By a vote of eight to one, the Bank of England’s (BoE’s) Monetary Policy Committee cut the bank’s key interest rate from 5 percent to 4.75 percent on 7 November.
Tag: Global Economy
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COLLAPSE OF GERMAN GOVERNMENT LEAVES ECONOMY IN LIMBO
Germany’s governing coalition under chancellor Olaf Scholz has crumbled after Scholz fired finance minister Christian Lindner amid disputes over how to rescue the country’s economy, on which much of Europe’s productivity depends.
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FRENCH AND GERMAN MANUFACTURING SEE SHARP DECLINE IN SEPTEMBER
In September, French and German factory activity contracted more than expected, signaling a bleak end to a year in which the sector already suffered from stiff competition from China, fallout from the Ukraine war, and a global economy still in recovery.
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FOOD PRICES REACH 18-MONTH HIGH
The prices consumers pay for cheese, sugar, wheat, vegetable oils, and other staples has shot to their highest since April 2023, the United Nations Food and Agriculture Organization (FAO) reported.
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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.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
The retail, restaurant, manufacturing, automotive, and tech industries continue to be hit hard as prices increase and demand slows.
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GLOBAL INCOME INEQUALITY ON THE RISE
Ninety percent of the 164 countries in a new study are enacting economic policies “highly likely to increase economic inequality,” according to study authors Oxfam and Development Finance International.
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EUROPE’S ECONOMY CONTINUES TO WEAKEN
Europe’s economic output is poised to fall further and further behind the U.S.’s as this decade progresses, largely due to Europe’s “lack of business dynamism,” the International Monetary Fund (IMF) warned last week.
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BANK OF CANADA CUTS INTEREST RATE BY HALF A PERCENT
Faced with Canada’s sinking economy, the Bank of Canada (BoC) cut its key rate from 4.25 percent to 3.75 percent on 23 October.
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BRICKS AND MORTAR ARE BACK IN STYLE WITH EUROPE’S RETAILERS
Europe’s retailers are trending back to physical stores as they battle for customers with giant e-commerce firms.