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  • 25 Jun/2019

    Climate crisis: global economy needs major upgrade … fast

    Ex-US vice-president says only big solutions can offset impact of systemic shifts and avert disasterAl Gore has said the global economy requires a fundamental upgrade to become more sustainable in order for the world to survive an environmental crisis and widening social divides.The environmentalist and former US vice-president said the world was in the early stages of a “sustainability revolution”...

  • 24 Jun/2019

    Iran: Trump announces new, 'hard-hitting' sanctions – as it happened

    President at the White House signs executive order that he says will hurt Iran’s economy – follow the latest liveSign up for the US briefing and get a new perspective 1.12am BST 12.46am BST Carrying on in a longstanding tradition of this administration, the White House sent oversight committee chairman Elijah Cummings a letter today declining “the invitation to make Ms. Conway available for...

  • 23 Jun/2019

    China will not allow G20 to discuss Hong Kong, says foreign minister

    Foreign powers have no right to interfere in ‘internal affair’, says Zhang Jun, as Beijing also calls for trade compromise China has said it will not allow the G20 nations to discuss the Hong Kong issue at its summit this week, assistant foreign minister Zhang Jun said on Monday.Millions of people demonstrated on the streets of the city this month against a bill that would allow people to be extradited...

  • 23 Jun/2019

    Trump denies 'ever threatening to demote’ Fed chairman Jerome Powell

    President says ‘I’d be able to do that if I wanted but I haven’t suggested that’ when asked if he had considered such a moveDonald Trump has denied threatening to demote Jerome Powell, the chair of the Federal Reserve. Related: Fed chairman on reports that Trump is seeking to oust him: 'I'm here to stay' Continue reading...

  • 23 Jun/2019

    Just like the 1930s, this trade war has the potential to turn nasty

    Echoes of that decade are getting uncomfortably loud as Trump imposes tariffs and the eurozone devalues its currencyA trade war followed by a currency war. Tariffs used as a protectionist weapon followed by attempts to secure a competitive advantage by exchange rate manipulation. That was the story of the 1930s and, the way things are shaping up, it could easily be the story of the 2020s as well.Consider...

  • 23 Jun/2019

    Forget China – it's America's own economic system that's broken | Robert Reich

    US weakness is inbuilt – the big 500 companies owe loyalty only to themselves and the public is shut out from prosperityXi Jinping might possibly agree next weekend on further steps to bring down China’s trade imbalance with the US, giving Donald Trump a face-saving way of ending his trade war. Related: Elizabeth Warren’s economic nationalism vision shows there's a better way | Robert Reich These...

  • 19 Jun/2019

    Fed chairman on reports that Trump is seeking to oust him: 'I'm here to stay'

    Jerome Powell: ‘I fully intend to serve’ full four-year termPresident has reportedly discussed firing Federal Reserve chairThe Federal Reserve chairman, Jerome Powell, has responded to reports that Donald Trump is seeking to fire or demote him.“I think the law is clear that I have a four-year term, and I fully intend to serve it,” Powell said on Wednesday after a two-day meeting of the Fed....

  • 18 Jun/2019

    Trump reportedly discussed firing Fed chair Jerome Powell over rate hikes

    President said he was ‘not happy’ with decision to raise ratesNot clear whether Trump has authority to force Powell outDonald Trump has reportedly discussed firing the Federal Reserve chairman, Jerome Powell, his latest move a series of unprecedented attacks on the central bank. Related: Trump to launch 2020 campaign amid confusion over mass deportation threat – live Continue reading...

  • 18 Jun/2019

    Donald Trump attacks ECB for 'currency manipulation'

    US president’s comments come after Mario Draghi said it could act to loosen monetary policyDonald Trump has accused the European Central Bank of unfairly manipulating the euro, further raising the stakes for Washington in its trade and diplomatic disputes around the world.The US president suggested in a tweet that comments by Mario Draghi, the head of the ECB, had triggered an immediate slide in...

  • 16 Jun/2019

    Is the global economy in for a new oil shock? | Larry Elliot

    Trump’s hawkish stance with Iran could prove too much for an already fragile world economyAn oil price surge prompted by trouble in the Middle East inevitably conjures up memories of late 1973, when a dramatic rise in the cost of crude ended the long postwar global economic boom.No question, the embargo organised by Opec during the Yom Kippur war was a game changer. The west had got used to oil prices...

