The UK government unveiled a 10-year industrial strategy aimed at boosting economic growth. A key component is a plan to lower energy costs for over 7,000 businesses by up to 25%, achieved by exempting them from certain green energy levies. This British Industrial Competitiveness Scheme will cut costs...
PJM Interconnection, serving 20% of Americans, declared an energy emergency alert due to soaring electricity demand. Extreme heat is driving power consumption to a 14-year high, potentially exceeding 160 gigawatts on June 23rd. This surpasses the peak since 2009, prompting a 'maximum generation emergency' to bolster power supplies...
Uncertainty remains over President Trump's tariffs. Apollo Global Management's chief economist, Torsten Sløk, proposes a scenario where tariffs remain at 30% on China and 10% on others, but countries are given a year to reduce non-tariff barriers. This would ease uncertainty, boost the economy, and generate $400 billion...
Asia-Pacific markets mostly rose Friday following China's decision to maintain benchmark interest rates. Hong Kong's Hang Seng Index increased by 1.15%, and mainland China's CSI 300 added 0.24%. Japan's Nikkei 225 saw a slight uptick, while South Korea's Kospi index surged, crossing 3,000 for the first time in...
The United States boasts the world's largest millionaire population, reaching 23.8 million in 2024, a 1.5% increase fueled by a strong stock market and stable dollar, according to UBS. China follows with 6.3 million millionaires. While the first half of 2025 saw market volatility due to trade tensions and...
Goldman Sachs economists dispute President Trump's claim that the GOP spending bill will solve the U.S.'s unsustainable debt. While the bill might slightly lower the deficit excluding interest, rising borrowing costs leave the total deficit largely unchanged. The $36 trillion national debt, exceeding 120% of GDP, necessitates either...
The Swiss National Bank (SNB) unexpectedly cut interest rates to zero, its first time at this level, in a bid to counter the surging Swiss franc's appreciation amid global trade tensions and lagging inflation. While a minority anticipated a larger cut, the franc strengthened following the announcement. SNB chair...
Fed Chair Jerome Powell warned of rising inflation due to tariffs, despite recent positive economic data. While the impact of tariffs is delayed, Powell anticipates increased inflation and slower economic growth in the coming months, raising concerns about potential stagflation. Positive job growth and consumer sentiment data have so...
Asia-Pacific markets tumbled Thursday, led by Hong Kong's Hang Seng index dropping over 2%, following the U.S. Federal Reserve's decision to hold interest rates steady. Investor sentiment was further dampened by the Israel-Iran conflict. Meanwhile, President Trump convened national security advisors for a second day to discuss potential...
The Federal Reserve raised its inflation forecast for 2025 to 3%, citing uncertainty from President Trump's trade policies and geopolitical risks. The core personal consumption expenditures price index is expected to rise to 3.1%, up from a previous forecast of 2.8%. GDP growth is projected to slow to...
