Business

British finance minister Jeremy Hunt announced a string of tax increases and tighter public spending in a budget plan on Thursday that he said was needed after the blow dealt to the country’s fiscal reputation by former prime minister Liz Truss. Following is a snapshot of what he announced and …

Soaring energy, food, and transport prices drove Britain’s inflation to a new high in October, jumping to a 41-year high of 11.1 percent, squeezing households and businesses amid a warning of recession in major economies by the world trade body. The Office for National Statistics in a report on Wednesday …

Leaders from the Group of 20 (G20) nations have met for a two-day summit on the Indonesian island of Bali that is considering a draft resolution warning against impacts of Ukraine war on global economy. The 16-page draft declaration stress the war was exacerbating fragilities in the global economy, Reuters quoted …

Amazon plans to lay off ten thousand employees in corporate and technology jobs amid cost-cutting review and a “worsening macroeconomic environment”, as inflation in the United States is at a 40 year record high. The online retailer giant plans to eliminate jobs beginning this week with staff working at its …

The figure exceeded $300 million in the first eight months of the year, according to the Russian embassy The trade turnover between Russia and Iraq between January and August 2022 amounts to $313.1 million and has exceeded the figure for all of last year, $282.7 million, an economic adviser at …

Global factory output weakened in October as widespread recession fears, high inflation, and China’s zero-COVID policy hurt demand, business surveys showed on Tuesday, adding to persistent supply disruptions and darkening recovery prospects. Inflation has soared globally as supply chains still healing from the coronavirus pandemic were hit again by Russia’s …

The eurozone economy came to a near-standstill in the third quarter as inflation surged above all expectations to top 10 percent for the first time, preliminary Eurostat data showed on Monday. The toxic combination of weak growth and surging prices points to dark winter months ahead. Inflation surged to 10.7 …

China’s customs office data have pointed to a major increase in the country’s indirect oil imports from countries under US sanctions in September. The data covered in a Monday report by the Reuters news agency showed that China’s oil imports from Malaysia, from where the country has taken delivery of oil …

U.S. consumer prices increased more than expected in September as rents surged by the most since 1990 and the cost of food also rose, reinforcing expectations the Federal Reserve will deliver a fourth 75-basis-point interest rate hike next month. The report from the Labor Department on Thursday also showed a …

The decision of the OPEC+ group of leading oil producers to reduce output by two million barrels per day is aimed at market stabilization, a Kremlin spokesman said on Thursday. Dmitry Peskov also said that by agreeing to reduce output, OPEC+ has confirmed its credentials as an organization responsible for …

The current turmoil in British politics can lead to disastrous consequences. It also mirrors the current state of the wider West Even fervent believers in the stability of Western democracies must surely have had their faith shaken last week by the extraordinary economic and political crises created by the newly-minted …

The OPEC+ group of oil producers is discussing output cuts of more than 1 million barrels per day (BPD), OPEC sources said, and voluntary cuts by individual members could come on top of that, making it their largest cut since 2020. The group is set to meet on Oct. 5 …

Sterling gained in volatile trading on Thursday, as the U.S. dollar fell against some currencies, with investors taking comfort from the Bank of England’s purchase of long-dated bonds to stabilize the market. The pound rose 1.4% to $1.1034. After hitting a fresh 37-year low of $1.0327 three days ago, sterling …

U.S. consumer prices unexpectedly rose in August and underlying inflation picked up amid rising costs for rents and healthcare, giving the Federal Reserve ammunition to deliver a third 75 basis points interest rate hike next Wednesday. The surprisingly firm inflation readings reported by the Labor Department on Tuesday followed in …

Iraq maintained the 30th ranking in the list of the countries with the largest gold reserves, the monthly report of the World Gold Council said. The Central Bank of Iraq bought 34 tonnes of gold in June in a bid to help stabilize the exchange rate of the Iraqi dinar …

Oil prices sank on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes trumped support from OPEC+’s first output target cut since 2020. Brent crude was down $3.26, or 3.4%, to $92.48 at 11:27 a.m. EDT (1527 GMT). U.S. West …

Oil prices rose about 4% on Monday, extending gains as OPEC+ members agreed to a small production cut to bolster prices. Brent crude futures for November delivery rose $3.53 to $96.55 a barrel, up 3.8%, by 11:07 a.m. ET (1507 GMT). U.S. West Texas Intermediate crude was up $3.08, or …

A British think tank has warned that over three million more Britons will fall into absolute poverty by the end of 2024 unless the new government acts quickly. Resolution Foundation, in its latest report, projected households will see their spending power cut by an average of £3,000 by the end …

Oil prices climbed on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weakness in the global economy loomed over the market. Brent crude futures were up $1.59, or 1.7%, to $93.95 a barrel by 11:19 a.m. …

European natural gas prices have hit new records in the aftermath of sanctions targeting Russia’s energy sector, prompting several European countries such as Italy and Spain to take new measures to bring the crisis under control. Europe’s benchmark Dutch TTF gas contract advanced to 318 euros per megawatt on Thursday, …