ECONOMY

Argentina's annual inflation surged beyond 200 percent in 2023, the statistics agency said Thursday, as the country grapples with an economic crisis new President Javier Milei has vowed to address by slashing state spending.

China's exports fell last year for the first time in seven years, data showed Friday, as tensions with the United States and a stuttering global economic recovery compound Beijing's struggles to kickstart growth at home.

Homelessness in rural England has risen by 40 percent in five years with many sleeping in the open air, tents or makeshift shelters, a British rural charity said on Tuesday.

Lining up, they receive some rice, dried beans and other basic foodstuffs, whose soaring prices have left millions in Nigeria facing a bleak Christmas.

Cecilia Rojas has scoured shops across greater Buenos Aires to find an affordable gift for her children this Christmas, which is set to be a gloomy affair as the country grapples with its worst economic crisis in decades.

Maria Mamani carries a fistful of new price stickers around a supermarket after Argentina's government slashed the value of the peso in half as part of "shock" therapy to the ailing economy.

Argentina devalued its currency by more than 50 percent Tuesday in a set of "shock" measures aimed at reviving a crumbling economy and tackling triple-digit inflation.

The Israel-Hamas war in Gaza is having a severe impact on the Palestinian economy, the World Bank said Tuesday, adding that a sharp economic contraction is likely this year and next.

Turkey's annual inflation rate ticked up slightly in November, the state statistics agency said on Monday, showing further signs of levelling off following a series of sharp interest rate hikes.

Turkey's central bank on Thursday surprised the market with a larger-than-expected interest hike as it ramped up its fight against inflation and efforts to support the slumping lira.

The retail sector's efforts to entice holiday gift purchases builds to a crescendo this weekend with the annual "Black Friday" shopping day followed by the newer "Cyber Monday."

Japanese Prime Minister Fumio Kishida announced a stimulus package worth more than $100 billion on Thursday as he tries to ease the pressure from inflation and rescue his premiership with his poll ratings at a record low.

German Finance Minister Christian Lindner on Wednesday called into question the government's aim to end coal use in Europe's largest economy by 2030.

The Federal Reserve is widely expected to announce Wednesday that it will keep interest rates at a 22-year high in a bid to tackle inflation without harming the buoyant US economy.

World oil prices sank Monday as traders hoped a region-wide conflict could still be avoided and Israel said its forces killed dozens of Hamas militants in clashes in Gaza.

China's central bank said on Monday it would crack down on speculation that distorts the value of the yuan as the country's currency sees persistent volatility.

Global rice prices reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization said Friday.

Data from China on Thursday showing falling exports fanned more fears about a slowdown in the world's second-biggest economy, which has struggled with its post-Covid recovery.

China's exports and imports sank again in August, data showed Thursday, adding to growing pressure on authorities to introduce fresh stimulus for the world's number two economy even as the figures showed some sign of improvement.

Russia's central bank announced Wednesday it plans to sharply step up support for the ruble, which has weakened considerably after 18 months of Western sanctions following Moscow's military intervention in Ukraine.

"The UAE is among the most competitive regions globally in producing renewable energy, with the country hosting several of the world's largest and most cost-efficient solar power plants," Chief Investment Officer, Emerging Markets at UBS Global Wealth Management, Michael Bolliger said.

Eurozone inflation remained unchanged in August, official data showed Thursday, leaving the European Central Bank faced with a conundrum over whether to continue hiking interest rates amid fears of a deepening economic downturn.

Chancellor Olaf Scholz's government on Tuesday agreed a huge tax relief programme for companies in a bid to revive Germany's sputtering economy.

"These efforts are about keeping pace with evolving changes and leveraging new opportunities and technologies that serve society and further enhance our readiness for the future," Dubai Future Foundation's CEO, Khalfan Belhoul said.

Turkey's central bank on Thursday delivered a huge surprise by raising the interest rate to 25 percent as part of a transition from President Recep Tayyip Erdogan's era of unorthodox economics.

The rise in momentum was noticed earlier this year when January witnessed a 17.5 percent jump compared to December 2022.

US consumer spending rose more than anticipated in July, according to government data released Tuesday, boosted by online spending in a show of resilience even as the economy cools.

Russia's central bank on Tuesday hiked its key interest rate from 8.5 to 12 percent, after the ruble crashed to a more than 16-month low against the dollar.

China on Tuesday released weaker than expected economic data, with slowing retail sales growth pointing to shaky consumer confidence in the world's second-largest economy.