General Motors will take a $5-billion loss on its struggling operations in China, the company announced.
Tag: Global Economy
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CHINA RETALIATES AGAINST U.S. TRADE RESTRICTIONS
On 3 December, China banned exports to the U.S. of gallium and germanium in retaliation for President Joe Biden’s ban on sales of advanced computer chips to the country.
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AUSTRALIA’S ECONOMY SLIPS TOWARD RECESSION AND “NATIONAL EMERGENCY”
In this year’s third quarter, Australia’s economy squeaked out growth of 0.8 percent, year on year, down from 1 percent in the preceding three months, government figures show. The expansion was the slimmest since the end of the COVID War, the World Socialist Web Site (WSWS) reported.
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INDIA’S CENTRAL BANK CUTS GROWTH FORECAST
The Royal Bank of India has trimmed its growth outlook for the 2025-26 fiscal year from 7.2 percent down to 6.6 percent.
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OPEC+ MAINTAINS OIL SUPPLY CUTBACKS, SAUDIS CUT PRICES FOR SOME MARKETS
The Organization of Petroleum Exporting Countries and allied nations have agreed to delay January’s planned production increases until 31 March, then spread the increases over the following 18 months.
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EUROZONE BUSINESS ACTIVITY FALLS SHARPLY IN NOVEMBER
Last month, business activity shrank in the Eurozone’s formerly robust services sector, contracting along with manufacturing, according to the Hamburg Commercial Bank’s composite purchasing manufacturers index (PMI).
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MORE EMERGING NATIONS FACE FISCAL CRISES, DEFAULT, WORLD BANK SAYS
High interest rates are pushing even more poor countries to the brink of financial collapse, the World Bank said in a 3 December report.
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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
The retail, restaurant, manufacturing, automotive, and tech industries continue to be hit hard as prices increase and demand slows.
