Browsing: Business

European Central Bank lowers key rate to 3.5% as it aims to counter slowing economic momentum and maintain inflation near the target level in challenging times.

OBR projects UK public debt could rise to 274% of GDP by 2074 due to ageing population, rising healthcare costs, and climate change impacts, requiring immediate fiscal reforms.

Nearly 415 bank branches in the UK are slated for closure by the end of 2024, impacting local access to financial services.

UBS report reveals mixed wealth disparities across Europe with some nations showing effective economic management and others struggling.

Inflation concerns dampen hopes for significant Fed rate cuts, leading to a downturn in U.S. stocks with the Dow dropping 414 points and S&P 500 faltering.

Belgium has delayed submitting its budget plans to the EU, citing the need for more time due to ongoing government formation talks.

Russia’s trade surplus rose to $87.9 billion in the first seven months of 2024, a 20.2% increase from last year.

Sterling climbs modestly against major currencies following positive labor market and inflation data from the UK.

MENA Newswire News Desk: Europe must rapidly boost investment by nearly $900 billion annually or face a significant decline in competitiveness, according to a report delivered by former European Central Bank President Mario Draghi. The report, requested by the European Commission, outlines an urgent need for increased spending in areas like green technology, defense, and digital innovation to counter rising energy prices, shrinking trade, and slow growth. Draghi’s report emphasizes that the European Union’s position in the global economy is at risk, as it struggles to compete with the U.S. and China. Europe’s diminishing role in key sectors, including artificial intelligence and technology, coupled…

Russia’s gold reserves hit $188.8 billion by the end of August, a rise of 5.1% driven by global price increases. This marks the first time in 25 years that gold exceeds 30% of reserves.