Data from Chinese customs shows that in June and July, the country imported nearly $5 billion worth of chip production tools, a 70% increase from the same period last year. Interestingly, most of these imports […]
Time to uncork a bottle of economic intrigue: the French government and the European Union are shelling out a whopping 200 million euros to… destroy surplus wine. Wait, what? Yep, you read that right. It’s […]
In a move to bolster its economic recovery, China’s central bank, the People’s Bank of China (PBOC), announced on Friday that it would reduce the reserve requirement ratio (RRR) for all banks, barring those already […]
Swiss voters have made a significant decision to introduce a global minimum tax on businesses and a climate law targeting zero emissions by 2050. In a national referendum, 79% voted to raise the business tax […]
The inflation rate in the United States receded in May to its lowest annual rate in over two years, as per a report from the Labor Department. The consumer price index (CPI), a key measure […]
Oil and gas titan Shell has faced a ban on some of its advertisements due to misleading claims about the cleanliness of its energy production. The Advertising Standards Authority (ASA) ruled that the ads, including […]
According to a new report from the International Energy Agency (IEA), global investment in energy is expected to reach approximately $2.8 trillion in 2023, with over $1.7 trillion directed towards clean energy technologies such as […]
Oil prices have shot upwards following Saudi Arabia’s announcement to cut oil production by a million barrels per day (bpd) in July. This move is part of a broader strategy by OPEC+, a group of […]
In an unexpected economic twist, China’s exports fell by 7.5% in May, a far more significant drop than the predicted 0.4%. This is the first decline since February, raising concerns about the health of the […]
In a surprising turn of events, Meta Platforms has sold Giphy, a popular platform for animated images, to Shutterstock, an online stock-photo marketplace, for $53 million. This is a significant loss for Meta, which bought […]
South Africa, a country known for its rich history and diverse culture, is currently facing a crisis. The country’s top business leaders are sounding the alarm, warning that South Africa could become a “failed state” […]
The retirement savings of the United States’ top executives starkly contrast the struggle of their employees, with a report revealing the staggering $8.9 billion accumulated by five top executives in tax-deferred savings accounts. In a […]
The UK’s economy is ailing, and this isn’t just a figure of speech. More Britons than ever are out of the workforce due to long-term illness or disability, a historic and lamentable loss of human […]
In a move that could revolutionize the way people in Ethiopia do business, the government has granted a mobile money license to Safaricom. The company’s M-Pesa service is already used by millions of people in […]
In a bold move to combat climbing inflation, Argentina’s Central Bank has escalated its key interest rate by a steep six points, hitting a staggering 97%. This decisive action comes in response to inflation soaring […]
China’s economy is recovering from a slowdown caused by the COVID-19 pandemic, and this is good news for U.S. companies that do business in China. Starbucks, Yum Brands, MGM Resorts, and Tapestry are just a […]
The CEO of Genies, a $1 billion avatar tools company, is investing $2,400 a month on ChatGPT Plus accounts for all 120 employees in an effort to boost productivity and save money. Akash Nigam, Genies’ […]
Germany’s economy ministry has proposed to cover 80% of electricity costs for energy-intensive companies until 2030, aiming to support industries like chemicals, steel, and glass. The plan, estimated to cost €25-30 billion, also seeks to […]
China’s investment in Europe has taken a “green” turn, as they increasingly fund eco-friendly ventures like electric vehicle battery production. In 2022, over half of Chinese investment in Europe was in new projects rather than […]
IBM CEO Arvind Krishna disclosed that the company expects around 7,800 jobs to be replaced by AI within the next five years. This change could affect nearly one-third of IBM’s non-customer-facing roles, which currently involve […]
In June 2023, South Africa will impose a flat excise duty of R2.90/ml on nicotine substitutes, including vaping products. This tax has been anticipated since finance minister Enoch Godongwana announced it in his 2022 budget […]
In a surprising move, the UK’s Competition and Markets Authority (CMA) has halted Microsoft’s $68.7 billion acquisition of video game giant Activision Blizzard. The deal would have given Microsoft control over popular titles like Call […]
The US federal debt has skyrocketed to a jaw-dropping $31.4 trillion, dangerously close to the legal borrowing limit known as the “debt ceiling.” As divisions within the Republican party deepen, a solution to raise the […]
In March, UK inflation persisted at over 10%, mainly due to skyrocketing bread prices. Consumer prices increased by 10.1%, with food prices climbing by 19.2%—the highest increase in 45 years. Bread and cereals experienced a […]
