Economy Financial News

Nest Seekers International chief economist Erin Sykes weighs in as high interest rates continue to hurt the housing market on 'The Bottom Line.'

New Century Advisors chief economist Claudia Sahm weighs in on the Fed's next rate move on 'Varney & Co.'

Stocks staged a relief rally and bonds fell after the latest US labor-market reading helped ease fears about a more pronounced slowdown in the world’s largest economy.

Piper Sandler chief global economist Nancy Lazar discusses whether the U.S. economy is as strong as earnings suggest on 'Making Money.'

Canada just went through one of the most punishing bouts ofinterest rate hikes in history, and when you think about it, it’s quite remarkable we haven’t fallen into recession — at least not yet, anyway.

The Bank of Canada’s governing council has shifted its focus to downside risks to inflation and is concerned about the impact mortgage renewals and population growth uncertainty may have on the economy, according to deliberations from its most recent interest rate decision, released on Wednesday.

Hurun India most valuable family businesses, the top three family business’ interests are valued at $460 billion, equivalent to the GDP of Singapore. The list reveals that the top three Indian business families include the Ambani, Bajaj, KM Birla, with the Bajaj family valued at Rs 7.13 lakh crore and the Birla family at Rs 5.39 lakh crore. The Ambani family tops the list with Rs 2.57 lakh crore. However, the Adani-led energy conglomerate, with a value of Rs 15.45 crore did not feature in the top 10, as it is a first-generation family business. The Adani family leads in the first-generation entrepreneur category with a valuation of Rs15.45 lakh crore. The combined value of the 2024 list stands at Rs130 lakh crore, surpassing the GDPs of countries like Switzerland and the UAE. The top three family businesses alone account for Rs46 lakh crore, equivalent to Singapore's GDP.

The recent amendment to the Finance Bill, which offers the choice of a 20% LTCG tax with indexation or a 12.5% tax without indexation forproperty deals before 23 July, is a welcome change. 

A week is a long time in politics," said former British prime minister Harold Wilson, briefing journalists at the time of a sterling crisis. It was in the mid-1960s and Wilson was referring to the far-reaching fallout of the crisis. Close to 60 years later, I could perhaps be pardoned for tweaking Wilson’s quote to suit the world of macroeconomics.

MILAN, Italy — European policymakers have longed for bigger banks across the continent.

Gajendra Singh Shekhawat on Wednesday said that political instability in Bangladesh is unfortunate as an elected government was toppled there but government of India is vigilant against any negative impact of the situation here. The minister while speaking on sidelines of a function here in Srinagar said that a country cannot chose it's neighbours but ensured that the borders of India are safe and secure. «Undoubtedly this is unfortunate that there is political instability in our neighborhood and an elected government was toppled like this. An individual can chose everything but not his neighbour,» said Shekhawat. He further stated that «GoI is vigilant and keeping a tab on the situation in the neighborhood keenly. We are aware to fact that this situation (in Bangladesh) should have no negative impact on India.»

Faced with vocal vexation over the removal of indexation benefits for capital gains tax on property sales, the government has amended its budget proposal to restore them. For any property bought before 23 July, the day the budget was presented, people will now have the option of paying long-term capital gains tax at the time of its sale either at the new rate of 12.5% without inflation adjustment via indexation, or at the old rate of 20% with the same gain-reduction formula that prevailed before.

India has been a crucible for some of YouTube’s global product successes, including that of its short video format, Neal Mohan, CEO of the Google-owned platform, told ET. A new app, YouTube Create, and some AI-led language tools are being currently tested in India before their global rollout, he added. Mohan, 51, who grew up in Lucknow, is on his first visit to the country after being appointed CEO of YouTube in February last year. Edited excerpts: What are YouTube’s priority areas and expectations from India? I've been on the ground here for a few days now. It's wonderful to see how dynamic the environment here is. The creator economy on YouTube has generated Rs 16,000 crore of economic activity along with 7,50,000 jobs. We're very proud of it and are investing heavily into it. And I think it's just a small example of where this can go.

₹5.9 trillion, a record high. The previous such record was ₹5.49 trillion on 4 June, when the Bharatiya Janata Party's failure to win a simple majority in the Lok Sabha elections spooked investors. Bond yields plunged and stocks rose across markets after Wednesday's soothing words from the Bank of Japan, with the Nifty gaining 1.27% to close above the 24,000 mark at 24297.5, while the Sensex rallied 1.11% to 79,468.01.

One of the warning signs that an investment banking franchise is in trouble is that memos start going round the office telling everyone that business class travel is being curtailed . It tends to be followed by strict limits on client entertainment, or even the banning of particularly popular and expensive restaurants.

University of Maryland economist Peter Morici discusses whether Wall Street investors believe Bidens economy is improving on Varney & Co.

Narendra Modi urged the private sector to step up its efforts in job creation and investment. Earlier this year, Nirmala Sitharaman had admonished the private sector for not scaling up investment, despite a generous corporate tax cut in 2019. A similar warning was sounded in FM's latest budget speech to states when she informed them that exclusive dependence on the Centre for large infrastructure projects was untenable because of the impact on the cost of borrowing on borrowers down the line. The appeal, admonishment and warning stem from a similar concern. GoI can't be expected to run the economy single-handedly without participation by all stakeholders. It should be an 'enabler' by making contributions on the supply side through improved physical infra, investing in human capital and through better governance to improve the ease of doing business. Addition of permanent assets in a country is commonly measured as gross fixed capital formation (GFCF), typically stated as a percentage of GDP. GFCF normally rises during periods of sustained economic growth and is lower when the economy slows. In the Indian context, GFCF as a share of GDP rose between FY04 and FY08, peaking at 37.5% of GDP in FY08.

JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a «soft landing» for the U.S. economy are around 35% to 40%, making recession the most likely scenario in his mind.

Recession fears led to a sharp stock-market selloff in recent days, with the S&P 500 index posting a 3% loss Monday, its worst in almost two years.

A key measure of home-purchase applications surged last week as mortgage rates dropped to the lowest level in more than a year.

Two of Edmunds’ highly rated full-size trucks are freshly updated