Asian shares lower as strong data hit hopes for dovish FedDecember 6, 2022 GMT
BANGKOK (AP) — Stocks were mostly lower in Asia on Tuesday after Wall Street pulled back as surprisingly strong economic reports highlighted the difficulty of the Federal Reserve’s fight against inflation.
US revises up last quarter’s economic growth to 2.9% rateNovember 30, 2022 GMT
WASHINGTON (AP) — Despite high interest rates and chronic inflation, the U.S. economy grew at a 2.9% annual rate from July through September, the government said Wednesday in a healthy upgrade from its initial estimate.
Nigeria hopes new currency notes curb inflation, corruptionNovember 24, 2022 GMT
ABUJA, Nigeria (AP) — Nigeria on Wednesday launched newly designed currency notes, a move that the West African nation's central bank says will help curb inflation and money laundering.
Greek economic growth seen lower in 2023 amid energy woesNovember 21, 2022 GMT
ATHENS, Greece (AP) — Greece’s economy is projected to grow by 1.8% next year, according to the country’s 2023 budget, slightly lower than the figures predicted last month as higher energy costs and inflation take a toll.
EU expects recession to hit this year as inflation hangs onNovember 11, 2022 GMT
FRANKFURT, Germany (AP) — The European Union's executive commission slashed its forecast for economic growth next year, saying the 19 countries that use the euro currency will slide into recession over the winter as peak inflation hangs on for longer than expected and high fuel and heating costs erode consumer purchasing power.
Chinese officials signal no change to ‘zero-COVID’ policyNovember 5, 2022 GMT
BEIJING (AP) — Chinese health officials gave no indication Saturday of any relaxation of COVID-19 restrictions, following several days of speculation that the government was considering changes to a “zero-COVID” approach that has stymied economic growth and disrupted daily life.
Biden stumps on job growth, as voters dread inflationNovember 5, 2022 GMT
WASHINGTON (AP) — President Joe Biden has notched an envious record on jobs, with 10.3 million gained during his tenure. But voters in Tuesday's midterm elections are far more focused on inflation hovering near 40-year highs.
Inflation hits new record in Europe, slowing economyOctober 31, 2022 GMT
FRANKFURT, Germany (AP) — Inflation hit a new record in the 19 countries that use the euro currency, fueled by out-of-control prices for natural gas and electricity due to Russia's war in Ukraine.
IMF says Mideast, North Africa economies resilient in 2022October 31, 2022 GMT
DUBAI, United Arab Emirates (AP) — The economies of Middle Eastern and North African countries were resilient this year, but double-digit inflation is expected to slow growth in 2023, the International Monetary Fund said Monday.
Chinese manufacturing weakens, adding to economic pressureOctober 31, 2022 GMT
BEIJING (AP) — Chinese manufacturing weakened in October, an official survey showed Monday, adding to downward pressure on the economy as the ruling Communist Party tries to reverse a slowdown.
A monthly purchasing managers’ index declined to 49.2 from September’s 50.1 on a 100-point scale where numbers below 50 indicate activity contracting, according to the government statistics bureau and an official industry group.
China’s economic growth accelerates but weak amid shutdownsOctober 24, 2022 GMT
BEIJING (AP) — China's economic growth picked up in the latest quarter but still was among the weakest in decades as the ruling Communist Party tries to reverse a slump while enforcing anti-virus controls and a crackdown on debt in its vast real estate industry.
China’s economic growth accelerates but weak amid shutdownsOctober 24, 2022 GMT
BEIJING (AP) — China's economic growth accelerated in the latest quarter but still was among the weakest in decades as the ruling Communist Party tries to reverse a downturn while enforcing anti-virus controls and a crackdown on debt in its vast real estate industry.
China’s exports weaken in September, imports up 0.3%October 24, 2022 GMT
BEIJING (AP) — China's export growth weakened in September as global consumer demand cooled while imports rebounded from a contraction after Chinese economic growth improved.
Exports rose 5.7% over a year earlier to $322.8 billion, down from August's 7% growth, official data showed Monday.
Official: China mining more coal but increasing wind, solarOctober 17, 2022 GMT
BEIJING (AP) — China plans to boost coal production through 2025 to avoid a repeat of last year’s power shortages, an official said Monday, adding to setbacks in efforts to cut climate-changing carbon emissions from the biggest global source.
