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Economy News

Major US, global cities slowing amid worldwide slump: report

Washington - The blockbuster growth in the world's major cities in recent years will slow sharply in 2020 and 2021 as the global trade slowdown takes its toll, according to new research.

'The end': Poverty bites in remote Egyptian village

The name of the remote Egyptian village Al-Nehaya sounds much like the Arabic word for "the end", which is sadly fitting given the grinding poverty endured by most of its people.

Still in streets, Iraqis say problem is poverty

Diwaniyah - Chants demanding complete regime change have echoed across Iraq for weeks, but what first brought demonstrators onto the street was the profound poverty of one of the world's most oil-rich countries.

Brazil's economy grows 0.6% in third quarter

Rio De Janeiro - Brazil's economy -- Latin America's largest -- picked up pace in the third quarter, official figures showed Tuesday, beating expectations and offering relief to President Jair Bolsonaro who has made reviving growth a priority.

Plummeting Syrian pound hits new black market low

Damascus - The value of the Syrian pound on the black market sank to 1,000 to the dollar at some money changers Tuesday, marking a new record low for the nosediving currency.

North Korea's Kim opens huge mountain development

Seoul - North Korean leader Kim Jong Un has opened a flagship construction project close to Mount Paektu, a symbol of the Korean nation and officially the birthplace of his father and predecessor, state media reported Tuesday.

Chile unveils $5.5 bn stimulus plan as economy shrinks

Santiago - Chile launched a massive $5.5 billion stimulus package on Monday after data showed its economy contracted 3.4 percent in October -- the largest year-on-year drop in a decade -- amid widespread social unrest.

India quarterly growth falls to worst level in six years

Mumbai - India's economy grew at its slowest pace in more than six years in the July-September period, down to 4.5 percent from 7.0 percent a year ago, according to government figures released Friday that piled more pressure on Prime Minister Narendra Modi.

India offers funds to Sri Lanka in bid to outdo China

New Delhi - India, anxious to counter China's influence in the region, on Friday offered hundreds of millions of dollars in aid to Sri Lanka as the island's new president made his maiden overseas trip in New Delhi.

Zimbabwe facing 'man-made' starvation, UN expert warns

Harare - Zimbabwe is facing "man-made" starvation with 60 percent of the people failing to meet basic food needs, a UN special envoy said Thursday after touring the southern African country.

Green palm oil push: Kit Kat, Dove makers could face fines

Kuala Lumpur - Companies that make top brands including Kit Kat chocolate and Dove soap may face fines if they fail to buy more green palm oil under new rules aimed at improving the controversial industry's environmental sustainability.

Mexico entered recession this year -- bad news for Lopez Obrador

Mexico - The Mexican economy, Latin America's second-largest after Brazil's, tumbled into recession in the first half of this year and has since remained stagnant, according to revised official data released Monday.

With schools shuttered, Haiti children also endure crisis

Port-au-prince - In the middle of the deadly political unrest that has rocked Haiti for more than two months, another crisis is unfolding -- most schools are closed, leaving Haitian children with nothing to do and their parents flailing to cope.

Climate impacts 'to cost world $7.9 trillion' by 2050

Paris - Climate change could directly cost the world economy $7.9 trillion by mid-century as increased drought, flooding and crop failures hamper growth and threaten infrastructure, new analysis showed Wednesday.

Pelosi: USMCA passage could occur 'this year'

Washington - The US House of Representatives could approve a new North American trade pact before the end of 2019, Speaker Nancy Pelosi said Thursday.

Fear stoked by Chinese-funded port and SEZ in Myanmar's Rakhine

Akyab - Aung Gyi is forced to fish covertly under the shroud of night in western Myanmar waters as China bids to transform the strategically key region into a shipping and industrial hub, squeezing out locals who fear being left behind in the gold rush.

Chinese consumers smash 'Singles' Day' shopping record

Shanghai - Chinese shoppers set new records for spending during the annual "Singles' Day" buying spree despite an economic slowdown and worries over the US trade war, with state media calling it a sign of China's rising economic strength.

Brazil's Bolsonaro to walk diplomatic tightrope at BRICS

Rio De Janeiro - Brazil's President Jair Bolsonaro will walk a diplomatic tightrope Wednesday when he hosts his Chinese counterpart, as he seeks to boost ties with Beijing and avoid upsetting key ally Donald Trump.

Balkans leaders discuss common market after EU snub

Ohrid - Albania, North Macedonia and Serbia discussed setting up a common market at a summit Sunday, weeks after the European Union snubbed bids by Skopje and Tirana to open membership talks.

Fuel shortage, price hikes squeeze protest-hit Lebanon

Beirut - A rationing of dollars by banks in protest-hit Lebanon sparked growing alarm on Saturday as some petrol pumps ran dry and grocery stores hiked prices.

Lebanon protests a boon for street vendors

Beirut - The smells of grilled cheese and cooked corn waft over the protesters in the Lebanese capital -- with daily crowds filling the the capital's main squares, the movement has been a boon for street vendors.

