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Economy

Trump Threatens EU with Tariffs Over Oil and Gas Imports

President-elect Donald Trump has warned the European Union that it must significantly increase purchases of US oil and gas or face tariffs on a wide range of exports, including cars and machinery, reports Reuters. Trump, who takes office on January 20, 2025, issued the ultimatum in a post on Truth

China Lifts Four-Year Ban on Australian Rock Lobster Imports

China has lifted a four-year ban on Australian rock lobster imports, marking a significant step in the ongoing stabilization of relations between the two countries, reports the Wall Street Journal. Australian Prime Minister Anthony Albanese announced Friday that China had notified Australia of the immediate resumption of live rock lobster

UK Retail Sales Growth Stumbles in November Despite Budget Concerns

British retail sales grew at a weaker-than-expected 0.2% in November, according to official data released on Friday by the Office for National Statistics, reports Reuters. This follows a 0.7% drop in October, leading up to Chancellor Rachel Reeves' first budget. Economists had anticipated a 0.5% monthly

Bank of Russia Holds Key Rate Steady Despite Rising Inflation

The Bank of Russia surprised economists by keeping its key interest rate at a record high of 21%, defying expectations of another significant hike to combat persistent inflation, reports Bloomberg. The central bank's decision, announced Friday, comes despite inflation accelerating to 8.9% in November, more than double

Malaysia Aims for Lower Inflation in 2025 as Subsidy Reform Takes Shape

Malaysia expects inflation to moderate towards the lower end of its target range in 2025, driven by a phased rollback of fuel subsidies, according to Economy Minister Rafizi Ramli, as reported by the Wall Street Journal. Ramli outlined a "surgical approach" to removing fuel subsidies, focusing on higher-income

Singapore's MAS May Hold Off on Easing Despite Low Inflation

Singapore's Monetary Authority of Singapore (MAS) may hold off on easing monetary policy at its January review, despite slowing inflation, as the central bank seeks to assess the impact of incoming U.S. President Donald Trump's policies, analysts told Reuters. This comes as data next week,

Fed Cuts Rates, But Mortgage Costs Climb Higher

Despite the Federal Reserve's efforts to lower interest rates and potentially make homes more affordable, mortgage costs continue to rise, reports the Wall Street Journal. This unexpected outcome is driven by several factors, including rising long-term Treasury yields and stubborn inflation. Average 30-year mortgage rates have climbed to

Japan 'Alarmed' by Yen's Slide, Warns of Intervention

The Japanese government is "alarmed" by recent sharp moves in the currency market and stands ready to intervene if speculative activity becomes excessive, top finance officials said on Friday, reports Reuters. This strong statement comes as the yen continues its rapid decline against the dollar. The dollar reached

Trump-Backed Funding Plan Fails, Government Shutdown Looms

The Republican-led House of Representatives rejected a temporary funding plan backed by President-elect Donald Trump on Thursday, with just over 24 hours to spare before a US government shutdown, reports Bloomberg. The move capped an extraordinary two days in Washington that tested the incoming president's power. Trump and

New Zealand Plunges into Recession, Prompting Calls for Deeper Rate Cuts

New Zealand's economy has fallen into recession, contracting far more sharply than anticipated in the third quarter, according to data released on Thursday by Stats NZ, as reported by Reuters. This dire outcome, exceeding even the Reserve Bank of New Zealand's (RBNZ) own pessimistic forecasts, is