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your ad hereWall St Week Ahead — US stock rally broadens as investors await Fed
New York — A broadening rally in U.S. stocks is offering an encouraging signal to investors worried about concentration in technology shares, as markets await key jobs data and the Federal Reserve’s expected rate cuts in September. As the market’s fortunes keep rising and falling with big tech stocks such as …
your ad hereAlgeria joins BRICS New Development Bank
Algiers — Algeria has been approved for membership in the BRICS New Development Bank (NDB), the country’s finance ministry has announced. The decision was taken on Saturday and announced by NDB chief Dilma Roussef at a meeting in Cape Town, South Africa. By joining “this important development institution, the financial arm …
your ad hereHigh rents are forcing small businesses in into tough choices
NEW YORK — While many costs have come down for small businesses, rents remain high and in some cases are still rising, forcing many owners into some uncomfortable decisions. “Every time the rent goes up, we have to raise prices, to keep up with the cost,” said Adelita Valentine, owner of …
your ad hereLowest euro zone inflation in 3 years sets up ECB for cut
FRANKFURT/TALLINN — Inflation in the euro zone fell to its lowest level in three years in August, setting the stage for a further cut in the European Central Bank’s interest rates next month despite an Olympics-driven surge in the price of services. The ECB has started winding down a two-year campaign …
your ad hereUS second quarter growth stronger than estimated, government says
Washington — The U.S. economy expanded more than initially estimated in the second quarter this year, the Department of Commerce said Thursday, on stronger consumer spending than originally anticipated. The world’s biggest economy grew at an annual rate of 3.0% in the April-to-June period, up from 2.8% according to an earlier …
your ad hereUS clean energy jobs growth rate double that of overall jobs, report says
Washington — Jobs in the U.S. clean energy industry in 2023 grew at more than double the rate of the country’s overall jobs, and unionization in clean energy surpassed for the first time the rate in the wider energy industry, the Energy Department said on Wednesday. Employment in clean energy businesses …
your ad hereWall Street Week Ahead — ‘Super Bowl’ Nvidia earnings stand to test searing AI trade
New York — The rally in U.S. stocks faces an important test […] with earnings from chipmaking giant Nvidia NVDA.O, whose blistering run has powered markets throughout 2024. The S&P 500 .SPX has pared a sharp drop it suffered after U.S. economic worries contributed to a sell-off at the beginning …
your ad hereFed’s actions spoke louder than words in inflation fight, research shows
JACKSON HOLE, Wyoming — The Federal Reserve’s credibility in the eyes of financial markets helped in its battle against inflation over the past two years, but it had to be earned afresh with interest rate hikes that backed up policymakers’ verbal promises to restore price stability, according to new research presented …
your ad hereCanadian rail arbitration hearing ends without decision; strike looms
TORONTO — A workers’ union Friday threatened a strike at one of Canada’s two major freight railroads, only hours after the company’s trains restarted following a potentially devastating stoppage. A government-ordered arbitration hearing wrapped up without a decision, and Canadian National trains were expected to keep moving at least through Monday …
your ad hereIndonesia destroys $1.3M of illegal imports, cracks down on underground economy
Jakarta, Indonesia — Cellphones, electric pots and pans, and car washing machines were among goods worth $1.3 million destroyed Monday by the Indonesian Trade Ministry in West Java. Alcoholic drinks with an ethyl alcohol or ethanol content ranging from 5% to 20% were also destroyed. The ministry demolished the goods as …
your ad hereHow fast will interest rates fall? Fed chair may provide clues in high-profile speech
JACKSON HOLE, Wyoming — With the Federal Reserve considered certain to start cutting its benchmark interest rate next month, Chair Jerome Powell’s highly anticipated speech Friday morning at an economic conference will be closely watched for any hints about how many additional rate cuts might be in the pipeline. Powell is …
your ad hereNew EU deforestation regulations a challenge for Namibian farmers
Windhoek, Namibia — Namibia’s minister of agriculture has urged farmers in the Southern African country to look at alternative markets for its charcoal and beef products since the European Union, one of its largest trading partners, has implemented nontariff barriers that came into force in 2023. A unilateral decision by the …
your ad hereShein sues Temu over copyright infringements as legal feud heats up
China questions, begins probe of European Union subsidies for dairy industry exports
Seoul authorities find toxic substances in Shein and Temu products
Seoul — Women’s accessories sold by some of the world’s most popular online shopping firms contained toxic substances sometimes hundreds of times above acceptable levels, authorities in Seoul said Wednesday. Chinese giants including Shein, Temu and AliExpress have skyrocketed in global popularity in recent years, offering a vast selection of trendy …
your ad hereMyanmar fighting blocks key trade route with China, impacting economy
Bangkok — Ethnic and resistance forces in Myanmar have completely blocked a key trade route to China, halting cross-border commerce and further damaging Myanmar’s already struggling economy. The Mandalay-Lashio-Muse Road is considered the most strategically important road in the country’s northern Shan State. Formerly known as the “Burma Road,” locals commonly …
your ad herePowell may use Jackson Hole speech to hint at how fast and how far the Fed could cut rates
Washington — Federal Reserve officials have said they’re increasingly confident that they’ve nearly tamed inflation. Now, it’s the health of the job market that’s starting to draw their concern. With inflation cooling toward its 2% target, the pace of hiring slowing and the unemployment rate edging up, the Fed is poised …
your ad hereIndia port workers to go on strike to demand better wages, benefits
CHENNAI — A group of Indian port workers’ unions has called for a strike from Aug. 28 to demand immediate settlement of pay revisions and pension benefits, according to a note signed by its members. A strike by India’s port workers could exacerbate the existing congestion issues at Asian and European …
your ad hereFed’s pandemic-era vow to prioritize employment may soon be tested
Washington — Four years after Federal Reserve Chair Jerome Powell made fighting unemployment a bigger priority during the COVID-19 pandemic, he faces a pivotal test of that commitment amid rising joblessness, mounting evidence inflation is under control, and a benchmark interest rate that is still the highest in a quarter of …
your ad hereWall Street week ahead — ‘Soft landing’ hopes are back to lift US stocks after recession scare
NEW YORK — Hopes for an economic soft landing are once again powering U.S. stocks higher, as encouraging data relieve recession worries following a brutal sell-off earlier this month. The S&P 500 .SPX has rebounded more than 6% since Aug. 5, when a steep drop pushed the benchmark U.S. index to …
your ad hereHarris to roll out populist proposals in first economic speech
WASHINGTON — Kamala Harris is set to unveil plans for a federal ban on food and grocery “price gouging” and assistance of up to $25,000 in down payment support for first-time homeowners – populist proposals the vice president has embraced since becoming the Democratic Party’s presidential nominee. Harris is scheduled to …
your ad hereUS consumer inflation hits its lowest annual rate since 2021
Growing number of Chinese now call Japan home
Washington — Sun Lijun, a 42-year-old semiconductor engineer, says worries about the quality of air and living, childhood education and the overall economic trajectory in China are some of the reasons he and his wife first started talking about moving to Japan almost a decade ago. In 2021, they did just …
your ad hereInternational Youth Day puts South Asia’s skills gap in sharp focus
Washington — South Asia’s youth bulge is a ticking time bomb. A demographic dividend looms, but millions of young people lack the job skills to cash in, choking the region’s economic potential. Almost half of South Asia’s population of 1.9 billion is under 24, the highest number of any region in …
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