Economy

Economy Latest News

Lights out for Indonesia civil servants as Prabowo cuts budgets
Lights out for Indonesia civil servants as Prabowo cuts budgets
by  AFP

From office lights switched off to out-of-service lifts, Indonesian civil servants are feeling the pinch after President Prabowo Subianto ordered sweeping budget cuts across government that he said will fund his big-ticket campaign pledges. But the cuts are also likely to free up funds for Prabowo's ambitious campaign pledges.

Asian markets drop as Fed flags concern over Trump policies
Asian markets drop as Fed flags concern over Trump policies
by  AFP

Asian markets turned negative Thursday amid Federal Reserve concerns that US President Donald Trump's tariffs and immigration measures could reignite inflation. The remarks come after a number of economists warned that the Republican's pledge to ramp up tariffs on trade partners while slashing taxes, regulations and immigration could fan inflation.

Heated immigration debate complicates Germany's search for workers
Heated immigration debate complicates Germany's search for workers
by  AFP

Hospital manager Kathrin Leffler says she worries Germany's tense pre-election debate on immigration will make it harder to recruit enough skilled workers from abroad to fill a growing labour shortage. - 'Immigrant complex' - Wassim Hadded, a 27-year-old nurse from Tunisia, is one of the skilled workers already tempted to Germany to fill a key role.

Australia seeks to turn failing steel plant into 'green' hub
Australia seeks to turn failing steel plant into 'green' hub
by  AFP

A failing Australian metals plant will be transformed into a hub for making "green iron and steel", Prime Minister Anthony Albanese said Thursday as the government stepped in with a billion-dollar rescue package. "Investment in green iron and steel will secure future demand for Australia's iron ore as the world moves toward lower emissions iron and steel," Albanese said.

Trump's labor nominee walks back pro-union stances
Trump's labor nominee walks back pro-union stances
by  AFP

Donald Trump's labor secretary nominee on Wednesday distanced herself from previous pro-union stances that sparked Republican criticism, as she called herself a champion of the US president's "America First agenda."

Trump administration tells Pentagon to slash budget
Trump administration tells Pentagon to slash budget
by  AFP

The Trump administration has ordered senior US military leaders to plan for expansive cuts that could slash the defense budget by eight percent annually, or some $290 billion within the next five years, US media reported Wednesday. The planned reductions also run counter to calls by Trump and Hegseth for NATO members to increase their military spending to five percent of GDP a year.

US Fed officials worried Trump policies could hinder inflation fight: minutes
US Fed officials worried Trump policies could hinder inflation fight: minutes
by  AFP

US Federal Reserve policymakers expressed concern last month about the potentially inflationary effects of President Donald Trump's trade and immigration proposals, according to minutes of the meeting published Wednesday. Policymakers raised concerns that "the effects of potential changes in trade and immigration policy" could complicate the disinflation process.

EU trade chief says bloc will respond swiftly to US tariffs
EU trade chief says bloc will respond swiftly to US tariffs
by  AFP

The European Union will respond "firmly and swiftly" to protect its interests if Washington imposes tariffs on the bloc's goods, its trade chief said Wednesday, rejecting President Donald Trump's claim that US-EU trade ties are unfair. "To protect European interests, we will have no choice but to respond firmly and swiftly," he added ahead of talks with his US counterparts.

Ikea hopes for furniture market improvement in 2026
Ikea hopes for furniture market improvement in 2026
by  AFP

World number-one furniture retailer Ikea is hoping the market will improve next year from a decline in consumer spending on furnishing their homes, one of its senior leaders told AFP. During a recent visit to Paris to visit the Swedish chain's new city-centre shop, Inter Ikea chief Jon Abrahamsson Ring told AFP that 2025 is likely to be "challenging".