Business· Verified
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The Business section covers the forces shaping markets, companies and economies around the world. Expect coverage of corporate strategy, banking and finance, trade policy, currency movements, regulation and the broader economic trends that affect households and industries alike.
Stories here track both major institutions and everyday economic shifts, offering context on how financial decisions, mergers, disputes and policy changes ripple through global and local markets.
Finance· Verified
Alphabet sheds $500bn as AI search features dent Google advertising income
Google spooked investors so badly that its stock hit a six-month low, after it revealed its AI search summaries were affecting ad revenue.
Business· Verified
US economic expansion accelerates to 3.4 percent in third quarter on consumer spending
The US economy grew faster than expected in the third quarter as resilient consumer spending and AI-driven business investment more than offset the impact of higher oil prices stemming from the conflict in the Middle East. Gross domestic product increased at a 3.4 per cent annualised rate last quarter, the Commerce Department’s Bureau of Economic Analysis said in its advance estimate of third-quarter GDP on Thursday. Economists polled by Reuters had forecast GDP advancing at a 3.2 per cent...
Finance· Verified
Christine Lagarde to resign as European Central Bank president in February 2027
Departure of Lagarde, seen as candidate to take over World Economic Forum, comes as eurozone struggles with weak growth and inflation Christine Lagarde, the eurozone’s top central banker, is stepping down nine months early. The European Central Bank announced on Thursday morning that Lagarde would step down as its president on 7 February 2027; her term was scheduled to run until the end of October next year. Continue reading...
Business· Verified
Tanzania confirms major natural gas find in southern Mnazi Bay
The energy minister described it as a "major milestone" for the East African nation.
Finance· Verified
Federal Reserve keeps interest rates unchanged ahead of midterm elections
The US Federal Reserve on Wednesday held interest rates steady, in line with market expectations, days ahead of crucial midterm elections where surging inflation has been a key issue. The 12-member Federal Open Market Committee voted 10-2 to hold rates at a target range between 3.75 to 4.00 per cent, citing the need for more data in the fight against inflation, after having hiked for the first time in three years at its previous meeting in September. “The accumulation of more information will...
Finance· Developing
Brazil markets drop sharply following Lula re-election victory
Investors react to Lula's victory with a sharp decline in the real and concern over increased spending and fiscal challenges.
Business· Verified
Audi plans $4bn Georgia SUV plant to counter US import tariffs
VW investment, creating 4,500 jobs in Georgia, comes amid Trump’s damaging tariffs, intense Chinese competition and costly shift towards EVs Audi has said it will spend $4bn (£3bn) to build its first factory in the US, as its parent company, Volkswagen, struggles with the impact of steep tariffs imposed by Donald Trump. The German brand’s chief executive, Gernot Döllner, joined Trump on stage at a campaign rally on Saturday night to announce the factory in Macon, Georgia, in an unusual move by a big European brand just days before the US midterm elections. Continue reading...
Finance· Verified
Oil prices surge as Middle East conflict escalates and Aramco evacuates base
Oil prices rose on Friday, with Brent crude touching a more than five-month high, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East. Brent crude futures gained $1.40, or 1.2 per cent, to $114.57 a barrel by 1138 GMT (4:38pm PKT), having earlier reached $115 for the highest level since May 4. US West Texas Intermediate crude gained $1.48, or 1.5pc, to $100.95. The Brent benchmark is on track for a third consecutive weekly gain, of 4.2pc, while WTI is poised to finish 0.5pc down on the week. Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported, as fighting intensified between the world’s largest crude exporter and Yemen-based Houthis. “The market remains concerned about a potential escalation, which, in a worst-case scenario, could trigger renewed supply disruptions,” said UBS analyst Giovanni Staunovo, adding that volatile oil flows and elevated freight rates have left the market undersupplied. Clashes between the Houthis and a Saudi-led coalition that backs Yemen’s internationally recognised government have raged since the Houthis pushed towards Bab el-Mandab, a shipping chokepoint at the mouth of the Red Sea. “The key factors to monitor now are the extent of actual disruption and the time needed to restore operations, as these will ultimately determine how much of a supply risk premium the market is willing to pay,” said XS.com analyst Linh Tran. “If attacks persist and delay deliveries, elevated prices will have a firmer foundation.” An oil spill from a tanker was detected off the coast of Umm Al Quwain, prompting containment operations and environmental assessments, the United Arab Emirates Ministry of Climate Change and Environment said on Friday. The ministry did not say what caused the spill, and authorities have not identified the tanker involved. In Libya, an oil pipeline valve from the Hamada and Tahara oilfields to Zawiya port was shut, leading to a reduction in production at both fields, the head of the National Oil Corporation told Reuters on Thursday. Meanwhile, the first Russian diesel bound for the US since a surprise agreement between Moscow and US President Donald Trump is aboard a tanker heading for New York, ship-tracking data showed today. Trump announced the deal this month as part of his efforts to bring down soaring diesel prices ahead of US midterm elections next month.
