The International Monetary Fund reported on Friday that India is navigating an "extremely tough" external environment, projecting growth rates of 6.8 per cent&nbsp;and 6.1 per cent for the current and following fiscal years, respectively. In her virtual conversation&nbsp;with reporters, Choueiri Nada, IMF's India Mission Chief, reaffirmed that India continues to be the lone bright spot in an otherwise bleak picture of the world economy.

“We are seeing the economy continue to grow pretty robustly this fiscal year,” Nada said as the international financial body released the report of its annual consultations with India.

The report predicts that growth would slow down as a result of the less optimistic outlook and the tighter financial environment. According to the IMF's report&nbsp;on India, the real GDP is expected to rise at 6.8 per cent&nbsp;and 6.1 per cent&nbsp;respectively in FY2022/23 and FY2023/24.

Also read |&nbsp;<a href="https://www.wionews.com/india-general-elections-2019/ex-icici-bank-ceo-chanda-kochhar-husband-arrested-by-cbi-in-videocon-loan-fraud-case-546165">Ex-ICICI bank CEO Chanda Kochhar, husband arrested by CBI in Videocon loan fraud case</a>

These projections are much better than they have been projecting earlier, Nada said. “In fact, in our projections, India is contributing half a per cent to global growth this year and next,” she said.

“But, of course, there are important risks and to have asked about those, we see that the risks are mostly on the downside and mostly coming from external factors. Perhaps the most important risk is sharper than anticipated global slowdown,” she said.

Also watch |&nbsp;World Business Watch: Wall Street tumbles on rate, recession worries

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The medium-term growth potential of India could be enhanced by either the effective implementation of extensive reforms or higher than anticipated benefits from the outstanding advancements in digitalisation.

(With inputs from agencies)

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The International Monetary Fund reported on Friday that India is navigating an "extremely tough" external environment, projecting growth rates of 6.8 per cent and 6.

The International Monetary Fund reported on Friday that India is navigating an "extremely tough" external environment, projecting growth rates of 6.8 per cent and 6.1 per cent for the current and following fiscal years, respectively. In her virtual conversation with reporters, Choueiri Nada, IMF's India Mission Chief, reaffirmed that India continues to be the lone bright spot in an otherwise bleak picture of the world economy. “We are seeing the economy continue to grow pretty robustly this fiscal year,” Nada said as the international financial body released the report of its annual consultations with India. The report predicts that growth would slow down as a result of the less optimistic outlook and the tighter financial environment. According to the IMF's report on India, the real GDP is expected to rise at 6.8 per cent and 6.1 per cent respectively in FY2022/23 and FY2023/24. Also read | Ex-ICICI bank CEO Chanda Kochhar, husband arrested by CBI in Videocon loan fraud case These projections are much better than they have been projecting earlier, Nada said. “In fact, in our projections, India is contributing half a per cent to global growth this year and next,” she said. “But, of course, there are important risks and to have asked about those, we see that the risks are mostly on the downside and mostly coming from external factors. Perhaps the most important risk is sharper than anticipated global slowdown,” she said. Also watch | World Business Watch: Wall Street tumbles on rate, recession worries The medium-term growth potential of India could be enhanced by either the effective implementation of extensive reforms or higher than anticipated benefits from the outstanding advancements in digitalisation. (With inputs from agencies) WATCH WION LIVE HERE:

IMF projects 6.8 per cent GDP growth for India next year

The UK economy contracted by more than first estimated in the third quarter. The value of all the goods and services produced fell by a revised 0.3% against the 0.2% decline. Watch further to know more.

WION Dispatch: UK economy shrinking more than expected

The House of Lords economic affairs committee said the substantial rise in economic inactivity – when working-age persons are neither in employment nor looking for a job – since the outset of the health emergency was providing “serious challenges” to the economy.

UK Economic Troubles: Lords report points out sharp rise in economic inactivity

A Lords report has warned that an exodus of more than half a million people from the British workforce since the Covid pandemic is putting the UK economy at risk of weaker growth and persistently higher inflation.

Workforce exodus hits UK economy; House of Lords panel report raises concerns

Lebanon's government moved to increase tariffs on imported goods about ten-fold in a country that ships in more than 80 percent of what it consumes. With foreign currency coffers dwindling, the state has already lifted subsidies on fuel and most medication.

Lebanese government increases tariffs on imported goods

The stock market's darkest days are yet to come. Some of the most severe downfalls&nbsp;the index suffered over the first 10 months of the year have been somewhat offset by Wall Street's mini-rebound since mid-October. It increased by more than 10 per cent&nbsp;since its low two months ago and ended the day Monday just around 4,000. Many analysts forecast&nbsp;that if the Federal Reserve eventually stops raising interest rates to bring rising inflation under control, equities will end in 2023 at least in this area, if not slightly higher. But many of Wall Street also anticipate that stock prices will decline significantly in the meantime before we reach that final destination.

Take Morgan Stanley, which estimates that within the first three months of the new year, the S&amp;P 500 could fall all the way to a range between 3,000 and 3,300. Accordingly, it might lose up to 25 per cent&nbsp;of its value from Monday's closing level. The bottom end of that range would be 37.5 per cent&nbsp;lower than the previous high, which was established in early 2022.

The bank is pessimistic because its strategists predict significantly lower corporate earnings than those of the rest of Wall Street. Businesses are under pressure to increase revenue while manufacturing and other sectors of the economy are deteriorating. However, Morgan Stanley predicts that once firms made sacrifices, increasing wage expenses will limit profitability.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/with-uncertain-saudi-help-and-imf-loan-pakistans-economic-woes-hit-new-low-543222">With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low</a>

Additionally, Goldman Sachs strategists projected a low in the first half of the year, probably near 3,600. Based on Goldman Sachs' prediction that the economy can avoid a recession, it would be a decline of close to 10 per cent&nbsp;from Monday's closing.

Goldman strategists led by David Kostin predicted that the S&amp;P 500 may drop as low as 3,100 if the economy does really collapse as many on Wall Street anticipate.

