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German economy holds up in 2022, despite Ukraine war fallout
The German economy grew a better-than-expected 1.9 percent in 2022, official data showed Friday, as government relief measures cushioned Europe's export giant from an energy crisis triggered by the Ukraine war.
UK economy wins World Cup boost but recession looms
Britain's economy unexpectedly grew in November as consumers splurged during the World Cup, official data showed Friday, but analysts warned that it remains on course for recession due to the cost-of-living crisis. Germany's economy, which is also expected to go into a recession this year, avoided a contraction late last year, with data Friday showing it stagnated in the fourth quarter.
German pawnbrokers offer a quick fix to inflation pain
At a pawn shop in the west German city of Duisburg, a young woman hands over a mobile phone and in return gets a wad of cash to help make ends meet -- for a while. Clients come to the shop -- usually towards the end of the month -- to get quick cash without too many questions asked.
UK economy posts surprise growth in November: data
Britain's economy unexpectedly grew in November, official data showed Friday, but it is widely tipped to enter recession this year as the country faces a cost-of-living crisis. "While the economy performed better than expected in November, the data can't mask the underlining problems in the UK economy," said economist Alpesh Paleja at the CBI business lobby.
China imports, exports plunge in December: customs
China's exports in December fell at their fastest pace since 2020, according to official data Friday, owing to a drop in global demand and after health restrictions hit economic activity at home. Exports had been the main driver of China's economy since 2020, when the global shutdown led to strong demand for Chinese goods such as medical products, and then as the rest of the world reopened.
Most markets rise as US inflation boosts Fed slowdown hopes
Asian markets mostly rose again Friday and the dollar remained under pressure after data showing another slowdown in US inflation fuelled bets the Federal Reserve will take a softer approach to its monetary tightening campaign.
All-out drone war in Ukraine points to future
Deployed on a scale never seen before to carry out both surveillance and strikes, drones ranging from small commercially-available models to larger aircraft have become a defining feature of the Ukraine conflict.
Full brunt of financial tightening yet to materialize: IMF
Countries have yet to see the full impact of tightening financial conditions, IMF chief Kristalina Georgieva said Thursday, warning that central banks have some way to go in their inflation battle. While tighter financial conditions will have a "dramatic" impact on countries with high debt levels, Georgieva said the IMF does not see a "systemic debt crisis on the horizon."
ExxonMobil dismissed own global warming forecast: study
ExxonMobil publicly downplayed climate change even though scientists for the oil giant had accurately predicted global warming from fossil fuels as far back as the late 1970s, according to a study published on Thursday. "It isn't as if we could just turn around and say, 'ExxonMobil stop producing fossil fuels,' and then we'd solve the problem," Schmidt said.
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