November trade deficit hits near record-high $80.2 billion – The Denver Post

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

China needs to cut rates to lift growth, Beijing think-tank says

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

Oil, gas investments must rise to $713 billion a year, says International Energy Forum

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

Threat of persistent US inflation has risen: Fed's Powell

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

South Korea factory output shrinks most since May 2020 on auto chip shortage

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

US Black Friday shoppers tapered online splurge as some returned to stores

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

US dollar strength against Singdollar to continue into 2022, analysts say

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

Americans sour on economy amid inflation woes, according to poll

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

US economic growth slows sharply in Q3 on supply chain woes

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

Inflation from supply crunch giving central banks an unfixable problem

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