Frustrated over the escalating Russian invasion of Ukraine, the European Union’s leadership announced a new plan to penalize Russia financially. It wants a total ban on oil imports from Russia by the end of the year, but several EU member states objected.
The Federal Reserve on Wednesday raised its benchmark interest rate by half a percentage point as the most aggressive step yet in its battle against generational highs in inflation.
The U.S. trade deficit surged to a record high in March, confirming that trade weighed on the economy in the first quarter and could remain a drag for a while as businesses replenish inventories with imported goods.
Americans back the Republican Party over the Democratic Party by 19 points on its ability to handle inflation and by 14 points on its ability to handle the economy. The poll notes that 68 percent of likely voters disapprove of President Joe Biden’s approach to combating inflation. Democrats also lag behind Republicans by 12 points on their ability to handle crime—the GOP’s highest trust rating on the issue since the 1990s.
President Joe Biden is considering canceling student loan debt for millions of Americans, a move critics say could increase inflation and further exacerbate the nation’s economic woes.
The U.S. economy unexpectedly shrank 1.4% annually in the first quarter, the Commerce Department reported on Thursday, a sharp decline from the fourth quarter and below expectations that wavered between slow and negative growth.
Russia’s president warned Wednesday that any country interfering in Ukraine would face a “lightning-fast” response after he had already cut off natural gas to Poland and Bulgaria, members of the NATO military alliance.
The Federal Reserve is set to take its most aggressive action in decades to rein in inflation when it meets this week — a move that would have implications for the entire economy.
A pastor in Pakistan’s second-largest city says his evangelical congregation is celebrating its 10th anniversary, and he wants to expand despite the persecution faced by Christians in the Islamic nation.
Sixteen Republican attorneys general, led by Montana Attorney General Austin Knudsen, have called on President Joe Biden to reinstate the permit for the Keystone XL pipeline after learning that his administration wants to increase oil imports from Canada.
The US appeared to reject the key Iranian demand that it delist the Islamic Revolutionary Guard Corps in order for Tehran to return to compliance with the multilateral nuclear agreement the two sides reached in 2015.
Ukraine’s economy is forecast to shrink by a massive 45% this year, Radio Free Europe reports. The prediction was given by the World Bank on April 10, as Russia continues its devastating invasion of Ukraine.
French President Emmanuel Macron narrowly won the first round of the French election, but he faced a rocky road ahead as far-right rival Marine Le Pen will fight him for the presidency for a second time.
Federal Reserve officials are signaling that they will take a more aggressive approach to fighting high inflation in the coming months – actions that will make borrowing sharply more expensive for consumers and businesses and heighten risks to the economy.
Israel’s Defense Minister Benny Gantz and Foreign Minister Yair Lapid have told a gathering of 80 ambassadors to Israel that time is running out on the possibility of a good Iranian nuclear deal, World Israel News (WIN) reports.
The Pentagon has announced $300 million in additional aid to Ukraine.
Economy and Industry Minister Maj.-Gen. (Ret.) Orna Barbivay and the United Arab Emirates (UAE) Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi announced the conclusion of negotiations on a comprehensive bilateral free trade agreement.
The Biden administration on Wednesday announced it would provide $500 million in direct aid to Ukraine to boost the war-ravaged country’s struggling economy.
The Pentagon believes that Russian President Vladimir Putin “has not been fully informed” of the status of the invasion into Ukraine.
The government of India is expected to announce an agreement with its counterparts in Russia that will allow the countries to continue trading with one another while circumventing Western sanctions on Russia.