Private sector gloom amid rising wage costs and trade fears
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Daily Mail
8 minutes ago
- Daily Mail
US is heading for a sharp economic downturn, OECD warns
Donald Trump's aggressive trade policies have sent the global economy into a downturn, the Organization for Economic Co-operation and Development has warned. The US economy will be among the hardest hit with growth slowing from 2.8 percent in 2004 to just 1.6 percent this year, according to the group's new forecasts. The Paris-based organization also predicted on Tuesday that Trump's tariffs will hit the global economy harder than expected, slashing its growth forecast for the year down to 2.9 percent compared to 3.3 percent last year. If consumer price expectations become de-anchored the Fed could even be forced to raise rates again, the report warned. 'Weakened economic prospects will be felt around the world, with almost no exception,' OECD chief economist Alvaro Pereira said in the report. Uncertainty from the rapidly changing policies is also hitting consumer confidence and holding back investment, according to the report. The Economic Outlook report said that besides the US the slowdown will be concentrated in Canada, Mexico and China, countries hardest hit by Trump's tariffs. The OECD has called on governments to ease trade tensions and work to eliminate uncertainty. 'Agreements to ease trade tensions and lower tariffs and other trade barriers will be instrumental to revive growth and investment and avoid rising prices,' the OECD said. 'This is by far the most important policy priority.' The report comes as its members, including US trade representative Jamieson Greer, prepare to meet in Paris for their annual meeting. The OECD also criticized other key Trump policies including his vast reductions in the federal workforce and curbs on immigration, both of which are also dragging on the economy.
The Guardian
13 minutes ago
- The Guardian
Chicago Fire announce plans to build 22,000-seat stadium near downtown
This Chicago Fire on Tuesday announced plans to build a $650m, soccer-specific stadium in the South Loop of Chicago – a venue that will be part of a large development project called 'The 78.' The club aims to open the stadium in the spring of 2028, with the building of the venue itself requiring no public money, according to an announcement by the team's owner Joe Mansueto. It is planned to hold 22,000 spectators. The 62-acre vacant plot of land that will be used to construct 'The 78' is a former landfill and railyard along the banks of the Chicago river that has sat vacant and in development limbo for decades. The site is set to be developed by Realted Midwest, which acquired the land in 2016. The Chicago White Sox of Major League Baseball have also sought to build a new stadium there, even constructing a temporary field at the site. The MLB team and Related Midwest have sought more than $1bn in public financing for the baseball stadium project. 'This project is more than just a stadium,' Mansueto said in a statement released by the team. 'It's a space for fans of all ages, backgrounds and neighborhoods to come together and celebrate the beautiful game – right in the heart of our city. It's about investing in Chicago, not just on match days, but every day as a committed community partner.' The Fire have played at a number of venues since their founding in 1998 as one of Major League Soccer's first expansion clubs. The team began their life at Soldier Field, home of the NFL's Chicago Bears, where they build a considerable home field advantage and enjoyed some of the most vocal support in MLS at the time. Extensive renovations to Soldier Field forced the team to decamp to suburban Naperville, Illinois in 2002, before the club built its own stadium, SeatGeek Stadium, which opened in suburban Bridgeview in 2006. The stadium's location and the team's own struggles led to a decline in fan interest in the club, causing Mansueto to move the Fire back to Soldier Field after purchasing sole ownership of the team in 2019. Sign up to Soccer with Jonathan Wilson Jonathan Wilson brings expert analysis on the biggest stories from European soccer after newsletter promotion The site of 'The 78,' so called because it is seen as a new neighborhood in addition to the 77 that currently make up Chicago, is well served by public transportation. A home for the Fire there will be among a select group of MLS stadiums to be situated close to a home city's downtown area. When built, the Fire's stadium will be the 22nd soccer-specific stadium in the 30-team league.
Times
18 minutes ago
- Times
Dorset council generates £1.6m in speed camera fines after limit is cut
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