Tag: economic policies

‘Better to Do Too Much Than Not Enough’: RBA Governor Rationalises Interest Rate Hikes

November 27, 2022
AustraliaBusiness & Marketseconomic policieseconomyhigh interest ratesinflationphilip lowerecessionReserve Bank of AustraliaWorld
0 Comment

The governor of the Reserve Bank of Australia (RBA) has apologised to Australians for higher interest rates as a result of the inflationary effects of COVID-19 stimulus but noted the package was a risk that was worth taking. Speaking at a Senate Estimates hearing in Canberra on Nov. 28, RBA Governor Philip Lowe said he…

Read More

Fearing Revenue Losses, Local Governments Mobilize Veterans to Cover Worker Shortage at Foxconn

November 27, 2022
Asia & PacificBusiness & MarketsBusinesses in COVID-19CCP VirusChinaChina Business & EconomyCompanieseconomic policiesFoxconnINSIDE CHINAMedia & Big TechTaiwanTechveteranWorldzero-COVID
0 Comment

Municipal authorities of Zhengzhou city in central China’s Henan Province, where the Taiwanese company Foxconn has its biggest factory, are mobilizing ex-soldiers to make up for the shortage of workers caused by the ongoing zero-COVID approach. Earlier this month, many civil servants in Henan Province were notified to mobilize grassroots cadres and retired soldiers to…

Read More

UK Nurses to Go on Strike Next Month as Minister Calls Pay Demand ‘Not Affordable’

November 25, 2022
Business & Marketseconomic policieseconomyindustrial actionNational Health ServiceRishi SunakUKWorld
0 Comment

Nurses in the UK will stage a national strike next month, which is set to be the biggest industrial action in the history of Britain’s National Health Service (NHS). The Royal College of Nursing (RCN) said on Nov. 25 that its members will stage their first ever national walkout on Dec. 15 and 20, after…

Read More

ULEZ: Anger as Sadiq Khan Tells 200,000 London Motorists to Pay ‘Punitive Tax’

November 25, 2022
Bad Air QualityBusiness & Marketseconomic policieseconomyMayor of LondonSadiq KhanUKULEZWorld
0 Comment

The mayor of London has extended the Ultra Low Emission Zone (ULEZ) to the outskirts of the capital, forcing more than 200,000 motorists to pay an extra £12.50 ($15) a day. The U.N. Secretary General’s special envoy on climate ambition and solutions, Michael Bloomberg, praised Mayor Sadiq Khan for “helping to clean London’s air and…

Read More

Wall Street Mixed at Open With Black Friday Sales in Focus

November 25, 2022
Business & Marketseconomic policieseconomyinflationMarketsrecessionstocksUS
0 Comment

Wall Street’s main indexes were mixed at the open on Friday, with investors closely monitoring the major retailers as Black Friday sales began against the backdrop of stubbornly high inflation and worries about a potential recession next year. The Dow Jones Industrial Average rose 19.0 points, or 0.06 percent, at the open to 34213.04. The…

Read More

Dollar Hovers Near 3-Month Low Amid Bets Fed Will Slow Hikes

November 25, 2022
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
0 Comment

LONDON—The U.S. dollar edged up on Friday but stayed near a three-month low and on track for a weekly loss as the prospect of the Federal Reserve slowing monetary policy tightening as soon as December preoccupied investors. The euro was set for weekly gains with the GfK institute survey bringing some relief, showing on Friday…

Read More

Oil Prices Rise, but Chinese Demand Worries Linger

November 25, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
0 Comment

LONDON—Oil prices rose on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures were up $1.29, or 1.5 percent, to trade at $86.63 a barrel at 1024 GMT. U.S. West Texas Intermediate (WTI) crude futures were up…

Read More

Global Shares Mixed as Investors Eye China Virus Crisis

November 25, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
0 Comment

TOKYO—Global shares were mixed Friday as worries deepened about the regional economy and Japan reported higher-than-expected inflation. France’s CAC 40 was little changed, inching down less than 0.1 percent to 6,704.00. Germany’s DAX slipped 0.1 percent to 14,524.48. Britain’s FTSE 100 gained 0.1 percent to 7,473.46. The future for the S&P 500 gained 0.2 percent…

Read More

White House Asks Congress for $500 Million to Modernize Oil Reserve

November 25, 2022
Business & Marketseconomic policieseconomyExecutive BranchJoe BidenLouisianapetroleumPoliticsReserveTexasUS
0 Comment

WASHINGTON—The Biden administration has asked Congress for $500 million to modernize the U.S. strategic petroleum reserve (SPR), a document outlining the request shows. If approved by Congress, the request, issued by the White House on Nov. 15, provides the Department of Energy (DOE) with funding to improve the four SPR sites along the Texas and…

Read More

Head of New Zealand Reserve Bank Concedes It Is Engineering a Recession

November 24, 2022
Adrian OrrAsia & PacificAustraliaBusiness & Marketseconomic policiesInternationalNew ZealandrecessionReserve Bank of New ZealandWorld
0 Comment

Adrian Orr, governor of the Reserve Bank of New Zealand (RBNZ), admitted the bank was engineering a recession to lower inflation. The remark comes a day after the central bank raised the official cash rate (OCR) by a record 75 basis points to 4.25 percent. In its monetary policy statement (pdf), the RBNZ revealed the economy…

Read More