economy
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Israel’s conflict with Lebanon-based Hezbollah has affected its own economy, according to its finance ministry. Since the fighting escalated last month, the ministry said Israel’s economy has lost about £2.9bn, while its economists estimate a growth of 0.4% in 2024 – down from a prior forecast of 1.9% in May. In a report, the ministry…
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Public investment in new technologies and the energy transition is “badly needed” to drive growth in the UK and prevent the national debt rising to risky levels, the International Monetary Fund (IMF) has warned. Speaking as Rachel Reeves travelled to Washington to attend her first IMF annual meeting as chancellor, the body identified the UK…
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As Donald Trump campaigns for a second term in the White House, he’s made a series of promises about revitalizing the U.S. economy. His message centers on a radical shift in trade policy, plans to eliminate taxes on tips and Social Security benefits, and a proposal to significantly reduce the corporate tax rate. Trump asserts…
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President Xi Jinping has urged east China’s Fujian Province to play a pioneering role in the country’s modernization drive by staying committed to its development goals. Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, made the remarks during an inspection tour in the…
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China is confident to maintain steady and healthy economic growth and achieve the full-year growth target, the country’s top economic planner said Tuesday. The market sentiment has improved recently with a pick-up of the purchasing managers’ index in the manufacturing sector, a warming stock market and a vital consumption market during the National Day holiday…
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Chinese Vice Premier He Lifeng on Monday urged efforts to bolster Xinjiang Production and Construction Corps (XPCC) to boost Xinjiang’s development. He, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks at a meeting celebrating the XPCC’s 70th founding anniversary in Urumqi, capital of Xinjiang…
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Four Nigerian professionals based in the United States have made a case for diaspora voting, saying Nigerians overseas contribute more than $20bn annually to the economy and that they deserve to have a say in who becomes the President of the country. The four professionals were guests on the Sunday edition of Inside Sources with Laolu…
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It’s been a busy week on the economic front. There was no major shift in the overall outlook – since Monday we’ve had it confirmed that the UK economy has lower inflation and more growth than the last two years, while wages have grown faster than the overall pace of price rises. On the back…
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Nigeria’s headline inflation rate declined to 33.40 percent in July after a persistent rise in almost two years, the latest report released Thursday by the country’s statistics bureau showed. The consumer price index, a main gauge of inflation, declined by 0.8 percent compared to the 34.19 percent recorded in June, according to the National Bureau…
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Hong Kong’s gross domestic product (GDP) expanded 3.3 percent year-on-year in real terms in the second quarter, official data showed Friday. The pace quickened from a 2.8-percent growth in the preceding quarter. The growth was driven mainly by exports, with total exports of goods jumping 7.5 percent year-on-year in real terms in the second quarter,…
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China has made steady progress in leveling the playing field for all market players as it seeks to promote high-quality development of the country’s market regulation sector, Zhou Zhigao, an official of the State Administration for Market Regulation (SAMR), told a press conference Friday. “Fair competition is the core of the market economy and an…
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Annual inflation in the US fell to 2.9% in July, down from 3%, according to official data released on Wednesday. The announcement helps pave the way for the US Federal Reserve for cut interest rates next month. This matters to monetary policy makers in the EU and UK as they don’t like to be too…
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The labor demand in Malaysia continued to expand in the second quarter, with the number of jobs increasing by 1.5 percent year on year to 8.96 million, official data showed Wednesday. The Department of Statistics Malaysia (DOSM) said in a statement that the growth in the number of jobs is aligned with the unemployment rate…
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Retail sales in Singapore decreased 0.6 percent year-on-year in June, reversing the 2.2 percent growth in May, the Department of Statistics said on Monday. The motor vehicle sales grew 19.5 percent in June from a year earlier but dropped 9.1 percent month-on-month. Excluding motor vehicles, retail sales fell 3.1 percent from last year. The estimated…
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The naira has returned to depreciation against the dollar in the foreign exchange market despite the increase in Nigeria’s external reserves. FMDQ data showed that the naira depreciated to N1523.85 against the dollar on Monday from N1509.67 traded last Friday. This represents N14.18 loss against the dollar compared to last Friday’s N1509.67. Similarly, the naira…
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Hong Kong’s economy is improving with stable financial situation, positive market outlook and upbeat stock market, Financial Secretary of the Hong Kong Special Administrative Region government Paul Chan said Sunday. Global market sentiment has improved recently, with the benchmark Hang Seng Index exceeding 19,000 points to a nine-month high, and market turnover has also increased…
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