Tag Archives: Economy

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 …

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 …

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 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 …

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 …

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 eased on Thursday in volatile trade as investors braced for the possible return of sanctioned Iranian oil exports to the market and on worries that rising U.S. interest rates would weaken fuel demand. The prospect that the OPEC+ producer group could curb oil supplies limited the decline in …

Soaring inflation across the UK has caused “acute distress” to Britons, Finance Minister Rishi Sunak has said, stressing that the Bank of England must take “decisive action” to get prices back under control. Addressing the House of Commons on Thursday, Sunak was at pains to say that “the high inflation …

Russian President Vladimir Putin on Tuesday said the oil sector was undergoing a “tectonic change,” but claimed Europe would be committing “economic suicide” with its sanctions on Moscow over Ukraine. By seeking to phase out Russian energy supplies, Europe will only hurt itself, Putin said, urging state officials to use …

Russian President Vladimir Putin said Thursday that Western countries were worse hit by sanctions imposed on Moscow over Ukraine than Russia, which he insists has been resilient in the face of “external challenges.” Western countries have slapped Russia with a barrage of unprecedented sanctions after Putin sent troops into neighboring …

With most Americans focused on economic woes at home, a majority told the survey they were fine with Ukraine losing to Moscow

The US on Sunday unveiled sanctions against three Russian television stations, banned Americans from providing accounting and consulting services to Russians, and sanctioned executives from Gazprombank to punish Moscow for its invasion of Ukraine.

The Russian ruble briefly reached its highest level against the dollar since March 2020 on Thursday, supported by capital controls, while stock indexes also climbed as the market watched developments around possible new sanctions against Moscow. The volatile currency hit a high of 65.31 per dollar in early trading on …

The Bank of England warns of recession risk as it hikes interest rate to tackle soaring inflation

The US trade deficit hit a new record of $109.8 billion in March fueled by strong demand for computers, vehicles, and oil, according to a report by the US Census Bureau released on Wednesday.

Russia said on Saturday it expected commodity flows with China to grow and trade with Beijing to reach $200 billion by 2024, as Moscow faces mounting isolation from the West. China has refused to condemn Russia’s actions in Ukraine and has criticized the unprecedented Western sanctions on Moscow. The two …

The figures come as Beijing doggedly pursues a zero-Covid response leading to lockdown measures in several cities. China’s manufacturing activity slumped to its lowest level since February 2020, official data showed on Saturday, the latest sign of economic pain as Beijing doggedly pursues its zero-Covid response. The official Purchasing Managers’ …

Russia’s central bank Friday said it was cutting its key interest rate for a second straight time as risks of price rises and financial instability were no longer rising. The Bank of Russia said it was slashing the rate from 17 percent to 14 percent from May 4, a greater …