Also watch&nbsp;|&nbsp;Sri Lanka expecting $5 bn in loans from multilateral agencies

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The U.S. economy will experience a recession in the second half of 2023, according to strategists at Deutsche Bank. The German bank forecasts that the recession will persist into the last six months of the year, and that may push the S&amp;P 500 as low as 3,250 before it reaches its bottom.&nbsp;According to the strategists led by Binky Chadha, assuming equities follow their usual playbook during recessions, the S&amp;P 500 could conclude the year as high as 4,500.

(With inputs from agencies)

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The stock market's darkest days are yet to come. Some of the most severe downfalls the index suffered over the first 10 months of the year have been somewhat offset by Wall Street's mini-rebound since mid-October.

The stock market's darkest days are yet to come. Some of the most severe downfalls the index suffered over the first 10 months of the year have been somewhat offset by Wall Street's mini-rebound since mid-October. It increased by more than 10 per cent since its low two months ago and ended the day Monday just around 4,000. Many analysts forecast that if the Federal Reserve eventually stops raising interest rates to bring rising inflation under control, equities will end in 2023 at least in this area, if not slightly higher. But many of Wall Street also anticipate that stock prices will decline significantly in the meantime before we reach that final destination. Take Morgan Stanley, which estimates that within the first three months of the new year, the S&P 500 could fall all the way to a range between 3,000 and 3,300. Accordingly, it might lose up to 25 per cent of its value from Monday's closing level. The bottom end of that range would be 37.5 per cent lower than the previous high, which was established in early 2022. The bank is pessimistic because its strategists predict significantly lower corporate earnings than those of the rest of Wall Street. Businesses are under pressure to increase revenue while manufacturing and other sectors of the economy are deteriorating. However, Morgan Stanley predicts that once firms made sacrifices, increasing wage expenses will limit profitability. Also read | With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low Additionally, Goldman Sachs strategists projected a low in the first half of the year, probably near 3,600. Based on Goldman Sachs' prediction that the economy can avoid a recession, it would be a decline of close to 10 per cent from Monday's closing. Goldman strategists led by David Kostin predicted that the S&P 500 may drop as low as 3,100 if the economy does really collapse as many on Wall Street anticipate. Also watch | Sri Lanka expecting $5 bn in loans from multilateral agencies The U.S. economy will experience a recession in the second half of 2023, according to strategists at Deutsche Bank. The German bank forecasts that the recession will persist into the last six months of the year, and that may push the S&P 500 as low as 3,250 before it reaches its bottom. According to the strategists led by Binky Chadha, assuming equities follow their usual playbook during recessions, the S&P 500 could conclude the year as high as 4,500. (With inputs from agencies) WATCH WION LIVE HERE:

Wall Street may get lot worse before getting better in 2023, forecast analysts

According to reports, Pakistan Embassy in Washington had kept several of its contractual employees without salaries due to lack of funds. With dwindling forex reserves, Pakistan’s default risk has worsened.

Pakistan Embassy in Washington faces shortage of funds, employees face salary delays

British inflation declined much more rapidly than anticipated in November to 10.7 per cent&nbsp;from the 41-year high of 11.1 per cent according to official consumer pricing data, which may provide some comfort to the Bank of England and hard-pressed households. Consumer price inflation was expected to fall to 10.9 per cent as per economists surveyed by Reuters. Last month, both the US&nbsp;and Euro zone inflation rates dropped far more sharply than expected, fuelling hopes that the current inflation wave may have reached its apex.&nbsp;

"Prices are still rising, but by less than this time last year with the most notable example of this being motor fuels," the Office for National Statistics' chief economist, Grant Fitzner told Reuters.&nbsp;

The Bank of England ( BoE) has&nbsp;sharply increased interest rates over the past 12 months in an effort to tackle&nbsp;inflation that is significantly higher than its two per cent&nbsp;target. Most economists anticipate that it will increase rates once again on Thursday, to 3.5 per cent&nbsp;from three&nbsp;per cent.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/boat-carrying-migrants-sinks-off-english-coast-at-least-three-dead-reports-543003">UK: Boat carrying migrants sinks off English Coast, four dead</a>

The government's budget watchdog anticipated the worst pressure on living standards since records began in the 1950s, while the BoE forecasted that Britain will enter a protracted recession with inflation not returning to target until early 2024.

Also watch |&nbsp;UK PM Rishi Sunak announces crackdown on Albanian illegal migrants

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British inflation started to take shape&nbsp;last year, mostly driven by post-pandemic congestion&nbsp;in the domestic and global economy, and accelerated&nbsp;particularly when European energy prices surged after Russia's February invasion of Ukraine. The BoE has also shed light&nbsp;labour shortages and trade and migration frictions due to Brexit as playing a role in pushing up prices.

(With inputs from agencies)

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British inflation declined much more rapidly than anticipated in November to 10.7 per cent from the 41-year high of 11.1 per cent according to official consumer pricing data, which may provide some comfort to the Bank of England and hard-pressed households.

British inflation declined much more rapidly than anticipated in November to 10.7 per cent from the 41-year high of 11.1 per cent according to official consumer pricing data, which may provide some comfort to the Bank of England and hard-pressed households. Consumer price inflation was expected to fall to 10.9 per cent as per economists surveyed by Reuters. Last month, both the US and Euro zone inflation rates dropped far more sharply than expected, fuelling hopes that the current inflation wave may have reached its apex. "Prices are still rising, but by less than this time last year with the most notable example of this being motor fuels," the Office for National Statistics' chief economist, Grant Fitzner told Reuters. The Bank of England ( BoE) has sharply increased interest rates over the past 12 months in an effort to tackle inflation that is significantly higher than its two per cent target. Most economists anticipate that it will increase rates once again on Thursday, to 3.5 per cent from three per cent. Also read | UK: Boat carrying migrants sinks off English Coast, four dead The government's budget watchdog anticipated the worst pressure on living standards since records began in the 1950s, while the BoE forecasted that Britain will enter a protracted recession with inflation not returning to target until early 2024. Also watch | UK PM Rishi Sunak announces crackdown on Albanian illegal migrants British inflation started to take shape last year, mostly driven by post-pandemic congestion in the domestic and global economy, and accelerated particularly when European energy prices surged after Russia's February invasion of Ukraine. The BoE has also shed light labour shortages and trade and migration frictions due to Brexit as playing a role in pushing up prices. (With inputs from agencies) WATCH WION LIVE HERE:

UK inflation declines from 41-year high but food prices continue the upswing

UK inflation eased in November as gasoline and diesel prices rose more slowly than the previous month. Reportedly, the inflation dropped down to 10.7%.

