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Drops Forecast for Global Economic Growth in 2022 to 3.1%
The United Nations is significantly lowering its forecast for global economic growth this year from 4% to 3.1%. The United Nations on Wednesday significantly lowered its forecast for global economic growth this year from 4% to 3.1%, saying the war in Ukraine has triggered increasing global food and commodity prices and exacerbated inflationary pressures, upending […]
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UK inflation jumps to 40-year high of 9%
U.K. inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country’s cost-of-living crisis. Consumer prices rose by 2.5% month-on-month, fractionally below expectations for a 2.6% climb in a Reuters poll of economists, which had also projected a 9.1% annual increase. The 9% […]
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Sri Lanka down to last day of petrol new P.M say
Sri Lanka’s new prime minister says the country is down to its last day of petrol as it faces its worst economic crisis in more than 70 years. In a televised address, Ranil Wickremesinghe said the nation urgently needs $75m (£60.8m) of foreign currency in the next few days to pay for essential imports. He […]
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Investors withdraw over $7 billion from tether
Investors have withdrawn more than $7 billion from tether since it briefly dropped from its dollar peg, raising fresh questions about the reserves underpinning the world’s largest stablecoin.Tether’s circulating supply has slipped from about $83 billion a week ago to less than $76 billion on Tuesday, according to data from CoinGecko.The so-called stablecoin is meant […]
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Saudi oil giant Aramco’s profits by 80% fuelled
Oil giant Saudi Aramco has revealed its profits skyrocketed by more than 80% in the first three months of the year, with prices buoyed by post-pandemic global demand and the Ukraine war. The bumper first-quarter earnings by the state-owned firm, which overtook Apple as the world’s most valuable company last week, showed a record net […]
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Emirates Airline soaring fuel price $1.1 billion loss
Dubai’s Emirates Airline narrowed its losses to $1.1 billion in the year to March, even as soaring jet fuel costs threaten to overshadow a recovery in travel demand. The world’s largest long haul carrier said revenue jumped 91% to $16.1 billion dollars, as travel lockdowns eased and the airline added capacity. Emirates posted a $5.5 […]
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Russia to suspend electricity supply to Finland
Russian energy supplier RAO Nordic says it will suspend deliveries of electricity to Finland from Saturday, citing problems with payments. The company said it had not been paid for previous deliveries. The Finnish grid operator said Russia provided only a small percentage of the country’s electricity and that it could be replaced from alternative sources. […]
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Natural gas prices have soared to a 14-year high
Add natural gas to the list of commodities in the U.S. whose prices are surging. Costs for the fossil fuel, which is used for heating and electricity as well as to produce plastics and petrochemicals, this year jumped to a 14-year high. The spot price for natural gas at the Henry Hub — a U.S. […]
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The EU has proposes ban on Russian oil imports
The European Union is proposing to ban all oil imports from Russia by the end of the year and remove the country’s biggest bank, Sberbank, from the SWIFT international payments network. European Commission President Ursula von der Leyen said Wednesday the measures would form part of a sixth round of sanctions against Russia over its […]
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Interest rate hikes Shares fall in Asia and the US
Stock markets in Asia and America have tumbled after the US central bank this week announced the biggest interest rate rise in 22 years. The sell-off comes as worries intensified over how rising prices – and the Federal Reserve’s steps to rein them in – will affect economic growth. Major share indexes in Hong Kong […]