All articles tagged with #business and economy
France and Saudi Arabia struck a €6 billion plan to build three amusement parks near Paris (one manga-themed) near Cergy-Pontoise, led by Qiddiya, expected to create about 22,000 jobs and form part of a broader package of deals in energy, AI, aviation, transport and defense signed during MBS’s visit to Paris.
July payrolls fell by 23,000 as education, government and retail cut jobs, while the unemployment rate eased to 4.1% and labor-force participation dipped to 61.4% — the lowest in five years, with about 264,000 people leaving the labor force. Retail lost 19,000 jobs (big-box retailers hardest hit), leisure and hospitality shed 40,000, and local education dropped 49,000, though healthcare added 22,000. June’s gains were revised down to +20,000. With wage growth lagging inflation and Fed rate expectations shifting little, the report underscoring a sluggish economy helped push modest stock gains in trading.
A group of 25 Democratic-led states filed a lawsuit in the U.S. Court of International Trade challenging the Trump administration’s new double-digit tariffs on about 60 trading partners, arguing the levies use a forced-labor pretext to reimpose tariffs previously ruled illegal by the Supreme Court. The White House defends the measures as a legal response to unfair practices, while critics say the authority under IEEPA/Section 301 does not justify the new tariffs, which followed expired temporary tariffs and affect a broad swath of imports.
US GDP rose 1.5% in Q2 2026, down from 2.1% in Q1 as consumer spending was boosted by tax refunds and higher fuel costs while a widening trade deficit and elevated energy prices weighed on momentum. Inflation (PCE) stood at 3.7% year over year in June, the Fed held rates at 3.5–3.75%, and markets rose on the data as AI/tech investment remains a growth driver.
Spain's first large-scale regularisation since 2005 drew 1,174,978 applications from migrants seeking legal status; about 608,000 are in processing with provisional residency and work permits, and 159,097 have registered with Social Security, while roughly 11,000 have received final approval. The plan, backed by civil society and churches, aims to formalise work—especially in care—amid an ageing population, but critics say it exposes how many live without rights and that processing will take time and face systemic challenges.
Germany’s ruling CDU/CSU–SPD coalition unveiled a broad reform package called the Programme for Revival and Employment, including about €10 billion in annual income tax relief for low- and middle-income earners from 2027, a major pension overhaul linked to life expectancy after 2031 (potentially reaching 70 by the 2090s), tighter sick-leave rules, longer fixed-term contracts, and reduced bureaucracy. The plan is funded mainly by shifting more tax burden onto top earners and aims to boost growth while countering far-right pressure, but still requires Bundestag and Bundesrat approval. Analysts say it could improve sentiment and lift growth later in the year.
EU trade commissioner Maros Sefcovic pressed China’s Wang Wentao, warning that Europe’s market share in China is shrinking as Chinese exports to the bloc rise, and backing tougher measures such as overhauling the Cyber Security Act, an Industrial Accelerator Act prioritising EU-made goods, and sourcing-diversification rules for sensitive sectors; with July 1 duties on steel and a small-parcel customs charge looming, the bloc seeks to avoid a full-blown trade war while carmakers face job cuts amid EV competition, and Sefcovic and Wang outlined four workstreams and a joint trade-monitoring mechanism to pursue meaningful concessions.
Cuba's Communist Party approved an emergency package with unprecedented free-market measures to expand private enterprise, permit private banks, enable private real estate development and private-sector shares in state firms, and attract foreign investment (including from Cubans abroad), signaling a major economic shift amid intensified U.S. pressure and EU sanctions; President Diaz-Canel acknowledged domestic obstacles but said reforms cannot be postponed, with Raul Castro backing the plan despite expected hardline opposition.
Al Jazeera marks Elon Musk as the world’s first trillionaire and uses an interactive tool to show how $1 trillion could be allocated across 35 categories, offering examples like funding famine relief, providing clean water, and rebuilding areas, while noting all values are estimates.
Kevin Warsh was sworn in as Fed chair amid ongoing questions about the central bank's independence and inflation pressures; with a June policy meeting approaching and markets pricing a high likelihood of no rate change, Warsh—one of 12 voting members—faces a delicate balance between political pressure and monetary policy independence.
A New York civil complaint accuses JPMorgan Chase executive director Lorna Hajdini of a months-long campaign of sexual assault, racial harassment and workplace intimidation against a former colleague, including unsolicited advances, derogatory racial slurs, alleged drugging with Rohypnol, and threats of retaliation; the plaintiff says the bank enabled the abuse and retaliated after reporting it, while JPMorgan denies the allegations and says it will defend the suit.
QatarEnergy has declared force majeure on some long-term LNG supply contracts (including buyers in Italy, Belgium, South Korea and China) due to disruptions tied to the US–Israel war on Iran. Attacks damaged Ras Laffan, cutting about 17% of Qatar’s LNG export capacity and sidelining 12.8 million tonnes of production per year for 3–5 years, with an estimated $20 billion in lost annual revenue, contributing to higher energy prices and tighter supplies to Europe and Asia.
Millions of tourists are expected to boost economies in Texas and New York during the upcoming solar eclipse, with industries such as hotels, eyeglasses manufacturers, and skydiving companies preparing for increased business. The eclipse is predicted to benefit the US economy by nearly $1.6 billion, with tourists expected to spend big on lodging, activities, food, and gas. Hotels and Airbnbs within the eclipse's path of totality are already sold out, while eyeglasses manufacturers have seen a surge in sales of solar-filtering glasses. Additionally, skydiving companies are offering eclipse skydiving experiences, and restaurants are creating eclipse-themed menus and specials to capitalize on the celestial event.
China narrowly missed surpassing Japan as the world's top car exporter in 2023, with over 70% of its exports being gasoline-powered vehicles, many of which went to Russia and Mexico. The country's new energy vehicle penetration reached 40% of new passenger car sales, significantly higher than in the U.S., and Chinese electric car company BYD outperformed Tesla in overall vehicle production. Chinese car makers are expected to increase their share of the domestic auto market to 75% by 2030, potentially leading to trade disputes, particularly in the case of Chinese car sales to Mexico.
China is redirecting its investment focus to Latin America in an effort to compete with Western influence in the region. This shift comes as China seeks to expand its global economic reach and counter the influence of the United States and Europe. The move signifies a strategic maneuver in the ongoing competition for economic dominance in Latin America.