According to Bloomberg researchers, China's economic growth may lag behind the United States for the first time since 1976 as a result of the coronavirus quarantine. China's GDP will expand by at least 2%, according to the agency. The economy of the United States is predicted to expand by at least 2.8 percent this year. According to the Chinese government's official forecast, the country's GDP...

The United States has pledged $215 million to combat the global food problem. US Secretary of State Antony Blinken has announced an additional $215 million commitment to combat the global food crisis. "We are announcing $215 million in new emergency food assistance today, given severity of the crisis," Blinken said from the UN Security Council platform on Wednesday. He stated that Washington...

Electric cars have become a major source of cobalt demand for the first time, overtaking smartphones. Experts warn of risks of cobalt shortages after 2024. Electric cars have overtaken smartphones and computers for the first time to become the top source of cobalt demand by 2021, the Financial Times said, citing a report by the Cobalt Institute. Cobalt is a by-product of copper and nickel mining,...

According to the Energy Information Administration (EIA) of the US Energy Department, oil output in the primary US oil and gas producing areas, which includes shale oil, would increase by 142,000 barrels per day, or 1.6 percent, to 8.761 million barrels in June compared to the present month. The Permian Basin will increase output by 88,000 barrels per day to 5.219 million barrels per day, the...

According to Bloomberg, the US Federal Reserve's interest rate hike and the strong dollar are hurting global economic development. Emerging economies have been particularly vulnerable, partly due to capital flight. The dramatic rise in the value of the dollar this spring has pushed the global economy even deeper into synchronized recession. This is driving up borrowing costs and causing...

Consumer goods retail sales in China declined 0.2 percent year on year to 13.81 trillion yuan ($2.03 trillion) in January-April, according to figures released by the country's national statistics bureau on Monday. Online retail sales grew 3.3 percent. In the period under review, urban retail sales declined 0.3 percent year on year to 11.99 trillion yuan ($1.76 trillion). Sales in the countryside...

On Thursday, Asian currencies fell to multi-year lows versus the US dollar, as the latest inflation data fueled the US currency's surge. The dollar had strengthened significantly against various Asia-Pacific currencies by the close of the trading day in Hong Kong, including Australia, China, and South Korea. The strengthening of the dollar is due in part to increased demand for US assets such...

President Joe Biden has personally intervened to remedy the newborn formula crisis, promising to remove bureaucratic barriers to increase supply and threatening speculators. The shortfall of formula is estimated to be 40-50 percent, big merchants have begun rationing single-handed supplies, and the political establishment is discussing whether American kids should be prioritized before those of...

The index of economic expectations in the euro area fell to minus 34 points (from minus 29.8 points in April), which was the lowest since December 2008, according to research group Sentix. The eurozone's index of investor confidence in the economy fell to minus 22.6 points in May from minus 18 in April, the lowest since June 2020. The index of current economic conditions fell to minus 10.5 points...