António Guterres, UN secretary-general, and Kristalina Georgieva, managing director of the International Monetary Fund (IMF) called for an end to global subsidies of fossil fuels, which surpassed $7 trillion in 2022, according to an IMF analysis.
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SPECULATORS BET BIG ON ECB RATE CUTS BEGINNING IN MARCH
Players in European swaps markets are increasing their bets that the European Central Bank (ECB) will cut its 4-percent interest rate in March and follow it with as many as five additional cuts in 2024, according to the Financial Times.
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EUROZONE ECONOMY SHRINKS IN THIRD QUARTER
After reports that the German and French economies—Europe’s two largest—contracted in this year’s third quarter, analysts were not surprised to learn that the Eurozone’s overall GDP shrank by 0.1 percent during the same period, as many analysts had predicted.
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GOING OUT OF BUSINESS TRENDS
In recent times, the economic landscape has presented an array of challenges that have profoundly affected the business community. Some of the most significant challenges include soaring inflation rates, escalating interest rates, looming fears of a recession, and a tangible decrease in revenues for many sectors…
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
While Washington and The Street keep selling the strong job numbers, as we have detailed and continue to do so, the jobs being created are mostly in low-paying human services and hospitality sectors. Indeed, across the global economic spectrum, from manufacturing, retail, financial etc., they keep shedding jobs.
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JUNK FOOD SALES FATTEN CAMPBELL’S BOTTOM LINE, EXPAND McDONALD’S BURGER EMPIRE
Campbell Soup’s third-quarter profits beat analysts’ expectations as sales of snacks and packaged meals countered reduced spending in other categories by budget-minded shoppers.
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USE OF ONLINE LAYAWAY PLANS UP 17 PERCENT THIS YEAR
Online shoppers’ use of layaway or “buy now pay later” plans (BNPL) has jumped 17 percent since 1 November to a record $10.1 billion as household savings have fallen below pre-COVID levels, the Financial Times reported.
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DEMOCRATS IN CONGRESS DECLARE WAR ON PRIVATE EQUITY HOME LANDLORDS
Democrats in the U.S. House of Representatives have introduced a bill titled “The American Neighborhoods Protection Act.” It would require private equity groups owning 75 single-family homes or more to pay an annual fee of $10,000 per house. The money would sustain a fund that would help U.S. households make down payments on homes.
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CONSUMERS GLOOM IS LIFTING, MICHIGAN SURVEY FINDS
Consumers now see a sunnier economic future than they did in October and November, according to the closely watched University of Michigan monthly survey of consumer sentiment.
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AVAILABLE JOBS IN OCTOBER WERE FEWEST SINCE 2021
In October, there were fewer jobs available than at any time since early 2021, Bloomberg reported.