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Inflation around the world is not cooling down, the latest data is from New Zealand where the inflation has touched three decade high beating forecasts.

New Zealand's inflation hits 3-decade high

United States will look for every opportunity to move ahead and enact a global Minimum Corporate Tax agreement, this despite opposition of a key democratic senator Joe Manchin to raise corporate tax rates.

Yellen: United States aims to move ahead on Minimum Corporate Tax

Starbucks is not in a formal sale process for its UK business, a company spokesperson said in a statement after sources reported that the coffee chain is exploring a sale of the UK operations.

Starbucks: Not in formal sales process in UK

Boeing has cut industry-wide forecast for airplanes over next 20 years, it expects deliveries to be stable excluding one specific market Russia, it is taken out of equation because of war in Ukraine.

Boeing cuts 20-year outlook for planes

Amazon said on Friday (July 15) that it aims to create more than 4000 new jobs this year in Britain. The company said that under this plan the company would enter the list of nation's 10 biggest private sector employers. Amazon released a statement and said that this expansion will take its permanent workforce to 75,000.

The US e-commerce giant benefitted from booming online shopping during COVID lockdowns.

New jobs it plans to create will be spread across Britain. Two new fulfillment centres are set to open in Knowsley and Wakefield. Both of the cities are in northern England.

Among the new jobs, there will also be roles in corporate and technology functions in software development, product management and engineering

"We're continuing to invest in talent right across the UK, from apprentices in Swansea to data scientists in Edinburgh," said Amazon UK country manager John Boumphrey.

The announcement comes ahead of Amazon's second-quarter earnings, due later this month.

Meanwhile, Amazonm has offered a settlement against charges raised by the European Union that the online giant undermined sellers on its platform to boost its own retail business.

The offer by Amazon is a huge step by the US-based behemoth that has denied for years accusations by rivals and regulators that it unfairly uses the troves of data parked on its platform to benefit its own products and services.

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Amazon said on Friday (July 15) that it aims to create more than 4000 new jobs this year in Britain. The company said that under this plan the company would enter the list of nation's 10 biggest private sector employers.

Amazon said on Friday (July 15) that it aims to create more than 4000 new jobs this year in Britain. The company said that under this plan the company would enter the list of nation's 10 biggest private sector employers. Amazon released a statement and said that this expansion will take its permanent workforce to 75,000. The US e-commerce giant benefitted from booming online shopping during COVID lockdowns. New jobs it plans to create will be spread across Britain. Two new fulfillment centres are set to open in Knowsley and Wakefield. Both of the cities are in northern England. Among the new jobs, there will also be roles in corporate and technology functions in software development, product management and engineering "We're continuing to invest in talent right across the UK, from apprentices in Swansea to data scientists in Edinburgh," said Amazon UK country manager John Boumphrey. The announcement comes ahead of Amazon's second-quarter earnings, due later this month. Meanwhile, Amazonm has offered a settlement against charges raised by the European Union that the online giant undermined sellers on its platform to boost its own retail business. The offer by Amazon is a huge step by the US-based behemoth that has denied for years accusations by rivals and regulators that it unfairly uses the troves of data parked on its platform to benefit its own products and services. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Amazon aims to create 4000 new jobs in Britain this year

It's not just record inflation that is proving to be a headache for global economists, analysis are also afraid of stagflation. The S&P global market intelligence has issued a warning on the potential rise in corporate defaults if stack stagnation strikes.

World turns to Stagflation from Inflation?

There's a chip supply issue but cars are being launched every now and then, how are the situation going to pan out in the next few months? Listen in to this exclusive conversation with Shashank Srivastava, senior ED, Maruti Suzuki, India.

India Auto Sales: Factory maintenance shutdown impacted sales

Thousands of Instagram users on Thursday reported issues with the photo-sharing application, according to Downdetector.com.

Instagram down: Photo sharing app ‘not working’ for thousands

In a face-off with London's Heathrow airport, Gulf-based Emirates has rejected demands by Heathrow airport to cut capacity despite being threatened with a legal election.

Emirates slams Heathrow Airport’s order to cut flights

Country's wholesale price inflation WPI has come down for first time in four months, wholesale inflation has marginally declined to 15.18 % in June compared to 15.88% in May.

