good news […]
Washington, United States | AFP | by Heather SCOTT IMF chief Kristalina Georgieva urged global policymakers Thursday to take concerted action to avoid a “dangerous ‘new normal,’” as the risks of a worldwide recession are driven ever higher by repeated economic shocks. In a speech ahead of the fund’s annual meetings next week, the IMF’s managing director said it was critical to “stabilize the global economy by addressing the most immediate challenges” — including […]
by Jitendra JOSHI Agence France-Presse BIRMINGHAM, United Kingdom (AFP) — Prime Minister Liz Truss vowed to steer the UK “through the tempest” as she closed her party’s tumultuous annual conference on Wednesday, making an unapologetic pitch for economic “growth, growth, growth”. Since succeeding Boris Johnson, Truss has alienated voters, financial markets and many in the ruling Conservative party with a crash program of debt-fueled tax cuts to boost Britain’s stagnant economy. But she argued in […]
TOKYO, Japan (AFP) — Business confidence fell among Japan’s largest manufacturers for the third straight quarter, a closely-watched survey showed Monday, defying analyst expectations for a rise in sentiment. The Bank of Japan’s Tankan survey shows major manufacturers are still much more upbeat than during the gloomiest days of the Covid-19 pandemic. But inflation, including higher energy prices fueled by the war in Ukraine, has weighed on business confidence this year, analysts say. The quarterly […]
