economicgrowth
Sweden's Riksbank cut its key interest rate from 3.75% to 3.50% on Tuesday, the second time borrowing costs have been lowered this year. Policy makers added that they are considering as many as three more reductions in 2024, provided that price pressures remain under control. In June, the bank’s approach was slightly more cautious, proposing a maximum of three rate cuts - which includes the one seen today. "The prime driver of the reduction is the decline of the Swedish inflation rate … which is close to the inflation target of the Riksbank of 2%," said Lars Jonung, professor emeritus at the K...
Euronews (English)
Trade balance estimates for the euro area suggest that the region had a €22.3bn surplus in trade in goods with the rest of the world in June 2024. That's compared with €18.0bn in June 2023. While the proportionate value of exports to imports has therefore risen over the year, the value of both exports and imports has dropped. Exports fell less than imports, recording a 6.3% drop to €236.7bn in June. Imports, meanwhile, fell by 8.6% year-on-year to €214.3bn. June's trade balance was notably pushed up by a surplus of products like chemicals, machinery and vehicles. Energy, on the other hand, rep...
Euronews (English)
The construction industry in the eurozone is suffering from weak demand that has led to a raft of job losses and cost-cutting measures. That's according to a report released by S&P Global and Hamburg Commercial Bank on Tuesday. The Construction PMI Total Activity Index, a seasonally-adjusted indicator that tracks monthly changes in the construction sector, came in at 41.4 this July. In June, this total was recorded at 41.8. ECB’s Lagarde keeps September rate cut contingent on dataEurozone inflation rises again in July: Are ECB rate cuts at risk?Tuesday's report shows that construction output i...
Euronews (English)
More than 100 countries could hit a brick wall on the path from low-income to high-income status in the coming decades, according to a new World Bank report shared on Thursday. As nations grow wealthier, the group noted that most reach a plateau, which sits at around 10% of annual US GDP per person. This, to use a term coined by the World Bank, is the "middle-income trap". At the end of 2023, 108 countries were classified as middle-income, each with an annual GDP per capita in the range of $1,136 (€1,348.5) to $13,845 (€16,434.7). "The ambition of the 108 middle-income countries … is to reach ...
Euronews (English)
The number of Germans without jobs increased by 18,000 on a seasonally-adjusted basis in July, according to the Bundesagentur für Arbeit (BA) - Germany's National Employment Agency. Without the adjustment, the number of unemployed individuals rose by 82,000 month-to-month, meaning a total of 2.81 million people were without work. Compared to July last year, Germany counted 192,000 more unemployed citizens. It's normal for the jobless rate to rise in the summer as hiring slows during the holiday period. Even so, this month's jump is larger than usual. "The weak economic development is putting p...
Euronews (English)
Ireland's gross domestic product (GDP), or national output, grew by 1.2% between April and June when compared with the previous quarter, according to preliminary data from Ireland's Central Statistics Office, released on Monday. Elsewhere in the eurozone, Belgium also released its growth figures on Monday - which came in at 0.2%. Ireland's figure shows the rate of expansion quickening (up from 0.7% in the first quarter), while Belgium's economy is growing at a slower rate (down from 0.3%). Growth in Ireland was driven by "an increase in the multinational dominated sector of Industry", namely I...
Euronews (English)
En una esquina del norte de Europa, ubicada entre las costas del mar Báltico y las fronteras de Rusia, se encuentra Letonia, una nación de solo 1.8 millones de habitantes. Aunque el país es relativamente pequeño, está comenzando a dar grandes pasos para consolidar su posición como líder en innovación digital en Europa. En junio, los reguladores del país avanzaron con su "Ley de Servicios de Criptoactivos", que tiene como objetivo ofrecer un marco regulatorio claro para fomentar el crecimiento, atraer inversiones y apoyar los ambiciosos planes del país de convertirse en un centro para empresas ...
Cointelegraph ES
In a northern corner of Europe, nestled between the shores of the Baltic sea and the borderlands of Russia, lies Latvia, a nation of only 1.8 million inhabitants. While the country may be relatively small, it is beginning to make big moves to cement its position as a leader in digital innovation in Europe. In June, regulators in the country pushed forward its “Crypto Asset Services Law,” which aims to offer a clear regulatory framework to foster growth and attract investment and supports the country’s ambitious plans to become a hub for blockchain and cryptocurrency enterprises. The Minister o...
Cointelegraph
The ostensible purpose of antitrust policy is to promote healthy competition in the marketplace, but antitrust enforcement has largely protected inefficient firms from the threat of competition and deprived consumers of the lower prices they would otherwise enjoy. Thanks to legal scholars like Robert Bork, antitrust enforcement over the past four decades has primarily focused on the most logical place—maximizing benefits for consumers. But Democrats are taking a radical turn from Bork's philosophy by reviving a nearly 90-year-old price discrimination law known as the Robinson-Patman Act, makin...
Reason
President Joe Biden's performance in his June 27 debate with Donald Trump was so bad that it ultimately resulted in his withdrawal from the election. It was also so bad that it distracted attention from his opponent's flagrant prevarications. But Trump's longstanding tendency to make stuff up, to the point that you have to discount almost anything he says by at least 90 percent, should not be dismissed as a personal quirk or standard political practice. While politicians commonly bend the truth, Trump routinely bends it to the breaking point, saying things that are not accurate by any stretch ...
Reason
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