The Bank of Canada lowered its benchmark interest rate for a third consecutive time, reducing its trend-setting policy rate to 4.25% on Wednesday (Sept. 4). The central bank explained that it made the decision because the Canadian economy increased by 2.1% in the second quarter, a stronger growth than the institution had projected. Additionally, Canada’s annual inflation rate fell to 2.5% in
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The Austrian economy contracted 0.6% in the second quarter of 2024 on an annual basis, the latest data from Statistics Austria showed. “Austria’s economy is sliding from recession towards stagnation. In the second quarter of 2024, gross domestic product fell for the fifth time in a row, declining by 0.6% compared to the same quarter of the previous year. Industrial production and
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The Indian economy expanded by 6.7% from the previous year in the June quarter of 2024, slowing from the 7.8% increase in the earlier period, preliminary figures from the country’s statistical office showed Friday. The Reserve Bank of India (RBI) had forecast 7.1% growth for the quarter while economists had forecast 6.9% expansion. It was the slowest expansion in five quarters, as
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Oil producer group OPEC’s Secretary General Haitham al-Ghais said on Thursday (April 27) the International Energy Agency (IEA) should be “very careful” with repeated calls to discourage investment in the oil industry, which was vital for “global economic growth and prosperity in the decades to come, especially in the developing world.” The influential group of 23 oil-exporting exporting nations and Paris-based IEA have jousted
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Total global military expenditure increased by 3.7% in real terms in 2022, to reach a new high of $2.24 trillion. Military expenditure in Europe saw its steepest year-on-year increase in at least 30 years. The three largest spenders in 2022—the United States, China and Russia—accounted for 56% of the world total, according to new data published today by the Stockholm International Peace
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Brazilian President Luiz da Silva, sworn in on January, will visit China between April 11 and April 14, according to a report from AFP news agency. Lula and business representatives from Brazil were scheduled to visit Beijing last weekend. However, the trip was postponed after the president was diagnosed with pneumonia. Earlier this week, Brazil and China stroke a trade deal agreement to carry
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Tense protests against President Emmanuel Macron’s plan to reform the French pensions system escalated overnight. The ninth day of nationwide protests and strikes over the issue saw Bordeaux city hall setting on fire, water cannon fired in Rennes, tear gas used in Nantes, a police station attacked in Brittany and large protests in Marseille, Nice and Toulon in the south. “There were many protests, which sometimes lasted until very late
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The Bank of England (BoE) hiked interest rates for the eleventh time in a row to 4.25% on Thursday (March 23), in line with expectations, and pushing borrowing costs to fresh 2008-highs. The policymakers emphasized they would continue to monitor the domestic economic trends, stressing that additional tightening can be anticipated if data indicate that inflationary pressures remain elevated. The BoE has been
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The inflation rate in Switzerland rose to 3.3% in January from a year earlier, largely reflecting higher food and energy prices, the Federal Statistics Office said, the highest reading since September 2022, from 2.8% in the prior month and above market expectations of 2.9%. Core inflation that excludes fresh food, energy and fuel, remained unchanged at 2.2%. The increase in inflation was
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International Energy Agency (IEA) Executive Director Fatih Birol said Friday (Feb. 17) that the rebound in China’s economy is currently the biggest uncertainty for the world energy markets. Birol who was attending the Munich Security Conference, explained that although the oil markets are “balanced” at present, producers are focusing on the demand signals that will be coming from China. “How strong this
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