Author: Steven Sahiounie

A new survey from Research Co. shows that most of Canadians are not happy with the current economy and that their financial status have worsened over the past six months. As many as 62 per cent of respondents described current economic condition in Canada as “bad” or “very bad”, up five points since Research Co. conducted a similar story in July 2022. In addition, just 35 per cent of Canadians (down five points) rate the economic conditions tight now as “very good” or “good”. When it comes to their own personal finances, 51 per cent of respondents described their personal finances as…

Japan cut its view on the overall economy for the first time in 11 months in January, as China’s COVID-19 infections and a slowdown in global demand for tech and semiconductors hurt exports, especially to Asia. The government expects the economy, the world’s third largest, will pick up going forward but Japan needs to pay full attention to the impact from China’s spreading infections after it dropped stringent pandemic curbs, the report said. The economic downgrade followed the Bank of Japan’s move last week when it slashed its economic growth projections for the next two fiscal years amid worries that…

Nigerian President Muhammadu Buhari has marked the opening of a $1.5 billion, Chinese-funded deep seaport in the commercial hub of Lagos that authorities hope will help grow the West African nation’s ailing economy. The Lekki Deep Sea Port is one of the biggest in West Africa and will create hundreds of thousands of jobs in addition to easing cargo congestion that costs billions of dollars in annual revenue, Lagos Gov. Babajide Sanwo-Olu said Monday. The port — whose container terminal is able to handle at least 2.5 million 20-foot standard containers per year — will be operated as a joint…

The market is bracing for a perfect storm of bad news. The latest worry? The impending debt ceiling drama in Washington. The United States hit its borrowing cap on Thursday, forcing the Treasury Department to start taking “extraordinary measures” to keep the government open. If an agreement isn’t reached, markets could plunge (like they did the last time this happened in 2011) and the United States risks having its credit rating downgraded again. “From both an economic and a financial perspective, a failure to raise the debt ceiling would be an unmitigated disaster,” said David Kelly, chief global strategist with JPMorgan Funds, in a report earlier this week.…

The United Nations forecast Wednesday that global economic growth will fall significantly to 1.9% this year as a result of the food and energy crisis sparked by the war in Ukraine, the ongoing impact of the COVID-19 pandemic, persistently high inflation and the climate emergency. Painting a gloomy and uncertain economic outlook, the U.N. Department of Economic and Social Affairs said the current global economic slowdown “cuts across both developed and developing countries, with many facing risks of recession in 2023.” “A broad-based and severe slowdown of the global economy looms large amid high inflation, aggressive monetary tightening, and heightened uncertainties,” U.N. Secretary-General Antonio Guterres said…

South Korea’s economy saw its first quarterly contraction since the second quarter of 2020, according to advance estimates released by the central bank. Real gross domestic product fell by 0.4% in the final quarter of 2022 compared with the previous quarter, according to the Bank of Korea — reversing gains seen in the three months prior and shrinking more than the 0.3% contraction forecast by economists in a Reuters poll. The worsening conditions in South Korea’s economy signaled that a recovery, once seen coming from “revenge-spending” consumers putting the pandemic behind them, may be fading sooner than expected. A sharp, 5.8% decline…

WASHINGTON (AP) — The U.S. economy likely rolled out of 2022 with momentum, registering decent growth in the face of painful inflation, high interest rates and rising concern that a recession may be months away. Economists have estimated that the gross domestic product — the broadest measure of economic output — grew at a 2.3% annual pace from October through December, according to a survey of forecasters by the data firm FactSet. The Commerce Department will issue its first of three estimates of fourth-quarter GDP growth at 8:30 a.m. Eastern time Thursday. Despite a likely second straight quarter of expansion,…

Before the pandemic, Chinese citizens ranked first among foreign tourists to Russia Russia and China are discussing restoring the number of passenger flights between the two countries to support the growth of tourist traffic, a representative of the Russian embassy in China told TASS on Thursday. “Ease of travel is an important condition for the growth of tourist flow. At the moment, we are coordinating the restoration of passenger flights by carriers and specialized state agencies of the two countries,” the diplomatic mission said. Interested Russian and Chinese airlines have scaled up activities considerably in recent weeks, the embassy added.…

It is noted that in October the growth slowed down MOSCOW, January 26. /TASS/. The volume of cash in circulation in Russia amounted to 16.4 trillion rubles ($237 bln) as of January 1, 2023, which is 2.3 trillion rubles ($33 bln) higher than in the previous year, according to information provided by the Central Bank on Thursday. “Extraordinary demand for cash was registered during 2022 twice, first in February-March, though it did not last long, while the second wave was observed in September. However, in October the growth slowed down. Moreover, the traditional demand for cash before New Year holidays…

Earlier, Matthias Warnig said that he had spoken with Putin in Moscow after the start of the special military operation MOSCOW, January 26. /TASS/. Russian President Vladimir Putin spoke with executive director of Nord Stream 2 AG, Matthias Warnig, Kremlin spokesman Dmitry Peskov told reporters on Thursday. When asked whether Putin and Warnig had conversations after the start of the special military operation and if new contacts are expected in the future, Peskov said: “I only can say that Putin and Warnig really know each other and they really spoke to each other.” Earlier, Warnig said that he had spoken…