More than one in three in Haiti need urgent food aid: UN

Geneva - More than a third of Haitians are facing "severe food insecurity", sparked by price hikes, dwindling agricultural production and widespread social unrest, the UN's World Food Programme warned Friday.

Ukraine should tackle corruption to win new loan: IMF

Washington - Talks with Ukraine on a new loan package are continuing but Kiev will need to address corruption and reduce the power of oligarchs to attract much needed investment, an IMF spokesman said Thursday.

Global debt surges to record high $188 tn: IMF chief

Washington - The global debt load has surged to a new all-time record equivalent to more than double the world's economic output, IMF chief Kristalina Georgieva warned Thursday.

France sees 2 bn euro payoff as lottery IPO launched

Paris - France's state-owned lottery monopoly kicked off its shift to private hands Thursday, opening the sale of shares in the company that is likely to bring nearly two billion euros ($2.2 billion) to government coffers.

Brazil oil auction raises disappointing $17 billion: official

Rio De Janeiro - Brazil's auction of drilling rights to four deep-sea oil fields raised a disappointing $17 billion on Wednesday, officials said, well short of expectations for the highly-anticipated mega sale.

Nigeria puts squeeze on oil majors as upends deals

Lagos - Nigeria's President Muhammadu Buhari on Monday signed a measure to change the country's agreements with multinational oil companies to significantly increase the share of offshore oil revenue it takes.

India will not join RCEP trade deal in blow to sprawling Asian pact

Bangkok - India said Monday it would not join a sprawling Asian trade pact, dealing a blow to the China-backed deal at the end of a Bangkok summit held against a backdrop of global growth fears.

Out of spotlight, Russian suspects in Baring Vostok case stay jailed

Moscow - Since his arrest in February Ivan Zyuzin, the investment director for Baring Vostok, has been in jail awaiting trial, barred from even seeing his wife and four children.

At least 42 killed in Haiti protest violence: UN

Port-au-prince - At least 42 people have been killed and dozens injured during anti-government protests in Haiti since mid-September, the UN's human rights body said Friday, adding it was "deeply concerned" by the crisis.
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Obama addresses Congress - State of the Union Address 2013
Obama addresses Congress - State of the Union Address 2013
Chuck Kennedy / White House
Shoppers entering a Loblaws store.
Shoppers entering a Loblaws store.
Digital Journal
Backus  Schoenholtz  Coronado  and Reinhart at the Economic Outlook Forum at NYU Stern on September ...
Backus, Schoenholtz, Coronado, and Reinhart at the Economic Outlook Forum at NYU Stern on September 3, 2014
Pudong  China s financial and commercial hub  situated in Shanghai.
Pudong, China's financial and commercial hub, situated in Shanghai.
Wikipedia
Occupy London: The piazza of St Paul’s Cathedral
Occupy London: The piazza of St Paul’s Cathedral
Eman Jueid / Aslan Media
UK - London: Occupy London  2012
UK - London: Occupy London, 2012
xpgomes9
Eurozone is lost in translation as EU collapses
Eurozone is lost in translation as EU collapses
Canberra: Bus Depot Markets.
Canberra: Bus Depot Markets.
Stephan Ridgway
Coronado  Schoenholtz  Reinhart  and Backus at the Economic Outlook Forum at NYU Stern on September ...
Coronado, Schoenholtz, Reinhart, and Backus at the Economic Outlook Forum at NYU Stern on September 3, 2014
The French Stock Market (La Bourse) in Paris
The French Stock Market (La Bourse) in Paris
Sebche on Flick'r
 We are the Champions : Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundhei...
"We are the Champions": Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundheit in Berlin
An automated teller machine (ATM).
An automated teller machine (ATM).
Digital Journal
President Obama delivers his State of the Union address at the U.S. Capitol  D.C.
President Obama delivers his State of the Union address at the U.S. Capitol, D.C.
Lawrence Jackson / White House
President Barack Obama greets Rep. Gabrielle Giffords  D-Ariz.  as he arrives on the floor of the Ho...
President Barack Obama greets Rep. Gabrielle Giffords, D-Ariz., as he arrives on the floor of the House Chamber to deliver the State of the Union address at the U.S. Capitol in Washington, D.C., Jan. 24, 2012
Pete Souza / White House
 We are the Champions : Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundhei...
"We are the Champions": Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundheit in Berlin
For sale sign
For sale sign
Diana Parkhouse (CC BY 2.0)
Along with the closeout merchandise and surplus merchandise markets  the returned merchandise and li...
Along with the closeout merchandise and surplus merchandise markets, the returned merchandise and liquidation industry generates over $100 billion dollars in revenue annually.
Canberra: Bus Depot Markets.
Canberra: Bus Depot Markets.
Stephan Ridgway
Fred Olsen Windcarrier s Brave Term  jack-up vessel was used in the construction of the Block Island...
Fred Olsen Windcarrier's Brave Term jack-up vessel was used in the construction of the Block Island Wind Farm.
Fred Olsen Windcarrier

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