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Tag: economic

Trump target of petition to block his attendance at World Economic Forum

Trump target of petition to block his attendance at World Economic Forum

World
A Swiss group has started a petition to oppose President Donald Trump’s visit to the annual gathering of the World Economic Forum in Davos, Switzerland, later this month. Campax, described on its website as a “progressive” nongovernmental organization based in Zurich, launched the mostly symbolic campaign after the White House announced Trump would be the first sitting U.S. president to attend the elite gathering in 18 years. The campaigners also highlighted their disgust with the U.S. administration's decision to pull out of the Paris climate agreement and took issue with many of the White House's priorities. "U.S. President Donald Trump is on outstanding phrases with racism, Islamophobia, anti-Semitism, sexism, misogyny, bellicosity, local climate modify denial, human legal rights ab
Venezuela unveils virtual currency amid economic crisis

Venezuela unveils virtual currency amid economic crisis

Technology
Venezuelan President Nicolas Maduro has announced the creation of a new virtual currency in a bid to ease the country's economic crisis.He said the Petro would be backed by Venezuela's oil, gas, gold and diamond wealth.Opposition MPs, however, poured scorn on the plan.Venezuela's economy has been hit by falling oil revenue and the plummeting value of its existing currency, the bolivar.President Maduro has also railed against US sanctions which he describes as a "blockade".In a televised announcement on Sunday, Mr Maduro said the new crypto-currency would allow Venezuela "to advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade"."The 21st Century has arrived!" he added to cheers from supporters.Venezuela: To default or to payVenezuela ...
Economic growth strengthens in third quarter

Economic growth strengthens in third quarter

Business
UK economic growth picked up in the third quarter of the year to a better than expected 0.4%, according to preliminary figures.In its first estimate of growth for the three months to September, the Office for National Statistics (ONS) said spending in the dominant services sector continued to be the engine behind the economy's performance.However, the fact growth was driven by a pick-up in retail spending and car sales will intensify worries at the Bank of England that people are living beyond their means as unsecured consumer debt levels hover around pre-crisis highs at £200bn.The headline growth figure fuelled expectations the Bank will move to make borrowing less attractive and tackle rising inflation next month by raising interest rates from their post-Brexit vote low of 0.25%.Video:Th
Economic optimism drives stockmarket highs

Economic optimism drives stockmarket highs

Finance
BARELY a day goes by at the moment without Wall Street hitting a new record high. The market has kept marching upwards despite all the headlines about the North Korean nuclear threat, a potential break-up of NAFTA, and natural disasters like hurricanes.If you want to know why the market keeps rising, just look at the latest poll of global fund managers by Bank of America Merrill Lynch. Almost half of all the managers now expect above-trend growth and below-trend inflation, what is dubbed the Goldilocks economy (she wanted porridge that was not too hot, or too cold, but just right). That is the highest proportion recorded in the history of the survey. Indeed, for the last six years, a plurality of managers have taken the view that both inflation and growth would be below trend.A net 41% of ...
Energy-hungry China takes step to buffer against economic shocks

Energy-hungry China takes step to buffer against economic shocks

Business
Oct. 13 (UPI) -- The central bank in energy-hungry China injected funds into the economy Friday in an effort to offset risk and protect against bubbles.The official Xinhua News Agency reported Friday the People's Bank of China injected about $ 75.6 billion into the financial network through its medium-term lending facility, which holds an annual interest rate of 3.2 percent."The [bank's] open market operations are closely watched by the market, as they have become major tools for the central bank in pursuing its monetary policy," Xinhua reported. "Such a policy stance is crucial for China as it has to juggle the task of financial deleveraging, aimed at defusing risk and curbing asset bubbles, while shoring up the economy."The Chinese economy is slowing down, with growth expected to deceler...