India's Wholesale Price Inflation for June stays above 1%

Bank of America has been fined $225 million by a pair of U.S. banking regulators over what they called a "botched" handling of unemployment benefits during the pandemic.

Bank of America fined $225 million for 'botched' handling of unemployment benefits

International Monetary Fund and Pakistan had reached an agreement to begin a loan programme that had been put on hold. This will inject $1.17 billion into the faltering economy.

Pakistan to receive $ 1.17 billion from IMF

China’s economy contracted sharply in the second quarter plunging to 0.4 per cent, the lowest in two years, as the world’s second largest economy was hit hard by the zero-COVID policy.

China’s economy shrinks sharply in Q2 on zero-COVID policy, GDP plunges to 0.4%

China's economy has contracted sharply in second quarter while annual growth here also slowed significantly. The data has come just a while ago and lockdowns has jolted industrial production and consumer spending.

Global economic risks darken China's economy outlook

Recession is impacting industries and countries across the globe. India is an exporter for small cars for MNCs including Suzuki motor of Japan. How is the recession phase impacting sector. Today we are joined by Shashank Srivastava, senior ED, Maruti Suzuki, India for more insights on this.

Recession fears and Indian-based firms | Shashank Srivastava Exclusive

With the Indian rupee plunging to historic lows against the dollar, analysts have predicted that the local currency is all set to touch the 80-rupee barrier against the US currency.

For the past four to five days, the Indian currency has been facing severe blowbacks as foreign institutional investors have continued to dump Indian equities in search of safe haven US dollars, putting further pressure on the local currency.

At the start of the year, the rupee-dollar exchange rate was at 74. But recession fears, the Russian invasion of Ukraine and the resultant spike in oil and gas prices have put tremendous pressure on the rupee.

According to Bloomberg data, the currency has slumped to a new record low level 26 times since Russia invaded Ukraine late in February.

On Thursday, the local currency opened trading at a lifetime low of 79.71 (provisional) per US dollar compared to its previous close of 79.63.

Analysts believe that the rupee-dollar exchange rate will most certainly touch 80 as the experts expect the United States Federal Reserve to hike the interest rates by another 75 to 100 basis points at the end of the month to tackle hot inflation. This will further trigger the outflow of dollars from India and back to the US.

“Rupee is expected to depreciate today (Thursday) amid strong dollar and risk aversion in global markets. Market sentiments are hurt as red hot inflation in the US stoked bets that the US Fed may have to raise interest rates much more than expected, even 100 bps. Additionally, consistent FII outflows and concerns on looming recession may hurt rupee. US$INR (July) is expected to trade in a range of 79.50-80.00," said ICICI Direct in a statement.

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With the Indian rupee plunging to historic lows against the dollar, analysts have predicted that the local currency is all set to touch the 80-rupee barrier against the US currency.

With the Indian rupee plunging to historic lows against the dollar, analysts have predicted that the local currency is all set to touch the 80-rupee barrier against the US currency. For the past four to five days, the Indian currency has been facing severe blowbacks as foreign institutional investors have continued to dump Indian equities in search of safe haven US dollars, putting further pressure on the local currency. At the start of the year, the rupee-dollar exchange rate was at 74. But recession fears, the Russian invasion of Ukraine and the resultant spike in oil and gas prices have put tremendous pressure on the rupee. According to Bloomberg data, the currency has slumped to a new record low level 26 times since Russia invaded Ukraine late in February. On Thursday, the local currency opened trading at a lifetime low of 79.71 (provisional) per US dollar compared to its previous close of 79.63. Analysts believe that the rupee-dollar exchange rate will most certainly touch 80 as the experts expect the United States Federal Reserve to hike the interest rates by another 75 to 100 basis points at the end of the month to tackle hot inflation. This will further trigger the outflow of dollars from India and back to the US. “Rupee is expected to depreciate today (Thursday) amid strong dollar and risk aversion in global markets. Market sentiments are hurt as red hot inflation in the US stoked bets that the US Fed may have to raise interest rates much more than expected, even 100 bps. Additionally, consistent FII outflows and concerns on looming recession may hurt rupee. US$INR (July) is expected to trade in a range of 79.50-80.00," said ICICI Direct in a statement. WATCH WION LIVE HERE

Indian rupee set to depreciate further, to breach 80 per US dollar

As the World battles record inflation, Bank of Canada has surprised everyone with a full percentage increase in its policy rates. t's a super-sized hike which was last seen in 1998.

