Economy
McDonald's eyes speedy ramp-up to 50,000 restaurants by 2027
McDonald's announced an aggressive expansion roadmap Wednesday to reach 50,000 restaurants worldwide by 2027, in the fastest growth plan in brand history. The company is planning about $2.5 billion in capital expenditures in 2024 and will add $300 million to $500 million each year thereafter through 2027.
Big US banks balk at new capital rules in Senate hearing
Large US banks railed against new proposed capital requirements at a congressional hearing on Wednesday, joining Senate Republicans in casting the measures as crimping loans to everyday Americans.
Canada maintains key interest rate at 5%
Canada's central bank on Wednesday held its key lending rate at five percent, citing the global economic slowdown and easing inflation. The data "suggest the economy is no longer in excess demand," the central bank said, adding the economic slowdown has reduced price pressures for an array of goods and services.
Italy's ruling parties kill minimum wage bill
Italy's governing right-wing parties on Wednesday scuppered an attempt by the opposition to introduce a minimum wage, which would have brought the country into line with the majority of the EU. Members of parliament voted instead to give Prime Minister Giorgia Meloni's hard-right government six months to enact measures to make pay in Italy "fairer".
US October trade deficit widens further on decline in exports
The US trade deficit continued to grow in October due to a fall in exports, according to government data published Wednesday. October's widening trade deficit was the result of a $2.6 billion decline in the value of US exports to the world, while imports rose by $500 million.
US private sector job growth slows in November
Hiring in the US private sector eased in November, as the post-pandemic boom in restaurant and hotel employment moderated, payroll firm ADP said Wednesday. "Restaurants and hotels were the biggest job creators during the post-pandemic recovery," ADP Chief Economist Nela Richardson said in a statement.
EU seeks agreement on world's first AI law
EU seeks agreement on world's first AI law
CBN approves new guideline for customers to report service failure
The governor of the Central Bank of Nigeria, Olayemi Cardoso, has approved the bank’s reviewed Service Charter, according to a notice on its website...
Volkswagen to reduce workforce as it chases profits
Volkswagen said Wednesday it would cut its workforce over the coming years as the German auto giant seeks to boost its profitability and reboot a faltering shift to electric cars. "Over the coming years, we will need to reduce our workforce in a socially responsible way," the group's human resources chief Gunnar Kilian said.
Economy
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