UK ministers refused to hold any negotiation talks over pay in return for nursing unions' offer to suspend the strikes planned, saying that the government cannot amend awards decided for NHS staff by the independent pay body.&nbsp;

While speaking to Sky News, Foreign Secretary James Cleverly on Sunday said that the health secretary is willing to hold talks with the unions about how the performance and working conditions of NHS can be improved and not about the pay demand.

He said, “Of course, the health secretary wants to talk to the profession about how we can make the job better, how we can improve the NHS performance for everybody. But ultimately pay is decided by an independent pay body.”

ALSO READ|&nbsp;<a href="https://www.wionews.com/world/as-uk-braces-for-a-strike-full-winter-rcn-offers-to-suspend-strikes-if-govt-agrees-to-negotiate-541957">As UK braces for a 'strike-full' winter, RCN offers to suspend strikes if govt agrees to negotiate</a>

“The point is, meetings are different from pay negotiations. Ultimately, independent bodies are there for a reason, to take the politics out of this kind of stuff. And we respect the judgment they have made, and we’re implementing it,” he added.

Wes Streeting of the Labour party called the ministers “irresponsible”, saying they are looking to blame the striking staff for the NHSa crisis and not finding a solution.

RCN general secretary Pat Cullen, over the weekend, had made the offer to "press pause" on the strikes if serious talks can be held with Health Secretary Steve Barclay.

ALSO READ|&nbsp;<a href="https://www.wionews.com/india-news/uk-trade-secretary-kemi-in-delhi-from-today-for-fta-talks-542124">UK trade Secretary Kemi in Delhi from today for FTA talks</a>

For the first time in 106 years of the union's history, UK nurses will be walking out on a strike this week, which they insist is the "last resort” to press for their pay demands.

The one-day stoppage will be held by the Royal College of Nursing's (RCN) 100,000 members in England, Wales and Northern Ireland after they rejected the pay offer of the government.

The RCN said that they will be able to protect intensive care and high-dependency units, chemotherapy, neonatal intensive care, dialysis and paediatric intensive care.&nbsp;

It added that they will have Christmas staffing levels in other services. Accident and emergency staff nurse Mark Boothroyd said that the crisis has reached a tipping point.

"Workloads are horrendous. Nurses are burnt out, can't provide safe service to patients. We are seeing harm to patients and patients put at risk every day," he said.

RCN member and Unite union's staff representative Boothroyd said that the stoppage to be held on Thursday and on December 20 is aimed at restoring "quality of care for patients".

Britain has been battling a cost-of-living crisis and the prices of energy, food and housing have been soaring. The industrial action of RCN is part of increasing dissent among private and public sector employees.&nbsp;

(With inputs from agencies)

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

UK ministers refused to hold any negotiation talks over pay in return for nursing unions' offer to suspend the strikes planned, saying that the government cannot amend awards decided for NHS staff by the independent pay body.

UK ministers refused to hold any negotiation talks over pay in return for nursing unions' offer to suspend the strikes planned, saying that the government cannot amend awards decided for NHS staff by the independent pay body. While speaking to Sky News, Foreign Secretary James Cleverly on Sunday said that the health secretary is willing to hold talks with the unions about how the performance and working conditions of NHS can be improved and not about the pay demand. He said, “Of course, the health secretary wants to talk to the profession about how we can make the job better, how we can improve the NHS performance for everybody. But ultimately pay is decided by an independent pay body.” ALSO READ| As UK braces for a 'strike-full' winter, RCN offers to suspend strikes if govt agrees to negotiate “The point is, meetings are different from pay negotiations. Ultimately, independent bodies are there for a reason, to take the politics out of this kind of stuff. And we respect the judgment they have made, and we’re implementing it,” he added. Wes Streeting of the Labour party called the ministers “irresponsible”, saying they are looking to blame the striking staff for the NHSa crisis and not finding a solution. RCN general secretary Pat Cullen, over the weekend, had made the offer to "press pause" on the strikes if serious talks can be held with Health Secretary Steve Barclay. ALSO READ| UK trade Secretary Kemi in Delhi from today for FTA talks For the first time in 106 years of the union's history, UK nurses will be walking out on a strike this week, which they insist is the "last resort” to press for their pay demands. The one-day stoppage will be held by the Royal College of Nursing's (RCN) 100,000 members in England, Wales and Northern Ireland after they rejected the pay offer of the government. The RCN said that they will be able to protect intensive care and high-dependency units, chemotherapy, neonatal intensive care, dialysis and paediatric intensive care. It added that they will have Christmas staffing levels in other services. Accident and emergency staff nurse Mark Boothroyd said that the crisis has reached a tipping point. "Workloads are horrendous. Nurses are burnt out, can't provide safe service to patients. We are seeing harm to patients and patients put at risk every day," he said. RCN member and Unite union's staff representative Boothroyd said that the stoppage to be held on Thursday and on December 20 is aimed at restoring "quality of care for patients". Britain has been battling a cost-of-living crisis and the prices of energy, food and housing have been soaring. The industrial action of RCN is part of increasing dissent among private and public sector employees. (With inputs from agencies)

UK: Ministers rebuff union's offer to negotiate over pay to suspend NHS strikes

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year. This comes as the country is witnessing soaring inflation, which was at a four-decade high, prompting the Federal Reserve to announce several interest rate hikes since the beginning of this year in a bid to combat it.

What is a recession and a shallow recession?

