Economy Archives - Page 25 of 58

India Increases Festival Spending despite Red-Hot Inflation Concerns

Consumer spending is increasing in India during the Hindu festival season, despite major concerns about red-hot and rising inflation. The festival season started began in September, with sales already exceeding pre-Covid spending. Online and offline sales are projected to exceed $27 billion in November. Offline festival sales have totaled nearly…

Trump’s Truth Social App Approved on Google Play Store after Months of Deliberations

President Donald Trump's social media platform Truth Social has finally had its app approved for distribution on the Google Play Store. The 45th president founded the company under his Trump Media & Technology Group (TMTG). Truth Social's app approval comes after months of back-and-forth pertaining to the platform’s content moderation…

Federal Budget Deficit Hits $1.4 Trillion, Despite Shrinking: CBO

By the end of the fiscal year 2022, the U.S. federal budget deficit was a staggering $1.4 trillion, despite shrinking, according to estimates published by the Congressional Budget Office (CBO). For this past fiscal year, which ended September 30, the deficit was around half of the prior year. For the…

JPMorgan CEO Issues Dire Warning on U.S Economy: ‘Very, Very Serious’

The CEO of America's largest bank, JPMorgan Chase & Co., has issued a dire warning about where the U.S. economy is heading. During a new interview with CNBC reporter Julianna Tatelbaum in London, Jamie Dimon warned that America is on track for a "very, very serious" economic crisis. Dimon warned…

Over 50% of World’s Poorest Need Urgent Relief as Serious Debt Crisis Unfolds, UNDP Warns

Over 50 percent of the world's poorest people are in need of urgent relief amid a mounting serious debt crisis, the United Nations Development Programme (UNDP) has warned. On Tuesday, the UNDP warned that the looming debt crisis could have disastrous effects on the world’s poorest. In a new report…

Gas Prices Continue to Rise, Diesel Back Above $5 as ‘Ugly Inflation’ Returns

Gas prices are on the rise again in the United States as “ugly” inflation returns. While gas prices are rising, diesel is now back up over $5. The hikes come after months of volatility and are expected to increase further over the next few weeks, industry experts have said. In…

Top Economist Dooms Biden, Warns ‘Totally Avoidable’ Recession Ahead

Renowned economist Mohamed El-Erian has doomed Democrat President Joe Biden, warning that America is heading for a recession that was "totally avoidable." El-Erian, the chief economic adviser for multinational financial services company Allianz, hammered Biden's handling of inflation during an appearance on CBS’s “Face the Nation.” “I fear that we…

South Africa May Start Taking Land from White Farmers without Compensation

South Africa may start confiscating land from white farmers without giving them compensation, according to reports. South Africa’s National Assembly passed a bill on September 28 that would allow the government to seize land without paying the owners. The practice is known as "expropriation without compensation." “This thing is emotional.…

IMF Chief Warns World Heading Toward ‘Dangerous New Normal’

The head of the International Monetary Fund (IMF) has warned that the world is heading toward a "dangerous new normal." Kristalina Georgieva, managing director of the IMF, warns that the world is facing the risk of a recession, with the global economy experiencing a “fundamental shift." Georgieva made the comments…

Biden Releases More Oil after OPEC Slashes Output

The Biden administration has moved to release more domestic oil after the Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC) and its allies surprised global energy markets on Wednesday by agreeing to slash crude production by 2 million barrels per day (BPD). The oil cartel thought it was necessary…