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Russian President Vladimir Putin said Friday that Moscow’s military intervention in Ukraine was not the cause of global economic troubles, instead blaming Western countries for using the situation to cover up their own mistakes. “What is happening is not the result of recent months, much less the result of a special military operation that Russia is conducting in the Donbas,” Putin said referring to the predominantly Russia-speaking region of Eastern Ukraine. “The rising prices, […]
by Heather Scott Agence France-Presse WASHINGTON, United States (AFP) — A massive interest rate hike by the US Federal Reserve and promises of more to come are fueling warnings that the only offramp from the searing price hikes engulfing American families is a full-blown recession. The Fed remains hopeful it can slow activity and demand, cooling the blistering pace of inflation, without derailing the world’s largest economy. But skepticism is growing about the chances of […]
BEIJING, China (AFP) — China’s factory output and retail sales remained weak in May, official data showed Wednesday, with tepid demand and lingering Covid restrictions putting a damper on growth in the world’s second-largest economy. The government is persisting with a zero-Covid strategy to stamp out clusters as they emerge, but this has placed companies and consumers at the mercy of snap, economically damaging lockdowns. Retail sales sank 6.7 percent on-year in May, the National […]
by Yelim Lee Agence France-Presse INCHEON, South Korea (AFP) — South Korean truck drivers will return to work Wednesday after reaching an agreement with Seoul to end an eight-day protest over wages and fuel costs that had snarled global supply chains. The truckers’ industrial action had disrupted production and shipments for the crucial steel, petrochemical and automobile sectors, in an early test for new President Yoon Suk-yeol who has vowed to deal with labor disputes […]
SYDNEY , Australia (AFP) — Australia raised the minimum wage by over five percent on Thursday, a slower-than-inflation increase as prices for basic goods soar. The Fair Work Commission set the new minimum rate at Aus$21.38 (US$14.75) an hour, a 5.2 percent increase. Inflation is forecast to hit seven percent by the end of the year, according to central bank governor Philip Lowe. Food, fuel and other costs have been pushed higher by Russia’s invasion […]
by Beiyi Seow Agence France-Presse BEIJING, China (AFP) — Bedevilled by high fuel and fertilizer costs, along with a labor crisis driven by Covid-19 restrictions, China risks a smaller autumn harvest that could supercharge demand for commodities just as the world can afford it least. Global food prices have spiked since Russia’s February invasion of Ukraine, a major world producer of wheat, corn and sunflower oil, driving costs to record highs. Moscow stands accused of […]
NEW YORK, United States (AFP) — The average price of premium gasoline at the pump has surpassed $5 a gallon for the first time in the United States, the American Automobile Association (AAA) reported Saturday. That record level, coming on top of months of soaring inflation, represents the latest bad news for President Joe Biden just five months before crucial midterm elections. A year ago, the average price of gas in the US was […]
SYDNEY, Australia (AFP) — Australia’s prime minister joked he would huddle with top officials Thursday to discuss the soaring cost of lettuce and local KFCs’ decision to replace the verdant leaf with a cabbage mix on their Zinger Burgers. Dubbing the fast-food chain’s decision “crazy”, center-left leader Anthony Albanese quipped the situation had become a national “crisis”. Lettuce prices have soared by as much as 300 percent in Australian cities thanks to recent flooding and […]
by Jonathan JACOBSEN The OECD warned Wednesday that the world economy will pay a “hefty price” for Russia’s invasion of Ukraine as it slashed its 2022 growth forecast and projected higher inflation. The Paris-based organisation, which represents 38 mostly developed countries, is the latest institution to predict lower GDP growth due to the conflict, which has sent food and energy prices soaring. In its latest economic outlook, the Organisation for Economic Co-operation and Development […]
https://youtu.be/RV7AVJxTqdQ World Bank on 07June issued a new forecast for the global economy, showing that global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than the 4.1 percent that was anticipated in January. Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth […]
by Beiyi Seow Agence France-Presse BEIJING, China (AFP) — The World Bank has sharply slashed its annual growth forecast for China, warning in a report Wednesday that Covid disruptions could further slow recovery in the world’s second-largest economy. China is the last major economy wedded to a zero-Covid policy, using rapid lockdowns, mass testing and strict movement restrictions to eliminate outbreaks — but it has tangled supply chains and dragged economic indicators to their […]
BUENOS AIRES, Argentina (AFP) — Argentina’s president vowed Monday to pursue a special tax on company profits boosted by the war in Ukraine, a phenomenon he described as an “immorality” given the inflationary pressure on poor households. While millions were feeling the pain of rising food prices, the war also “benefits the few… who are gaining a lot,” Alberto Fernandez said in an address. “This is an immorality, an indecency, which as the State we cannot […]
