Latest Economic policy News

China's Xi visits Saudi Arabia to cement Gulf Arab ties

Dec. 07, 2022 10:12 AM EST

DUBAI, United Arab Emirates (AP) — Chinese leader Xi Jinping arrived in Saudi Arabia on Wednesday to attend meetings with oil-rich Gulf Arab nations crucial to his country's energy supplies as Beijing tries to revive an economy battered by its strict coronavirus measures. Saudi...

US futures point to continued slump this week on Wall Street

Dec. 07, 2022 08:25 AM EST

Wall Street futures edged lower Wednesday ahead of new employment and wholesale price data with the Federal Reserve gauging its next step in its fight to cool inflation. Futures for the Dow Jones Industrials slipped 0.4% and the S&P 500 fell 0.7% just over an hour before the...

EU takes China to WTO over Lithuania trade dispute

Dec. 07, 2022 06:37 AM EST

BRUSSELS (AP) — The European Union announced Wednesday that it has begun legal action at the World Trade Organization against China over what it says are import restrictions Beijing has imposed on Lithuania. The European Commission estimates that China cut trade from the EU member...

China trade shrinks amid virus pressure, interest rate hikes

Dec. 07, 2022 00:48 AM EST

BEIJING (AP) — China’s imports and exports shrank in November under pressure from weakening global demand and anti-virus controls at home. Exports sank 9% from a year ago to $296.1 billion, worsening from October’s 0.9% decline, customs data showed Wednesday. Imports fell 10.9%...

Stocks decline in Asia, extending losses on Wall Street

Dec. 06, 2022 23:29 PM EST

Shares fell in Asia on Wednesday after Wall Street declined on fears the Federal Reserve will need to keep the brakes on the economy to get inflation under control, risking a sharp recession. Oil prices were mixed. Tokyo's Nikkei 225 index slipped 0.6% to 27,727.53 and the Kospi in...

Tensions over trade deals exposed at Mercosur summit

Dec. 06, 2022 19:41 PM EST

MONTEVIDEO, Uruguay (AP) — A summit of the four Mercosur nations exposed tensions Tuesday as Uruguay's eagerness to seek out foreign markets collided with opposition from Brazil, Argentina and Paraguay. Uruguayan President Luis Lacalle Pou said his country must “open up to the...

Mississippi budget blueprint has slight spending increases

Dec. 06, 2022 17:14 PM EST

JACKSON, Miss. (AP) — Top legislators are recommending only a slight increase in Mississippi state government spending for the coming year, even as Republican House Speaker Philip Gunn renews his push to eliminate the state income tax. Mississippi's 2023 budget year ends June 30,...

Syria to close govt agencies for 2 days amid fuel crisis

Dec. 06, 2022 11:16 AM EST

DAMASCUS, Syria (AP) — Syria's government will close state agencies for two days in December due to severe fuel shortages caused by a disruption in the arrival of supplies and Western sanctions, state media reported Tuesday. The decision to close the institutions on Dec. 11 and...

Governments gather in Canada in bid to boost biodiversity

Dec. 06, 2022 11:07 AM EST

BOSTON (AP) — Amid warnings that biodiversity is in freefall, environmental leaders will gather in Montreal to hammer out measures aimed at shoring up the world's land and marine ecosystems and coming up with tens of billions of dollars to fund these conservation efforts. Delegates...

Australia's central bank raises key interest rate to 3.1%

Dec. 06, 2022 00:12 AM EST

WELLINGTON, New Zealand (AP) — Australia's central bank has raised its benchmark interest rate by a quarter-point to 3.1% as it continues trying to wrestle down inflation. The increase was the bank's eighth in a row and took the rate to its highest level in 10 years. ...