The prices consumers pay for cheese, sugar, wheat, vegetable oils, and other staples has shot to their highest since April 2023, the United Nations Food and Agriculture Organization (FAO) reported.
Tag: Global Economy
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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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GLOBAL INCOME INEQUALITY ON THE RISE
Ninety percent of the 164 countries in a new study are enacting economic policies “highly likely to increase economic inequality,” according to study authors Oxfam and Development Finance International.
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EUROPE’S ECONOMY CONTINUES TO WEAKEN
Europe’s economic output is poised to fall further and further behind the U.S.’s as this decade progresses, largely due to Europe’s “lack of business dynamism,” the International Monetary Fund (IMF) warned last week.
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BANK OF CANADA CUTS INTEREST RATE BY HALF A PERCENT
Faced with Canada’s sinking economy, the Bank of Canada (BoC) cut its key rate from 4.25 percent to 3.75 percent on 23 October.
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BRICKS AND MORTAR ARE BACK IN STYLE WITH EUROPE’S RETAILERS
Europe’s retailers are trending back to physical stores as they battle for customers with giant e-commerce firms.
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RUSSIA’S CENTRAL BANK JACKS INTEREST RATE TO 20-YEAR HIGH
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.
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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.