On 25 July, the People’s Bank of China lowered its interest rate on one-year loans to commercial banks from 2.5 percent to 2.3 percent. Though small, it was the largest reduction in that rate since April 2020.
Tag: Global Economy
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EUROZONE ECONOMY STAGNATES IN JULY
The 20-nation Eurozone’s economy “barely moved in July” as growth in services slowed markedly and manufacturing continued to contract, especially in Germany, S&P Global reported.
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PLANTATION WORKERS OF SLAVELANDIA GOT POORER WHILE WORLD’S 1 PERCENT GOT $42 TRILLION RICHER
In the past 10 years, the world’s wealthiest one percent of individuals saw their wealth grow by $42 trillion, 34 times more than the poorest 50 percent of the global population, according to a study by Oxfam, a global nonprofit working to eliminate poverty.
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KEY INVESTOR IN “GREEN HYDROGEN” PULLS BACK
Fortescue, an Australian energy and metals corporation, has abandoned its commitment to produce 15 tons of “green hydrogen” annually for the ammonia industry by 2030. Founder and executive board chair Andrew Forrest has realized the goal is unrealistic, people familiar told the Financial Times.
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CANADA’S CONSUMERS SLOW THEIR SPENDING
Canadians spent $66.1 billion in May, 0.8 percent less in dollar terms than in April when retail spending rose 0.6 percent. The volume of goods and services bought fell by 0.7 percent.
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HUGO BOSS SHARE PRICE SLUMPS AS LUXURY MARKETS CONTINUE TO SHRINK
On 16 July, German high-fashion clothier Hugo Boss saw its share price dive as much as 10 percent after it trimmed its 2024 sales forecast from €4.5 billion to €4.35 billion.
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ECB FREEZES INTEREST RATE, HINTS AT SEPTEMBER CUT
On 18 July, the governing council of the European Central Bank (ECB) met and left its key interest rate at 3.75 percent, as analysts expected.
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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. Some of the most significant challenges include soaring inflation rates, escalating interest rates, increased minimum wage, 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
It’s global. The numbers are there for all to see. From developed to underdeveloped nations, economies are slowing down and/or contracting.
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THE SUPER-RICH KEEP GETTING SUPER RICHER
“Global net wealth staged a significant recovery in 2023, growing by 4.3% after a difficult year in 2022,” according to the annual Global Wealth Report prepared by the Boston Consulting Group.