A recession can occur in varying degrees and leave a significant impact on the economy; typically when an economy faces two consecutive quarters of negative gross domestic product (GDP), it could be said that a country is witnessing a recession. However, there are various additional formulas and complexities surrounding the discussion.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/fueling-recession-fears-the-us-economy-shrank-again-in-second-quarter-501488">Fueling recession fears, the US economy shrank again in second quarter</a>

For example, in the context of the US economy, the <a href="https://www.wionews.com/world/pandemic-effect-us-economy-set-to-outpace-china-first-time-since-1976-481005">COVID-19-induced recession</a> only lasted for two months, which is one of the shortest cycles on record, after the economic activity plunged in April 2020. Furthermore, the official call that an economy is witnessing a recession is taken by a panel of economists convened by the National Bureau of Economic Research (NBER).

Among other indicators, the NBER accounts for non-farm payrolls, retail sales and industrial production, however, the private non-profit research group also said that there are “no fixed rules” about measures and indicators that contribute information to the process or how they are weighted in their decisions.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/jeff-bezos-sounds-warning-bell-on-us-economy-as-he-asks-people-to-avoid-going-on-spending-spree-535758">Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree</a>

The group's definition of a recession is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” It also believes that the depth, diffusion and duration of this downturn need to be met individually. Additionally, “extreme conditionals revealed by one criterion may partially offset weaker indications from another,” said the NBER.&nbsp;

Notably, the official call indicating that an economy is witnessing a recession is made at least a year or more after the downturn event has already occurred. Therefore, another approach, more focused on determining the onset of a recession, is the employment-based Sahm rule which says that when the three-month rolling average of the unemployment rate rises half a point from its low, an economy has entered a recession.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/fitch-inflation-and-fed-hikes-to-drive-us-economy-into-recession-526566">Fitch: Inflation and fed hikes to drive US economy into recession</a>

The rule was created by and named after a former Fed economist Claudia Sahm&nbsp;and used to determine the onset of a recession, which is quicker than official calls. In contrast to the aforementioned example of the COVID-19-induced recession, some other recessions can be deeper and scarring for the economy like the Great Recession or the Depression whose impact was so adverse that it reportedly took a decade or more to revive the labour market.&nbsp;

The speculations of the US economy entering a <a href="https://www.wionews.com/business-economy/us-recession-not-inevitable-economy-on-right-track-yellen-541427">“shallow recession”</a> have been around for quite a few months now, it is where the economic growth contracts only marginally and for a limited time. This comes after consecutive increases in interest rates by the Feds amounting to an overall hike of 375 basis points, since its first one in March, earlier this year which has sparked worries about an impending recession.&nbsp;

Reuters poll: Most economists expect a shallow and short recession

Reuters polled 84 economists between December 2 and 8 who unanimously expect the Feds to raise the interest rate by 50 basis points on December 14&nbsp;as the rate of inflation is running well above the central bank's two per cent target. However, after raising the interest rates by 75 basis points for the <a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">fourth consecutive time</a>, the economists believe that it will be a “slightly softer” hike of 4.25 per cent to 4.50 per cent this time around.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-broadly-as-upbeat-us-data-muddles-fed-rate-hike-views-540382">Dollar gains broadly as upbeat US data muddles Fed rate hike views</a>

Economists who as a group can be slower with their forecast of recessions, as mentioned earlier, have also said that the probability of a recession in the upcoming year or two is at least 70 per cent which is up seven per cent from the last poll, said the report. Furthermore, 35 out of 48 economists said that the recession would be shallow and short, while eight economists said it would be long and shallow and four said there won’t be any recession.&nbsp;

Inflation is expected to stay over the Fed’s target until at least 2026, said the report, and while the<a href="https://www.wionews.com/economy/us-hiring-remains-robust-in-november-adds-263000-new-jobs-despite-soaring-inflation-539572"> labour market remains strong</a>, the bigger risk was that the rates would peak higher and later than expected. While some economists are expecting the fed funds rate to peak early next year at 4.75 per cent to five per cent, at least 24 of the 72 said that they believe it will go higher.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-economy-heading-into-a-shadow-recession-poll-541472">US economy heading into a shallow recession: Poll</a>

This comes amid signs of a slowing economy, particularly the housing market which was the epicentre of the 2008 recession in the US. Reportedly, home sales have decreased for nine months straight. Additionally, 27 of 45 economists who provided quarterly (GDP) forecasts estimate a contraction in economic growth for two consecutive quarters or more in the coming year.&nbsp;

(With inputs from agencies)&nbsp;

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year.

