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The Secret Behind Swiss Economic Success
Follow @economics.daily for more business and economics news from around the world. Despite possessing scarce natural resources and being landlocked, Switzerland has managed to climb the global ranks to now have the second highest GDP per capita of $82,000. The
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U.S Oil Prices Crashed into Negative Territory
Oil price in the U.S has plunged more than 100% to about -$40 as demand dries up and storage capacity dwindles amid the COVID-19 pandemic. This is the first time in the history of the U.S that oil price has
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US Enacts $2 Trillion Relief Bill To Address Economic Crisis Caused by COVID-19 Pandemic
President Donald Trump signed a $2 trillion relief bill, believed to be the largest in the history of the US, as the nation is facing a dramatic economic crisis caused by the coronavirus pandemic. The stimulus package includes direct payments
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China Wins WTO’s Permission to Impose $3.6bn in Sanctions Against US
The World Trade Organization (WTO) has given China the go-ahead to impose $3.6 billion in sanctions against the United States of America. The amount is roughly half the amount China had sought as retaliatory tariffs on imported US goods for
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Iran To Build Railway in Chabahar Through Own Resources After Delays From India
The Iran government has decided to complete the railway line connecting Chabahar port to the Afghan border at Zahedan through its own resources by 2021. This comes as Iran finds India’s development work in Chabahar port “very slow”. Iran further
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US Federal ReserveTo Cut Interest Rates By a Quarter Point
The Federal Reserve is looking to cut rates by a quarter point and not half a point in September. In accordance to the global economic outlook, the Federal Reserve is expected to cut interest rates another quarter point in their
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Germany’s Economy Shrinks in April-June Period of 2019
Germany’s GDP has decreased by 0.1% compared to the first quarter according to the Federal Statistics Office caused by a decline in exports amid concerns of a global slowdown. According to Andrew Kenningham, the chief Europe economist of Capital Economics,
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Goldman Sachs CEO David Solomon Dismisses Fears of Economic Recession
Goldman Sachs CEO David Solomon stated that he does not see a looming economic crisis but things could change easily. Solomon stated that the current economic environment is not alike the pre-crisis days of August 2007 however things could change
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Trade War Between China & US Hits Germany
There are fears that Germany could be dragged into a recession due to the trade war between the US and China, after data showed that production in Europe’s biggest manufacturing powerhouse dropped in June. Germany’s industrial output dropped by more
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Stock Markets Drop On New Trump China Tariffs
US stock markets have fallen for a second day after Trump imposed new tariffs on $300bn of Chinese imports. The 10% tariffs will take effect on September 1st. The US stock markets have also ended the week on a low.
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Trump Tariff Hurting US More Than They Are Hurting China
Trump’s former chief economic adviser, Gary Cohn, said the battle has had a “dramatic effect” on US manufacturing and capital investment. Mr. Cohn resigned from the Trump administration in March 2018, and was the former president of Goldman Sachs bank.
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The United States Economy Grew By 2.5%, Below Trump’s Target of 3%
Official figures stated that the GDP expanded by 2.5% during 2018. Growth slowed during the second quarter as exports declined, and companies invested less in their businesses. GDP grew at 2.1% between April and June but below 3.1% in the
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Iran Tensions Are Rumored To Push Up Oil Prices
After Iran seized a British oil tanker in the Persian Gulf, a jump in oil prices lies ahead. The British motoring association AA Plc has warned that the uncertainty of British oil tankers returning from the Strait of Hormuz will
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Samsung Galaxy Fold To Launch After Screen Fix
Samsung’s first foldable smartphone was released in April but got delayed due to reports of broken screens. Samsung is selling the Galaxy Fold for $2000, and they have fully evaluated the design of the product and have made improvements to
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Trump Warns Iran Over Its Uranium Enrichment Beyond Agreed Threshold
Iran has increased its uranium enrichment beyond its purity threshold, breaking the deal that was made by Iran, USA, and three other countries. Iran warned to increase uranium enrichment if European signatories do not ease sanction on its banking and
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The US Labor Market Thundered in June
Although economists had forecast 160,000 jobs, 224,000 jobs were created in the USA in June. This eradicated the idea that America’s economy was heading for a recession. The business sector added 51,000 jobs to the economy, with healthcare, transportation, and
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Pakistani Currency Could Drop To 200 A Dollar By 2020
Pakistani Currency Could Drop To 200 A Dollar By 2020 Pakistani currency continues to lose its value in the international market, dropping more than 5% in May and standing at 150 per dollar. According to Bloomberg, the rupee hit its
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US Congressmen Speak Against IMF Bailout to Pakistan to Repay Chinese Debt
A number of US lawmakers have voiced their concerns over the multi-billion bailout package that Pakistan has sought from the International Monetary Fund (IMF) to repay the “Chinese debt” accumulated under China Pakistan Economic Corridor (CPEC). In a letter to
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Saudi Arabia To Cut Its Oil Exports By 10% Following Price Slide
Sauid Arabia announced on Wednesday it would cut its oil exports by 800,000 barrels per day (bpd) in January and would do a further cut of 100,000 bpd in February. The OPEC kingpin is taking this step to shore up
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Nigeria Likely to Lose $6bn From Fraud Oil Deal
Italian company Eni and Anglo-Dutch company Shell are accused of being involved in a corrupt oil deal that could lead Nigeria to losing USD 6 billion. The scandal involves former MI6 officers, the FBI, a former President of Nigeria, as
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Trump Declares List of 10% Tariffs on $200bn in Chinese Goods
The Trump administration on Tuesday released a list of 10 percent tariffs on $200 billion in Chinese goods, which will undergo a two-month review process, with hearings Aug. 20-23. For over a year Trump administration has warned China to put
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SAARC Development Fund Plans Tapping Financial Markets
SAARC Development Fund (SDF), the umbrella financial institution for projects in SAARC member countries, is working on a clear road map to strengthen its credit portfolio and tap the financial market, before converting itself to a full-fledged SAARC Development Bank,
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India Inaugurates Major Hydropower Dam Despite Objections from Pakistan
Indian Prime Minister Narendra Modi inaugurated a major hydropower dam in Jammu and Kashmir on Saturday. The hydropower plant, Kishanganga, faces major opposition from Pakistan who alleges the plant will disrupt water supplies in the neighbouring country. The Pakistani officials claim that
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WhatsApp co-founder to quit over clash with Facebook
WhatsApp chief executive and co-founder Jan Koum is to quit the popular messaging service. In his statement Mr Koum said: “It’s been almost a decade since Brian [Acton] and I started WhatsApp, and it’s been an amazing journey with some
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Trump releases $4 trillion budget plan
President Donald Trump released his $4 trillion-plus budget plan today, which includes his long-awaited infrastructure project and seeks funding for a border wall, opioid treatment, and veterans’ health. The White House is proposing $200 billion in federal spending over the
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