China’s trade suffers worst slump in 2-1/2 yrs as COVID woes, feeble demand take toll
China’s exports and imports shrank at their steepest pace in at least 2-1/2 years in November, as feeble global and domestic demand, COVID-led production disruptions and a property slump at home piled pressure on the world’s second-biggest economy.
Exclusive: Tesla plans mass production start for Cybertruck at end of 2023
Tesla aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck Chief Executive Elon Musk unveiled in 2019, two people with knowledge of the plans told Reuters.
OPEC+ oil supply cuts could tip world into recession, IEA says
A decision by the OPEC+ oil producer group last week to rein in output has driven up prices and could push the global economy into recession, the International Energy Agency said on Thursday.
OPEC+ might have to raise oil output so market doesn’t overheat, Kazakhstan says
OPEC+ might have to raise oil production to avoid market overheating, OPEC+ member Kazakhstan said on Wednesday, as the group of oil producers meets amid U.S. pressure to add barrels to the market while most members have already exhausted their output potential.
As US eyes new China chip curbs, turmoil looms for global market
Export restrictions being considered by Washington to halt China’s advances in semiconductor manufacturing could come at a substantial cost, experts say, potentially disrupting fragile global chip supply chains – and hurting U.S. businesses.
Italy’s Ali Group sees shelter from economic storm in Welbilt deal
Welbilt’s exposure to the U.S. fast-food market will make new Italian owner Ali Group more resilient in a slowing global economy, while the deal will bring $100 million in cost savings, the chief executive of the catering equipment company told Reuters.
Oil prices fall as Libya resumes output, global demand outlook darkens
Oil prices fell on Friday on a weakening global demand outlook and the resumption of some Libyan crude oil output.
GLOBAL ECONOMY Global slowdown fears darken as cost of living bites
The global economy looks increasingly likely to be heading into a serious slowdown, just as central banks aggressively reverse ultra-loose monetary policy adopted during the pandemic to support growth, data showed on Friday.
Stocks make recovery bid, hemmed in by weakening world economy
World stocks attempted a move higher on Friday after four days of losses caused by mounting fears of economic downturn, even though the growth concerns were fanned further by data showing a sharp slowdown in China.
Bank of England tells lenders to brace for economic storm
The Bank of England warned on Tuesday that the economic outlook for Britain and the world had darkened and told banks to ramp up capital buffers to ensure they can weather the storm.
