Economy - Page 2

The UK economy failed to grow between July and September, figures show, after a succession of interest rate rises. The chancellor said higher rates were hitting growth, but added that the economy had performed better than expected this year. Forecasters suggest the economy is set to be stagnant for several…

About quarter of the US GDP is government expenditure. A drop in that spending will have knock-on effect on the economy. It is probably no surprise that Republican infighting scuttled a stopgap measure on Friday in the House of Representatives, designed to avert a government shutdown on September 30. That…

Hui Ka Yan, the founder and chairman of Chinese property giant Evergrande, was once Asia’s richest person. The 64-year-old, who is also known as Xu Jiayin, rose from a humble upbringing to head a vast business empire. His fortune was estimated at $42.5bn (£34.8bn) when he topped the list of…

IMF Managing Director Kristalina Georgieva hails ‘substantive’ talks with Chinese officials, including Premier Li Qiang. The head of the International Monetary Fund (IMF) has praised “productive and substantive” talks with top officials in China while wrapping up a visit to the country. The IMF warned in July that the overall…

Analysts say food prices in Asia are likely to rise but the fallout will be limited for the time being. Kuala Lumpur, Malaysia – Russia’s withdrawal from the Black Sea grain deal is expected to drive food prices higher in Asia but the impact will be muted for now, analysts say, due…

Usually iPhones plummet in value as soon as you take them out of the shop. But there are some special cases, as seen at an auction in the US, where a first edition, unopened 4GB model sold for $190,372.80 (£145,416). Not many of these were made at the time, leading the model…

Nauru sees rare earth metals as key to the green transition. But mining them could threaten vital marine ecosystems. Nauru is a small Pacific island 4,000km (2,485 miles) off the coast of Australia. It is so small, it has no capital city and just one road. But its roughly 12,000…

The administration estimates there are some 8.5 million locations in the US that lack access to broadband connections. The White House has unveiled how the government will divvy up $42bn among the US’s 50 states to expand access to high-speed broadband by 2030, as it launched a new publicity campaign…

Depreciation of the rial comes amid boiling tensions with the West and continuing protests in Iran. Tehran, Iran – Iran’s currency has reached an all-time record low amid increasing tensions with the West and the unrest gripping the country. On Sunday, the United States dollar went past the 450,000-rial mark for…

Electric car maker Tesla said it delivered a record 1.3 million vehicles last year, 40% more than in 2021. But the firm, led by billionaire Elon Musk, fell short of Wall Street sales forecasts for the final months of the year. The company’s shares sank by more than 12% on…