World economy
World Bank slashes global growth forecast to 2.9%, warns of 1970s-style stagflation
Global growth is expected to slip to 2.9% in 2022 from 5.7% in 2021 — 1.2 percentage points lower than previously predicted, according to the World Bank. Bloomberg | Getty Images The World Bank on Tuesday slashed its global growth forecast and warned that many countries could fall into recession as the economy slips into […]
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European markets close higher as mining stocks lead gains; Just Eat Takeaway shares up 12%
LONDON — European stocks advanced on Monday as international markets gear up for key U.S. data releases, including the latest inflation reading. The pan-European Stoxx 600 provisionally ended up 1%, with mining stocks climbing 2.7% to lead gains as most sectors and major bourses closed in positive territory. Just Eat Takeaway shares jumped around 12% […]
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Russia thinks it has found a way around Washington’s dollar bond payment blockade
Russian Finance Minister Anton Siluanov (seen here with Russian President Vladimir Putin in 2019) reportedly told Russian newspaper Vedomosti that Moscow will continue to service external debts in rubles, but foreign Eurobond holders will need to open ruble and hard currency accounts with Russian banks in order to receive payments. Mikhail Svetlov | Getty Images […]
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‘Third parties’ should not interfere in Taiwan’s dealings with the EU, Taiwan minister says
China should not interfere with commercial dealings between Taiwan and the European Union especially when increased economic resilience between the two sides contribute to the benefit of the global economy, a senior Taiwan minister told CNBC. Taiwan would pursue a new free trade agreement with the EU should high-level talks with the bloc over the […]
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Crypto firms say thousands of digital currencies will collapse, compare market to early dotcom days
With more than 19,000 virtual currencies in existence, the cryptocurrency industry has likened the current state of the market to the early years of the internet. Industry players said however that most of these coins will collapse. Nurphoto | Getty Images Several cryptocurrency industry players have told CNBC that thousands of digital tokens are likely […]
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After the crypto crash, here’s what industry experts are waiting for next
A visual representation of Bitcoin cryptocurrency. Edward Smith | Getty Images Cryptocurrency companies dominated the main street at the World Economic Forum in Davos this year, a notable difference between this edition and the last one in 2020. The high-profile presence from the industry came even as the cryptocurrency market crashed. It was sparked by […]
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Russia’s war on Ukraine could shake up global trade blocs. Here are the winners and losers
Aerial view of shipping containers and cranes at Qingdao Port on May 30, 2022 in Qingdao, Shandong Province of China. Han Jiajun | Visual China Group | Getty Images First, it was the pandemic. Then came the Russia-Ukraine war. With two major global crises back-to-back, there could be some lasting changes in supply chains and […]
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TerraUSD collapse will ‘probably be the end’ of most algorithmic stablecoins, crypto exec says
Luna, the sister cryptocurrency of controversial stablecoin TerraUSD, dropped to $0. The collapse of the algorithmic stablecoin TerraUSD has raised question about the future survival of similar crypto assets. Dan Kitwood | Getty Images News | Getty Images Algorithmic stablecoins like terraUSD, which collapsed and sent shockwaves through the cryptocurrency market, are unlikely to survive, […]
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Self-driving car companies’ first step to making money isn’t robotaxis
A WeRide robotaxi with health supplies heads to Liwan district on June 4, 2021, in the southern Chinese city of Guangzhou. Southern Metropolis Daily | Visual China Group | Getty Images BEIJING — While governments may be wary of driverless cars, people want to buy the technology, and companies want to cash in. It’s a […]
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Yellen says the administration is fighting inflation, admits she was wrong that it was ‘transitory’
Treasury Secretary Janet Yellen emphasized that the White House has several strategies ready to go that will reduce an inflation burden she conceded is too high on Americans. In an interview Tuesday with CNBC’s Becky Quick, Yellen listed efforts aimed at prescription drug costs, the budget deficit and oil production that could bring down prices […]
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