UK inflation drops down to 10.7% in November after fuel price surge eases

UK economy respites from the grim economic outlook in October. Businesses recovered output lost following the death of Queen Elizabeth II. Watch further to know more.

World Business Watch | UK economy bounces back after two months of recession

High prices hit shoppers hard as 2022 comes to a close. As a result, Americans are cutting back on their holiday spending. Watch further to know more.

World Business Watch | Inflation-hit America to cut back on spending this year: Report

As Ghana fights its worst economic crisis in decades, the International Monetary Fund announced on Tuesday that the two parties had reached an agreement on a $3 billion loan line. The West African nation has experienced a dramatic decrease in its cedi currency since the beginning of the year, as well as inflation of more than 40% and rising debt.

According to the IMF statement, the government of Ghana has committed to "a wide-ranging economic reform programme" that would restore stability and debt sustainability.

The IMF's board will ratify the three-year financing arrangement.

The situation prompted President Nana Akufo-administration Addo's to change course early this year and request assistance from the IMF after experts warned the nation ran the risk of missing debt payments.

In order to relieve a payment pressure, the administration has already announced a domestic debt exchange.

Also watch |&nbsp;South African Parliament to decide whether to proceed with Ramaphosa's impeachment

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Ghana, a major producer of cocoa and gold, also has oil and gas deposits, but its debt service costs have skyrocketed, and like the rest of sub-Saharan Africa, it has been severely impacted by the effects of the Covid epidemic and the Ukraine conflict.

(With inputs from agencies)

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As Ghana fights its worst economic crisis in decades, the International Monetary Fund announced on Tuesday that the two parties had reached an agreement on a $3 billion loan line.

As Ghana fights its worst economic crisis in decades, the International Monetary Fund announced on Tuesday that the two parties had reached an agreement on a $3 billion loan line. The West African nation has experienced a dramatic decrease in its cedi currency since the beginning of the year, as well as inflation of more than 40% and rising debt. According to the IMF statement, the government of Ghana has committed to "a wide-ranging economic reform programme" that would restore stability and debt sustainability. The IMF's board will ratify the three-year financing arrangement. The situation prompted President Nana Akufo-administration Addo's to change course early this year and request assistance from the IMF after experts warned the nation ran the risk of missing debt payments. In order to relieve a payment pressure, the administration has already announced a domestic debt exchange. Also watch | South African Parliament to decide whether to proceed with Ramaphosa's impeachment Ghana, a major producer of cocoa and gold, also has oil and gas deposits, but its debt service costs have skyrocketed, and like the rest of sub-Saharan Africa, it has been severely impacted by the effects of the Covid epidemic and the Ukraine conflict. (With inputs from agencies) WATCH WION LIVE HERE:

Ghana agrees on $3 bn deal with IMF as country fights its worst economic crisis in decades

Hong Kong scraps some its last Covid-19 restrictions that have crushed the city’s economy and undermined its status as a financial hub. Additionally, the much criticised "0+3" regime has also be taken away.

Hong Kong scraps Covid restrictions for arriving travellers

China’s abrupt ending of its Zero Covid policy injects more uncertainty into an already fragile economy. Economists expect President Xi Jinping to flesh out policy objectives for the coming year at the Central Economic Work Conference.

World Business Watch: China to set economic plans amid shift from Zero Covid policy

Goldman Sachs aims to cut at least a few hundred more jobs as the Wall Street titan restructures its struggling consumer business and braces for an uncertain economy in the year ahead.

World Business Watch: Goldman Sachs to cut hundreds more jobs as consumer unit scaled back

As part of a 10-year business contract to move the London Stock Exchange Group's data infrastructure into the cloud, Microsoft will purchase a four per cent equity stake in the exchange operator as announced on Monday. As a requirement of the agreement, LSEG has committed to spending a minimum of $2.8 billion with Microsoft on cloud-related services throughout the partnership's duration.

The digital migration of LSEG's technological infrastructure and Refinitiv platforms onto the Microsoft Cloud, according to Microsoft, will constitute the cornerstone of the relationship.

“The initial focus will be on delivering interoperability between LSEG Workspace and Microsoft Teams, Excel and PowerPoint with other Microsoft applications and a new version of LSEG’s Workspace,” the U.S. company said. LSEG shares were up four&nbsp;per cent&nbsp;in early trade.

Also read |&nbsp;<a href="https://www.wionews.com/technology/google-chrome-introduces-password-less-authentication-heres-how-it-works-542134">Google Chrome introduces passwordless authentication. Here's how it works</a>

Refinitiv was acquired by LSEG for $27 billion from a Blackstone and Thomson Reuters consortium, making the exchange the second-largest provider of financial data behind Bloomberg LP.

Since the conclusion of its acquisition of Refinitiv in January 2021, LSEG has made "excellent progress" on its programme for the delivery of its cloud-based data platform, according to a statement.

The exchange operator announced that Microsoft will purchase LSEG shares from the Blackstone/Thomson Reuters Consortium.

Following the Refinitiv transaction, Thomson Reuters, which owns Reuters News, has a tiny ownership interest in LSEG.

The closing of Microsoft's acquisition is anticipated for the first quarter of 2023.

(With inputs from agencies)

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As part of a 10-year business contract to move the London Stock Exchange Group's data infrastructure into the cloud, Microsoft will purchase a four per cent equity stake in the exchange operator as announced on Monday.