A new poll by Reuters shows that a large majority of economists said that the United States economy is headed for a short and shallow recession sometime in the coming year. This comes as the country is witnessing soaring inflation, which was at a four-decade high, prompting the Federal Reserve to announce several interest rate hikes since the beginning of this year in a bid to combat it. What is a recession and a shallow recession? A recession can occur in varying degrees and leave a significant impact on the economy; typically when an economy faces two consecutive quarters of negative gross domestic product (GDP), it could be said that a country is witnessing a recession. However, there are various additional formulas and complexities surrounding the discussion. ALSO READ | Fueling recession fears, the US economy shrank again in second quarter For example, in the context of the US economy, the COVID-19-induced recession only lasted for two months, which is one of the shortest cycles on record, after the economic activity plunged in April 2020. Furthermore, the official call that an economy is witnessing a recession is taken by a panel of economists convened by the National Bureau of Economic Research (NBER). Among other indicators, the NBER accounts for non-farm payrolls, retail sales and industrial production, however, the private non-profit research group also said that there are “no fixed rules” about measures and indicators that contribute information to the process or how they are weighted in their decisions. ALSO READ | Jeff Bezos sounds warning on US economy, urges people to avoid going on spending spree The group's definition of a recession is a “significant decline in economic activity that is spread across the economy and that lasts more than a few months.” It also believes that the depth, diffusion and duration of this downturn need to be met individually. Additionally, “extreme conditionals revealed by one criterion may partially offset weaker indications from another,” said the NBER. Notably, the official call indicating that an economy is witnessing a recession is made at least a year or more after the downturn event has already occurred. Therefore, another approach, more focused on determining the onset of a recession, is the employment-based Sahm rule which says that when the three-month rolling average of the unemployment rate rises half a point from its low, an economy has entered a recession. ALSO WATCH | Fitch: Inflation and fed hikes to drive US economy into recession The rule was created by and named after a former Fed economist Claudia Sahm and used to determine the onset of a recession, which is quicker than official calls. In contrast to the aforementioned example of the COVID-19-induced recession, some other recessions can be deeper and scarring for the economy like the Great Recession or the Depression whose impact was so adverse that it reportedly took a decade or more to revive the labour market. The speculations of the US economy entering a “shallow recession” have been around for quite a few months now, it is where the economic growth contracts only marginally and for a limited time. This comes after consecutive increases in interest rates by the Feds amounting to an overall hike of 375 basis points, since its first one in March, earlier this year which has sparked worries about an impending recession. Reuters poll: Most economists expect a shallow and short recession Reuters polled 84 economists between December 2 and 8 who unanimously expect the Feds to raise the interest rate by 50 basis points on December 14 as the rate of inflation is running well above the central bank's two per cent target. However, after raising the interest rates by 75 basis points for the fourth consecutive time, the economists believe that it will be a “slightly softer” hike of 4.25 per cent to 4.50 per cent this time around. ALSO READ | Dollar gains broadly as upbeat US data muddles Fed rate hike views Economists who as a group can be slower with their forecast of recessions, as mentioned earlier, have also said that the probability of a recession in the upcoming year or two is at least 70 per cent which is up seven per cent from the last poll, said the report. Furthermore, 35 out of 48 economists said that the recession would be shallow and short, while eight economists said it would be long and shallow and four said there won’t be any recession. Inflation is expected to stay over the Fed’s target until at least 2026, said the report, and while the labour market remains strong, the bigger risk was that the rates would peak higher and later than expected. While some economists are expecting the fed funds rate to peak early next year at 4.75 per cent to five per cent, at least 24 of the 72 said that they believe it will go higher. ALSO WATCH | US economy heading into a shallow recession: Poll This comes amid signs of a slowing economy, particularly the housing market which was the epicentre of the 2008 recession in the US. Reportedly, home sales have decreased for nine months straight. Additionally, 27 of 45 economists who provided quarterly (GDP) forecasts estimate a contraction in economic growth for two consecutive quarters or more in the coming year. (With inputs from agencies)

Poll shows that the US economy is headed for a shallow recession: Here’s what it means

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

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

South African President Cyril Ramaphosa is facing a possible impeachment threat over the "Farmgate" scandal. In the latest update, Ramaphosa delayed a scheduled appearance in parliament to answer questions from lawmakers. Watch this video to know more.

‘Farmgate’ Corruption Scandal: Ramaphosa delays parliament appearance

HSBC will close 114 more branches in the UK from April 2023. This move comes after their customers have fallen significantly since the pandemic. Bank claims that they would try to redeploy affected staff but about 100 will lose their jobs.

World Business Watch | HSBC to close 114 UK bank branches from April 2023

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts. The 19 countries which recognise Euro as their currency grew by just 10 per cent after a 10.6 per cent rise in October.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-removed-from-uk-nuclear-project-a-day-after-sunaks-golden-era-over-statement-538678">China booted from UK nuclear project after Sunak's 'golden era over' statement</a>

Most experts said that the inflation is expected to be somewhere around 10.4 per cent but the fall in inflation has given rise to hope among the economies that the prices can stabilise before the new year.

The inflation was directly related to the energy and food crisis created by the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. While the assurance of price caps on oil and energy has somewhat resulted in the slowdown, the food price inflation continues to be a major concern.

Also read |&nbsp;<a href="https://www.wionews.com/world/europes-import-of-russian-lng-jumps-42-amid-russia-ukraine-war-report-538720">Europe's import of Russian LNG jumps 42% amid Russia-Ukraine war: Report</a>

The other issue with both food and energy prices is the extreme volatility experienced in the global market. While the European Central Bank has already raised interest rates on multiple occasions, more such measures are expected in the near future to keep the inflation rate steady.

This was the first time that the inflation rate came down to 10 per cent in well over a year and it has become a headache for governments. Without food and fuel costs, the inflation has actually gone up slightly from 6.4 per cent to 6.6 per cent – a trend that contradicted with most predictions.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts.

