The Bank of Russia has raised its key interest rate to 21 percent, the highest since 2003, as runaway military spending pushes inflation’s pace to an average of 8.8 percent this year, bank governor Elvira Nabiullina said in a press briefing.
Tag: Global Economy
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WOLFSPEED ABANDONS PLAN FOR CHIP FACTORY IN GERMANY
U.S. chip maker Wolfspeed has suspended plans to build a €3-billion, cutting-edge semiconductor factory in Germany, damaging chancellor Olaf Scholz’s plan to transform the country into a high-tech hotbed as its flagship auto industry continues to decline.
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VW WILL SHUT THREE FACTORIES, LAY OFF THOUSANDS, LABOR LEADER SAYS
Volkswagen plans to shut down at least three of its assembly plants in Germany, downsize its other plants in the country, and lay off tens of thousands of workers, Daniela Cavallo, chief of the company’s works council, told Reuters.
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BRICS NATIONS WILL NOT CREATE OWN ALTERNATIVE TO SWIFT, PUTIN SAYS
The BRICS trading bloc of emerging economies have not created and are not creating an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which enables smooth transfer and settlement of international l payments among governments, banks, and businesses.
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WORLD’S GROWTH SHIFTING TOWARD BRICS NATIONS, IMF SAYS
China will account for 22 percent of global economic growth over the next five years and India 15 percent, according to the International Monetary Fund’s (IMF’s) new economic outlook 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.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
The retail, restaurant, manufacturing, and tech industries continue to be hit hard as prices increase and demand slows.
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FREEDOM OF EXPRESSION UNDER ATTACK AS ISRAEL CARRIES OUT GENOCIDE: UN REPORT
A newly released UN report raises the alarm about the risks of freedom of expression around the world as Israel carries out its effort to ethnically cleanse Gaza.
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NESTLE CUTS 2024 OUTLOOK, REALIGNS STRUCTURE
Sales for Swiss-based Nestlé, one of the world’s largest packaged foods conglomerates, will grow about 2 percent this fiscal year, not the 3 percent it had forecast as recently as July. Sales grew a meager 1.3 percent in the third quarter.
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STELLANTIS DELIVERED 20 PERCENT FEWER VEHICLES IN THIRD QUARTER
Stellantis, maker of Jeep, Ram, Fiat, and a dozen other vehicle brands, shipped 1.15 million units in the third quarter, down from 1.43 million a year earlier.