ECONOMY

Authorities last month announced several stimulus policies -- from interest rate cuts to looser home-buying rules -- after struggling to reignite growth and business activity since ending Covid health curbs in late 2022.

The European Council president met Chinese Premier Li Qiang on the margins of a Southeast Asian summit in Laos as Beijing and the European Union impose tit-for-tat penalties on each other's imports in a row about subsidies and protectionism.

Policymakers voted 11-to-1 in favor of the larger cut to boost demand and bolster the labor market amid signs inflation was falling toward the bank's long-term two percent target, with Fed governor Michelle Bowman the only voting member of the committee to publicly back a smaller cut.

Authorities last month unveiled several stimulus policies -- from interest rate cuts to relaxing home-buying rules -- after struggling since the end of Covid restrictions to reignite growth and get business activity back on track.

President Bola Tinubu noted that the conference is taking place during a time when the governance landscape is changing significantly, creating challenges and opportunities that require innovative solutions and proactive strategies.

Governor of the Central Bank of Nigeria Olayemi Cardoso described the rate increase as a bold decision, noting that higher interest rates were needed to manage excess money and control inflation.

This is expected to reduce the pressure on foreign exchange reserves, help stabilize the dollar-naira exchange rate and control inflation.

During his Independence Day speech on Oct. 1, President Tinubu mentioned that his administration had attracted over $30 billion in foreign direct investments (FDI) within its first 16 months. The announcement led to a heated discussion among social media users and television hosts, with many critics trying to verify the claim.

Britain's economy grew less than initially estimated in the second quarter, revised official data revealed Monday, dealing another early blow to new Prime Minister Keir Starmer and his Labour government.

President Tinubu told the Coca-Cola company's delegation that partnerships with the private sector, which support investments, were key to his administration's extensive reforms, aimed at improving the business environment.

The NBS reported that the inflation rate for August was 1.25 percentage points lower than in July. However, compared to August 2023, the inflation rate was 6.35 percentage points higher, up from 25.80% a year ago.

Prices for bread have jumped so much over the last few years that Russian pensioner Oleg Ivanovich sometimes has to go without.

The bond sale will provide much-needed hard currency for Africa's largest economy, which has faced severe dollar shortages, leading the central bank to devalue the naira twice in less than a year.

The American billionaire and philanthropist Bill Gates said the result of the economic stagnation was that "Nigeria spends less per capita on its people than other African countries with a fraction of your wealth. I understand this is a politically sensitive area. Nigerians are struggling. Incomes have fallen. Prices have soared."

UK government borrowing jumped by far more than expected in July, official figures showed Wednesday, stoking fresh anxiety for the new Labour government ahead of its first budget in just over two months.

A third of Afghanistan's roughly 40 million people live on bread and tea, according to the United Nations, there is massive unemployment, and the World Bank warns of zero growth over the next three years.

The one-year LPR, which constitutes the benchmark for the most advantageous rates that banks can offer to businesses and households, was cut from 3.45 percent to 3.35 percent. This rate had already been lowered in August 2023.

All eyes were on how this week's Third Plenum of the Communist Party in Beijing, attended by President Xi Jinping, might tackle the deepening economic malaise.

The Africa's largest refinery started production in January, initially focusing on diesel and aviation fuel. This milestone comes as a relief after construction delays extended the project's timeline to 10 years and increased initial costs from $9 billion to $19 billion upon completion.

Speaking at a meeting with leaders of the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) in Abuja on Thursday, President Tinubu emphasized on his administration's commitment to addressing these issues and ensuring the well-being of Nigerian workers.

Vice President Senator Kashim Shettima expressed regret that the manufacturing sector, which played a crucial role in building a productive and prosperous nation, was facing numerous challenges over the past decades.

The IMF said Thursday it expects the US economy to grow a bit more slowly than previously forecast, while praising the way it has remained "robust, dynamic, and adaptable to changing global conditions."

China accounts for 30 percent of New Zealand's export earnings, according to World Bank data, but there are fears this could evaporate if the world's second-largest economy continues to slow.

The world has never had so many rich people and their investments in soaring stock markets have made them wealthier than ever recorded, according to a study published on Wednesday.

According to the PCNGI, the initiative will require around $890 million in investment to build an alternative fuel infrastructure.

Gross domestic product expanded 0.6 percent in the first three months of this year, the Office for National Statistics (ONS) said, noting strong growth in service industries and car manufacturing.

The BoE is widely expected to maintain borrowing costs at 5.25 percent for a sixth meeting in a row, mirroring a wait-and-see approach by the US Federal Reserve and European Central Bank.

The new note, which will allow people to carry around fewer bills, will be available at banks and ATMs from Tuesday, the South American country's central bank said in a statement.

Von der Leyen said there were "imbalances that remain significant" and "a matter of great concern". She singled out Chinese subsidies for electric cars and steel that were "flooding the European market".