Biden’s burdens grow: Sagging global economy adds to US woes

WASHINGTON (AP) – As President Joe Biden embarks on Asia on Thursday, he’s facing a new risk at home for the economy and his Democratic Party: a global slowdown caused by Russia’s invasion of Ukraine and the pandemic shutting down Chinese cities and factories. The world economy can not cast US ballots. But it’s a … Read more

The Cryptocurrency Crash Is Great News For The Rest Of The World. Here’s Why

Cryptocurrencies like Bitcoin were meant to be used as digital cash. Instead, they’ve become popular as speculative investments. As well as being resource-intensive and inherently wasteful, cryptocurrencies are also incredibly volatile. Prices for the largest cryptocurrencies, Bitcoin and Ethereum, have both dropped by over 55 percent in six months, leading some to suggest that regulation … Read more

As inflation slows and ruble rallies, Russia is hoping to avoid a crisis

Russian President Vladimir Putin. Pool | Reuters Russia believes it has swerved a financial crisis as its currency rallies and economic data improves, but strategists say the numbers mask some ugly truths for Moscow. Although inflation in the country is running hot, there are signs that price rises are slowing and will continue to do … Read more

Iran raises prices of food staples, stirring panic and anger

DUBAI, United Arab Emirates (AP) – Iran abruptly raised prices as much as 300% for a variety of staples such as cooking oil, chicken, eggs and milk on Thursday. Scores of alarmed Iranians waited in long lines to snatch up bundles of food and emptied supermarket shelves across the country in the hours before the … Read more

Senate confirms Powell for 2nd term as Fed fights inflation

WASHINGTON (AP) – The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell’s high-stakes efforts to curb the highest inflation in four decades. The 80-19 vote reflected broad support in Congress for the Fed’s drive to combat surging prices through a series of sharp … Read more

US inflation dips from 4-decade high but still causing pain

WASHINGTON (AP) – Inflation eased slightly in April after months of relentless increases but remains near a four-decade high, imposing a continuing financial strain on American households. Consumer prices jumped 8.3% last month from a year ago, the government said Wednesday. That was below the 8.5% year-over-year surge in March, which was the highest since … Read more

EXPLAINER: Recession fears grow. But how high is the risk?

WASHINGTON (AP) – Inflation is at a 40-year high. Stock prices are sinking. The Federal Reserve is making borrowing much costlier. And the economy actually shrank in the first three months of this year. Is the United States at risk of enduring another recession, just two years after emerging from the last one? For now, … Read more

Why the UK economy is one of the most vulnerable right now

George Clerk | E + | Getty Images There’s an economic idiosyncrasy in the UK that makes it “one of the most vulnerable countries in the world right now,” according to an investment strategist. Mike Harris, the founder of Cribstone Strategic Macro, argues that a major problem for Britain is that its mortgage market is … Read more

Your cash savings may get a higher return but only at certain banks

Guido Mieth | DigitalVision | Getty Images Banks are starting to pay a higher return on your cash – good news for savers who’ve seen their stockpiles languishing from a gruesome combination of low interest rates and high inflation. However, some banks are moving faster than others. Some, particularly traditional brick-and-mortar shops, may not budge … Read more