Bank of Canada surprises with 1% rate hike

Months before the rollout of 5g services, India has changed conditions of telecom equipment procurement license which will also completely stop the use of Chinese telecom equipment.

India to bar use of Chinese telecom products

Singapore’s economy grew 4.8 per cent in the second quarter of 2022, slower than what was expected; economists had expected an increase of 5.2% year-on-year.

Singapore’s economy grew 4.8% in the second quarter, missing forecasts

Inflation in the United States of America is at a 40-year high. According to a government report released on Wednesday, inflation has hit 9.1 percent in the 12 months to June.

US inflation at 40-year high; supply chain issues, Ukraine war driving inflation

The European Commission cut its forecasts for economic growth in the euro zone for this year and next and revised up its estimates for inflation on Thursday (July 14) largely due to the impact of the war in Ukraine.

In its quarterly forecasts, Brussels confirmed its more downbeat outlook, which it had already discussed with euro zone finance ministers on Monday.

The EU executive now predicts growth of 2.6% this year for the 19-country currency bloc, slightly less than the 2.7% it had forecast in May.

But next year, when the impact of the Ukraine war and of higher energy prices may be felt even more acutely, growth is now forecast to be 1.4%, instead of the 2.3% previously estimated.

At a news conference, EU economy commissioner Paolo Gentiloni also said the fall of the euro to parity against the dollar was a major concern largely for developing economies, rather than for the euro zone, because the euro was appreciating against other major currencies.

For the wider 27-country European Union, the growth forecast was unchanged at 2.7% this year, but revised down to 1.5% in 2023 from 2.3%.

In a major change, the Commission also raised its estimates for euro zone inflation, which this year is now expected to peak at 7.6% before falling to 4.0% in 2023.

In May, the Commission had forecast prices in the euro zone would rise 6.1% this year and 2.7% in 2023.

Brussels warned headline inflation could move even higher if gas prices soared due to Russia cutting off supplies, which might lead to a further downward revision of growth.

Risks to the outlook from a resurgence of the COVID-19 pandemic could also not be ruled out, the Commission said.

Despite these high risks, the Commission underlined that the euro zone was not expected to tip into a recession and the forecasts could also improve if recent declines of oil and commodity prices continued.

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The European Commission cut its forecasts for economic growth in the euro zone for this year and next and revised up its estimates for inflation on Thursday (July 14) largely due to the impact of the war in Ukraine.

The European Commission cut its forecasts for economic growth in the euro zone for this year and next and revised up its estimates for inflation on Thursday (July 14) largely due to the impact of the war in Ukraine. In its quarterly forecasts, Brussels confirmed its more downbeat outlook, which it had already discussed with euro zone finance ministers on Monday. The EU executive now predicts growth of 2.6% this year for the 19-country currency bloc, slightly less than the 2.7% it had forecast in May. But next year, when the impact of the Ukraine war and of higher energy prices may be felt even more acutely, growth is now forecast to be 1.4%, instead of the 2.3% previously estimated. At a news conference, EU economy commissioner Paolo Gentiloni also said the fall of the euro to parity against the dollar was a major concern largely for developing economies, rather than for the euro zone, because the euro was appreciating against other major currencies. For the wider 27-country European Union, the growth forecast was unchanged at 2.7% this year, but revised down to 1.5% in 2023 from 2.3%. In a major change, the Commission also raised its estimates for euro zone inflation, which this year is now expected to peak at 7.6% before falling to 4.0% in 2023. In May, the Commission had forecast prices in the euro zone would rise 6.1% this year and 2.7% in 2023. Brussels warned headline inflation could move even higher if gas prices soared due to Russia cutting off supplies, which might lead to a further downward revision of growth. Risks to the outlook from a resurgence of the COVID-19 pandemic could also not be ruled out, the Commission said. Despite these high risks, the Commission underlined that the euro zone was not expected to tip into a recession and the forecasts could also improve if recent declines of oil and commodity prices continued. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

EU cuts euro zone growth forecasts, revises up inflation outlook

Inflation in the United States hits an all time high. Hem Saroya decodes the reasons behind soaring prices with help of Andrew Freris, CEO of Ecognosis Advisory.