Business· Developing
Pakistan and Middle East economies face 1.3pc decline over Iran conflict, IMF says
The International Monetary Fund (IMF) on Thursday forecast a sharp drop in economic output in Pakistan, the Middle East and North Africa this year due to the US-Israeli-led war against Iran, followed by a rebound to 6.6 per cent growth in 2027, while warning that further energy production disruptions could worsen the outlook. The IMF said the region’s output was expected to contract by 1.3pc as a result of the war’s impact on energy production, shipping, tourism, trade and confidence. Economic output would increase sharply in 2027, but output in those economies would generally stay below pre-war projections. The war’s impact had been substantial, but uneven, with oil-exporting economies directly affected by disruptions to energy production and shipping hit harder, and oil importers proving to be more resilient, the IMF said in its regional outlook released Thursday in Dubai. The IMF said its baseline assumed that the conflict would abate in early 2027 and that trade would gradually normalise during the year, but it said the outlook remained clouded by “exceptionally high uncertainty.” “The main risks derive from further disruption to energy production and trade routes that could drive energy prices higher,” the IMF said in a statement outlining its key messages, noting external financial conditions could also tighten. External financial conditions could also tighten if investors reassess AI-driven productivity gains and interest rates rise further amid heightened concerns about inflation and fiscal positions, it said. Oil importers had proven more resilient, with domestic demand supported by remittances and tourism flows, favourable financial conditions, and prompt policy responses that safeguard consumers from higher commodity prices, the IMF said. Growth in the Caucasus and Central Asia was moderating toward a more sustainable pace, the IMF said, forecasting a 5.2pc rise in economic output in 2026 and 5pc in 2027. The IMF underscored the mantra it delivered during last week’s annual meetings, urging policymakers to prioritise maintaining price stability, while preserving fiscal sustainability, maintaining central bank independence and enacting structural reforms to boost productivity and create jobs.
Finance· Developing
France 10-year bond yields surpass 5% as political deadlock deepens
Yield on 10-year government bonds passes 5% amid failure to pass budget and fallout from violent street protests Business live – latest updates France’s borrowing costs have climbed above 5% for the first time in 24 years as political concerns and the government’s failure to agree a much-delayed budget spook the financial markets. With some civic buildings still smouldering from recent riots, a fresh bout of selling pushed up the yield – or interest rate – on bonds issued by the second largest economy in the eurozone. Continue reading...
Business· Verified
Aberdeen workers welcome approval of North Sea Jackdaw gasfield
Few believe decision will bring back city’s boom years, but workers hope it will keep as many North Sea jobs for now UK approves Jackdaw gasfield in North Sea What does the UK’s approval of the Jackdaw gasfield mean? As recently as 2012, Aberdeen boasted the highest concentration of millionaires in the UK. An ATM reportedly had the highest withdrawal rate in Europe in the 90s, as oil and gas wealth flowed through the city. House prices skyrocketed in the scramble for space as fossil fuel firms transformed the city’s grand granite houses into company offices. But that was then. Today, “for sale” and “to let” signs punctuate the city’s main thoroughfares. Disposable income in Aberdeen has fallen by nearly 20% between 2013 and 2023 – more than any other large UK city – after a 2014 oil price shock sparked a brutal reversal in Aberdeen’s fortunes. Continue reading...
Finance· Developing
UK inflation climbs to 3.5% as petrol and diesel costs surge
Inflation accelerated to 3.5% from 3.1% in the year to September, according to the Office for National Statistics (ONS).
Business· Verified
Elon Musk says panels formed to study potential Tesla and SpaceX tie-up
Elon Musk said SpaceX and Tesla Inc have formed special committees to explore a potential merger, a preliminary step towards what would rank as the largest corporate tie-up of all time. “I do think there’s a lot of merit to combining the companies,” Musk, the chief executive officer of both companies, said on Tuesday on SpaceX’s earnings webcast. “There’s a lot to be gained from cooperating on developing superintelligence software.” Musk said he is not taking part in the committee discussions...
Finance· Developing
G20 finance leaders meet in Bangkok as Middle East conflict shakes global economy
Officials meet in Thailand as conflict drives energy prices higher and casts uncertainty over global economy.
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