The European Central Bank (ECB) is planning a pilot test of a digital euro in 2027 if the European Commission will give timely approval for the experiment, the bank has announced.
Tag: Global Economy
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COPPER PRICE SETS NEW RECORD ON SUPPLY FEARS
On 29 October, copper’s price rose 1 percent to set a new record at $11,137 per metric ton after several major producers said production of the metal will decline next year.
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BANK OF CANADA CUTS RATE
Last week, Canada’s central bank cut its key rate for the fourth time this year, dropping it to 2.25 percent and announcing that it will defer any future rate cuts indefinitely.
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ECB FREEZES INTEREST RATE AT 2 PERCENT
The European Central Bank (ECB) has decided to hold its policy interest rate at 2 percent where it has rested since June. The bank has taken two percentage points off the rate since June 2024.
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OPEC+ BOOSTS DECEMBER OUTPUT, THEN WILL PAUSE
At its 2 November meeting, OPEC+ agreed to increase oil output in December by 137,000 barrels a day. It also decided to pause production increases at least through March 2026 amid warnings of a looming global oil glut.
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GERMANY’S ECONOMIC DECLINE IS ‘DRAMATIC,’ THINKTANK SAYS
Germany’s economic productivity has flatlined since 2018 and the country’s economic decline is becoming “dramatic,” according to a report by the Ifo Institute, a German research organization widely regarded throughout Europe.
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EUROZONE ECONOMY GROWS AGAIN—BARELY—IN THIRD QUARTER
Economic output across the 20-country Eurozone edged up 0.2 percent in the third quarter, doubling the second quarter’s 0.1-percent rise but falling far short of the 0.6-percent expansion in this year’s first three months, the European Union’s statistics agency reported.
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LAYOFFS ARE ON THE RISE AROUND THE WORLD
Major employers including Amazon and Nestlé have announced plans to shed workers as consumers tighten spending, tariffs crimp global trade, and artificial intelligence (AI) replaces workers up and down the corporate ladder.
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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 this year.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
Corporate workers are facing mass layoffs and a shrinking pool of available jobs due to tariffs, slowing economic growth and the increased focus on AI, according to a report in the Financial Times.