The Full Context | US Inflation: Food, fuel, houses get more expensive in United States

Join Sumit Chaturvedi and Hem Saroya discuss inflationary pressures on India and the world on 'The Full Context'.

The Full Context: Rupee hits record low against Dollar

Singapore’s central bank tightened monetary policy on Thursday (July 14), claiming that this move would decrease inflation as the city-state joins other countries in attempting to combat rising price pressures. Following this news, the Singapore dollar increased significantly and was last up about 0.7 per cent to S$1.33963 per dollar, with economists anticipating more tightening in October. The Monetary Authority of Singapore (MAS) tightened the monetary policy for the fourth time in the previous nine months, Reuters reported.

The central bank also stated that the core inflation rate is now estimated between 3.0 - 4.0 per cent this year, a little up from an earlier forecast of 2.5 and 3.5 per cent. Singapore’s GDP is not expected to come in at the lower half of the 3-5 per cent forecast range for this year. The country’s GDP increased by 4.8 per cent in the second quarter, below expectations, as per the preliminary data released.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/major-economies-to-enter-recession-in-the-next-12-months-report-495159">Major economies to enter recession in the next 12 months: Report</a>

The central bank tightened monetary policy in April to combat the rising prices caused worse by the conflict in Ukraine and supply disruptions around the world. The bank schedules two meetings, one in April and the other in October, every year to discuss the monetary policy.&nbsp;

Watch |&nbsp;Singapore’s economy grew 4.8% in the second quarter, missing forecasts

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Since April, the city-state has loosened most of its Covid-19 local and travel restrictions in an effort to ais the financial and commercial hub for the economic revival.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/eurozone-inflation-hits-record-as-gas-crunch-looms-493665">Eurozone inflation hits record, as gas crunch looms</a>

As the trade flows through its economy, the MAS controls the monetary policy through exchange rate settings rather than interest rates. In addition, there are three levers used to change the policy: the slope, mid-point, and width of the policy band. These three variables allow the Singapore dollar to rise or fall against the currencies of its primary trading partners.&nbsp;

(With inputs from agencies)

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Singapore’s central bank tightened monetary policy on Thursday (July 14), claiming that this move would decrease inflation as the city-state joins other countries in attempting to combat rising price pressures.

Singapore’s central bank tightened monetary policy on Thursday (July 14), claiming that this move would decrease inflation as the city-state joins other countries in attempting to combat rising price pressures. Following this news, the Singapore dollar increased significantly and was last up about 0.7 per cent to S$1.33963 per dollar, with economists anticipating more tightening in October. The Monetary Authority of Singapore (MAS) tightened the monetary policy for the fourth time in the previous nine months, Reuters reported. The central bank also stated that the core inflation rate is now estimated between 3.0 - 4.0 per cent this year, a little up from an earlier forecast of 2.5 and 3.5 per cent. Singapore’s GDP is not expected to come in at the lower half of the 3-5 per cent forecast range for this year. The country’s GDP increased by 4.8 per cent in the second quarter, below expectations, as per the preliminary data released. Also read | Major economies to enter recession in the next 12 months: Report The central bank tightened monetary policy in April to combat the rising prices caused worse by the conflict in Ukraine and supply disruptions around the world. The bank schedules two meetings, one in April and the other in October, every year to discuss the monetary policy. Watch | Singapore’s economy grew 4.8% in the second quarter, missing forecasts Since April, the city-state has loosened most of its Covid-19 local and travel restrictions in an effort to ais the financial and commercial hub for the economic revival. Also read | Eurozone inflation hits record, as gas crunch looms As the trade flows through its economy, the MAS controls the monetary policy through exchange rate settings rather than interest rates. In addition, there are three levers used to change the policy: the slope, mid-point, and width of the policy band. These three variables allow the Singapore dollar to rise or fall against the currencies of its primary trading partners. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Singapore’s central bank tightens monetary policy to decrease inflation

IMF has said that global economic outlook has darkened significantly and has warned that situation could deteriorate further. Warning comes just months after IMF cut its global growth forecast for this year and next year.

IMF warns of 'darkening' global economic playout

Electric truck maker Rivian Automotive will brief employees on Friday on potential layoffs and plans to suspend some programs as part of a broader restructuring.

Rivian plans to suspend more programs, to address layoffs at meeting