As part of a 10-year business contract to move the London Stock Exchange Group's data infrastructure into the cloud, Microsoft will purchase a four per cent equity stake in the exchange operator as announced on Monday. As a requirement of the agreement, LSEG has committed to spending a minimum of $2.8 billion with Microsoft on cloud-related services throughout the partnership's duration. The digital migration of LSEG's technological infrastructure and Refinitiv platforms onto the Microsoft Cloud, according to Microsoft, will constitute the cornerstone of the relationship. “The initial focus will be on delivering interoperability between LSEG Workspace and Microsoft Teams, Excel and PowerPoint with other Microsoft applications and a new version of LSEG’s Workspace,” the U.S. company said. LSEG shares were up four per cent in early trade. Also read | Google Chrome introduces passwordless authentication. Here's how it works Refinitiv was acquired by LSEG for $27 billion from a Blackstone and Thomson Reuters consortium, making the exchange the second-largest provider of financial data behind Bloomberg LP. Since the conclusion of its acquisition of Refinitiv in January 2021, LSEG has made "excellent progress" on its programme for the delivery of its cloud-based data platform, according to a statement. The exchange operator announced that Microsoft will purchase LSEG shares from the Blackstone/Thomson Reuters Consortium. Following the Refinitiv transaction, Thomson Reuters, which owns Reuters News, has a tiny ownership interest in LSEG. The closing of Microsoft's acquisition is anticipated for the first quarter of 2023. (With inputs from agencies) WATCH WION LIVE HERE:

Microsoft plans to buy four per cent stake in London Stock Exchange

The U.S. economy is heading into a short and shallow recession over the coming year. It is expected that the U.S. Federal Reserve to go for a smaller 50 basis point interest rate hike on Dec 14.

US economy heading into a shallow recession: Poll

Workers across different sectors and industries in the United Kingdom have announced strikes in the months of December and January amid deadlock between the government, employers and unions who are demanding better pay and working conditions as the country is witnessing the highest inflation in four decades and a cost-of-living crisis.&nbsp;

Which industries are taking strike action and why?

The UK is facing significant and widespread industrial unrest this month, ahead of Christmas with labour unions across public sectors and industries, including firefighters, teachers, railway workers, nurses, Royal mail workers and so on, announcing strikes and walkouts. 
 
Nurses

The state-run National Health Service (NHS) is set to face a number of unprecedented industrial actions from its staff in December. Royal College of Nursing (RCN) has announced that its members in England, Wales, and Northern Ireland will strike on December 15 and December 20 where nearly thousands are expected to stage a walkout.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/as-inflation-soars-to-41-year-high-of-111-uk-nurses-union-announces-its-first-strike-in-106-years-537248">British nurses to go on strike for two days in December over pay dispute</a>

The RCN has demanded a five per cent pay rise above the Retail Price Index (RPI), a measure of inflation, which is at 14 per cent. Furthermore, the union has also warned about the impact on several employers in January if formal negotiations with the government are not held. Meanwhile, they also plan on organising strikes until early May next year.&nbsp;

Transport

Transport services in the UK will be affected by these strikes as thousands of railway workers, bus drivers, road workers and the ground-handling staff at the airport are set to stage a walkout.&nbsp;

The Transport Salaried Staffs Association (TSSA), said that industrial action demanding higher wages, job security, and better working conditions, has been scheduled on Avanti West Coast on December 13, 14, 16 and 17.&nbsp;

This comes amid sections of Britain’s railways being sporadically impacted since the sector first announced strike days in June, earlier this year and plans to continue in December and January.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/uk-festive-travel-set-to-take-a-hit-amid-planned-rail-strikes-in-december-540854">UK festive travel set to take a hit amid planned rail strikes in December</a>

According to the National Union of Rail, Maritime and Transport Workers (RMT) more than 40,000 workers across the rail network and 14 train operating companies will stage a series of strikes on 13, 14, 16 and 17 December and on 3, 4, 6 and 7 January 2023 each of which will go on for at least 48 hours.&nbsp;

Additionally, they have also recently announced strikes starting Christmas eve on 24 to 27 December, demanding higher wages in line with the rising cost of living. Meanwhile, in a first, more than 1,000 railway cleaners, also a part of the RMT, will take nationwide strike action on 22, 23 and 31 December.&nbsp;

The Unite Union accounting for nearly 1,000 bus drivers will strike in southern and western parts of London on 9, 10, 16 and 17 December, for a pay rise to reflect the UK’s higher cost of living.&nbsp;

Baggage handlers for Menzies Aviation at Heathrow Airport will strike for three days starting December 16, which is likely to affect the services of at least ten airlines. According to the Unite union, the 350 ground handlers employed by Menzies Aviation have been offered a flat rate increase for the entire workforce which ultimately amounts to a real terms pay cut.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/uk-nearly-40000-rail-maritime-and-transport-workers-on-strike-501160">UK: Nearly 40,000 rail, maritime and transport workers on strike</a>

Meanwhile, the road workers’ union, Public and Commercial Services (PCS) have announced a 12-day strike between December 16 to January 7, amid the busiest time of the year, Christmas and New Year. The union accounts for National Highways employees, who plan, design, build, operate, and maintain roads across the UK.&nbsp; 
 
Royal Mail&nbsp;

The centuries-old Royal Mail postal service workers will stage at least six strikes in December including on Christmas eve, according to the Communication Workers Union (CWU) their members will walk out on 9, 11, 14, 15, 23 and 24 December.&nbsp;

This comes after the workers have been offered a pay deal which the employers claim is worth up to nine per cent over 18 months. However, with the inflation rate at 11.1 per cent workers have demanded high wages. The union has objected to proposed working conditions including compulsory Sunday working.&nbsp;

Emergency services&nbsp;

