In August, after sales of existing homes declined for a sixth consecutive month, the National Association of Realtors (NAR) predicted that “we may see two or three additional months of some decline—nothing meaningful," Lawrence Yun, NAR’s chief economist, told Business Insider.
Author: admin (Kendrick Williams)
SPOTLIGHT: BIGS GETTING BIGGER
Each week, we report instances where the money junky hedge funds, private equity groups and the already big companies swallow another piece of the global economy.
SPOTLIGHT: CHINA
For the first time since 1990, China’s economic production this year will be less than the rest of Asia’s, the World Bank has predicted.
IMF SCOLDS U.K. GOVERNMENT OVER PLAN TO CUT TAXES AND BORROW
The International Monetary Fund (IMF) gave a “stinging rebuke” to the government of British Prime Minister Liz Truss over her plan for massive tax cuts—the most drastic since 1972—while also initially borrowing more than £72 billion to subsidize household energy bills, the Financial Times reported.
TOP 2022 TREND: DRAGFLATION—NIGERIA LIFTS INTEREST RATE TO RECORD HIGH
Nigeria’s central bank has raised its benchmark interest rate to an all-time high of 15.5 percent.
ENERGY COSTS WILL “KILL THE ECONOMY,” SLOVAKIA PRIME MINISTER WARNS
The skyrocketing price of electricity has pushed Slovakia’s economy to the brink of “collapse,” prime minister Eduard Heger said last week in a public warning.
COTTON PRICES TUMBLE
Cotton futures prices have slid 25 percent since late August, reversing the rise in price that followed the U.S. agriculture department’s forecast that 40 percent of this year’s U.S. cotton harvest would be lost to drought.
…AND RATES KEEP RISING
On 29 September, Mexico’s central bank raised its benchmark interest rate to a record 9.25 percent.
NEW BUSINESS OPENINGS IN CANADA FALL BY ALMOST 50 PERCENT
In the second quarter of this year, Canadian business starts fell by more than 49 percent compared to a year earlier and compared to the same quarter in 2019, according to the Equifax credit reporting agency.