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Economics Gazette

Economy and Business news

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December 18, 2018

North Korean economic reform had started

The promise of the North Korean leader Kim Jong-un to work for “socialist economic development” could bring reforms inspired by the Chinese model,, but Pyongyang will never say it. The regime announced on Saturday the end of the nuclear tests and trials of intercontinental missiles, and closed the nuclear experiment field. This gesture was welcomed


Russia prepares to get big influence in Croatia

Two of Russia’s largest banks are in the process of gaining a significant stake in Croatia’s largest retailer. In this way Russia is expanding its reach on the periphery of the European Union, which for years has been trying to repel Russian investments. The state-owned Sberbank and VTB Group are starting to convert claims of

Iran is ready for reaction against the breakdown of the nuclear deal

The Iranian nuclear agency is ready for “expected and unexpected” reactions if the US withdraws from the multinational nuclear deal, as US President Donald Trump threatens to do. “Our Atomic Energy Organization is fully prepared for actions they expect and actions they do not expect”, said the Iranian President Hassan Rouhani, citing a possible Trump

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Bitcoin Cash rose by 80% in a week

Bitcoin Cash appreciated significantly in the past week and rose by 17% on Monday. Thus, in the last seven days, the rise in its price has reached 80%. The main driver of the upward price movements is the forthcoming splitting of the currency into two. The process called “fork” represents a major deviation in the

The IMF has to deal with external imbalances

The International Monetary Fund (IMF) needs to take action to tackle major external imbalances, demand the removal of trade barriers and the protection of intellectual property rights, according to the US Finance Minister Steven Mnuchin. In a statement to the IMF Steering Committee on Saturday, he said that countries that have large and sustainable external

The UK retail sales declined in Q1 2018 due to bad winter weather

The UK retail sales reported their biggest quarter-on-quarter decline in January-March 2018, after the unusually cold and snowy weather apparently left home buyers. The retail sales volume in March shrunk by 1.2% after an increase of 0.8% was recorded in February. Last month, analysts’ consensus forecast was down, but 0.5%. For the first quarter, the

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The UK annual wage growth accelerated in February

The UK annual wage growth excluding bonuses has accelerated to 2.8% in February, the National Statistics Office reported. The consumer price inflation averaged to 2.9%, and is expected to slow to 2% in the year. The data may spur speculation that the British Central Bank will raise interest rates again next month, although the economy

Average hourly EU labor costs reached 26.80 EUR in 2017

The average hourly labor costs in the EU economy were 26.80 EUR in 2017, varying widely from 4.90 EUR in Bulgaria to 42.5 EUR in Denmark. The value includes agriculture and public administration, calculating all the costs for wages but also social charges paid by the employer. For the Eurozone the the labor costs in

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