The inflation in the Euro zone has dropped to 10 per cent for the first time since November and in the process, it has also exceeded the expectations of most experts. The 19 countries which recognise Euro as their currency grew by just 10 per cent after a 10.6 per cent rise in October. Also read | China booted from UK nuclear project after Sunak's 'golden era over' statement Most experts said that the inflation is expected to be somewhere around 10.4 per cent but the fall in inflation has given rise to hope among the economies that the prices can stabilise before the new year. The inflation was directly related to the energy and food crisis created by the Covid-19 pandemic and the ongoing Russia-Ukraine conflict. While the assurance of price caps on oil and energy has somewhat resulted in the slowdown, the food price inflation continues to be a major concern. Also read | Europe's import of Russian LNG jumps 42% amid Russia-Ukraine war: Report The other issue with both food and energy prices is the extreme volatility experienced in the global market. While the European Central Bank has already raised interest rates on multiple occasions, more such measures are expected in the near future to keep the inflation rate steady. This was the first time that the inflation rate came down to 10 per cent in well over a year and it has become a headache for governments. Without food and fuel costs, the inflation has actually gone up slightly from 6.4 per cent to 6.6 per cent – a trend that contradicted with most predictions.

Eurozone inflation slows to 10 per cent in November but rate rises expected

Black Friday broke online sales records. But not by much. As high inflation continues to plague the world, retailers may not be out of the woods just yet. Priyanka Sharma tells you more.

Gravitas: Black Friday breaches record

Inflation has reached a 40-year high in the U.S., leading to recession worries on Wall Street. But it appears small businesses and customers are bearing the brunt of rising prices. For VOA, Keith Kocinski spoke with New York City vendors who are trying to keep prices down and their wheels on the ground.

WION-VOA Co-Production: US inflation reaches a new 40-year high

Let us take a look at stories generating interest across WION's social media channels. In today's video we cover - Black Friday online sales reach record high despite soaring inflation in US in news.

Trending on WION: Black Friday online sales reach record high despite soaring inflation in US

Amid four-decade-high inflation in the United States, the country’s online shoppers set a record with purchases worth at least $9.12 billion, said a report by Adobe Inc’s product for data and insights Adobe Analytics. On the other hand, the retail stores witnessed less than usual crowds for the Black Friday sale.&nbsp;

The report by Adobe which tracks online marketing and web analytics said that online purchases were up by 2.3 per cent, year over year, starting the day after Thanksgiving. Adobe Analytics has access to data covering purchases at 85 per cent of the top 100 retailers across the US. The $9.12 billion is an increase from $8.92 billion last year and in 2020 it was at $9.03 billion, said the report.

ALSO READ |&nbsp;<a href="https://www.wionews.com/entertainment/black-friday-2022-why-is-it-called-black-friday-why-there-are-so-many-deals-on-this-day-536112">Black Friday 2022: Why is it called Black Friday, why there are so many deals on this day?</a>

Adobe also said that the largest contributor to this figure was electronics as online sales surged by 221 per cent since October&nbsp;for gadgets including Apple MacBooks and watches, Xbox, smartphones and so on. Additionally, toys were also among the popular categories for shoppers which accounted for a 285 per cent increase, and exercising equipment saw a surge of over 200 per cent when compared to an average day in October.&nbsp;&nbsp;

Over the weekend, Adobe said that they expect that shoppers will spend over $4 million on both days while they expect the total sales for Cyber Monday to reach at least $11 billion. More than 165 million Americans are expected to shop between Thanksgiving day and Cyber Monday which is the National Retail Federation’s highest estimate since it began tracking the data five years ago. Notably, the estimate is also eight million more than in 2021.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-core-us-inflation-rises-to-40-year-high-fed-expected-to-extend-rate-hikes-525331">World Business Watch: Core US inflation rises to 40-year high, Fed expected to extend rate hikes</a>

Furthermore, the NRF estimates that accounts for both in-person and online shoppers also expect more than 65 per cent of Black Friday shoppers to head to stores. However, reports suggest that across major cities in the US including New York, Los Angeles, Chicago and so on, the stores were less busy than usual on Black Friday. The lower turnout in stores has also been attributed to people’s preference to shop online.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">In a historic move, US Federal Reserve raises interest rate by 0.75% again</a>

Despite record online spending since Thanksgiving, consumers' concerns about the economy are at the forefront with more than 60 per cent of Americans saying that their purchases for this holiday were hampered due to the state of the economy. In line with this many shoppers also opted for Buy Now Pay Later payments which saw a surge of nearly 80 per cent in use in the past week starting November 19.&nbsp; 
&nbsp;

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Amid four-decade-high inflation in the United States, the country’s online shoppers set a record with purchases worth at least $9.12 billion, said a report by Adobe Inc’s product for data and insights Adobe Analytics.

Amid four-decade-high inflation in the United States, the country’s online shoppers set a record with purchases worth at least $9.12 billion, said a report by Adobe Inc’s product for data and insights Adobe Analytics. On the other hand, the retail stores witnessed less than usual crowds for the Black Friday sale. The report by Adobe which tracks online marketing and web analytics said that online purchases were up by 2.3 per cent, year over year, starting the day after Thanksgiving. Adobe Analytics has access to data covering purchases at 85 per cent of the top 100 retailers across the US. The $9.12 billion is an increase from $8.92 billion last year and in 2020 it was at $9.03 billion, said the report. ALSO READ | Black Friday 2022: Why is it called Black Friday, why there are so many deals on this day? Adobe also said that the largest contributor to this figure was electronics as online sales surged by 221 per cent since October for gadgets including Apple MacBooks and watches, Xbox, smartphones and so on. Additionally, toys were also among the popular categories for shoppers which accounted for a 285 per cent increase, and exercising equipment saw a surge of over 200 per cent when compared to an average day in October. Over the weekend, Adobe said that they expect that shoppers will spend over $4 million on both days while they expect the total sales for Cyber Monday to reach at least $11 billion. More than 165 million Americans are expected to shop between Thanksgiving day and Cyber Monday which is the National Retail Federation’s highest estimate since it began tracking the data five years ago. Notably, the estimate is also eight million more than in 2021. ALSO WATCH | World Business Watch: Core US inflation rises to 40-year high, Fed expected to extend rate hikes Furthermore, the NRF estimates that accounts for both in-person and online shoppers also expect more than 65 per cent of Black Friday shoppers to head to stores. However, reports suggest that across major cities in the US including New York, Los Angeles, Chicago and so on, the stores were less busy than usual on Black Friday. The lower turnout in stores has also been attributed to people’s preference to shop online. ALSO READ | In a historic move, US Federal Reserve raises interest rate by 0.75% again Despite record online spending since Thanksgiving, consumers' concerns about the economy are at the forefront with more than 60 per cent of Americans saying that their purchases for this holiday were hampered due to the state of the economy. In line with this many shoppers also opted for Buy Now Pay Later payments which saw a surge of nearly 80 per cent in use in the past week starting November 19. 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.

