Breaking News: Economy
Saudi Arabia slashes growth forecasts, sees wider budget deficits
Riyadh, Saudi Arabia. Xavierarnau | E+ | Getty Images Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic […]
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Japan’s new Prime Minister Ishiba unveils cabinet ahead of snap election
TOKYO, JAPAN – SEPTEMBER 06: Japanese former Defense Minister Shigeru Ishiba speaks during a press conference at the Foreign Correspondents’ Club of Japan on September 06, 2024 in Tokyo, Japan. Ishiba and former Environment Minister Shinjiro Koizumi are the front runners in the race of the upcoming presidential election for the ruling Liberal Democratic party […]
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East and Gulf Coast ports strike, with ILA longshoremen walking off job from New England to Texas, stranding billions in trade
Shipping containers sit stacked in the Port of Newark on September 30, 2024 seen from New York City. A massive strike shutting down ports across the East and Gulf coasts began at midnight as members of the International Longshoremen’s Association continue to make salary and other demands to the United States Maritime Alliance, which controls […]
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Powell indicates further rate cuts, but insists the Fed is ‘not on any preset course’
US Federal Reserve chairman Jerome Powell holds a press conference in Washington, DC, on September 18, 2024. Mandel Ngan | AFP | Getty Images Federal Reserve Chair Jerome Powell said Monday that the recent half percentage point interest rate cut shouldn’t be interpreted as a sign that future moves will be as aggressive. Instead, the […]
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Watch Fed Chair Jerome Powell speak live on economy, policy views
[The stream is slated to start at 1:55 p.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chair Jerome Powell is set to speak Monday to the National Association for Business Economists during the organization’s annual conference in Nashville. The central bank chair is delivering […]
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East Coast port strike: Truckers, rails scramble to move billions in cargo before ILA union midnight shutdown
Shipping containers stacked at a storage yard outside of the APM Terminals yard at the Port of Mobile in Mobile, Alabama, US, on Saturday, Sept. 28, 2024. Micah Green | Bloomberg | Getty Images With a potential strike at ports up and down the East Coast and along the Gulf Coast set to begin after […]
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UK economy grew more slowly than thought but outlook improving
Britain’s economy grew more slowly than previously thought in the second quarter but there were also some signs of improvement in household finances ahead of next month’s annual budget. Economic output expanded by 0.5% in the April-to-June period, the Office for National Statistics said on Monday. The reading was slightly weaker than a preliminary estimate […]
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Oil alliance OPEC+ zeroes in on group compliance after postponing output hike
Dilara Irem Sancar | Anadolu | Getty Images The OPEC+ alliance is once more cracking down on group compliance with oil output cuts, as it presses ahead with a three-pronged plan of formal and voluntary production trims. Two OPEC+ delegates, who could only comment anonymously because of the sensitivity of the talks, told CNBC that […]
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Key Fed inflation gauge at 2.2% in August, lower than expected
A customer shops at a Whole Foods grocery store in Edgewater, N.J. on Sept. 11th, 2024. Adam Jeffery | CNBC Inflation moved closer to the Federal Reserve’s target in August, easing the way for future interest rate cuts, the Commerce Department reported Friday. The personal consumption expenditures price index, a measure the Fed focuses on […]
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OpenAI CFO tells investors funding round should close by next week despite executive departures
Key Points In an email to OpenAI’s investors, CFO Sarah Friar said the company still has a “talented leadership bench” following key departures this week. Friar also says its current funding round, which sources say values OpenAI at $150 billion, was oversubscribed and set to close next week. “Collectively, we remain laser-focused on bringing AI […]
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