Three ambulance unions in the UK which are Unison, GMB and Unite, accounting for nearly 10,000 ambulance workers including paramedics, control room staff and other support workers have planned to walk out on 21 and 28 December. According to GMB, the strike will take place across England and Wales in a <a href="https://www.wionews.com/world/uk-unions-vote-for-ambulance-strike-before-christmas-539041">dispute</a> over wages and working conditions.&nbsp;

Meanwhile, the Fire Brigades Union (FBU) is mulling over potential strike action after they recently rejected the five per cent wage hike and has begun balloting firefighters and control staff, for the same,&nbsp;which closes by the end of January.&nbsp;

Teachers and university employees

More than 70,000 teachers in Scotland for the first time in four decades have carried out a strike action which began with members of its largest union, the Educational Institute of Scotland (EIS) walking out on November 24. They are set to conduct sporadic strikes this month which may continue till February 2023.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/uk-inflation-spurs-to-41-year-high-before-jeremy-hunts-autumn-statement-534697">UK inflation soars to 41-year high before Jeremy Hunt's autumn statement</a>

This comes after they rejected the nearly seven per cent increase in wages, for those lowest paid, as they have demanded a 10 per cent hike. On the other hand, Scottish Secondary Teachers’ Association (SSTA), has announced strikes on 7 and 8 December.&nbsp;

Tens of thousands of workers at nearly 150 universities across the UK walked out for three days last month over the number of disputes but predominantly demanding higher wages. Meanwhile, the ballot for the teaching unions in England and Wales is underway and will close in January which could lead to further strikes.

How has the UK government responded?

The announcements of strikes indicating the impending industrial unrest in the country had begun last month while Downing Street at the time had urged unions to call off the “unnecessary” strike action, while reportedly placing the military on standby in response to the potential crisis. &nbsp;

Furthermore, a report by The Sunday Times claims that the incumbent Prime Minister Rishi Sunak could curb the right to strike for public sector workers including the NHS, teachers, firefighters and so on. Meanwhile, the main opposition, the Labour Party, urged the government to negotiate with the workers.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/uk-ambulance-workers-to-strike-rishi-sunak-calls-nurses-strike-threat-very-regrettable-539501">UK: Ambulance workers to strike; Rishi Sunak calls nurses strike threat 'very regrettable'</a>

In an interview with Sky News, the chairman of the governing Conservative Party, Nadhim Zahawi said that the military personnel could be used to ease the impact of the strikes on the services. He added that the government’s message to the union is, “this is not a time to strike” but “to try and negotiate”.&nbsp;

Zahawi, on Sunday, also blamed the Russian invasion of Ukraine for the UK’s economic struggles including the rise in energy prices which he claimed have consequently led to the wave of strikes. He also urged the unions to drop their demands, “come together” and send a message to Russian President Vladimir Putin that he cannot “use energy as a weapon.”&nbsp;

These remarks received significant backlash from the unions at the forefront of these strikes, as RCN chief executive Pat Cullen called it a “new low for this government” which is using the conflict as a justification for a real-term pay cut for the nurses. Meanwhile, Unite’s General Secretary, Sharon Graham, called the party chairman’s allegations “that Britain’s nurses, ambulance drivers and teachers are allies of Vladimir Putin is as ridiculous as it is disgraceful.”

(With inputs from agencies)&nbsp;

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Workers across different sectors and industries in the United Kingdom have announced strikes in the months of December and January amid deadlock between the government, employers and unions who are demanding better pay and working conditions as the country is witnessing the highest inflation in four decades and a cost-of-living crisis.

