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Every Person £1,500 Worse Off as UK Enters Recession, Charity Warns
By The Smartencyclopedia Staff  & Agencies Date: February 16, 2024 A cost-of-living crisis has left each person in the UK approximately £1,500 worse off as the country officially entered a technical recession at the end of 2023, according to data from the Office for National Statistics (ONS). This marks the
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Japan Slips to Fourth-Largest Economy Amid Recession
By The Smartencyclopedia Staff  & Agencies  Japan, once the world’s second-largest economy, has lost its position as the third-largest to Germany as it unexpectedly slipped into a recession. The country reported two consecutive quarters of contraction on Thursday, with a 0.4% annualized contraction in the fourth quarter, following a revised
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Barclays to Acquire Tesco’s Retail Banking Operations in £600m Deal
Tesco Bank Customers Assured a Seamless Transition as Barclays Takes Over Credit Cards, Loans, and Savings Accounts By The Smartencyclopedia Staff & Agencies In a strategic move, Barclays is set to acquire Tesco’s retail banking operations in a deal valued at £600 million, signaling a significant development in the financial
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Navigating Uncertainty: Financial Sector’s Role in Global Cooperation
By The Smartencyclopedia Staff As the world grapples with political, economic, and geopolitical uncertainties, the financial sector emerges as a key player in fostering global cooperation and restoring stability. The year 2024 is poised to be pivotal for financial and monetary systems worldwide, with challenges ranging from divided electorates to
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EU Budget Breakdown: Decoding the €64.6 Billion Deal
By The Smartencyclopedia Staff & Agencies The European Union has reached a landmark budget deal, adding an extra €64.6 billion to its common budget. However, as the dust settles, the fine print reveals the intricacies of the agreement forged among member states, each vying for their priorities amidst political pressures
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The Trump Legacy at Stake: Ivanka Trump’s Potential Rise Amidst Legal Turmoil
By The Smartencyclopedia Staff As Donald Trump navigates the stormy waters of his New York fraud trial, a potential successor to the Trump business empire emerges – Ivanka Trump. The $370 million civil fraud trial, spearheaded by New York Attorney General Letitia James, has placed the former president, along with
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The Empty Office Crisis: A Looming Threat to Cities and the Economy
By The Smartencyclopedia Staff In May 2021, JPMorgan Chase CEO Jamie Dimon expressed optimism about a return to pre-pandemic office life by September or October. Fast forward two years and the reality is starkly different. Commercial real estate is facing a crisis as office vacancy rates in the U.S. surpassed
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Tata Steel’s Ambitious Shift: 2,800 Job Cuts and a Green Transformation in U.K.’s Biggest Steelworks
By The Smartencyclopedia Staff & Agencies In a significant move to transform its unprofitable U.K. operations, Indian firm Tata Steel has announced plans to close both blast furnaces at its Port Talbot plant in Wales. This decision comes to streamline the business, making it more environmentally sustainable, and reducing carbon
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UN Report: Global Economic Growth Faces Continued Challenges in 2024
By The Smartencyclopedia Staff & Agencies A new report from the United Nations warns that global economic growth is expected to face further headwinds, projecting a slowdown from an estimated 2.7% in 2023 to 2.4% in 2024. The World Economic Situation and Prospects report, released on Thursday, paints a cautious
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Icelandic Innovation Soars in 2023: KLAK Leading the Charge
By The Smartencyclopedia Staff  The year 2023 will be etched in Iceland’s history as a transformative turning point in its innovation landscape. The spotlight shines on the achievements of pioneering companies, showcasing the potential of Icelandic ingenuity on the global stage. Among these trailblazers, Oculis, a pharmaceutical company rooted in
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U.S. economy 2024: Navigating the Precipice – Unveiling the Economic Parallels with 2008
By José Carlos Palma* In the intricate tapestry of economic cycles, the year 2024 emerges as a pivotal juncture with eerie echoes of the events leading up to the 2008 financial crisis. A nuanced examination reveals a disconcerting parallelism between the Federal Reserve’s responses then and now, raising concerns that
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Venezuela and Spain Form Petroquiriquire: A Strategic Alliance in the Oil Industry
Francisco Gea, left, and Pedro Rafael Tellechea during a news conference in Caracas on Monday.Photographer: Carlos Becerra/Bloomberg By The Smartencyclopedia Staff & Agencies In a significant move aimed at boosting Venezuela’s oil sector, Venezuela’s state-owned oil company PDVSA, and Spain’s Repsol have forged a joint venture named Petroquiriquire. The alliance
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