Home / World Economy / World Economy News (page 3)

World Economy News

Global leadership deficit leaves development goals in doldrums

The world has made far too little progress on the global goals governments agreed in 2015 to end poverty and hunger and tackle climate change, with a rising tide of nationalism acting as a wrecking ball, architects of the goals said. Helen Clark, a former New Zealand prime minister who headed the United Nations Development Programme from 2009-2017, said the foot-dragging on the Sustainable Development Goals (SDGs) – due to be met by 2030 – “has gone under the radar”. “There has been … a lot of lip service but ...

Read More »

China revises down 2017 economic growth rate to 6.8 per cent ahead of announcing 2018 GDP figures

China’s economic growth rate for 2017 has been revised down to 6.8 per cent from 6.9 per cent as part of annual data revisions, the National Bureau of Statistics (NBS) announced on Friday. The estimated size of the economy at the end of 2017 was down by 636.7 billion yuan (US$93.9 billion), or 0.8 per cent, to 82.08 trillion yuan based on the final verification of economic figures, the bureau said. It typically releases the final reading of each year’s GDP figure in the second January after the end of ...

Read More »

EU-U.S. Trade Talks: European Commission presents draft negotiating mandates

The European Commission has today adopted proposals for negotiating directives for its trade talks with the United States: one on conformity assessment, and one on the elimination of tariffs for industrial goods. These negotiations follow the Joint Statement agreed by President Juncker and President Trump last July. As part of its commitment to transparency, the European Commission is publishing the draft mandates at the same time as submitting them to the EU Member States. The Member States must now give their green light to the proposals before negotiations can begin. ...

Read More »

Fitch Ratings: No Sovereign Cap for Corporate Ratings in Eurozone

The eurozone provides unique considerations for links between sovereign and corporate ratings as the common currency reduces transfer and convertibility (T&C) risk, Fitch Ratings says. We determine on a case-by-case basis whether, or by how much, a corporate can be rated above its sovereign, taking into account the nature of the business, its exposure to the local economy, its customer base and regulation. Country Ceilings do not constrain eurozone corporates’ ratings, given the high level of Country Ceilings in the eurozone and the practical lack of differentiation between local- and ...

Read More »

Taiwan’s export orders likely shrank again in December – Reuters poll

Taiwan’s export orders are expected to have contracted again in December, a Reuters poll showed, amid concerns that a global economic slowdown is hurting the island’s pivotal exports. The median forecast of 11 economists in a Reuters poll was for December export orders to decline 3.20 percent from a year earlier. In November, orders fell 2.1 percent compared with the same month of 2017. The economists’ forecasts for December ranged widely, from a contraction of 7 percent to an increase of 1.3 percent. Taiwan’s export orders are a leading indicator ...

Read More »

China Prepares More Tools Aimed at Bolstering Consumer Spending

China plans to step up efforts to boost consumer spending this year, as the world’s second-largest economy faces increasing downward pressure and rising uncertainty over external factors. The country will introduce a series of measures aimed to encourage purchases of cars and household appliances, the state economic planner said in a statement Friday. Local governments should tailor stimulus policies to suit their particular situations, the agency said. The National Development and Reform Commission also encouraged tapping the potential demand from rural residents by marketing to them more products, including those ...

Read More »

In China industrial heartland city of Chongqing, a painful economic transition is on full display

As night begins to fall, crowds gather near the top of Hongya Cave, a group of stilted buildings overlooking the Yangtze and Jialing rivers, both of which pass through the city of Chongqing in the west of China. They take jammed lifts down to the ground floor and walk across the street, holding up their mobile phones to capture the architecture, glittering at night, before posting on the popular short video mobile app, TikTok. TikTok helped turn the mountainous city of 30 million residents into an internet sensation last year, ...