Workers across different sectors and industries in the United Kingdom have announced strikes in the months of December and January amid deadlock between the government, employers and unions who are demanding better pay and working conditions as the country is witnessing the highest inflation in four decades and a cost-of-living crisis. Which industries are taking strike action and why? The UK is facing significant and widespread industrial unrest this month, ahead of Christmas with labour unions across public sectors and industries, including firefighters, teachers, railway workers, nurses, Royal mail workers and so on, announcing strikes and walkouts. Nurses The state-run National Health Service (NHS) is set to face a number of unprecedented industrial actions from its staff in December. Royal College of Nursing (RCN) has announced that its members in England, Wales, and Northern Ireland will strike on December 15 and December 20 where nearly thousands are expected to stage a walkout. ALSO READ | British nurses to go on strike for two days in December over pay dispute The RCN has demanded a five per cent pay rise above the Retail Price Index (RPI), a measure of inflation, which is at 14 per cent. Furthermore, the union has also warned about the impact on several employers in January if formal negotiations with the government are not held. Meanwhile, they also plan on organising strikes until early May next year. Transport Transport services in the UK will be affected by these strikes as thousands of railway workers, bus drivers, road workers and the ground-handling staff at the airport are set to stage a walkout. The Transport Salaried Staffs Association (TSSA), said that industrial action demanding higher wages, job security, and better working conditions, has been scheduled on Avanti West Coast on December 13, 14, 16 and 17. This comes amid sections of Britain’s railways being sporadically impacted since the sector first announced strike days in June, earlier this year and plans to continue in December and January. ALSO READ | UK festive travel set to take a hit amid planned rail strikes in December According to the National Union of Rail, Maritime and Transport Workers (RMT) more than 40,000 workers across the rail network and 14 train operating companies will stage a series of strikes on 13, 14, 16 and 17 December and on 3, 4, 6 and 7 January 2023 each of which will go on for at least 48 hours. Additionally, they have also recently announced strikes starting Christmas eve on 24 to 27 December, demanding higher wages in line with the rising cost of living. Meanwhile, in a first, more than 1,000 railway cleaners, also a part of the RMT, will take nationwide strike action on 22, 23 and 31 December. The Unite Union accounting for nearly 1,000 bus drivers will strike in southern and western parts of London on 9, 10, 16 and 17 December, for a pay rise to reflect the UK’s higher cost of living. Baggage handlers for Menzies Aviation at Heathrow Airport will strike for three days starting December 16, which is likely to affect the services of at least ten airlines. According to the Unite union, the 350 ground handlers employed by Menzies Aviation have been offered a flat rate increase for the entire workforce which ultimately amounts to a real terms pay cut. ALSO WATCH | UK: Nearly 40,000 rail, maritime and transport workers on strike Meanwhile, the road workers’ union, Public and Commercial Services (PCS) have announced a 12-day strike between December 16 to January 7, amid the busiest time of the year, Christmas and New Year. The union accounts for National Highways employees, who plan, design, build, operate, and maintain roads across the UK. Royal Mail The centuries-old Royal Mail postal service workers will stage at least six strikes in December including on Christmas eve, according to the Communication Workers Union (CWU) their members will walk out on 9, 11, 14, 15, 23 and 24 December. This comes after the workers have been offered a pay deal which the employers claim is worth up to nine per cent over 18 months. However, with the inflation rate at 11.1 per cent workers have demanded high wages. The union has objected to proposed working conditions including compulsory Sunday working. Emergency services Three ambulance unions in the UK which are Unison, GMB and Unite, accounting for nearly 10,000 ambulance workers including paramedics, control room staff and other support workers have planned to walk out on 21 and 28 December. According to GMB, the strike will take place across England and Wales in a dispute over wages and working conditions. Meanwhile, the Fire Brigades Union (FBU) is mulling over potential strike action after they recently rejected the five per cent wage hike and has begun balloting firefighters and control staff, for the same, which closes by the end of January. Teachers and university employees More than 70,000 teachers in Scotland for the first time in four decades have carried out a strike action which began with members of its largest union, the Educational Institute of Scotland (EIS) walking out on November 24. They are set to conduct sporadic strikes this month which may continue till February 2023. ALSO READ | UK inflation soars to 41-year high before Jeremy Hunt's autumn statement This comes after they rejected the nearly seven per cent increase in wages, for those lowest paid, as they have demanded a 10 per cent hike. On the other hand, Scottish Secondary Teachers’ Association (SSTA), has announced strikes on 7 and 8 December. Tens of thousands of workers at nearly 150 universities across the UK walked out for three days last month over the number of disputes but predominantly demanding higher wages. Meanwhile, the ballot for the teaching unions in England and Wales is underway and will close in January which could lead to further strikes. How has the UK government responded? The announcements of strikes indicating the impending industrial unrest in the country had begun last month while Downing Street at the time had urged unions to call off the “unnecessary” strike action, while reportedly placing the military on standby in response to the potential crisis. Furthermore, a report by The Sunday Times claims that the incumbent Prime Minister Rishi Sunak could curb the right to strike for public sector workers including the NHS, teachers, firefighters and so on. Meanwhile, the main opposition, the Labour Party, urged the government to negotiate with the workers. ALSO WATCH | UK: Ambulance workers to strike; Rishi Sunak calls nurses strike threat 'very regrettable' In an interview with Sky News, the chairman of the governing Conservative Party, Nadhim Zahawi said that the military personnel could be used to ease the impact of the strikes on the services. He added that the government’s message to the union is, “this is not a time to strike” but “to try and negotiate”. Zahawi, on Sunday, also blamed the Russian invasion of Ukraine for the UK’s economic struggles including the rise in energy prices which he claimed have consequently led to the wave of strikes. He also urged the unions to drop their demands, “come together” and send a message to Russian President Vladimir Putin that he cannot “use energy as a weapon.” These remarks received significant backlash from the unions at the forefront of these strikes, as RCN chief executive Pat Cullen called it a “new low for this government” which is using the conflict as a justification for a real-term pay cut for the nurses. Meanwhile, Unite’s General Secretary, Sharon Graham, called the party chairman’s allegations “that Britain’s nurses, ambulance drivers and teachers are allies of Vladimir Putin is as ridiculous as it is disgraceful.” (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.

Explained: From nurses to teachers, why workers across UK are going on strike

China's exports and imports shrank at their steepest pace in November. COVID-led production disruptions and a property slumped at home piled pressure on the world's second-biggest economy.

Andrew Freris, CEO of Ecognosis Advisory opens up on falling trade surplus of China

The US services industry activity has unexpectedly picked up last month. Economy continues to create jobs last month and wage growth is accelerating.

World Business Watch | US services sector activity unexpectedly accelerates in November

Britain's economy is supposed to shrink point four percent next year. This comes as inflation remains high and companies put investments on hold with gloomy implications for longer term growth.

World Business Watch | UK risks 'lost decade': Industry Association

A private-sector company survey released on Monday indicated that China's services activity declined to six-month lows in November as expanding COVID control measures weighed on demand and operations, suggesting a further drag on economic development.

China: New Covid-19 infections hit record highs in November

Despite high inflation and a sluggish economy, US firms continued to hire steadily in the month of&nbsp;November. 
According to data released by the Labor Department on Friday, the economy added 263,000 jobs as the unemployment rate stood at 3.7 per cent, which is close to a 53-year low. The number of employment added in November was somewhat lower than the 284,000 jobs added in October. Even though borrowing costs have increased and inflation has skyrocketed, the US labour market has consistently added thousands of jobs each month. Comparing November to the same month last year, the average hourly salary increased by 5.1 per cent.&nbsp;

As per Fed Chair Jerome Powell, inflation was soaring too rapidly for the central bank to immediately reduce employment and wages. To force inflation back toward its 2 per cent annual objective, the Fed increased its benchmark rate from close to zero in March to about&nbsp;four per cent. US families have benefited from consistent hiring and growing wages as consumer spending increased at a solid rate in October after accounting for inflation.

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The US economy increased at a swift 2.9 per cent annual pace in the most recent quarter after contracting in the first half of the year. Along with consumer spending strength, a surge in exports also contributed to growth.

Along with tech powerhouses like Amazon, Meta, and Twitter announcing job layoffs, small organisations like DoorDash, Redfin, Best Buy, and the Gap have also said they will lay off staff.

A gauge of industrial activity fell to a level in November that showed the manufacturing sector may be declining for the first time since May 2020.

