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Global economy
Warren Buffett’s empire of stocks loses $15bn due to global market crash
Warren Buffett’s stock-holding empire has suffered a loss of at least $15bn in the midst of a global market sell-off.
Apple, Bank of America, and Mitsubishi all saw their stock values plummet on Monday.
This decline is despite the…
UK interest rates are likely to remain high until service sector inflation drops.
International Monetary Fund warned that the UK could face higher interest rates for longer if there are no further progresses in reducing inflation in the service sector.
The Washington-based IMF raised its growth forecasts in 2024 for…
China accepts tariff talks on electric cars as EU tries to avoid a trade war
The EU and Beijing have concluded last-ditch negotiations over plans to increase tariffs on Chinese electric car imports amid concerns of an upcoming tit-fortat trade conflict.
The European Commission and China's trade ministers agreed…
IMF: Brexit is a warning sign that trade ties could be broken.
One of the most senior officials at the International Monetary Fund has stated that Brexit will likely have had "a large negative impact on the UK's economy". He cited the UK's departure from the European Union, as an example of how trade…
The global debt has reached a new record high, causing a blow to the world economy
The global debt reached a record $315 trillion ($250 trillion), as China and India continued to borrow despite geopolitical tensions, higher interest rates and other risks.
The Institute of International Finance warned that the…
Bailey says UK is on track to cut rates as US struggles with stubborn inflation
Andrew Bailey said that UK Interest Rates will continue to fall over the next few months, amid fears that the US rate cut may be delayed due to stubborn inflation.
The Bank of England Governor stated that he had "strong evidence" of…
JP Morgan CEO: Global economic risks could be greater than anything since the Second World War
JP Morgan , the boss of a US bank, has warned the world that it could be in the midst of the most dangerous time since the Second World War. This would put lives at risk and threaten economic growth.
Jamie Dimon, in his letter to…
China gets involved in tea wars brewing up in the Himalayas
Chinese tea buyers have disrupted a heated trade dispute between Nepal and India, which has led to the introduction of counterfeit Darjeeling tea into teapots that were not expecting it.
Indian tea estates are under pressure because of a…
Deloitte announces the biggest reorganisation since a decade in order to reduce costs
Deloitte launched its biggest global overhaul in 10 years as it seeks to reduce costs and the complexity of the organisation in light of an anticipated market slowdown.
Deloitte will reduce its five main business units from 2014 to just…
Green drive is a threat to UK agriculture
Sainsbury's boss warns that new government policies to make farming more sustainable may harm Britain's food supply and cause more imports.
Simon Roberts is the chief executive of Britain’s second largest supermarket chain. He said that…
ITV profits are hit by falling advertising revenues
ITV's boss believes the advertising market has recovered from last year, which she called the worst recession since the global financial crisis.
The profits of Britain's largest free-to-air broadcaster dropped by over half, to £193…
Gazprom to sell North Sea Gas Assets
Gazprom, the Russian gas company, plans to sell off its stakes across North Sea assets. It faces compensation claims of multi-billion dollar value from European gas companies due to its drastic reduction of pipeline gas supply in 2022.…
Top central bank warns that interest rates will need to remain high for many years
The Bank for International Settlements has stated that central banks around the world are forced to maintain high interest rates for many years as they fight wage demands, wars and trade disputes.
The institution often known as central…
The cost of borrowing is causing global debt to reach record levels
The global debt reached a new record of $313 trillion, or £248 trillion. This is due to higher interest rates that drive up borrowing costs.
According to the Institute for International Finance (IIF), borrowers took on $15 trillion more…
Dominic Raab warns that China could push up UK energy prices further.
Dominic Raab warned that unless Western governments are able to break China's stranglehold on critical minerals required for the green energy transformation, households will face higher bills.
Former foreign secretary and deputy prime…
World Bank: Global economy is on track to have the worst growth half-decade in 30 years
In its latest projections, the World Bank warns that global growth is set to be at its lowest level in 30 years as geopolitical tensions and higher borrowing costs weigh on output.
In Forecasts, published by the multilateral organization…
Investors warn governments of high public debt levels
Investors warn governments worldwide about "unmoored' levels of public debt. They say excessive borrowing promises made before elections could spark a bond market reaction.
The US and UK are expected to issue the most government debt in…
UN warns that global economy will be weak for a prolonged period
UN warns that a prolonged period of low economic growth will hinder progress in sustainable development. It urges countries to increase investment to combat the climate crisis.
The annual report on the state of global economics presents…