With prices rising over 200% last year—the greatest level in three decades—Argentina has unsulliedly surpassed Venezuela to become the Latin American nation with the highest inflation rate in 2023. The South American grain producer said on Thursday that prices had increased by 25.5% in December alone, for an annual inflation rate of 211.4%. The Venezuelan…
Experts believe that China and India’s rising economies would continue to drive coal demand even as they establish ambitious renewable energy targets. While China is the world’s greatest energy consumer, India is rated third, and both countries rely heavily on coal to fuel economic growth. According to forecasts by energy watchdog International Energy Agency, China’s…
The fintech industry suffered even more in 2023, with worldwide investment plummeting by half as rising interest rates and worsening macroeconomic conditions forced investors to tighten their belts, according to global investment estimates provided exclusively with CNBC. According to data from Innovate Finance, a financial technology industry association, investment in fintechs fell by 48% last…
Following a strong market surge, investors who bet against U.S. and Canadian equities had paper losses of $194.9 billion last year, according to data source S3 Partners Research, which released its findings on Thursday. 2023 was deemed by the company to be a “very challenging year” for short sellers due to the S&P 500’s 24.2%…
Massive inflows into US equities funds occurred in the week leading up to December 27, supported by anticipation of an early rate drop by the Federal Reserve following data indicating further cooling of inflation in November. Investors bought U.S. stock funds for a net total of $14.57 billion during the week, which was the largest…
China’s rapidly increasing coffee consumption has sparked fierce competition between domestic and international coffee chains, which in recent months have launched thousands of branded locations, surpassing the total number of coffee shops in the US. Analysts predict that as coffee shops spread beyond Beijing and Shanghai to dozens of mid-sized cities where young professionals have…
Hong Kong’s luxury shops are adjusting to a decline in wealthy Chinese visitors to the city and a change in the type of tourists who visit Instagram-worthy locations in hip neighbourhoods instead of shelling out big bucks for designer clothing. Because of its appeal to affluent mainland tourists, the Chinese Special Administrative Region has defied…
On Thursday, the European Central Bank reaffirmed that borrowing costs will continue at record highs despite lower inflation projections, countering wagers on impending interest rate reduction. The European Central Bank (ECB) did not modify borrowing prices and refrained from mentioning any potential decrease, emphasising that inflation would likely increase and price pressures would still be…
Diamonds have long been coveted, from Greek mythology to Marilyn Monroe’s Hollywood and De Beers’ astute marketing. However, due to the recent collapse in pricing, the once-dazzling stones have started to lose their lustre. “The current softness in natural diamond prices is primarily a correction, following what I would say is a record run up…
In what looked to be a more muted Black Friday than in previous years, consumers descended upon stores worldwide in search of deals on electronics, apparel, and household products as the start of the holiday shopping season—a critical period for major retailers. Brokerage TD Cowen predicted flat Black Friday traffic, so it cut its projection…
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