World economy
Families will skip meals to deal with the cost-of-living crisis, UN special advocate says
The war between Russia and Ukraine — both major producers of food commodities and energy — has disrupted global production, trade and supply in these areas, leading to a surge in prices. Solstock | E+ | Getty Images Queen Maxima of the Netherlands has told CNBC that she is very worried about the impact of […]
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China faces a nearly $1 trillion funding gap. It will need more debt to fill it.
During the first four months of the year, investment in real estate development fell by 2.7% from a year ago. Pictured here is a project in Qingzhou, Shandong province, on May 15, 2022. CFOTO | Future Publishing | Getty Images BEIJING — The Chinese government faces a growing shortfall of cash, analysts say, as they […]
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EU to discuss watered-down oil embargo on Russia as Hungary holds firm
Oil prices rose as traders closely monitored the prospect of the EU agreeing to impose a ban on Russian oil imports. Attila Kisbenedek | Afp | Getty Images The European Union on Monday will continue to work toward an agreement to embargo Russian oil after attempts to do so on Sunday failed. The talks are […]
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Global recession? Not yet, economists say — but brace for high prices, low growth
A global recession is not imminent, but brace for rising costs and slower growth, economists say. “There will be no sudden ‘after’ of stagflation,” said Simon Baptist, global chief economist at the Economist Intelligence Unit, referring to a surprise recession after a period of stagflation. As the war in Ukraine and pandemic disruptions continue to wreak havoc on […]
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Beijing, Shanghai start to reopen as Covid cases drop
After about two months of lockdown, Shanghai announced plans over the weekend to relax restrictions on business activity. Subway riders pictured here on May 28, 2022, ride on one of four lines in the city that have resumed operations. Vcg | Visual China Group | Getty Images BEIJING — Major Chinese cities Beijing and Shanghai […]
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‘We’re in a bear market. And I think that’s good’: Crypto firms hope market slump shakes out bad players
Executives from the blockchain and cryptocurrency industry told CNBC that the recent crash in the digital coin market should help get rid of “bad actors” in the space. Billions of dollars of value has been wiped off the cryptocurrency market in the last few weeks driven by a sell-off in stocks and the collapse of […]
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‘Hypocrisy,’ ‘naivety’ and ‘greed’: Europe chided for failing to stop Putin’s war
DAVOS, Switzerland — The European Union failed to counter Russian President Vladimir Putin and needs to now strike flexible alliances across the world and search for new friends, current and former leaders told CNBC on a panel at the World Economic Forum. “We are too Euro-centric on this crisis, in the sense we think this […]
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Top financiers and millionaires just met up in the Swiss Alps. And the mood was terrible
The world’s financial elite gathered in Davos, Switzerland this week, and a darkening global economic outlook was the number one talking point. Source
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Over $50 for a burrito? World’s elite splash the cash on snacks at Davos
The burrito in the Steigenberger Grandhotel Belvedere came with a side of salsa and guacamole. CNBC DAVOS, Switzerland — Hungry attendees at this year’s World Economic Forum may have found some of the food a little hard to stomach, with some eye-popping prices in some locations. Just a stone’s throw away from the main Davos […]
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Two investment banks cut their China GDP forecasts even lower
China has tried to control the latest Covid outbreak with frequent virus testing requirements. Pictured here is a nucleic acid testing site on May 25, 2022, in Beijing, China. Kevin Frayer | Getty Images News | Getty Images BEIJING — Two investment banks cut their China GDP forecasts this week for a third time this […]
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