Author: Steven Sahiounie

Deputy Prime Minister and Finance Minister Chrystia Freeland said the provinces and territories need to chip in to Canada’s response to the U.S.’s Inflation Reduction Act, which includes electric-vehicle incentives that favour manufacturers in Canada and Mexico, as well as the U.S. Speaking after an in-person meeting with the provincial and territorial finance ministers in Toronto Friday, Freeland said the Act has created an economic opportunity that Canada needs to seize in order to have an outsized share of the clean economy of the century. She said U.S. President Joe Biden’s Inflation Reduction Act has changed the playing field when it comes to…

Sri Lankans have protested in the capital Colombo against the government’s decision to organise a pompous military parade to mark 75 years of independence from British colonial rule at a time when the country is experiencing a dire economic crisis. The celebration on Saturday was condemned by many Buddhists and Christian clergies who announced a boycott of the event in Colombo, while activists and others expressed anger at what they regard as a waste of money. Despite the criticism, armed troops paraded along the main esplanade in the city, showcasing military equipment, as navy ships sailed in the sea and helicopters…

After eight years of economic crisis, Venezuela’s economy is showing a few signs of recovery. But as BBC News Mundo’s Norberto Paredes reports from Caracas, while some of those living in the capital’s poorest neighbourhoods are trying to make the most of the new opportunities opening up, many have yet to feel the benefits of the apparent economic rebound. “I was about to turn 15 and I wasn’t sure if I wanted a party, a present or just the funds to open a small ice cream shop,” says Aray Arias Torres of the decision that led her to become one…

1. IMF raises growth forecasts for 2023 The International Monetary Fund (IMF) has made a slight increase to its global growth outlook for 2023, due to “surprisingly resilient” demand in the United States and Europe, easing energy costs and the reopening of China’s economy after Beijing abandoned its strict COVID-19 restrictions. It still sees the pace of global growth falling this year compared with 2022, but by a smaller margin than it predicted in October. The IMF is now forecasting 2.9% growth for 2023 – up from a 2.7% forecast in October – versus 3.4% growth last year. The figures are…

Strikes, staff shortages and higher interest rates are behind the weakest service sector performance in two years, the latest economic data shows.Recession warnings made by the Bank of England have been reinforced by the figures, released by a closely watched index of economic activity.The Bank said on Thursday it expects the UK to enter a technical recession – two or more successive quarters of economic contraction. By 2026, total national income may still be below where it was in 2019, pre-pandemic, its forecasts also warned this week.Last month, spending by businesses and consumers reduced output levels in the services industries to…

A current employee in British Gas’s debt recovery team has told Sky News that staff feel pressured to force the installation of prepayment energy meters on customers in debt.The employee, speaking on condition of anonymity, said he had seen an increase in the number of indebted customers since the cost of living crisis began, and that debt recovery had become the “be all and end all”.”My role is predominantly trying to get the most out of that debt collection process. And you know, within the last 18 months, the main focus of that has been the force-fitting of prepayment meters…

Following the decision, Mr Musk tweeted: “I Am Deeply Appreciative Of Jury’s Unanimous Finding Of Innocence In Tesla 420 Take-Private Case.”Saturday 4 February 2023 01:57, UKElon Musk did not deceive his investors when he tweeted in 2018 that he had the funding to take Tesla private, a jury has found.Investors had sought to sue the SpaceX owner for billions of dollars because his tweet caused Tesla’s shares to soar, only to crash 10 days later when it became clear the deal would not happen.An economist hired by the shareholders calculated investor losses as high as $12bn.The trial hinged on whether…

London’s FTSE 100 Index has reached an all-time high at 7905 earlier this afternoon.The Financial Times Stock Exchange index of the 100 most valuable companies on the London stock exchange beat the previous record of 7,903.5 set in May 2018.It comes as central banks – including the Bank of England and the US Federal Reserve – have this week signalled that their programmes of interest rate rises either have, or may be, moderating as they believe inflation to have peaked.On Thursday the Bank presented a less gloomy economic forecast despite reiterating its prediction that the UK economy is headed for a technical recession, defined as…

The German automotive giant BMW is in talks with the government about a £75m funding package that would secure production of electric Minis at its Oxfordshire plant.Sky News has learnt that BMW is negotiating with officials at the Department for Business, Energy and Industrial Strategy (BEIS) over a grant from Whitehall’s Automotive Transformation Fund.Industry sources said a deal could be finalised between the government and the company within weeks.One added that the package, which would be worth up to £75m, appeared to have support from both Grant Shapps, the business secretary, and Jeremy Hunt, the chancellor.It was unclear on Saturday when the…

US Attorney General Merrick Garland announced on Friday the first transfer of assets, confiscated as part of anti-Russia sanctions, to Ukraine to pay for the country’s reconstruction.The measure affects $5.4 million expropriated from Russian businessman Konstantin Malofeyev on charges of sanctions evasion, according to the top official.“With my authorization today, forfeited funds will next be transferred to the State Department to support the people of Ukraine,” Garland said, adding that the funds were confiscated following an indictment against Malofeyev, issued last April.Earlier this week, a federal court in New York allowed prosecutors to confiscate $5.4 million belonging to Malofeyev, paving the…