Eleven Lebanese banks on Wednesday submitted a memo to the Finance Ministry demanding that the Lebanese state pay its debts and obligations to the Central Bank (BDL) to allow it to pay its obligations to the Lebanese banks, to allow them in turn to return the trapped funds to depositors, the Association of Banks in Lebanon (ABL) said.Full Story
Turkey's annual inflation rate ticked up slightly in November, the state statistics agency said on Monday, showing further signs of levelling off following a series of sharp interest rate hikes.Full Story
Gold hit a record high Monday as growing optimism that the Federal Reserve will cut U.S. interest rates in the new year has dented the dollar in recent weeks.Full Story
A Spanish association representing more than 80 newspapers has filed a lawsuit against Facebook parent Meta accusing it of unfair competition in online advertising by allegedly ignoring European Union rules on data protection.
In a statement, the Information Media Association said it is demanding 550 million euros ($600 million) from the social media giant. The association represents dozens of newspapers including Spain's principal dailies El País, El Mundo, ABC and La Vanguardia.Full Story
Most business economists think the U.S. economy could avoid a recession next year, even if the job market ends up weakening under the weight of high interest rates, according to a survey released Monday.
Only 24% of economists surveyed by the National Association for Business Economics said they see a recession in 2024 as more likely than not. The 38 surveyed economists come from such organizations as Morgan Stanley, the University of Arkansas and Nationwide.Full Story
The OPEC oil cartel led by Saudi Arabia and allied producers including Russia will try to agree Thursday on cuts to the amount of crude they send to the world, with prices having tumbled lately despite their efforts to prop them up.
That's been a good thing for U.S. drivers, who have been able to fill their gas tanks for less money in recent months and whose costs at the pump can be sensitive to moves by the OPEC+ coalition. But it's bad news for OPEC+ countries whose oil income props up their economies and who have faced setbacks in keeping prices up despite initial fears that the Israel-Hamas war could affect oil flows.Full Story
Europeans again saw some relief as inflation dropped to 2.4% in November, the lowest in more than two years, as plummeting energy costs have eased a cost-of-living crisis but higher interest rates squeeze the economy's ability to grow.
Inflation for the 20 countries using the euro currency fell from an annual 2.9% in October, according to numbers released Thursday by Eurostat, the European Union's statistics agency. It's a far cry from the peak of 10.6% in October 2022 as an energy crisis left Europe's households and businesses struggling to make ends meet.Full Story
Shrugging off higher interest rates, America's consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the government reported Wednesday in an upgrade from its previous estimate.
The government had previously estimated that the economy grew at a 4.9% annual rate last quarter.Full Story
Lebanon’s Central Bank is inclined to abolish the so-called lollar, a term coined by Lebanese economist Dan Azzi in 2019 to refer to a ‘Lebanese dollar’, or a dollar that became trapped in Lebanon’s banking system in the wake of the 2019 crisis, media reports said.Full Story
The global economy, which has proved surprisingly resilient this year, is expected to falter next year under the strain of wars, still-elevated inflation and continued high interest rates.
The Paris-based Organization for Economic Cooperation and Development estimated Wednesday that international growth would slow to 2.7% in 2024 from an expected 2.9% pace this year. That would amount to the slowest calendar-year growth since the pandemic year of 2020.Full Story