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Leaders of the Group of Seven advanced economies have been meeting in Hiroshima, Japan. They've agreed to step up sanctions on Russian exports, including industrial machinery, tools, and other technology that Moscow is using to wage war in Ukraine. Meanwhile, stocks in Tokyo reached their highest levels in three decades, after the latest GDP figures showed the world's third-largest economy had emerged from recession. Tulay Kalyon Haznedaroglu reports.
#JapanEconomy #JapanGDP #Recession -
The head of the UK's central bank says inflation will prove hard to pull down amid a so-called "wage-price spiral" locking in higher prices. Bank Governor Andrew Bailey said on Wednesday that higher prices carrying over from last year's pandemic reopening and energy price shocks are at risk of getting worse. That's as a lack of workers is forcing firms to offer higher wages to try to fill open vacancies. But that is contributing to a so-called 'wage-price spiral'. That means more money for workers results in higher prices for everyone, worsening the cost of living crisis. The Bank of England's target inflation is 2% but the current rate is still more than five times that, despite hiking interest rates 12 consecutive times.
#BankofEngland #UKEconomy #UKInflation -
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The US has seen its rate of inflation fall since peaks last year and unemployment remains at historic lows. This is despite the looming threat of a recession and a series of bank failures that have rattled markets that upended regional financial institutions. But none of these problems compared to the threat posed by a legislative deadlock over whether the US should pay its debts. The remaining money will run out by June 1st, forcing bitter political rivals to the negotiating table. What are they arguing over? Wilson Dizard has more.
#USEconomy #USDebtCrisis #USDefault -
Elon Musk has seen advertisers and even news agencies flee from Twitter after his purchase of the platform last year. He has tried to turn it into a subscription service. Now, he'll be getting a boost from a controversial cable news figure. Musk says his site welcomes voices from the left, as long as they pay him. But will the latest move boost the site, or accelerate its decline? Wilson Dizard has this report.
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The world's second richest man, Elon Musk, is again in the news for his management of Twitter. He's bringing a far-right US television personality, Tucker Carlson, onto his platform as he attempts to turn the social media site into a video-sharing platform. Carlson was fired from Fox News last month, in the wake of a $787 million settlement the US channel paid out to a voting machine company over false 2020 election claims, many of them made by Carlson himself. But Musk is betting that controversy surrounding Carlson will bring users to Twitter, the platform he paid $44 billion to purchase last year with the help of money from Silicon Valley and Gulf investors. He also leveraged his own Tesla stock, but its value has cratered over the last year.
#ElonMusk #TuckerCarlson #Twitter -
April saw an 8.5% increase in China's exports, a sign that the country's main source of economic growth has bounced back after years of pandemic lockdowns. April's numbers beat analyst expectations of 8% but were down from the 14.8% rise seen in March. Goldman Sachs forecasts China's economy to expand by 6% for 2023, but the pace of activity is set for a slowdown in the second half of this year. Beijing is keen to see these numbers go up and will be offering cheaper credit and infrastructure spending to make it happen. A return to normalcy in China could also be good news for the rest of the world, where cheaper Chinese imports could help dull the sting of inflation.
#ChinaExports #ChinaEconomy #ChinaInflation -
Oil prices crept up on Monday, shaking off fears last week that the US economy is headed for a recession. A strong jobs report on Friday did much to calm the nerves of markets, even as part of the US banking sector continues to show signs of fragility. Investors will be watching out for more economic indicators set to be released on Wednesday. Investors have been sensitive to Federal Reserve interest rate hikes, with the US central bank hiking rates by another 25 basis points last week.
#OilPrices #USEconomy #USFed -
Turkish President Recep Tayyip Erdogan has announced the discovery of oil reserves in eastern Turkiye. Once operational, it will increase the country's overall hydrocarbon production from 100,000 barrels to 180,000 per day, and help to lessen the country's dependence on foreign oil. TRT World's Kubra Akkoc has visited the excavation site.
#TürkiyePetrol #Gabar #TürkiyeEconomy -
AI is also a concern in Hollywood. Some of the most popular US TV shows shut production on Tuesday, after writers went on strike. One of their demands is to prevent studios from using artificial intelligence to generate new scripts from writers' work. They also want to see a fairer share from the rise of streaming services. TRT World's Andy Roesgen reports.
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Inflation has continued to rise in many countries around the world. COVID-19 impacted global supply chains and Russia's war in Ukraine triggered an energy crisis forcing gas and petrol prices to rise. The US, Europe and Australia have all raised interest rates to combat inflation but this has not come without its costs. Emre Boz has more.