(With inputs from agencies)

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Despite high inflation and a sluggish economy, US firms continued to hire steadily in the month of November. According to data released by the Labor Department on Friday, the economy added 263,000 jobs as the unemployment rate stood at 3.

Despite high inflation and a sluggish economy, US firms continued to hire steadily in the month of November. According to data released by the Labor Department on Friday, the economy added 263,000 jobs as the unemployment rate stood at 3.7 per cent, which is close to a 53-year low. The number of employment added in November was somewhat lower than the 284,000 jobs added in October. Even though borrowing costs have increased and inflation has skyrocketed, the US labour market has consistently added thousands of jobs each month. Comparing November to the same month last year, the average hourly salary increased by 5.1 per cent. As per Fed Chair Jerome Powell, inflation was soaring too rapidly for the central bank to immediately reduce employment and wages. To force inflation back toward its 2 per cent annual objective, the Fed increased its benchmark rate from close to zero in March to about four per cent. US families have benefited from consistent hiring and growing wages as consumer spending increased at a solid rate in October after accounting for inflation. Also read | American conspiracy theorist Alex Jones declares bankruptcy in Texas court The US economy increased at a swift 2.9 per cent annual pace in the most recent quarter after contracting in the first half of the year. Along with consumer spending strength, a surge in exports also contributed to growth. Along with tech powerhouses like Amazon, Meta, and Twitter announcing job layoffs, small organisations like DoorDash, Redfin, Best Buy, and the Gap have also said they will lay off staff. A gauge of industrial activity fell to a level in November that showed the manufacturing sector may be declining for the first time since May 2020. (With inputs from agencies) WATCH WION LIVE HERE:

US hiring remains robust in November; adds 263,000 new jobs despite soaring inflation

The Chinese government has decided soften their COVID-19 restrictions as part of the Zero-Covid initiative as Beijing will allow some infected people to isolate at home.

WION Dispatch: China eases Covid restrictions in Beijing, hints at possible change in stance

With China's tough Covid directives and travel restrictions discouraging gamblers, this year will go down as a particularly bad year for the gambling business in Macau,&nbsp;says a Bloomberg report. Casino revenue plummeted 56 per cent from November, 2021 to 3 billion patacas ($374 million), according to the Gaming Inspection and Coordination Bureau, which released its report on Thursday. With that, revenue from January through November was 38.7 billion patacas, which is a significant decrease from the 270 billion patacas earned during the same time period in 2019, pre-pandemic.&nbsp;Analysts had anticipated a 47 per cent&nbsp;dip&nbsp;in revenue to 3.6 billion patacas in November compared to the same month last year.

<h2>What's causing the economic fallout?</h2>

Tourist numbers in Macau are still substantially below pre-pandemic levels. Around 2.9 million people arrived in October 2021,&nbsp;compared to 5,80,000 in October of this year. This is due to China's continued strict compliance to zzero-Covid&nbsp;policies, that proved futile for Macau's&nbsp; economy&nbsp;because the mainland is its primary tourist attraction.&nbsp;

Macau still remains inaccessible to people from other countries, but transit between Macau and mainland China is not subject to quarantine. Five days of hotel isolation&nbsp;is mandatory for visitors from Hong Kong.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/chinese-president-xi-meets-eu-chief-charles-michel-says-china-hopes-for-fair-and-transparent-ties-539017">Chinese President Xi meets EU chief Charles Michel, says China hopes for fair and transparent ties</a>

To contain a minor flare-up, Macau conducted widespread Covid testing and shut down a significant casino resort in late October, which had an adverse impact on tourism.

<div class="videoWrapper trancodeVideo">Also WATCH |&nbsp;Canada's Trudeau expresses support for lockdown protesters in China</div>

<div class="videoWrapper trancodeVideo">&nbsp;</div>

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The Chinese government cracked down on junkets in Macau, the only region in Greater China where casinos are permitted, and as a result, the tourists who are visiting are also spending less money.

Since March of this year, when omicron spread throughout China, Macau's casino income has been consistently falling. In July, when the city experienced its worst outbreak and went into lockdown for two weeks, it fell to a record low, leaving casinos with little to no income.&nbsp; Long-term prospects for the six casinos in Macau are improved owing to the recent renewal of their operation licences for an additional 10 years. Beginning in 2023, the new permits will be in force.&nbsp;

Following the announcement of renewed licencing on 26th November, a Bloomberg Intelligence index of Macau casino operators increased by 56 per cent in November. The index has increased 30 per cent only this week. In November, the benchmark Hang Seng Index increased by 27 per cent&nbsp;

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With China's tough Covid directives and travel restrictions discouraging gamblers, this year will go down as a particularly bad year for the gambling business in Macau, says a Bloomberg report.

With China's tough Covid directives and travel restrictions discouraging gamblers, this year will go down as a particularly bad year for the gambling business in Macau, says a Bloomberg report. Casino revenue plummeted 56 per cent from November, 2021 to 3 billion patacas ($374 million), according to the Gaming Inspection and Coordination Bureau, which released its report on Thursday. With that, revenue from January through November was 38.7 billion patacas, which is a significant decrease from the 270 billion patacas earned during the same time period in 2019, pre-pandemic. Analysts had anticipated a 47 per cent dip in revenue to 3.6 billion patacas in November compared to the same month last year. What's causing the economic fallout? Tourist numbers in Macau are still substantially below pre-pandemic levels. Around 2.9 million people arrived in October 2021, compared to 5,80,000 in October of this year. This is due to China's continued strict compliance to zzero-Covid policies, that proved futile for Macau's economy because the mainland is its primary tourist attraction. Macau still remains inaccessible to people from other countries, but transit between Macau and mainland China is not subject to quarantine. Five days of hotel isolation is mandatory for visitors from Hong Kong. Also read | Chinese President Xi meets EU chief Charles Michel, says China hopes for fair and transparent ties To contain a minor flare-up, Macau conducted widespread Covid testing and shut down a significant casino resort in late October, which had an adverse impact on tourism. Also WATCH | Canada's Trudeau expresses support for lockdown protesters in China The Chinese government cracked down on junkets in Macau, the only region in Greater China where casinos are permitted, and as a result, the tourists who are visiting are also spending less money. Since March of this year, when omicron spread throughout China, Macau's casino income has been consistently falling. In July, when the city experienced its worst outbreak and went into lockdown for two weeks, it fell to a record low, leaving casinos with little to no income. Long-term prospects for the six casinos in Macau are improved owing to the recent renewal of their operation licences for an additional 10 years. Beginning in 2023, the new permits will be in force. Following the announcement of renewed licencing on 26th November, a Bloomberg Intelligence index of Macau casino operators increased by 56 per cent in November. The index has increased 30 per cent only this week. In November, the benchmark Hang Seng Index increased by 27 per cent WATCH WION LIVE HERE:

