ECONOMY

Labour finance minister Rachel Reeves said public finances faced an extra hole of £22 billion

UK Warns Of Extra GBP22bn Hole In Public Finances

Britain's Labour finance minister Rachel Reeves declared Monday that the public finances face an extra GBP22-billion hole inherited from the previous Conservative administration and warned of "difficult decisions" ahead to cut spending or hike taxes.

France, Spain Log Solid Growth In Second Quarter

Exports were the main driver for France's stronger-than-expected growth
The French economy -- the eurozone's second biggest after Germany -- expanded by 0.3 percent in the second quarter, outperforming the INSEE statistics institute's earlier estimate of 0.1 percent

Chinese Leaders Pledge Further Support For Flagging Economy

A debt crisis in China's colossal property sector is weighing on the world's number two economy
Beijing is racing to achieve its goal of five percent annual growth in 2024, a target considered ambitious by many experts as the world's second-largest economy faces headwinds including an indebted real-estate market, flagging consumption and high youth unemployment.
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Dubai

Dubai Customs, Dubai Chambers Team Up To Advance Dubai Economic Agenda

The agenda aims to double Dubai's economy in the next decade and make it one of the world's top three economic cities. Dubai Customs welcomed Dubai Chambers' high-level delegation, which was led by Dubai Customs Director-General Dr. Abdulla Mohammed Busenad.
Sana Khan Jul 08, 2024
Japanese markets started higher on Friday with Tokyo's benchmark Nikkei 225 index crossing new record heights

UK Stocks, Pound Climb After Labour Election Win

The London stock market advanced Friday after Britain's centre-left Labour Party clinched an expected landslide election victory to end 14 years of right-wing Conservative rule.
AFP news Jul 05, 2024
Economists surveyed by FactSet and Bloomberg had forecast that inflation would slow to 2.5 percent

Eurozone Inflation Eases Slightly In June

Eurozone inflation cooled in June, official data showed Tuesday but experts say it will not be enough to convince the European Central Bank to accelerate its rate-cutting cycle despite sluggish economic growth.
AFP news Jul 02, 2024
The United States slightly downgraded its economic outlook for this year

IMF Slightly Downgrades US Economic Forecast For 2024

The IMF said Thursday it expects the US economy to grow a bit more slowly than previously forecast, while praising the way it has remained "robust, dynamic, and adaptable to changing global conditions."
AFP news Jun 28, 2024
President Javier Milei stopped all new public works projects as part of his drive to slash spending

Argentina's Growth Plummets 5.1% In First Quarter

Argentina's austerity-hit economy contracted by 5.1 percent in the first quarter, the national statistics agency said Monday, driven by a slowdown in the construction and manufacturing industries.
AFP news Jun 25, 2024
While the United States and other major economies have battled sky-high inflation in recent years, price rises in Japan have been less extreme

Japan Inflation Ticks Up In May To 2.5%

The Consumer Price Index (CPI) -- which excludes volatile fresh food prices -- rose 2.5 percent year-on-year, compared with the 2.2 percent logged in April by the internal affairs ministry.
AFP news Jun 21, 2024
A man walks past food price signs on a street in Buenos Aires on June 13, 2024

Argentine Monthly Inflation Lowest In 2.5 Years

Monthly inflation in economically troubled Argentina came in at 4.2 percent in May, the lowest in two-and-a-half years, mainly due to a drop in consumption, the INDEC statistics agency said Thursday.
AFP news Jun 14, 2024
British Prime Minister Rishi Sunak's Conservatives trail in polls ahead of the election

UK Economy Stagnates Heading Into General Election

Britain's economy stagnated in April after emerging from recession in the first quarter of the year, official data showed Wednesday, dealing a setback to Prime Minister Rishi Sunak ahead of next month's general election.
AFP news Jun 12, 2024
The euro has come under pressure owing to political uncertainty after a strong showing by far-right parties in EU polls and the calling of a snap parliamentary vote in France

European Stocks, Euro Extend Losses On Political Turmoil

European equities and the euro extended a sell-off Tuesday, fuelled by EU political uncertainty, while Asian markets also took a hit as investors looked ahead to inflation data and an interest rate decision in the United States.
AFP news Jun 11, 2024
Tourists are flocking to Spain in record numbers, such as these seen sunbathing on the island of Menorca, giving the economy a huge boost

Tourism Buoys Southern Europe's 'Club Med' Nations

Derided as "Club Med" nations during the European debt crisis 15 years ago, the economies of Spain, Greece and Portugal are now outperforming their northern peers thanks to a rebound in tourism.
AFP news Jun 10, 2024
The euro fell after far-right parties won big in European Union polls and France's President Emmanuel Macron called a snap parliamentary election

European Stocks, Euro Drop On EU Vote Turmoil

Europe's stock markets and the euro slid Monday after far-right parties performed well in EU elections, prompting French President Emmanuel Macron to call a snap parliamentary poll and plunging the bloc into political turmoil.
AFP news Jun 10, 2024
Russia's Central Bank Governor Elvira Nabiullina the country must prioritise 'ensuring the openness of our economy'.

Russian Central Bank Chief Calls For 'Open Economy'

Russia's central bank chief called Thursday for Russia to be an "open economy" despite the barrage of Western sanctions and trading restrictions it has been hit with over its Ukraine offensive.
AFP news Jun 06, 2024
Hong Kong stocks fell for a fourth successive day, having hit a nine-month high earlier in the week

Markets Sink After US Data Deal Blow To Rate Cut Hopes

Markets fell in Asia and Europe on Friday, tracking a sell-off on Wall Street sparked by a string of better-than-expected US data that added to worries the Federal Reserve will hold off on cutting interest rates this year.
AFP news May 24, 2024
Inflation in Japan excluding volatile fresh food prices slowed in April

Japan Inflation Slows To 2.2% In April

The pace of Japanese inflation slowed in April to 2.2 percent as gas bills fell, government data showed Friday, with the figure remaining above the Bank of Japan's two percent target.
AFP news May 24, 2024
Nvidia's forecast-beating earnings provided support to investors and sent US futures rallying

Equities Mixed After Fed Minutes While Nvidia Lends Support

Asian and European markets diverged Thursday after minutes from the Federal Reserve's most recent policy meeting indicated officials would keep interest rates elevated for some time as they struggle to bring inflation down to target.
AFP news May 23, 2024
News of sharply lower inflation sets the scene for this year's general election, as beleaguered British Prime Minister Rishi Sunak's Conservatives trail the main opposition Labour Party at opinion polls.

UK Inflation Slows To Near Three-year Low

Britain's annual inflation rate slowed to a near three-year low in April as energy prices cooled further, official data showed Wednesday, boosting the governing Conservatives before this year's general election.
AFP news May 22, 2024
Shares in Hong Kong extended a rally that has seen the Hang Seng Index race around 30 percent higher from its January low

Markets Rise As Traders Cheered By China Property Plan

Equities rose Monday, extending a rally in New York that saw the Dow close at a record high, with sentiment boosted by China's plan to support its struggling property sector and hopes for a US interest rate cut.
AFP news May 20, 2024
A debt crisis in China's property sector has dealt a severe blow to the country's economy

China Offers To Buy Up Commercial Housing To Boost Property Market

China cut the minimum down payment rate for first-time homebuyers on Friday and suggested the government could buy up commercial real estate, in some of Beijing's most ambitious moves yet to lift the ailing housing market out of an unprecedented debt crisis.
AFP news May 17, 2024

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