Online sales on Black Friday reached record high despite soaring inflation in US: Report

Today is Black Friday. It marks the beginning of the festive season in the U.S. It also sounds the gong for holiday shopping. But will inflation dampen the festive spirit this year? Molly Gambhir tells you more.

Gravitas: A bleak Black Friday?

Nurses Union in UK has announced their first-ever strike in its 106 year history. Nurses will go on strike for two days next month - they will walk out on the 15th and 20th December to demand pay hike of 5% above inflation. This comes after workers have been struggling with cost of living during inflation.

UK nurses to go on strike on December 15, 20 for first time

Inflation is hitting consumers hard and this time in Tokyo. Consumer prices in Japan's capital has gone up 3.6 per cent in November as compared to a year earlier. Watch full video to know more.

World Business Watch | Consumer inflation in Japan's capital hits 40-year high

Inditex SA, the Spanish owner of the clothing brand Zara is currently facing two days of strikes in its region when the unions and management failed to reach a settlement. Spain is the largest market for Inditex.&nbsp;

Nearly 11 shops in the Galician province were closed on Thursday (Nov 24) as workers refused&nbsp;to work. The strikes have affected Bershka, Stradivarius, Pull&amp;Bear, Massimo Dutti and Oysho brands along with impacting the Black Friday sales, being one of the important days for retailers, Bloomberg reported.&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">Also read |&nbsp;British nurses to go on strike for two days in December over pay dispute</a>

The Confederacion Intersindical Galega union stated that nearly 44 stores across Inditex's brands including the Zara store are expected to close on Friday as a result of the strikes.&nbsp;

The strike demonstrates rising demands for salary rises from Spanish employees in the face of rising prices. The workers demanded a €440 ($458) salary raise.

<a href="https://www.wionews.com/world/us-largest-rail-union-rejects-biden-administration-labour-deal-what-could-happen-next-536243">Also read |&nbsp;US: Largest rail union rejects Biden administration labour deal. What could happen next?</a>

Last week, Inditex met trade unions and maintained its request to boost monthly compensation by €182 ($189.8). After the negotiations collapsed, the retailer negotiated an agreement with UGT and CCOO, two additional unions, providing a one-time incentive of up to €1,000 ($1,042) for workers to stores that meet their sales targets.

The CIG and local UGT members have chosen to continue the strikes. &nbsp;&nbsp;

Despite the surging cost-of-living problems, the Spanish company was able to record its highest profit margins in seven years.&nbsp;

(With inputs from agencies)

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Inditex SA, the Spanish owner of the clothing brand Zara is currently facing two days of strikes in its region when the unions and management failed to reach a settlement.

Inditex SA, the Spanish owner of the clothing brand Zara is currently facing two days of strikes in its region when the unions and management failed to reach a settlement. Spain is the largest market for Inditex. Nearly 11 shops in the Galician province were closed on Thursday (Nov 24) as workers refused to work. The strikes have affected Bershka, Stradivarius, Pull&Bear, Massimo Dutti and Oysho brands along with impacting the Black Friday sales, being one of the important days for retailers, Bloomberg reported. Also read | British nurses to go on strike for two days in December over pay dispute The Confederacion Intersindical Galega union stated that nearly 44 stores across Inditex's brands including the Zara store are expected to close on Friday as a result of the strikes. The strike demonstrates rising demands for salary rises from Spanish employees in the face of rising prices. The workers demanded a €440 ($458) salary raise. Also read | US: Largest rail union rejects Biden administration labour deal. What could happen next? Last week, Inditex met trade unions and maintained its request to boost monthly compensation by €182 ($189.8). After the negotiations collapsed, the retailer negotiated an agreement with UGT and CCOO, two additional unions, providing a one-time incentive of up to €1,000 ($1,042) for workers to stores that meet their sales targets. The CIG and local UGT members have chosen to continue the strikes. Despite the surging cost-of-living problems, the Spanish company was able to record its highest profit margins in seven years. (With inputs from agencies) WATCH WION LIVE HERE

Inditex, Zara's Spanish owner, faces workers' strike over demand for more pay

What has led to the ongoing cost of living crisis? Austerity for the poor, profits for the rich as oil companies rake in bumper profits. Single parents households are being forced to skip meals.

