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WASHINGTON — The U.S. trade deficit surged to a near-record high of $80.2 billion in November as exports slowed at the same time that imports jumped sharply. The November deficit was 19.3% higher than the October deficit of $67.2 billion and was just below the all-time monthly record of $81.4
BEIJING (BLOOMBERG) – China should lower interest rates and boost infrastructure investment to ensure the economy will grow by at least 5 per cent next year, according to an influential Chinese think-tank. The authorities need to boost domestic demand, including consumption and investment, to counter the property slump and any
ABU DHABI (BLOOMBERG) – The Riyadh-based International Energy Forum (IEF) has called on companies to raise investment in oil and natural-gas production to US$523 billion (S$713.5 billion) a year by the end of this decade to prevent a surge in energy prices and economic unrest. The think-tank’s comments echo those
WASHINGTON (AFP) – The threat of “persistently high inflation” has risen and the United States central bank will consider removing stimulus more quickly, Federal Reserve chairman Jerome Powell said on Tuesday (Nov 30). Mr Powell has for months described the burst of inflation fuelled by supply chain snarls and shortages of
SEOUL (REUTERS) – South Korea’s factory output in October shrank at its sharpest pace in nearly 1½ years, government data showed on Tuesday (Nov 30), as global chip shortages continued to weigh on car production. Industrial output last month unexpectedly fell by a seasonally adjusted 3.0 per cent month-on-month, Statistics
RALEIGH (REUTERS) – US shoppers spent slightly less online during Black Friday (Nov 26) this year, with many venturing back to physical stores despite coronavirus fears, tight supplies and retailers’ efforts to encourage earlier holiday purchases. For the first time ever, online spending during Black Friday – traditionally one of the biggest
SINGAPORE – The US dollar strengthened to its highest level against the Singapore dollar this year on Tuesday (Nov 23) after Mr Jerome Powell was nominated to serve a second term as chairman of the US Federal Reserve the day before. The Singdollar/US dollar exchange rate hit a high of
SAN FRANCISCO — Americans’ opinions on the U.S. economy have soured noticeably in the past month, a new poll finds, with nearly half expecting economic conditions to worsen in the next year. Just 35% of Americans now call the national economy good, while 65% call it poor, according to a
WASHINGTON (BLOOMBERG) – US economic growth slowed more than expected in the third quarter to the softest pace of the pandemic recovery period as snarled supply chains and a surge in Covid-19 cases throttled spending and investment. Gross domestic product expanded at a 2 per cent annualised rate following a
HONG KONG (BLOOMBERG) – The global economy’s supply crunch is propelling inflation at such a fast pace that central bankers may be forced to respond, even though fixing that imbalance is beyond their power. Their dilemma is that it is hard to tell just how much of the inflation is