Recently, U.S. Treasury Secretary Janet Yellen hinted at the possibility of not continuing at the highest levels of government once President Joe Biden’s term ends in January. During an event at the Texas Tribune Festival, she indicated that she is “probably done” but left some room for speculation by saying, “we’ll see.” Yellen, who is
Economy
The appointment of Michel Barnier as Prime Minister by President Emmanuel Macron underscores a pivotal moment in French politics. Amid a cloud of political uncertainty following the recent legislative elections, Macron’s decision illustrates his attempt to stabilize an increasingly fractured political landscape. The election results led to a hung parliament, which has raised questions regarding
As reported by Lucia Mutikani for Reuters, the latest data on jobless claims in the United States offers a glimmer of hope amidst fears of an economic downturn. The number of Americans filing new applications for unemployment benefits decreased, indicating that layoffs remain low. This positive trend could potentially allay concerns about the health of
The safe-haven Japanese yen has experienced a significant rally, while riskier currencies like the Australian dollar and sterling have struggled in the aftermath of the recent sell-off on Wall Street. The surge in the yen can be attributed to concerns sparked by soft U.S. manufacturing data, which has heightened fears of a potential hard landing
The European Central Bank (ECB) is currently facing a heated internal debate among policymakers regarding the outlook for growth in the Eurozone. This conflicting narrative has created a rift that is likely to influence the ongoing rate cut discussions, with some members expressing concerns about a potential recession while others are more focused on the
Volkswagen, Europe’s top carmaker, is currently facing mounting price pressure from Asian rivals which may lead the company to considering closing factories in Germany for the first time. This move would mark the first major clash between Chief Executive Oliver Blume and the influential unions at VW. The executive board’s plans have been met with
Recent data suggests that Bank Negara Malaysia (BNM) is likely to keep its key interest rate steady as the country’s economic growth remains robust and inflation is under control. Despite the current inflation rate of 2.0%, BNM has successfully kept it in check. Additionally, the Malaysian ringgit has shown signs of strength, transitioning from one
Brazil’s Finance Ministry has revealed its plans to propose new tax measures to Congress as part of the 2025 budget bill. These measures include imposing taxes on big tech companies, implementing a global minimum tax on multinational corporations, and making changes to certain income taxes to secure the fiscal goals for the upcoming year. One
In today’s unpredictable market conditions, investors are constantly seeking ways to mitigate risks and protect their investments. One key factor to consider is the nonfarm payrolls report, which has emerged as a crucial data release for stocks. According to Bank of America Securities, the nonfarm payrolls number has become a significant source of market volatility,
Chinese lenders approved loans worth $4.61 billion to Africa last year, marking the first annual increase since 2016, according to an independent study. This surge in lending comes after Africa secured more than $10 billion in loans a year from China between 2012-2018, largely due to President Xi Jinping’s Belt and Road Initiative (BRI). However,
The recent decision by local power regulator Aneel to impose an additional charge on electricity bills in Brazil is set to impact consumers in September. The move comes as a result of a drop in reservoir levels at hydroelectric plants, compounded by the dry season in the country. Despite the growth of renewable energy sources
China’s manufacturing sector experienced a slowdown in August, hitting a six-month low, according to an official factory survey released recently. This decline has raised expectations that policymakers will introduce new strategies to channel more stimulus towards households rather than infrastructure projects. Manufacturing PMI Decline The official Purchasing Managers’ Index (PMI) dropped to 49.1 in August,
The Bank of Israel recently made the decision to maintain its benchmark interest rate at 4.5% for the fifth consecutive time, reflecting concerns over inflation reaching a rate of 3.2%. Despite these inflationary pressures, there is a hesitancy to decrease interest rates due to the ongoing Gaza war and the potential for it to escalate
The Law and Justice (PiS) party, Poland’s largest opposition party, has been dealt a significant blow after the electoral commission determined that they misused public funds for campaigning purposes. As a result, the party is facing a loss of millions in state funding. This financial hit comes at a crucial time for PiS, especially since