UK: What has led to a cost of living crisis? Austerity for the poor, profits for rich

New Zealand struggles to contain stubbornly high inflation, its Central Bank raised interest rates by 75 basis points to a near 14-year-high of 4.25%. It is flagged that more hikes can come. 15 of 23 economies in a poll earlier forecast that Reserve Bank of New Zealand would move by 7.5%.

World Business Watch: New Zealand delivers biggest rate hike ever, interest rates at near 14-yr high

Devastating floods, skyrocketing inflation, a crumbling economy and a reported collective loot, this seems to be the story of Pakistan. At present, the country is hit by floods and severe economic crisis. It may also be witnessing a constant loot by its leaders starting from former Prime Minister Nawaz Sharif to Pakistan South Chief Imran Khan.

WION Dispatch: Pakistan citizens battle skyrocketing inflation

Japan and a weak Yen has pushed up cost of imported commodities in the country, they were already surging due to global supply constraints now. This has led to the jump in Japan's core consumer inflation that has accelerated to 40-year high.

World Business Watch: Japan's inflation hits 40-year high; commodities price surge

UK inflation hits 11.1% which is being driven by rising energy bills and food prices in a worsening cost of living crisis in the country. According to the office for National Statistics, the consumer price index hit 11.1% on an annual basis which is up from 10.1% in September.

UK inflation rises: Cost of living crisis driven by Covid & war

UK inflation rises to 41-year high at 11.1%; food, energy prices soar

Like many other Nations, India also has suffered a hit to its economy thanks to high inflation and rising interest rates, Global ratings agency Moody's investor service has now lowered the 2022 gross domestic product.

WION Dispatch | Moody's: Global economy on the verge of a downturn

Similar to many other Asian nations, Bangladesh's economy is also facing a sudden increase in cost of living, mainly due to the ongoing Ukraine conflict.&nbsp;

To help Bangladesh cope with soaring prices,&nbsp;the International Monetary Fund (IMF) on Wednesday announced $4.5 billion in assistance for the Asian country.

IMF team leader Rahul said, " Bangladesh's robust economic recovery from the pandemic has been interrupted by Russia's war in Ukraine, leading to a sharp widening of the current account deficit, the rapid decline of foreign exchange reserves, rising inflation and slowing growth."

<a href="https://www.wionews.com/south-asia/imran-khan-compares-himself-to-mujibur-rehman-bangladeshs-founding-father-530544">Also read |&nbsp;Imran Khan compares himself to Bangladesh's founding father Mujibur Rehman</a>

The 170 million people nation requested assistance earlier this year, followed by a $4.5 billion deal for its 'economic objectives.' As per the official stats, the country's inflation rate is near 10 per cent, however, many independent analysts claimed the rate to be easily around 20 per cent, AFP reported.&nbsp;&nbsp;

The IMF loan will mostly be used to bolster Bangladesh's foreign exchange reserves which drastically fell from $46 billion to $34 billion. The currency has lost nearly 25 per cent to the US dollar in the past few months.&nbsp;

<a href="https://www.wionews.com/south-asia/bangladesh-cyclone-sitrang-lashes-country-claiming-16-lives-528272">Also read |&nbsp;Bangladesh: Cyclone Sitrang lashes country claiming 24 lives</a>

Bangladesh is unable to buy fossil fuels due to currency depreciation. To preserve the existing supplies, PM Sheikh Hasina has announced to shut down diesel pants, and implemented long power outages for up to 13 hours a day. These outages have provoked protests. A recent police raid claimed the lives of three people and injured over 100 people.&nbsp;

By 2031, the country aims to move ahead of its designation as a 'Least Developed Country' and be counted among 'middle-income countries.'

Bangladesh will also advocate for major climate actions and look for more funding. Sri Lanka, another South Asian country falls under the category and has asked for IMF assistance because of the economic crisis the country has been facing.&nbsp;

(With inputs from agencies)

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Similar to many other Asian nations, Bangladesh's economy is also facing a sudden increase in cost of living, mainly due to the ongoing Ukraine conflict. To help Bangladesh cope with soaring prices, the International Monetary Fund (IMF) on Wednesday announced $4.

Similar to many other Asian nations, Bangladesh's economy is also facing a sudden increase in cost of living, mainly due to the ongoing Ukraine conflict. To help Bangladesh cope with soaring prices, the International Monetary Fund (IMF) on Wednesday announced $4.5 billion in assistance for the Asian country. IMF team leader Rahul said, " Bangladesh's robust economic recovery from the pandemic has been interrupted by Russia's war in Ukraine, leading to a sharp widening of the current account deficit, the rapid decline of foreign exchange reserves, rising inflation and slowing growth." Also read | Imran Khan compares himself to Bangladesh's founding father Mujibur Rehman The 170 million people nation requested assistance earlier this year, followed by a $4.5 billion deal for its 'economic objectives.' As per the official stats, the country's inflation rate is near 10 per cent, however, many independent analysts claimed the rate to be easily around 20 per cent, AFP reported. The IMF loan will mostly be used to bolster Bangladesh's foreign exchange reserves which drastically fell from $46 billion to $34 billion. The currency has lost nearly 25 per cent to the US dollar in the past few months. Also read | Bangladesh: Cyclone Sitrang lashes country claiming 24 lives Bangladesh is unable to buy fossil fuels due to currency depreciation. To preserve the existing supplies, PM Sheikh Hasina has announced to shut down diesel pants, and implemented long power outages for up to 13 hours a day. These outages have provoked protests. A recent police raid claimed the lives of three people and injured over 100 people. By 2031, the country aims to move ahead of its designation as a 'Least Developed Country' and be counted among 'middle-income countries.' Bangladesh will also advocate for major climate actions and look for more funding. Sri Lanka, another South Asian country falls under the category and has asked for IMF assistance because of the economic crisis the country has been facing. (With inputs from agencies) WATCH WION LIVE HERE

IMF announces $4.5 billion assistance to Bangladesh to combat rising inflation

Inflation and abortion are the top voter concern on election day. The turnout has been much more expensive than anticipated. It's being seen as a sign of how crucial this year's midterms have become.

