Property prices in the United Kingdom dropped by 4.6% in August on an annual basis, the biggest year-on-year decrease since 2009, as rising mortgage rates and high inflation continue to weigh on housing affordability and demand. On a monthly basis, housing prices declined 1.9%, reaching a record average price of £279,569, according to Halifax’s monthly House Price Index report published on Thursday
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Argentina will pay for Chinese imports in yuan instead of US dollars, according to an announcement on Wednesday (April 26) by Economy Minister Sergio Massa. The decision comes at a time when the Latin American country is struggling with critical levels of dollar reserves, a historic drought, and a political crisis ahead of this year’s elections. “Together with [Chinese] Ambassador Zou Xiaoli
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First Republic Bank’s depositors pulled more than $100 billion out of the San Francisco-based lender during last month’s crisis, amid concerns about the health of the world banking system. In March, Silicon Valley Bank, which was the 16th-largest lender in the U.S, collapsed in the biggest failure of an American bank since 2008. New York’s Signature Bank followed suit. First Republic said Monday
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Egyptian MPs recently hailed the parliament’s endorsement of the agreement that allows Egypt to officially join the New Development Bank (NDB) set up by BRICS. NDB seeks to support “public or private projects through loans, guarantees, equity participation and other financial instruments.” The lawmakers believe joining this BRICS-backed institution which was established by Brazil, Russia, India, China and South Africa (BRICS) in
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JAPAN The Japanese government plans to appoint Kazuo Ueda, an economist and former member of the BOJ Policy Board, as the central bank’s next governor after Haruhiko Kuroda steps down, Nikkei Asia reported on Friday (Feb. 10). The government had initially approached Bank of Japan Deputy Gov. Masayoshi Amamiya as a possible successor to Kuroda but was met with a firm refusal. It
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GERMANY Annual inflation rate in Germany edged higher to 8.7% in January of 2023 from a four-month low of 8.6% in the previous month, but below market forecasts of 8.9%, according to a Federal Statistical Office (Destatis) preliminary report published on Thursday. The final inflation data for January is due to be released on February 22. US Wholesale inventories inched up by
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CHINA Retail sales of passenger vehicles in the country have reached 1.29 million units, plunging by 40.4% in comparison to the month before, according to the China Passenger Car Association (CPCA). On a yearly basis, the sales of passenger vehicles sank by 37.9%. Meanwhile, the country’s economic outlook for 2023 has been revised up to a growth of 5% from 4.1% as China’s
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