For the first time since 2021, inflation in the U.K., in May, settled back to the 2-percent target rate that the Bank of England (BoE) had set for it.
Category: TRENDS ON THE GLOBAL ECONOMIC FRONT – June 25 2024
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EUROPE’S CONSUMERS NOT RESPONDING TO DISCOUNTS
European retailers and manufacturers are discounting consumer goods in an attempt to revive sales but the results are falling short of hopes.
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SPOTLIGHT: BIGS GETTING BIGGER
Saudi Arabia’s Public Investment Fund has partnered with private equity firm Ardian to buy 37.6 percent of London’s Heathrow airport, one of the world’s busiest transit hubs.
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CENTRAL BANKS EXPECT TO KEEP BUYING GOLD
Central banks in 13 percent of the world’s advanced economies plan to add to their gold reserves over the next 12 months, compared to 8 percent a year ago, according to a survey by the World Gold Council.
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IN MAY, RUSSIA EXPORTED MORE GAS TO EUROPE THAN THE U.S. DID
For the first time in nearly two years, Russia exported more natural gas to Europe than the U.S. did, according to the Financial Times, despite Europe’s vow to end all Russian gas imports by the end of 2023 after Russia attacked Ukraine.
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SPOTLIGHT: CHINA’S ECONOMIC STRUGGLE
The People’s Bank of China is reducing the availability of money to lend, bank governor Pan Gongsheng said in a speech last week at a Shanghai financial conference.
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BANK OF ENGLAND LEAVES KEY RATE UNCHANGED
As economists expected, the Bank of England’s (BoE’s) governing committee held its key interest rate at its 16-year high of 5.25 percent, where it has been since August 2023.
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SPOTLIGHT: THE DEBT BOMB
Poor nations are being crushed by debt and advanced economies need to do more to relieve the burden, Pope Francis told the Vatican’s conference on the global debt crisis earlier this month.
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EUROZONE’S BUSINESS ACTIVITY SLUMPS IN JUNE
Business activity in the 20-country Eurozone slowed unexpectedly this month after French President Emmanuel Macron’s call for elections shocked markets and the area’s industrial sector saw its worst month this year.
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GOING OUT OF BUSINESS TRENDS
The economic landscape has presented an array of challenges that have profoundly affected the business community.