US Midterm Elections: Inflation and abortion top voter concerns

China's exports and imports have unexpectedly contracted in October. Surging inflation and rising interest rates have hammered global demand while new covid-19 curbs at home disrupted output and consumption.

WION Business News | China's export growth unexpectedly contracts

The high inflation hasn't just hit the common people but interestingly even billionaire investors globally have been hit as well. As returns from the stock investments fall, Warren Buffet's Berkshire Hathaway posted a $2.7 billion third quarter loss.

Warren Buffet's firm Berkshire reports $2.7 billion Q3 loss

Turkish annual inflation climbed to a new 24-year high of 85.51% in October, official data showed on Thursday, slightly below forecast, after the central bank cut its policy rate despite surging prices.

Inflation has surged since last year, when the lira slumped after the central bank began cutting its policy rate in an easing cycle long sought by President Recep Tayyip Erdogan.

In the last three months, the central bank slashed its policy rate by a total of 350 basis points to 10.5%. It promised another cut this month as the final move in the current easing cycle, running counter to the global monetary policy tightening trend.

Month-on-month, consumer prices rose 3.54%, the Turkish Statistical Institute said, below 3.60% forecast in a Reuters poll. Annually, consumer price inflation&nbsp;was forecast to be 85.60%.

Also read |&nbsp;<a href="https://www.wionews.com/world/with-over-90-votes-counted-netanyahu-on-course-to-become-israel-pm-530821" hreflang="en">With over 90% votes counted, Netanyahu on course to become Israel PM</a>

The annual inflation in October was the highest since June 1998, when Turkiye was working to end a decade of high inflation.

Haluk Burumcekci, founder of Burumcekci Consulting, said the October print could be the peak for headline inflation if the lira does not weaken further.

"We think that the headline inflation may have seen its peak unless there is a depreciation from the lira's current level," he said. "A significant decline (in inflation) could only happen towards the 70-75% range due to the base effect in the last month of the year."

The lira's 44% decline last year and 29% this year was the main reason behind soaring inflation, in addition to surging energy prices.

Month-on-month clothing led the price rises with 8.34%, followed by food prices, which rose 5.09%, and furnishing and household equipment prices, which rose 4.38%.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/imran-khan-among-five-injured-after-firing-during-pti-rally-in-pakistan-530857">'Assassination attempt' on Imran Khan: Man fires shots, ex-Pakistan PM injured</a>&nbsp;

Transportation, which includes petrol prices, led the annual rise with 117.15%, followed by food prices at 99.05% and furniture and household equipment at 93.63%.

The median forecast for year-end inflation in the latest Reuters poll was 70.25%, while Turkiye's central bank raised its year-end forecast to 65.20% last week, its fourth upward revision this year.

The government's economic programme prioritises low rates to boost production and exports with the aim of achieving a current account surplus. The domestic producer price index was up 7.83% month-on-month in October for an annual rise of 157.69%.

Turkish annual inflation climbed to a new 24-year high of 85.51% in October, official data showed on Thursday, slightly below forecast, after the central bank cut its policy rate despite surging prices.

Turkish annual inflation climbed to a new 24-year high of 85.51% in October, official data showed on Thursday, slightly below forecast, after the central bank cut its policy rate despite surging prices. Inflation has surged since last year, when the lira slumped after the central bank began cutting its policy rate in an easing cycle long sought by President Recep Tayyip Erdogan. In the last three months, the central bank slashed its policy rate by a total of 350 basis points to 10.5%. It promised another cut this month as the final move in the current easing cycle, running counter to the global monetary policy tightening trend. Month-on-month, consumer prices rose 3.54%, the Turkish Statistical Institute said, below 3.60% forecast in a Reuters poll. Annually, consumer price inflation was forecast to be 85.60%. Also read | With over 90% votes counted, Netanyahu on course to become Israel PM The annual inflation in October was the highest since June 1998, when Turkiye was working to end a decade of high inflation. Haluk Burumcekci, founder of Burumcekci Consulting, said the October print could be the peak for headline inflation if the lira does not weaken further. "We think that the headline inflation may have seen its peak unless there is a depreciation from the lira's current level," he said. "A significant decline (in inflation) could only happen towards the 70-75% range due to the base effect in the last month of the year." The lira's 44% decline last year and 29% this year was the main reason behind soaring inflation, in addition to surging energy prices. Month-on-month clothing led the price rises with 8.34%, followed by food prices, which rose 5.09%, and furnishing and household equipment prices, which rose 4.38%. Also read | 'Assassination attempt' on Imran Khan: Man fires shots, ex-Pakistan PM injured Transportation, which includes petrol prices, led the annual rise with 117.15%, followed by food prices at 99.05% and furniture and household equipment at 93.63%. The median forecast for year-end inflation in the latest Reuters poll was 70.25%, while Turkiye's central bank raised its year-end forecast to 65.20% last week, its fourth upward revision this year. The government's economic programme prioritises low rates to boost production and exports with the aim of achieving a current account surplus. The domestic producer price index was up 7.83% month-on-month in October for an annual rise of 157.69%.