Read More »

Japan’s December exports to fall at fastest pace in two years, Tokyo CPI steady – Reuters poll

Japan’s exports in December likely fell at their fastest pace in more than two years, a Reuters poll showed on Friday, suggesting that slowing global demand and the U.S.-China trade war are starting to hurt the export-reliant economy. Exports in December are forecast to have fallen 1.9 percent from a year earlier – the biggest fall since October 2016, the poll of 16 economists showed. Shipments edged up 0.1 percent in November. The poll found December imports rose 3.7 percent from a year earlier, slowing from 12.5 percent in November, ...

Read More »

UK Retail Sales Fell in December

U.K. retail sales declined in December, adding to signs the economy slowed in the final quarter of 2018. Retail sales fell 0.9% in December compared with a month earlier, the Office for National Statistics said Friday. The slide follows strong sales growth in November, suggesting Black Friday sales encouraged consumers to bring forward their usual Christmas purchases, statisticians said. The figures offer the latest evidence that the British economy lost steam in the final three months of last year. Economists say tighter credit conditions and uncertainty over the U.K.’s future ...

Read More »

China’s state-owned companies enjoy record profits, even as private sector flounders

Revenues and profits at China’s state-owned enterprises hit historic highs last year, even as the country’s private firms fought for their survival amid the slowest period for economic growth in a decade. Last year, firms owned by the central government booked revenues of 29.1 trillion yuan (about US$4.3 trillion), up 10.1 per cent from 2017, while net profits reached 1.2 trillion yuan, a rise of 15.7 per cent from the previous year, according to figures released by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) on ...

Read More »

U.S. Consumer Sentiment Falls Sharply

Consumers’ outlook for the U.S. economy fell sharply in early January, reflecting American households’ fears over the government shutdown, trade tensions, volatile markets, a cooling global economy and uncertainty over what the Federal Reserve will do next. The University of Michigan said Friday its consumer-sentiment index was 90.7 this month, down from 98.3 in December. January’s preliminary reading was the lowest since October 2016. The reading was well below the forecast of economists surveyed by The Wall Street Journal, who had expected an index of 96.4 in January. While the ...

Read More »

Fed’s Williams: Interest Rate, Balance Sheet Adjustments Will Depend on Economy’s Performance

New York Fed President John Williams said Friday what happens with short-term interest rates and the central bank’s balance sheet drawdown will be driven this year by how the economy performs. As such, Mr. Williams didn’t offer firm guidance for the Fed’s monetary policy plans, even as he expects to see the economy do well again in 2019. “The economy is strong, the outlook is healthy, and my number one priority is using monetary policy to keep it that way,” Mr. Williams said in the text of speech prepared for ...

Read More »

China upbeat about 2019 foreign trade growth: MOC

China is confident in its ability to keep foreign trade growth stable while improving its quality this year despite greater external uncertainties, the Ministry of Commerce (MOC) said. “The development of China’s foreign trade remains on a strong and solid foundation,” MOC spokesperson Gao Feng told a news conference. The confidence derives from deepening supply-side structural reform, improvement in the country’s foreign trade structure and increasing internal impetus to growth, Gao said. The ministry has unveiled a list of 30 key markets for foreign trade expansion this year, which will ...

Read More »

U.S. Industrial Production Expanded at the End of 2018

U.S. industrial output rose in December because of broad-based gains in the manufacturing and mining industries. Industrial production, a measure of factory, mining and utility output, increased a seasonally adjusted 0.3% in December from the prior month, the Federal Reserve said Friday. Economists surveyed by The Wall Street Journal had expected a 0.2% gain for December. From a year earlier, industrial production rose 4% in December. Output at U.S. factories, which accounts for about 75% of the nation’s total industrial output, grew 1.1% last month, the biggest gain since February. ...

Read More »

Euro zone current account surplus narrows in November

The adjusted current account surplus of the 19 countries sharing the euro narrowed to 20 billion euros (17.61 billion pounds) in November from 27 billion euros in October, as the trade surplus shrunk, the European Central Bank said on Friday. In the 12 months to November, the surplus was 3.1 percent of the bloc’s gross domestic product, down from 3.2 percent in the preceding 12-month period, with the trade surplus narrowing even more. The surplus, which the U.S. administration has labelled excessive, is expected to drop to 2.7 percent of ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping