Pound dropped below $1.19 on Tuesday for the first time since UK Covid shutdown in March 2020. A depreciating pound makes imports like food more expensive and raises the cost of gasoline. Additionally, it implies that British tourists who shop abroad get less for their money. As energy prices continue to rise, the pound has … Read more
Tesla workers have filed an emergency motion to stop the electric car maker from seeking less severance. Tesla has been asking employees to agree to release all claims in exchange for severance. Two laid-off Tesla (TSLA.O) employees recorded a crisis movement on Tuesday to stop the electric vehicle producer from purportedly looking for partition arrangements … Read more
Euro’s value falls to lowest level against the dollar since December 2002. Rise in natural gas prices dampens investor confidence. MSCI World Index falls 0.31%, but is still 3 percent above June’s 18-month lows. On Tuesday, the euro fell to its lowest level against the dollar since late 2002 as data revealed a severe slowdown … Read more
Six out of ten customers expect cheap costs to have a bigger impact on where they shop. The Institute of Customer Service surveyed 10,000 people as part of its review of customer service. A third of those surveyed were still open to paying more for quality service. According to a survey, six out of ten … Read more
Bank of England issued a warning that the economic outlook for the UK “materially deteriorated”. “Costs of energy and gasoline are rising quickly globally, which causes prices to increase overall. The Bank asserted that UK banks are prepared to withstand even a severe economic slump. The Bank of England has issued a warning that the … Read more
Further significant Chinese developer has fallen behind on its obligations. Shimao Group failed to pay the interest and principal on a $1 billion bond that was due on Sunday. The company has failed to make principle payments on other offshore debt. Further significant Chinese developer has fallen behind on its obligations, throwing another damage to … Read more
The annual rate of inflation in Turkey was 78.62 percent in June, slightly higher than expected. The Ukraine war contributed to some of the biggest price increases in housing and transportation. President Erdogan has called interest rates “the mother and father of all evil” for driving up prices. The most recent official statistics show that … Read more
Sri Lanka’s energy minister has issued a stern warning regarding the nation’s gasoline supplies. Sri Lanka has stopped selling gasoline to the general public because of severe fuel shortages. The island nation is going through its biggest economic crisis since independence. In light of Sri Lanka’s greatest economic crisis in more than 70 years, the … Read more
Jeff Bezos slams President Joe Biden’s call for gasoline prices to be cut. The world’s third-richest person accuses the White House of misdirection and misunderstanding. The White House says oil prices had dropped by about $15 a barrel in the past month while gas prices had “barely” fallen. Jeff Bezos the pioneer of Amazon.com Inc … Read more
Between January and June, the S&P 500 fell 20.6 percent, marking its worst start since 1970. Concerns about how forceful central banks will need to be to contain inflation have increased. Lockdowns on the coronavirus in China have also increased anxiety. Few investors will have had a more difficult start to a year than the … Read more
Argentina is grappling with a weak currency and rising food and energy prices worldwide. Martin Guzmán was chief negotiator for Argentina’s debt restructuring with the IMF. His resignation raises doubts about Argentina’s economic strategy as a result of internal conflict. Martin Guzmán, Argentina’s minister of the economy, has resigned as the nation’s economic crisis worsens. … Read more
Apple has increased the price of its flagship iPhone by roughly a fifth in Japan. The value of the dollar has increased against the yen by 18 percent so far this year. Most Japanese consumers have been caught off guard by these widespread price increases. Apple has increased the price of its flagship iPhone by … Read more
Real disposable income fell for four quarters in a row for the first time since records began. Fuel and energy expenses are also squeezing businesses. Businesses face “several obstacles” selling to the EU after Brexit, the British Chambers of Commerce (BCC) has warned. As enterprises suffer with increasing pricing, the head of a business lobby … Read more
The Jumbo Floating Restaurant was hauled out of Aberdeen Harbour in Hong Kong. Losses had been increasing for years before the epidemic inflicted a devastating blow. Comes after several years of unrest, including large-scale pro-democracy demonstrations. The Jumbo Floating Restaurant was hauled out of Aberdeen Harbour in Hong Kong on a foggy day in June. … Read more
Japan’s core consumer inflation hit 2.1% for two straight months in May. The rise was due almost entirely to soaring energy prices, Governor Haruhiko Kuroda said. Core consumer inflation may stay around 2% for about a year. But is likely to slow to around 1% in the next fiscal year. The Bank of Japan BOJ … Read more
Sri Lanka’s foreign exchange reserves are at an all-time low. The nation is struggling to pay for essential imports of food, medicine, and fuel. Fuel supplies will be restricted to only necessary services, such as trains and buses. A minister has said that beginning on Tuesday, schools will be closed throughout Sri Lanka, and that … Read more
19% of US midsize companies are positive about the national economy over the next year. This is a record low in the 12-year history of the study by JPMorgan Chase. In comparison to a year ago, economic pessimism increased from 10% to 51%. According to a study by the nation’s largest bank, a record-low percentage of … Read more
Sri Lanka raises fuel prices by 15% and 22%, worsening the plight of ordinary people. US officials arrive in Colombo for talks to try to resolve the economic crisis. The government declared bankruptcy in April after failing to pay its $51 billion in foreign debt. Sri Lanka hikes fuel prices, aggravating the misery of ordinary … Read more
Some investors view copper prices as a leading indicator of the world economy. The metal is found in a variety of building elements, including electrical cables and water pipes. Copper prices have decreased by more than 11% in two weeks. Some investors view copper prices as a leading indicator of the world economy. If you … Read more
India’s top diplomat met with Sri Lankan leaders to discuss extending financial help. Sri Lanka is experiencing its worst economic crisis in seven decades. The neighbours are in discussions for additional assistance including a $500 million credit line. In an effort to show its willingness to go above and above the $4 billion in loans, … Read more
Sri Lanka is experiencing its worst financial crisis in seven decades. Millions are struggling with fuel, electricity, and food shortages. The country is in talks with the World Bank, Asian Development Bank, and U.S. for assistance. The prime minister of the crisis-hit country, Ranil Wickremesinghe, declared on Wednesday that the economy of Sri Lanka has … Read more
Energy is at the heart of a financial fight between Russia and the West over Ukraine. “This is another aspect,” Habeck said. “This methodology can’t be permitted to succeed.” Germany Economy Minister Habeck said diminished supplies added to monetary assault and part of Russian President Putin’s arrangement. The EU depended on Russia for as much … Read more
Dow Jones Industrial Average is up 1.7% after 30 minutes of the holiday-shortened week. &P 500, which entered a bear market earlier last week, jumped 2.4 percent to 3,762.17. Nasdaq Composite Index gained 2.9 percent to 11,108.56. Wall Street stocks began positive, as investors shrugged off recession and pandemic fears in order to benefit from … Read more
A key U.S. legislator says he will go against reauthorization of government independent company development awards leaned toward by the Pentagon. The Small Business Administration’s Innovation Research (SBIR) and Technology Transfer (STTR) grants are slated for termination Sept. 30. Paul goes against organizations whose plan of action is to create SBIR-financed research however not to … Read more
The economic disaster caused by Vladimir Putin’s war on Ukraine has already damaged energy, oil, food and agriculture, trading, foreign exchange Cryptocurrency is a significant weapon for regular Russian citizens to resist financial totalitarianism. The number of crypto market users in Russia is expected to decline with the ruble’s value. Russia’s invasion of Ukraine has … Read more
The yen fell as much as 1.9% and bond yields fell after the decision by the Bank of Japan. The decision was widely expected but disappointed some market players who speculated the BOJ could give in to market forces and tinker with its yield cap policy. The Bank of Japan BOJ kept up with super … Read more
Central banks in the United States, eurozone and UK are raising interest rates. The US Federal Reserve announced the most aggressive interest rate increase in nearly 30 years. Higher rates affect the cost of borrowing for banks, which then pass those costs onto businesses. In order to curb inflation, central banks in the United States, … Read more
The UK economy could be destined for a downturn, causing the cost of living to skyrocket. A key business organization issues a grave warning about the country’s financial prospects in the coming year. The CBI’s prediction came just hours before official numbers proved that the economy dropped in April for the second time. The UK … Read more
