US faces ‘narrowing path’ to avoid recession: IMF chief

WASHINGTON (AFP) – With inflation rising sharply, and the Federal Reserve raising interest rates, the United States is facing an increased risk of a downturn, IMF managing director Kristalina Georgieva said on Friday (June 24). The world’s largest economy rebounded strongly from the pandemic downturn, but with the “unwelcome side effects” of rising prices, she […]

Cisco, Nike join growing number of Western firms leaving Russia

MOSCOW (REUTERS) – Telecoms equipment-maker Cisco will wind down its business in Russia and Belarus, the company told Reuters on Thursday (June 23), as the pace of Western companies departing accelerates. The United States company stopped business operations, including sales and services, in the region in March. Cisco joined US sportswear-maker Nike which also said […]

Fed’s Powell says commitment to curbing inflation is ‘unconditional’

WASHINGTON (REUTERS) – The Federal Reserve’s commitment to reining in 40-year-high inflation is “unconditional” but also comes with the risk of higher unemployment, United States central bank chief Jerome Powell said on Thursday (June 23). “It’s unconditional,” Powell told the US House of Representatives Financial Services Committee when asked about the Fed’s commitment to fight […]

COVID jab scheme for world’s poorest pushes for slow delivery

A pharmacist reconstitutes the Pfizer-BioNTech COVID-19 vaccine as she fills syringes with the vaccine for the incoming public at the UMass Memorial Health Care COVID-19 Vaccination Center in the Mercantile Center in Worcester, Massachusetts on April 22, 2021. (JOSEPH PREZIOSO / AFP) MEXICO CITY / LONDON / HARARE / COPENHAGEN / PARIS – Leaders of the […]

UN chief voices concern about Lithuania-Russia tension

Freight cars stand on the railroad tracks of the freight station in Kaliningrad, Russia on June 21, 2022. (PHOTO / AP) UNITED NATIONS/MOSCOW – UN Secretary-General Antonio Guterres on Tuesday expressed grave concern about the current tension between Lithuania and Russia over Kaliningrad, said his spokesman. "We are, obviously, following these developments very closely in […]

UK PM Johnson faces prospect of bruising by-election defeats

A sign thanks visitors for visiting, outside Tiverton in south west England, on June 10, 2022, ahead of the Tiverton and Honiton by-election on June 23. (GEOFF CADDICK / AFP) TIVERTON/WAKEFIELD, England – British Prime Minister Boris Johnson could this week lose two parliamentary seats that once illustrated his broad appeal, showing his declining popularity […]

Desperate Chinese property developer willing to ‘swop wheat for house’

HONG KONG (REUTERS) – A desperate developer in China’s softening property market is coming up with a novel promotion to attract buyers, recently offering to take wheat and garlic as down payments. One advertisement of Henan-based developer Central China that had “swop wheat for house” in the title says buyers can use the crop, priced […]

Elon Musk says Tesla’s new car factories ‘losing billions of dollars’

SAN FRANCISCO (REUTERS, BLOOMBERG) – Tesla’s new car factories in Texas and Berlin are “losing billions of dollars” as they struggle to increase production because of a shortage of batteries and China port issues, chief executive Elon Musk said in an interview published on Wednesday (June 22). “Both Berlin and Austin factories are gigantic money […]

US Fed chief Powell warns US recession ‘certainly a possibility’

WASHINGTON (BLOOMBERG) – Federal Reserve chair Jerome Powell gave his most explicit acknowledgement to date that steep interest rate hikes could tip the United States economy into recession, saying one is possible and calling a soft landing “very challenging”, “The other risk, though, is that we would not manage to restore price stability and that […]