Despite turmoil, UK Treasury chief says economic plan staysOctober 13, 2022 GMT
LONDON (AP) — Britain’s Treasury chief on Thursday rejected suggestions that the Conservative government would reverse course on economic plans that have roiled financial markets even after Prime Minister Liz Truss faced widespread criticism from her own lawmakers during a closed-door meeting.
Nigeria’s Buhari proposes record $47.3B budget for 2023October 7, 2022 GMT
ABUJA, Nigeria (AP) — Nigerian President Muhammadu Buhari is launching an ambitious plan to grow the West African nation's economy and end its security woes with record government expenditure during the next fiscal year.
IMF warns of higher recession risk and darker global outlookOctober 6, 2022 GMT
WASHINGTON (AP) — Two principal economists painted very different pictures Thursday of what the global economy will look like in the coming years.
Kristalina Georgieva, managing director of the International Monetary Fund, told an audience at Georgetown University on Thursday that the IMF is once again lowering its projections for global economic growth in 2023, projecting world economic growth lower by $4 trillion through 2026.
China manufacturing weak, adding to economy pressureSeptember 30, 2022 GMT
BEIJING (AP) — Growth in Chinese factory activity was weak in September, export orders fell and employers cut jobs, two surveys showed Friday, adding to pressure on lackluster economic growth.
A monthly purchasing managers’ index released by business news magazine Caixin fell to 48.1 from August’s 49.5 on a 100-point scale in which readings below 50 indicate activity contracting.
India raises interest rate to 5.90% to tame inflationSeptember 30, 2022 GMT
NEW DELHI (AP) — India’s central bank on Friday raised its key interest rate by 50 basis points to 5.90% in its fourth hike this year and said developing economies were facing challenges of slowing growth, elevated food and energy prices, debt distress and currency depreciation.
Europe’s outlook ‘darkening,’ ECB head hedges on recessionSeptember 26, 2022 GMT
FRANKFURT, Germany (AP) — The head of the European Central Bank said Monday that the economic outlook “is darkening” and she expects business activity to “slow substantially” in the coming months as high energy and food prices pushed up by the war in Ukraine sap consumer spending power.
OECD: War in Ukraine to drag on global economy into 2023September 26, 2022 GMT
PARIS (AP) — Russia's war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year, the Organization for Economic Cooperation and Development said Monday in a darkening outlook.
UK cuts taxes, boosts spending, accelerating pound’s slideSeptember 23, 2022 GMT
LONDON (AP) — The United Kingdom's new government outlined plans Friday to cut taxes and boost spending in an effort to bolster the faltering economy, but the high-risk moves sparked concerns that increased public borrowing will worsen a cost-of-living crisis and sent the British pound on its biggest one-day drop in 2 1/2 years.
Asian stocks slide for 3rd day on economic growth fearsSeptember 23, 2022 GMT
BEIJING (AP) — Asian stocks fell for a third day Friday after more rate hikes by the Federal Reserve and other central banks to control persistent inflation spurred fears of a possible global recession.
UK’s Truss says she’ll slash taxes despite economic crisisSeptember 20, 2022 GMT
NEW YORK (AP) — U.K. Prime Minister Liz Truss said Tuesday that she’s ready to make “unpopular decisions” such as boosting bonuses for wealthy bankers in order to get the country's sluggish economy growing.
China’s consumer, factory activity improve but still weakSeptember 16, 2022 GMT
BEIJING (AP) — Chinese consumer spending and factory output edged up in August but still were weak, official data showed Friday, and forecasters warned the second-largest economy is vulnerable to repeated shutdowns of cities to fight virus outbreaks.
Fewer Americans file for jobless benefits again last weekSeptember 15, 2022 GMT
WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell again last week to a four-month low even as the Federal Reserve continues its aggressive interest rate cuts to bring inflation under control.
Fewer Americans apply for jobless aid last weekSeptember 8, 2022 GMT
WASHINGTON (AP) — The number of Americans filing for unemployment benefits last week fell to its lowest level since May despite repeated attempts by the Federal Reserve to cool the economy and bring inflation under control.
Fed’s Brainard: Rates to rise higher, stay elevated longerSeptember 7, 2022 GMT
WASHINGTON (AP) — The Federal Reserve will need to continue lifting its short-term interest rate to a level that restricts economic growth and keep it there for an extended period, a top Fed official said Wednesday.
Asian stocks mixed after China promises to boost growthSeptember 6, 2022 GMT
BEIJING (AP) — Asian stock markets were mixed Tuesday after China promised to speed up the rollout of policy changes to boost anemic economic growth and Australia's central bank raised its benchmark interest rate.
