Germany’s Outgoing Chancellor Merkel Allies Face Tough Election

Germany’s closely fought election on Sunday will set the direction of the European Union’s largest economy following 16 years under Angela Merkel. However, the party of the departing chancellor is scrambling to avoid defeat by its center-left rivals after a rollercoaster campaign.

China Sends Fighter Planes Into Taiwan’s Defense Zone

China sent 24 fighter planes, including two capable nuclear bombers, towards Taiwan on Thursday after the self-governing island said it plans to join an 11-nation Pacific trade group, the Taiwanese military said.

China asks local goverments to get ready for possible collapse of Evergrande

Chinese authorities are asking local governments to prepare for the potential downfall of China Evergrande Group, according to officials familiar with the discussions, signaling a reluctance to bail out the debt-saddled property developer while bracing for any economic and social fallout from the company’s travails.

US: Economy Advanced 6.6% from April to June

The United States said Thursday its economy grew at an annualized 6.6% rate in the April-to-June period as the world’s largest economy continued its recovery from the coronavirus pandemic.

Afghanistan has $1 trillion worth of essential mineral deposits

Although Afghanistan is desperately poor, the Taliban now rule over a nation with nearly $1 trillion worth of mineral deposits that the world needs to manufacture clean technologies, CNN Business reports. Experts have said that Afghanistan has the natural resources to become one of the region’s richest countries within 10 years.

US jobless applications continue steady decline

The number of US citizens applying for unemployment benefits fell for the third week in a row last week, the Washington Times reports. On Thursday the Labour Department said unemployment claims had fallen to 375,000 from 387,000 the previous week.

US Inflation Increases Again, Continues at Record High

U.S. consumer prices increases slowed in July even as they remained at a 13-year high on a yearly basis and there were tentative signs inflation has peaked as supply-chain disruptions caused by the pandemic work their way through the economy. The data could provide some support to Fed officials who have repeatedly said that the current burst in inflation is temporary and likely to fade as the handful of categories that have caused inflation to surge in recent months get back on an even keel.

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