Macau casinos face their worst year ever as Covid restrictions discourage gamblers

Unemployment levels hit a record low&nbsp;in the&nbsp;eurozone, at 6.5 percent in October, the EU's Eurostat statistics office said on Thursday. The figure, which was the lowest since Eurostat began tracking unemployment rates in April 1998, showed that the 19 EU nations&nbsp;that use the currency, Euro had recovered economically from the Covid pandemic. Compared to the 7.3 per cent recorded a year ago, the seasonally adjusted unemployment&nbsp;rate was significantly lower.

In October, 12.95 million or six per cent of the working-age population in the 27-nation European Union, were reported to be unemployed, with 10.87 million of them living in the eurozone itself.&nbsp;

While all The Organization for Economic Cooperation and Development (OECD) economies, with the exception of Britain, a former member of the EU, have recovered to their pre-pandemic size, the recovery is being slowed down by global headwinds. The European Commission predicts that the eurozone will enter a recession in the next weeks.

Also read |&nbsp;<a href="https://www.wionews.com/world/macau-casinos-to-face-their-worst-year-ever-due-to-covid-restrictions-539092">Macau casinos to face their worst year ever due to Covid restrictions</a>

Despite declining in the most recent report on Wednesday, inflation is still running high at 10 per cent, which is more than the ECB's goal rate of two&nbsp;per cent. This is partly due to rising energy prices sparked by the consequences of Russia's war in Ukraine.

WATCH |&nbsp;India's GDP growth shrinks to 6.3%; The Agriculture sector grows 4.6%

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According to a Purchasing Managers' Index (PMI) survey released by S&amp;P Global, business activity has been dropping for five months in a row, however the rate of decline moderated in November. As per Eurostat, young people had the highest unemployment rates in the EU and its eurozone, at 15.1 per cent and 15.0 percent, respectively.&nbsp; Germany, which has the largest economy in the eurozone, had an unemployment rate of 3.0 percent, down from 3.3 percent in October 2021. It decreased from 7.6 percent a year earlier to 7.1 percent in France, the second-largest economy.

(With inputs from agencies)

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Unemployment levels hit a record low in the eurozone, at 6.5 percent in October, the EU's Eurostat statistics office said on Thursday. The figure, which was the lowest since Eurostat began tracking unemployment rates in April 1998, showed that the 19 EU nations that use the currency, Euro had recovered economically from the Covid pandemic.

Unemployment levels hit a record low in the eurozone, at 6.5 percent in October, the EU's Eurostat statistics office said on Thursday. The figure, which was the lowest since Eurostat began tracking unemployment rates in April 1998, showed that the 19 EU nations that use the currency, Euro had recovered economically from the Covid pandemic. Compared to the 7.3 per cent recorded a year ago, the seasonally adjusted unemployment rate was significantly lower. In October, 12.95 million or six per cent of the working-age population in the 27-nation European Union, were reported to be unemployed, with 10.87 million of them living in the eurozone itself. While all The Organization for Economic Cooperation and Development (OECD) economies, with the exception of Britain, a former member of the EU, have recovered to their pre-pandemic size, the recovery is being slowed down by global headwinds. The European Commission predicts that the eurozone will enter a recession in the next weeks. Also read | Macau casinos to face their worst year ever due to Covid restrictions Despite declining in the most recent report on Wednesday, inflation is still running high at 10 per cent, which is more than the ECB's goal rate of two per cent. This is partly due to rising energy prices sparked by the consequences of Russia's war in Ukraine. WATCH | India's GDP growth shrinks to 6.3%; The Agriculture sector grows 4.6% According to a Purchasing Managers' Index (PMI) survey released by S&P Global, business activity has been dropping for five months in a row, however the rate of decline moderated in November. As per Eurostat, young people had the highest unemployment rates in the EU and its eurozone, at 15.1 per cent and 15.0 percent, respectively. Germany, which has the largest economy in the eurozone, had an unemployment rate of 3.0 percent, down from 3.3 percent in October 2021. It decreased from 7.6 percent a year earlier to 7.1 percent in France, the second-largest economy. (With inputs from agencies) WATCH WION LIVE HERE:

Eurozone unemployment drops to all-time low; post-pandemic recovery slowed by global headwinds

China's manufacturing and services activities shrank further in November to seven-month lows, stung by the country's strict Covid restrictions. Analysts said that this will hurt the economy well into 2023.

World Business Watch: China's factory, service activities shrink to 7 month low

The Chinese economy is suffering increasing damage from tightened virus controls as Covid infections are spreading in almost every province. Watch full video to know more.

China's economic activity falls as Covid-19 cases surge to record

The newest information from the University of Michigan’s client sentiment index exhibits American customers are still not feeling very confident in regards to the state of the US economic system this holiday season.

US President Joe Biden faces a broad set of challenges at home this holiday season

While the Pakistani establishment is busy refuting corruption allegations, the country stares at an approaching economic calamity. Molly Gambhir tells you more.

Gravitas: Pakistan's facing a financial crisis

The Chinese economy is bracing for major disruption amid the ongoing surge in COVID-19 cases. IMF says China must 'recalibrate' zero-COVID policy. Watch this report.

WION Fineprint: Chinese economy braces for major disruption

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