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Argentina’s economic woes are set to receive a much-needed boost as the International Monetary Fund (IMF) and the country reach a staff-level agreement. The agreement unlocks access to $7.5 billion in funds from the IMF to support Argentina’s struggling economy, which has been grappling with a tough economic backdrop. The agreement aims to address Argentina’s […]

The European Central Bank (ECB) has decided to raise its benchmark deposit rate by a quarter-percentage point to 3.75 per cent, matching a high last seen in 2001. This move marks the ninth consecutive rate increase and comes on the heels of the US Federal Reserve’s similar decision to raise rates. ECB President Christine Lagarde’s […]

In a bold move to combat surging inflation, the Federal Reserve has decided to resume its rate-rising campaign, lifting its benchmark interest rate by a quarter-point to a range of 5.25-5.5 per cent. This marks the 11th hike in the central bank’s anti-inflation crusade that commenced in March 2022, taking borrowing costs to the highest […]

Oil prices surged nearly 2% on Friday, marking a fourth consecutive weekly gain as mounting evidence of supply shortages and escalating tensions between Russia and Ukraine intensified concerns in the global oil market. According to Reuters, Brent crude futures climbed $1.43, equivalent to 1.8%, settling at an impressive $81.07 per barrel, with a weekly gain […]

Japan’s economy is set to make a notable comeback with an expected growth of 1.4% in 2023, surpassing last year’s 1.0% rise, according to the International Monetary Fund’s (IMF) latest projection. The bright economic outlook comes as pandemic restrictions are eased, stimulating increased consumer spending and overall economic activity. Pierre-Olivier Gourinchas, the IMF’s chief economist, […]

The Israeli shekel experienced a dramatic rollercoaster ride on Monday, as investors grappled with the potential long-term impact of rising political tension in the country. The shekel weakened for a third consecutive day, dropping 0.7% against the dollar, after initially surging more than 1%, only to plummet by as much as 1.5%. The cause of […]

In response to surging retail rice prices and widespread crop damage caused by late monsoon rains, India, one of the world’s top rice exporters, has taken the bold step of banning the export of non-basmati white rice with immediate effect. This move has raised concerns in the global market, as India accounts for over 40% […]

The UK inflation rate has significantly cooled in June, surprising economists by coming in below consensus expectations at 7.9% annually. Analysts polled by Reuters had projected an annual rise in the headline consumer price index of 8.2%, following May’s hotter-than-expected 8.7% reading. While this decline is encouraging, annualized price rises still exceed the Bank of […]

In a concerning development for China’s economy, youth unemployment has reached an all-time high, adding further strain as the country’s post-pandemic recovery stumbles. Official figures reveal that the jobless rate for 16 to 24-year-olds in urban areas skyrocketed to 21.3% last month, sparking alarm among economists and policymakers. As the world’s second-largest economy, China’s growth […]

Russia has decided to terminate its participation in the crucial Black Sea Grain Initiative agreement, which allowed Ukraine to export its grain by sea despite Moscow’s naval blockade. The deal, brokered by the United Nations and Turkey in July 2022, aimed to stabilize global food prices and alleviate some of the fallout from the ongoing […]