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The US banking sector has had a bad year. Several major regional banks have failed, and stock prices are down. The US Federal Reserve blames bad management for failing to respond to an era of higher interest rates that made it more expensive to cover customers' deposits, while still turning a profit. These smaller banks were exempt from tough liquidity rules imposed on their bigger counterparts in the wake of the 2008 financial crisis. The most recent casualty was First Republic, which fell on the 24th of April.
#USBankingCrisis #JPMorgan #FirstRepublicBank -
It is a topic that has been stirring conversations across the globe: Will Artificial Intelligence take away our jobs? IBM CEO Arvind Krishna thinks so. His company is holding off on hiring for jobs that A-I could potentially perform. IBM is one of the first companies to openly talk about an A-I takeover. But what will it look like?
#IBM #AI #JobsTakeover -
The US Federal Reserve is set to announce its next decision on interest rates. Markets are expecting a 25 basis point rise, or perhaps keeping base rates stable. The US missed growth expectations for the first quarter, leading some to believe regulators will ease off on efforts to cool the economy and ease inflation. Price increases are down from last summer's 40-year highs, showing the tightening has worked. But the Fed's medicine for inflation comes with side effects, including the potential for lending to dry up in the banking sector. But so far, unemployment remains low and consumer spending strong.
#USFed #USEconomy #USBankingCrisis -
The US could default on $31.4 trillion in debt as soon as June 1. That's the date Treasury Secretary Jannet Yellen announced Monday, giving Congress less than a month to strike a deal. US President Joe Biden has called for a meeting with Republican Speaker of the House Kevin McCarthy and other leaders to hash out an agreement on spending that avoids an unprecedented default. Democrats want to pass an increase to the debt ceiling and keep paying interest on US bonds, that doesn't involve slashes to social spending that Republicans have proposed. The new date adds serious urgency to a problem that has been brewing since January when the Treasury Department started using stop-gap measures to keep paying its obligations to creditors. President Biden on Monday stressed the importance of protecting the creditworthiness of the country.
#USDebtCeiling #USEconomy #JannetYellen -
US financial authorities have finalized a deal that rescues clients of First Republic Bank but shuts down the bank itself. The institution has been in crisis since March when it fell victim to a crisis of confidence across the financial sector. Wall Street behemoth JP Morgan Chase will take over responsibility for the depositors' accounts. First Republic's troubles came in the wake of the collapse of Silicon Valley Bank. On Friday, the Federal Reserve said severe mismanagement and a lack of oversight led to SVB's demise. A recent rapid rise in interest rates intended to tame inflation caught both institutions off guard, and some lawmakers blame the relaxation of rules in 2018 that let banks operate with less cash on hand to meet depositors' needs.
#FirstRepublicBank #JPMorganChase #USBankingCrisis -
Turkiye's premier aerospace and technology festival opened its doors on Thursday, showcasing the latest in Turkish innovation. Teknofest is also looking to seeking to attract the brightest minds from across the country. Ilyas Avci reports.
#TürkiyeTechnology #Kizilelma #Gokbey -
It's been a hard 12 months for tech. Lay-offs have eliminated thousands of jobs in Silicon Valley, and more may be on the way. But for the sector's biggest firms, there's some good news. Alphabet, Microsoft, Meta and Amazon have all reported strong first-quarter results, despite clouds on the horizon.
#Alphabet #Microsoft #Meta -
After an almost three-year diplomatic row, South Korea has once again begun normalising trade with Japan, putting Tokyo back on its so-called "white list" of countries that enjoy preferential treatment in trade. The relationship went sour over a South Korean court ruling, demanding reparations for victims of forced labor during World War Two. Emre Boz has more.
#SouthKoreaTrade #SouthKoreaEconomy #JapanTrade -
Artificial Intelligence is the next frontier in tech that has the industry a-buzz, and critics alarmed. Supporters say A-I will have the power to transform lives - and livelihoods - for the better.. while skeptics fear the technology could one day render humans obsolete. And now governments are scrambling to get ahead of A-I's rapid development. Wilson Dizard reports.
#ChinaAIServices #ChinaTech #ArtificialIntelligence -
The world's biggest economy is slowing down, US GDP fell to an annualized 1.1 percent last quarter, after growing 2.6% from October through December. Politics may put further pressure on the US economy as lawmakers spar over raising the debt ceiling. If they disagree the US faces its first-ever default on its debt which would rock its economy and beyond, Tulay Kalyon Haznederoglu has more:
#USHouse #DebtCeiling #USEconomy - Mehr anzeigen
