The U.S. economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining, raising the risk that the economy was on the cusp of a recession.
The International Monetary Fund (IMF) on Tuesday attested that the world is in danger of falling into another global recession, the Times of Israel (TOI) reports. The IMF gave its grim view in its latest World Economic Outlook (WEO), amid surging inflation and severe economic slowdowns in the US, the Euro zone, and China.
In the East, however, security and economy-focused blocs led by Beijing and Moscow are looking to take on new members of their own, including Iran and Saudi Arabia, two influential Middle Eastern rivals whose interest in shoring up cooperation on this new front could have a significant impact on global geopolitical balance.
Europe, already rattled by record inflation, faced more headache this weekend after Italy’s president dissolved the Parliament of Europe’s third-largest economy.
Inflation in the US hit a 40-year high in May, as America joined the UK, the Eurozone, and countries in Africa, South America, and Asia fighting massive consumer prices against a backdrop of the pandemic and the Russian invasion of Ukraine.
Tense protests continued in Hungary’s capital till the early hours of Thursday after the government announced “an energy emergency” and effectively raised taxes for hundreds of thousands of small entrepreneurs as the nation’s currency plunged to record lows while inflation reached the highest levels in decades.
The Biden administration sold roughly one million barrels from the Strategic Petroleum Reserve to a Chinese state-controlled gas giant that continues to purchase Russian oil, a move the Energy Department said would “support American consumers” and combat “Putin’s price hike.”
Hungary will host hundreds of religious Jewish refugees from Ukraine who require kosher food, a rabbi says.
U.S. producer prices surged 10.8% in May from a year earlier, underscoring the ongoing threat to the economy from inflation that shows no sign of slowing.
Markets are beginning to anticipate an even faster pace of interest rate hikes, and Federal Reserve officials apparently are contemplating the possibility as well.
Iran has announced the deaths of two military aerospace workers, the latest in a series of mysterious deaths in the strict Islamic nation underscoring mounting internal turmoil.
The Biden administration on Friday set new requirements that increase the amount of ethanol that must be blended into the nation’s gasoline supply but reduce previous ethanol-blending requirements due to a plunge in fuel demand during the coronavirus pandemic.
The European Union canceled plans to impose sanctions against Russian Orthodox Church leader Patriarch Kirill after Hungary threatened to veto the bloc’s latest round of measures against Russia for its invasion of Ukraine.
German Chancellor Olaf Scholz has expressed shock after at least four people were killed and 30 more were injured Friday when a regional passenger train derailed in Bavaria’s alpine southern German state. He said his “sympathy was with families of the victims.”
Thirty-one people, including numerous children, were killed Saturday during a stampede at a church’s free food event in Nigeria’s River state, the Associated Press reports.
The woman overseeing tens of thousands of nutritious meals for school children in Kenya has won The World’s 50 Best Restaurants Icon Award 2022, Worthy News learned Tuesday.
Israel and the United Arab Emirates signed a comprehensive, “groundbreaking” free trade agreement on Tuesday in a bid to boost economic ties between the two countries, as trade hit about $2.5 billion in the less than two years since the US-brokered Abraham Accords were inked, according to recent estimates.
European Union leaders say they will block most Russian oil imports by the end of 2022 to punish Moscow for invading Ukraine. But the EU embargo will only affect oil that arrives by sea following opposition from Hungary.
The Commerce Department has revised its first-quarter real gross domestic estimate to show the U.S. economy contracted at an annualized rate of 1.5%, compared to its original estimate in late April of 1.4%.
Hungary’s hardline prime minister said his government had assumed emergency powers Tuesday in response to the war in Ukraine after his allies amended the constitution.