Turkiye's inflation shoots up to a 24-year high of 85.5% after rate cuts

Wall Street major Morgan Stanley is expected to start a fresh round of layoffs globally in the coming weeks, as dealmaking business takes a hit due to rising inflation and an economic downturn.

Morgan Stanley to reduce employee headcount in coming weeks as dealmaking slows

On Wednesday, the United States Federal Reserve raised interest rates again making it the fourth straight increase of 0.75% in a bid to combat inflation in the country which remains at a four-decade-high.&nbsp;

In a statement, the central bank said, “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” while reiterating its commitment to returning inflation to its 2% objective. This comes after the two-day meeting of the Federal Open Market Committee (FOMC).&nbsp;

The interest rate affects the cost of borrowing and investment in the economy which the Federal Reserve has been increasing since March in a bid to slow the economy down and bring down the soaring inflation in the country. This rate hike marks the central bank’s sixth consecutive increase just this year.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/us-federal-reserve-hikes-interest-rates-to-highest-level-since-2008-518597">US Federal Reserve hikes interest rates to highest level since 2008</a>

The policy decision set the target federal funds rate in a range between 3.75%-4% which is the highest since 2008. The Fed’s policy tightening has sparked a debate about its impact on the US and world economies, additionally, many fear that any further hikes could stress the financial system or even trigger a recession.&nbsp;

“Ongoing increases in the target range will be appropriate,” said the FOMC, indicating that they are “highly attentive” to the risks inflation poses which means that there could be further hikes in the future. This comes as the rate of inflation is at least triple the central bank’s target which has led them to increase rates marking the fastest rounds of increase since the 1980s.&nbsp;

Fed Chairman Powell: chances of&nbsp;‘soft landing’ for economy have&nbsp;‘narrowed’

Federal Reserve Board Chairman Jerome Powell addressed a news conference after the closing of the two-day meeting and said that the “ultimate level” of the central bank’s benchmark policy rate is higher than previously anticipated. Furthermore, chances for the so-called “soft landing” for the economy have “narrowed” but are “still possible”, said Powell.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/videos/federal-reserve-raises-rates-by-75-basis-point-most-aggressive-rate-hike-since-1994-488624">Federal reserve raises rates by 75 basis-point, most aggressive rate hike since 1994</a>

While investors have supposedly been speculating about the 75-basis point rate hike, they had been anticipating a decrease in the rate hikes after its meeting in December. After the speech, US stocks reportedly went volatile with Dow falling more than 500 points, S&amp;P 500 sinking by 2.5% and the Nasdaq Composite fell 3.4%, as of Wednesday, reported CNN.&nbsp;

(With inputs from agencies)&nbsp;

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On Wednesday, the United States Federal Reserve raised interest rates again making it the fourth straight increase of 0.75% in a bid to combat inflation in the country which remains at a four-decade-high.

On Wednesday, the United States Federal Reserve raised interest rates again making it the fourth straight increase of 0.75% in a bid to combat inflation in the country which remains at a four-decade-high. In a statement, the central bank said, “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” while reiterating its commitment to returning inflation to its 2% objective. This comes after the two-day meeting of the Federal Open Market Committee (FOMC). The interest rate affects the cost of borrowing and investment in the economy which the Federal Reserve has been increasing since March in a bid to slow the economy down and bring down the soaring inflation in the country. This rate hike marks the central bank’s sixth consecutive increase just this year. ALSO READ: US Federal Reserve hikes interest rates to highest level since 2008 The policy decision set the target federal funds rate in a range between 3.75%-4% which is the highest since 2008. The Fed’s policy tightening has sparked a debate about its impact on the US and world economies, additionally, many fear that any further hikes could stress the financial system or even trigger a recession. “Ongoing increases in the target range will be appropriate,” said the FOMC, indicating that they are “highly attentive” to the risks inflation poses which means that there could be further hikes in the future. This comes as the rate of inflation is at least triple the central bank’s target which has led them to increase rates marking the fastest rounds of increase since the 1980s. Fed Chairman Powell: chances of ‘soft landing’ for economy have ‘narrowed’ Federal Reserve Board Chairman Jerome Powell addressed a news conference after the closing of the two-day meeting and said that the “ultimate level” of the central bank’s benchmark policy rate is higher than previously anticipated. Furthermore, chances for the so-called “soft landing” for the economy have “narrowed” but are “still possible”, said Powell. ALSO READ: Federal reserve raises rates by 75 basis-point, most aggressive rate hike since 1994 While investors have supposedly been speculating about the 75-basis point rate hike, they had been anticipating a decrease in the rate hikes after its meeting in December. After the speech, US stocks reportedly went volatile with Dow falling more than 500 points, S&P 500 sinking by 2.5% and the Nasdaq Composite fell 3.4%, as of Wednesday, reported CNN. (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.

In a historic move, US Federal Reserve raises interest rate by 0.75% again

The threat of rising inflation is playing out pretty much every major European economy and in Turkey the inflation rates has accelerated to 85.51% in October. According to the official data this is the highest level since 1997.

Turkiye: Inflation hits 24-year high, tops 85%

More than 30,000 delegates, including representatives from some 200 countries, will gather November 6-18 in Egypt for the COP27 Climate Summit.

WION Climate Tracker: COP27 to test resolve of world battling war, inflation

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