world economy

Asia’s developing economies are set to grow faster than China’s

Chinese laborers working at a construction site at sunset in Chongqing, China. Getty Images Asia’s developing economies may be showing signs of recovery, but the Asian Development Bank (ADB) cut its growth forecasts for them yet again — thanks to China’s prolonged zero-Covid policy. But this will be the first time in more than three …

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OPEC+ decision is a ‘political snub’ and ‘symbolic’, say analysts

OPEC+’s decision to implement a small production output cut is more of a political statement and symbolic message sent by the alliance, analysts said. On Monday, the group announced a small oil production cut of 100,000 barrels per day to bolster prices. Just last month, OPEC+ decided to raise oil output by the same target …

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Economists are divided on the risk of a US recession

Is the US economy showing no signs of a recession or hurtling inescapably towards one? Is it in fact already in one? More than a month after the country recorded two successive quarters of economic contraction, it still depends who you ask. Steve Hanke, professor of applied economics at Johns Hopkins University, believes the US …

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Euro zone inflation hits another record of 9.1% as food and energy prices soar

Euro zone inflation hits another record of 9.1% as food and energy prices soar Inflation continues to hit new records just as the European Central Bank mulls another large interest rate hike for next month. NurPhoto / Contributor / Getty Images Euro zone inflation hit a new record high in August of 9.1%, according to …

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Sony raises price of PlayStation 5 console due to soaring inflation

In this photo illustration a PlayStation 5 logo seen displayed on a smartphone. Mateusz Slodkowski | SOPA Images | LightRocket via Getty Images Sony on Thursday raised the recommended retail price of its PlayStation 5 games console in several international markets citing the global economic environment, including high inflation. The Japanese gaming giant said that …

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How to save $1 million for retirement on an annual salary of $70,000

Consistently saving a small percentage of your salary is a simple way to ensure you’re prepared for retirement. As a rule of thumb, most financial advisors suggest you save 10% to 15% of your earnings. Here’s a case study assuming you start with no savings, plan to retire at 65 and have investments that earn …

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The Difference Between an Economic Recession and a Depression

photo: Lisa-S (Shutterstock) it’s hard to get a straight answer as to whether or not we’re currently in a recession. From crashing stock markets to spiking consumer pricesit’s safe to say the economy is struggling. At the very least, don’t look at your 401(k) right now. CNBC claims that before 2020, the US economy had …

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UK real wages decline at record rate as inflation soars

Data from the UK Office for National Statistics released on Tuesday showed that real wages declined at a record pace in June, while unemployment stayed level. Jason Alden/Bloomberg via Getty Images LONDON – UK real wages, which reflect the power of employee’s share after accounting for inflation, fell by an annual 3% in the last …

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Skybridge’s Scaramucci on two things that will prop up bitcoin demand

Bitcoin fundamentals are “quite good” in the long term due to factors which will “create a demand shock” for the cryptocurrency, Skybridge Capital’s Anthony Scaramucci said Monday. “Everybody is a long-term investor until they have short term losses,” Scaramucci told CNBC on “Capital Connection.” Investors may be seeing some losses on bitcoin “but I think …

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Saudi Aramco profit surges 90% in second quarter amid energy price boom

An employee looks on at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Maxim Shemetov | Reuters Saudi oil giant Aramco reported a stunning 90% surge in second quarter net income and record half year results on Sunday, as high oil prices continue to drive historic windfalls for “Big Oil.” Aramco said …

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