Asian markets mixed after China promises economic supportSeptember 6, 2022 GMT
BEIJING (AP) — Asian stock markets were mixed Tuesday after China promised to speed up the rollout of policy changes to boost anemic economic growth.
Shanghai gained while Hong Kong declined. Tokyo and South Korea were unchanged at midday.
EXPLAINER: 5 key takeaways from the August jobs reportSeptember 2, 2022 GMT
WASHINGTON (AP) — The nation's job market last month delivered what the Federal Reserve and nervous investors had been hoping for: A Goldilocks-style hiring report.
Veteran Malaysian journalist Subramaniam Harihar dies at 79September 1, 2022 GMT
KUALA LUMPUR, Malaysia (AP) — Subramaniam Harihar, a longtime journalist in Malaysia who covered the country's period of extraordinary economic growth for The Associated Press, has died at age 79.
Subramaniam used the byline Hari Subramaniam for his AP stories and was known as Maniam to his friends.
Report says rich must pay bill to avert social collapseAugust 31, 2022 GMT
BERLIN (AP) — The author of an influential report 50 years ago challenging the idea of unlimited economic growth said Tuesday that rising inequality coupled with climate change could lead to social collapse in some countries unless wholesale changes are made — paid for by the world's richest nations.
Chinese manufacturing weak, adding to economic pressureAugust 31, 2022 GMT
BEIJING (AP) — Chinese manufacturing contracted in August amid weak export and consumer demand, a survey showed Wednesday, adding to downward pressure on the struggling economy.
A monthly index improved to 49.4 from July’s 49 on a 100-point scale but still was below the 50-point mark that shows activity contracting, according to the national statistics agency and an industry group.
Average US long-term mortgage rates rise; 30-year at 5.55%August 25, 2022 GMT
WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week as inflation worries remained at the fore and the slowdown in economic growth weighs on the housing market.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate increased to 5.55% from 5.13% last week.
Asian markets mixed after Wall St gains on jobs dataAugust 19, 2022 GMT
BEIJING (AP) — Asian stock markets were mixed Friday after Wall Street rose as investors analyzed conflicting economic signals ahead of a Federal Reserve conference next week.
Shanghai and Seoul declined while Tokyo and Hong Kong advanced.
Asian stocks follow Wall St down after Fed inflation reportAugust 18, 2022 GMT
BEIJING (AP) — Asian stock markets followed Wall Street lower Thursday after the Federal Reserve said U.S. inflation is too high, suggesting support for more aggressive interest rate hikes.
Asian shares rise on optimism about US, China economiesAugust 17, 2022 GMT
TOKYO (AP) — Asian shares were mostly higher Wednesday as regional markets looked to strong economic signs out of the U.S. and China as drivers of growth.
Benchmarks rose in morning trading in Japan, China and Australia, although shares dipped slightly in South Korea.
Business Highlights: Starbucks and the NRLB, China rate cutAugust 15, 2022 GMT
Starbucks asks labor board to halt union votes temporarily
SEATTLE (AP) — Starbucks is asking the National Labor Relations Board to suspend all union elections at its U.S. stores. The request came Monday in response to a board employee’s allegations that regional NLRB officials improperly coordinated with union organizers.
China cuts interest rate to shore up sagging economyAugust 15, 2022 GMT
BEIJING (AP) — China’s central bank trimmed a key interest rate Monday to shore up sagging economic growth at a politically sensitive time when President Xi Jinping is trying to extend his hold on power.
Mexico’s economy grows by 1% in 2nd quarterJuly 29, 2022 GMT
MEXICO CITY (AP) — Mexico’s economy grew by 1% in the second quarter, Mexico’s national statistics agency said Friday.
Economic growth for the first half of 2022 now amounts to 1.9%,after an expansion of 0.9% in the first three months of the year.
Australia forecasts high inflation for another 2 yearsJuly 28, 2022 GMT
CANBERRA, Australia (AP) — Australia’s runaway inflation is forecast to remain too high for the next two years and economic growth will slow without falling into recession, the government’s treasurer said on Thursday.
Report: Federal debt lower in 2022; still poised to climbJuly 27, 2022 GMT
The Congressional Budget Office said Wednesday that the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast.
Myanmar’s economy fragile as fighting, inflation hit poorJuly 21, 2022 GMT
BANGKOK (AP) — Army-ruled Myanmar’s economy remains fragile as civil strife, inflation and onerous policy decisions add to troubles facing farmers and businesses, reports by the World Bank and other experts said Thursday.
