Through 30 September, 15.4 percent more Canadian households became insolvent this year than last as the country’s cost-of-living crisis continues, the Office of the Superintendent of Bankruptcy reported.
Tag: Global Economy
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RUSSIA HALTS NATURAL GAS DELIVERIES TO AUSTRIA
Russia has suspended natural gas deliveries to OMV, Austria’s largest public utility.
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IMF MAKES UNSCHEDULED VISIT TO PAKISTAN AMID FISCAL DANGER SIGNS
Officials of the International Monetary Fund (IMF) made an unscheduled visit to Pakistan last week to discuss a possible $7-billion bailout amid imminent dangers to the country’s fiscal stability.
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MILLION-BARREL GLOBAL OIL GLUT AHEAD, IEA SAYS
The world will see an oil surplus exceeding one million barrels a day in 2025, the International Energy Agency (IEA) said, even though demand will increase slightly in the new year.
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EUROPE WILL GROW MORE SLOWLY THAN PREVIOUSLY THOUGHT, EC SAYS
The Eurozone’s economy will expand less in 2025 than previously thought, the European Commission (EC) said last week as it trimmed its next year’s growth forecast to 1.3 percent, down from 1.4 percent foreseen in May.
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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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BANK OF ENGLAND CUTS INTEREST RATE, SEES INFLATION RISING
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.
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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.