  • 14 Jun/2019

    The growing risk of a 2020 recession and crisis | Nouriel Roubini

    The China-US trade war could derail the world economy but central banks lack tools to fight any crisisLast summer, my colleague Brunello Rosa and I identified 10 potential downside risks that could trigger a US and global recession in 2020. Nine of them are still in play today.Many involve the United States. Trade wars with China and other countries, along with restrictions on migration, foreign direct...

  • 14 Jun/2019

    The US economic recovery is far from being a world record | Jeffrey Frankel

    It uses different rules to other countries to measure business cycles and recessionsThis month marks the tenth full year of the US economic recovery that began in June 2009. Back then, a “trough” in business activity signified the end of the Great Recession that followed the 2007-8 global financial crisis. The current expansion has continued, uninterrupted, ever since.The best explanation for the...

  • 12 Jun/2019

    The unusual US economic recovery is now its longest

    Beneath the low unemployment figures and long-awaited wage growth lie risks that can’t be ignoredData released over the next few months will show that the current US economic expansion is the longest on record. But while the US continues to outperform other advanced economies, this success has yet to dispel many Americans’ persistent sense of economic insecurity and frustration; nor does it alleviate...

  • 11 Jun/2019

    Critics of quantitative easing should consider the alternative | Barry Eichengreen

    Political interference with fiscal policy is likelier if central banks shun QE in the next recessionThe policy interest rates of advanced-country central banks are stuck at uncomfortably low levels. And not just for the moment: a growing body of evidence suggests that this awkward condition is likely to persist. Inflation in the US, Europe and Japan continues to undershoot official targets. Measures...

  • 10 Jun/2019

    To secure pro-worker legislation, hold politicians' feet to the fire | Steven Greenhouse

    Unions should draw up a Contract for the American Worker and make it clear they will only support candidates who endorse itDonald Trump will no doubt tell the world he deserves to be re-elected because the economy is “the best ever”. Never mind that nearly 40% of Americans say they can’t afford to pay an unexpected $400 bill, and that nearly one in four Americans skipped some form of needed medical...

  • 7 Jun/2019

    US economy stumbles by creating just 75,000 jobs in May - as it happened

    Dollar slides after America only created 75,000 new jobs last month, weaker than the 175,000 expectedLatest: US job creation unexpectedly weak last monthNFP up by 75,000 in MayEarnings growth drops to 3.1%Jobless rate at 49-year low of 3.6%Will Fed respond by cutting interest rates? 4.14pm BST Time for a recapJob creation slowed sharply in America last month. Just 75,000 new jobs were created in May,...

  • 7 Jun/2019

    US added only 75,000 jobs in May as economy shows signs of slowing

    Job creation numbers came in below expectations, causing economists to predict that Fed will begin cutting interest ratesGrowth in the US employment market decelerated sharply in May, as the economy added just 75,000 jobs – holding the unemployment rate steady at 3.6%, matching its lowest level since 1969. Related: Trump lashes out at Pelosi for saying she wants to see him 'in prison' – live Continue...

  • 6 Jun/2019

    IMF tells US record growth is costing average citizens dear

    Fund says economic benefits of decade-long expansion have not been widely sharedThe increasingly polarised US economy has meant that a record-breaking period of growth has been accompanied by falling life expectancy, high levels of poverty and stagnant living standards for average Americans, the International Monetary Fund has said.In its annual health check on the world’s biggest economy, the IMF...

  • 6 Jun/2019

    Renault-Fiat Chrysler merger collapses

    French government blamed as €33bn deal to create world’s third-largest carmaker stallsThe proposed €33bn (£29bn) merger of Fiat Chrysler and Renault has collapsed after an intervention from the French government, Renault’s biggest shareholder.Fiat Chrysler, an Italian-American company, withdrew from a 50-50 merger proposal with its French rival after a board meeting on Wednesday. A deal would...

  • 5 Jun/2019

    US-Mexico tariff talks to resume Thursday after countries fail to reach deal – as it happened

    Trump has said a 5% tariff on Mexican goods will go into effect Monday if no agreement is reachedSign up for the US briefing and get a new perspective 1.44am BST 12.30am BST Here’s a dispatch from David Agren, our correspondent in Mexico:Mexico’s foreign minister Marcelo Ebrard said talks will continue tomorrow, but that US officials focused more on migration matters than tariffs today. That’s...