The government last night hiked fuel prices by up to 51.7 percent, the highest in the country’s history, adding to the plight of common people already struggling to cope with the rising cost of living. As per the new prices that took effect at 12:00am today, a litre of octane…
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Industry observers say more airlines could follow suit if the central bank does not intervene to help airlines. Dubai’s Emirates plans to reduce flights to Nigeria this month due to troubles repatriating revenue from Africa’s most populous nation, according to a letter sent to the government and seen by Reuters.…
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The Tesla boss says the purchase deal is null as Twitter misled him regarding its tally of fake and spam accounts. Elon Musk has filed claims against Twitter as he fights the tech firm’s lawsuit demanding he be held to his $44bn purchase deal. Musk mounted a legal defence against Twitter’s…
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The Federal Reserve, the US central bank, is expected to raise interest rates by 75 basis points, but have markets already priced it in? US tech stocks popped on Wednesday, lifted by upbeat quarterly earnings from Microsoft and Google-parent Alphabet ahead of the Federal Reserve’s decision to announce another increase…
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Ukraine has accused Moscow of waging a “gas war” against Europe and cutting supplies to inflict “terror” on people. Russian energy firm Gazprom announced it is once again reducing gas flows into Germany to allow work on a turbine on the Nord Stream 1 pipeline. But Ukraine’s President Volodymyr Zelensky…
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Amazon is to raise the price of its Prime service for UK customers due to higher operating costs.From September, monthly subscriptions will go up £1 to £8.99 and annual membership will rise from £79 to £95.Amazon said the price rise, its first in the UK since 2014, was partly due…
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Bloc says rationing is necessary amid Russian ‘blackmail’ but some member states have rejected the proposal. The European Union’s executive branch has urged member states to cut back on gas usage by 15 percent until March as fears mount that Russia may stop supplying the energy source to the bloc in the…
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Income inequality and wealth disparity have been frequent topics of conversation, even before the pandemic upended the economy. Now, rising inflation and interest rates, and a possible recession on the horizon are bringing these societal divides into sharp focus. In the above visualization, U.S. households are parsed out into a neighborhood…
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China’s economy contracted sharply in the second quarter of this year as widespread coronavirus lockdowns hit businesses and consumers. Gross domestic product (GDP) fell by 2.6% in the three months to the end of June from the previous quarter. Major cities across China, including the major financial and manufacturing centre…
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We’ve covered this topic in the past when the world’s GDP was $88 trillion (2020) and then $94 trillion (2021), and now according to the latest projections, the IMF expects the global economy to reach nearly $104 trillion in nominal value by the end of 2022. Although growth keeps trending upwards, the recovery that was expected…
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