Russia’s war to keep hitting EU economy, push up inflationJuly 14, 2022 GMT
BRUSSELS (AP) — Russia's war in Ukraine is expected to wreak havoc with the European Union's economic recovery for the foreseeable future with lower annual growth and record-high inflation, the bloc's economic forecast showed Thursday.
Asian stocks down after US inflation fuels rate hike fearsJuly 14, 2022 GMT
BEIJING (AP) — Asian stock markets rose Thursday despite a record-setting U.S. inflation report that pointed to more possible interest rate hikes that investors worry will chill economic growth.
UK economy shows unexpectedly strong growth in MayJuly 13, 2022 GMT
LONDON (AP) — Britain’s economy showed unexpectedly strong growth in May, with the three major components of production— manufacturing, construction and services — all posting gains.
The Office for National Statistics said Wednesday that gross domestic product expanded 0.5% in the month, compared with economic forecasts of about 0.1%.
Asian markets rise ahead of US inflation dataJuly 13, 2022 GMT
BEIJING (AP) — Asian stock markets rose Wednesday as investors waited for U.S. inflation data some worry might lead to more interest rate hikes.
Shanghai, Tokyo, Hong Kong and Seoul rose. Sydney declined.
Asian markets follow Wall St higher as recession fears easeJuly 8, 2022 GMT
BEIJING (AP) — Asian stock markets followed Wall Street higher Friday after two Federal Reserve officials said the U.S. economy might avoid a recession and news reports said China might boost construction spending to stimulate its struggling economy.
Taxable sales, purchases grow during 1st quarter in NDJune 28, 2022 GMT
BISMARCK, N.D. (AP) — North Dakota continues to show signs of economic growth.
State officials say taxable sales and purchases for the first quarter of 2022 were up 13.2% compared to the same period last year.
World shares mostly higher after wobbly day on Wall StreetJune 28, 2022 GMT
BANGKOK (AP) — Global stocks were mostly higher Tuesday after a wobbly day on Wall Street as markets cooled off following a rare winning week.
Oil prices pushed higher and U.S. futures also advanced.
Bank of England hikes interest rates but resists bolder moveJune 16, 2022 GMT
LONDON (AP) — The Bank of England raised interest rates by a quarter-percentage point Thursday, shrugging off pressure for a bolder move to combat price increases that have pushed inflation to a 40-year high.
OECD slashes global economic outlook on Russia-Ukraine warJune 8, 2022 GMT
LONDON (AP) — Russia's war in Ukraine and the energy and food crises it worsened will severely drag down global economic growth and push up inflation this year, the Organization for Economic Cooperation and Development said Wednesday.
Hit by pandemic curbs, India’s quarterly growth slows to 4%May 31, 2022 GMT
NEW DELHI (AP) — India’s economic growth, hit by pandemic curbs and price increases, slowed to 4.1% in the January-March quarter, according to figures released Tuesday by the government.
It was the slowest pace in the financial year that ended in March, following 5.4% growth in the previous quarter.
Ex-Malaysia PM: US-led trade group intended to isolate ChinaMay 27, 2022 GMT
TOKYO (AP) — Former Malaysian Prime Minister Mahathir Mohamad criticized a new U.S.-led economic grouping on Friday, saying it is intended to isolate China, and won't benefit regional economic growth without Beijing.
Report says North Dakota’s 2022 economic outlook is strongMay 24, 2022 GMT
BISMARCK, N.D. (AP) — The latest economic outlook report for North Dakota is showing continued improvement for 2022, despite a national economy that shrank in the first quarter and is showing signs of entering a recession.
UN drops forecast for global economic growth in 2022 to 3.1%May 18, 2022 GMT
UNITED NATIONS (AP) — The United Nations on Wednesday significantly lowered its forecast for global economic growth this year from 4% to 3.1%, saying the war in Ukraine has triggered increasing global food and commodity prices and exacerbated inflationary pressures, upending the fragile recovery from the COVID-19 pandemic.
EU cuts forecast for economic growth as war’s fallout widensMay 16, 2022 GMT
BRUSSELS (AP) — The European Union has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies.
UK economic growth slows, raising recession concernsMay 12, 2022 GMT
LONDON (AP) — Britain’s economy grew at the slowest pace in a year during the first quarter as retailers and manufacturers were hurt by supply disruptions and higher prices, raising concerns that the country may be headed for a recession.