Thai exports faced a 4.7% year-on-year (YOY) decline in February 2023, marking the fifth consecutive month of contraction. The drop in exports to the US and Europe was fueled by worsening economic conditions and growing […]
In a world-first initiative, one million smokers in England will be encouraged to trade cigarettes for vapes in the innovative ‘swap to stop’ program. The aim is to boost public health and slash smoking rates […]
A renewable energy renaissance swept the globe in 2022, with wind and solar power propelling worldwide electricity generation to its greenest level yet. Ember, an independent climate think tank, reveals that 12% of global power […]
Juul Labs Inc, the e-cigarette giant, is coughing up $462 million to settle allegations by six US states, including New York and California, that it illegally hooked teens on its addictive products. Like bees to […]
Artificial intelligence (AI) is becoming a popular coworker in various industries, especially among higher-income employees. A recent survey by automation platform Kizen found that 90% of workers earning at least $100,000 a year use AI […]
A recent survey by the Department of Labor’s Wage and Hour Division revealed that some Southern California garment workers are earning as little as $1.58 per hour in what officials call “sweatshops.” These workers make […]
Greece has launched a new subsidy program to encourage more households and farmers to install solar projects and small storage systems. The €200 million ($215.3 million) scheme is part of the country’s post-pandemic recovery plan […]
German workers began a massive strike this week as Europe’s largest economy grapples with soaring inflation. The strikes, which will impact mass transport and airports, are some of the largest in decades and reflect growing […]
Utah has just passed some sweeping legislation aimed at protecting children and teens from the negative effects of social media. It’s a really ambitious attempt to tackle some of the issues around addiction, mental health […]
The price of rice in Indonesia has been steadily increasing since last year, and experts are wondering if the government’s attempts to regulate the market might actually be making things worse. The Information Center for […]
Africa could be facing a significant economic decline, and climate change is playing a crucial role. Severe weather conditions like cyclones, floods, and droughts are devastating African countries, forcing them to spend between 2% and […]
UBS has agreed to buy its rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) in a bid to save the troubled bank from financial collapse. This move comes as Swiss regulators and governments […]
The rate of corporation tax is going up in the UK! That’s right, starting next month, companies with over £250,000 in profits will have to pay 25% in corporation tax instead of the current 19%. […]
The inflation rate in Argentina has passed the 100% mark this week with consumers particularly hard hit by increasing food prices – the price of meat alone increased by almost 20% in the last month. […]
You may have heard in the news this week that the Silicon Valley Bank in the US, a bank which specialised in working with innovators and entrepreneurs, has collapsed. Or in other words, failed. But […]
Tesla has announced price cuts for the second time this year in a renewed bid to outprice competitors and stimulate demand. Certain models have had their price slashed by 5-10%. This follows even higher cuts […]
President Biden is expected to announce a plan this week to increase tax for those earning over $400,000 a year. The revenue raised from the tax will be spent on extending Medicare, a federal insurance […]
Funko, the company behind Funko Pop! – those vinyl figurines with big bobbly heads, has recently announced its plans to bin $30 million worth of stock. Profits at the end of 2022 were waning as […]
Following 3 years of strict controls to stifle the spread of Covid-19, the Chinese economy is now ready to rebound, with most analysts predicting GDP growth of around 5 percent this year. The global pandemic […]
Sales of wine and beer fell drastically in Canada from 2021-2022, demonstrating that the Canadian government’s crackdown on alcohol consumption seems to be doing the trick. Alcohol is a demerit good and governments around the […]
In 2021, the Biden Administration announced the roll out of the Affordable Connectivity Program – low cost and high-speed internet for those who couldn’t afford their own connection or have difficulty setting it up. The […]
Milk and sugar in your coffee? Pretty normal… How about some olive oil? Not so much! Well that is exactly what Starbucks are offering in their latest line of beverages! The coffee giant, with over […]
Nestle, one of the world’s largest food and beverage companies, is planning to increase prices again this year as they grapple with food inflation and the surging cost of ingredients. The Swiss conglomerate, famous all […]
Annual food prices in the UK went up by 14.7% in October, representing the largest increase since records began in 2008. Driven largely by the knock-on effects of Russia’s war in Ukraine, food inflation is […]
Elon Musk has officially become the owner of Twitter, or Chief Twit as he likes to call himself, after completing a $44 billion buyout. The world’s richest man began his interest in Twitter earlier in […]
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