ECONOMY

Argentina's new leader Javier Milei unveiled Wednesday a series of measures to deregulate the country's struggling economy, eliminating or changing more than 300 rules via presidential decree, including on rent and labor practices.

US companies have long complained about what they see as an unfair business environment in China, with limited protection for intellectual property and preferential treatment afforded to domestic competitors.

Brazil's central bank cut its key interest rate by half a point for the fourth straight time Wednesday, continuing the easing President Luiz Inacio Lula da Silva hopes will spur Latin America's biggest economy.

The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to the weakening of the global economy and increases in output outside the bloc.

Turkey's annual inflation rate ticked up slightly in November, the state statistics agency said on Monday, showing further signs of levelling off following a series of sharp interest rate hikes.

German output shrank in the third quarter, official data published Monday showed, adding to a continued gloomy picture for Europe's largest economy despite falling inflation.

US Federal Reserve officials agreed last month they should hold interest rates high "for some time" in their ongoing fight against inflation, according to minutes of the meeting published Wednesday.

The US Federal Reserve's fight against inflation seems to be heading in the right direction, while the US economy remains resilient, a senior Fed official said Wednesday.

The German government slashed its growth forecast Wednesday, predicting Europe's top economy will shrink this year as it battles high inflation, elevated energy prices and a manufacturing slump.

Governor of the South African Reserve Bank, Lesetja Kganyago admitted that load shedding and logistics constraints also played a role in increasing business expenses and the cost of living in the country.

"Without swift and fitting consequences, we risk eroding public trust in our capacity to manage public funds effectively, with less and less funding available to deliver much-needed services to our people," Minister of Finance of South Africa, Enoch Godongwana said.

"This ensures transparency regarding the profit margins set by producers and retailers of these products. With upstream commodity prices declining in the first half of 2023, the Commission is now focusing on how quickly this translates into lower prices for consumers," the Competition Commission said.

A 15-year high in rice prices, prompted by top exporter India's restrictions on overseas sales, should be a wake-up call on how climate change can disrupt food supplies, experts say.

Global rice prices reached a 15-year high in August after top exporter India banned some overseas sales of the grain, the Food and Agriculture Organization said Friday.

South Africa gained a huge benefit from a rise in investments in machinery and equipment including products related to renewable energy, as per government agency, Statistics South Africa.

"The Commission has noted the 'rocket and feather' effect, where prices are quick to rise often in excess of cost increases and slow to fall once cost pressures decline. It has also flagged the concentrated nature of the food and retail markets as a concerning contributing factor," Minister in the Presidency of South Africa, Khumbudzo Ntshavheni said.

Eurozone inflation remained unchanged in August, official data showed Thursday, leaving the European Central Bank faced with a conundrum over whether to continue hiking interest rates amid fears of a deepening economic downturn.

Kenya's struggling national carrier Kenya Airways on Tuesday reported a surge in losses in the first half of the financial year due to increased foreign exchange and borrowing costs.

"The rationale for entering with the Chinese in this regard is because they are a dominant player in the renewable energy space. They have 688 gigawatts of installed capacity of renewables, a combination of PV and wind," Minister Kgosientsho Ramokgopa said.

"As a BRICS nation, we must continue to support and invest in the township economy. By doing so we can rewrite the narrative of our township and create a brighter and more inclusive future for all," Minister Maropene Ramokgopa said.

Travis King defected to North Korea to escape "mistreatment and racial discrimination in the US Army", state media said Wednesday, Pyongyang's first official confirmation they are holding the American soldier.

UK unemployment increased in the three months to the end of June while wages grew at record annual pace, official data showed Tuesday, as the economy struggles with high inflation.

Russia's central bank on Tuesday hiked its key interest rate from 8.5 to 12 percent, after the ruble crashed to a more than 16-month low against the dollar.

China on Tuesday released weaker than expected economic data, with slowing retail sales growth pointing to shaky consumer confidence in the world's second-largest economy.

The Russian ruble slid past 100 against the dollar Monday, its lowest level since March 23, 2022 -- weeks after Moscow unleashed full-scale hostilities in Ukraine.

China last month suffered its biggest fall in exports for more than three years, official data showed Tuesday, as the world's second-largest economy is battered by sluggish global demand and a domestic slowdown.

Fitch downgraded the United States' top-notch credit rating by a step on Tuesday, citing a growing federal debt burden and an "erosion of governance" that has manifested in debt limit standoffs.

The US Federal Reserve is poised to announce a fresh quarter percentage-point hike to its benchmark lending rate on Wednesday to tackle inflation, while keeping the option open for more such moves in the coming months.

The world is heading for a record grain harvest in the 2023-2024 season thanks to gains for maize and rice, but the market remains under pressure thanks to El Nino and risks due to the war in Ukraine.