Author: Oliver Grant
US inflation below 5% for first time in two years
Prices for milk, airline tickets and new cars fell in the US last month, helping drive inflation to its lowest rate in two years. Inflation, the pace at which prices rise, was 4.9% in the 12 months to April, official figures show. That was down from 5% in March, and marks the tenth month in a row that price rises have slowed. The fall comes after the US central bank has sharply raised interest rates to try to control inflation. Inflation in the US peaked last June at 9.1% – the highest it has been since 1981. But officials have [Read More…]
Nato’s border with Russia doubles as Finland joins
Finland has become the 31st member of the Nato security alliance, doubling the length of member states’ borders with Russia. The Finnish foreign minister handed the accession document to the US secretary of state who declared Finland a member. Then in bright sunshine in front of Nato’s gleaming new headquarters, Finland’s white-and-blue flag joined a circle of 30 other flags. Finland’s accession is a setback for Russia’s Vladimir Putin. He had repeatedly complained of Nato’s expansion before his full-scale invasion of Ukraine. US Secretary of State Antony Blinken said by attacking his neighbour, the Russian leader had triggered exactly what [Read More…]
US firms ‘more negative’ about doing business in China
US companies are “more negative than they’ve been in a long time” about doing business in China, according to the president of the American Chamber of Commerce in China (AmCham China). As tensions continue to grow between the world’s two biggest economies, Michael Hart says that the rivalry has “made business very challenging”. The governments of President Xi and President Biden have been disagreeing on what seems like an ever-increasing number of issues; ranging from Ukraine, to coronavirus, and Taiwan, to Tiktok, and semiconductors. That is reflected in AmCham China’s latest annual survey of its more than 900 members. For the first [Read More…]
Venezuela’s slow economic recovery leaves poorest behind
After eight years of economic crisis, Venezuela’s economy is showing a few signs of recovery. But as BBC News Mundo’s Norberto Paredes reports from Caracas, while some of those living in the capital’s poorest neighbourhoods are trying to make the most of the new opportunities opening up, many have yet to feel the benefits of the apparent economic rebound. “I was about to turn 15 and I wasn’t sure if I wanted a party, a present or just the funds to open a small ice cream shop,” says Aray Arias Torres of the decision that led her to become one [Read More…]
Should China worry about its shrinking population?
China’s population has fallen for the first time in six decades, official statistics revealed earlier this week – but this trend may not spell doom for the country in the short term, experts say. Beyond 2030, however, demographic stress will be a drag on growth in what is currently the world’s second-largest economy. The number of Chinese people fell by 850,000 from the previous year to 1.4118 billion, the statistics showed. Its birth rate had been slowing for years, prompting a range of policies to try to slow this trend, including scrapping the country’s infamous one-child policy seven years ago. [Read More…]
UK economy shrank more than previously thought
The UK economy shrank by more than first thought in the three months to September, revised figures show. The economy contracted by 0.3%, compared with a previous estimate of 0.2%, as business investment performed worse than first thought, the Office for National Statistics (ONS) said. Growth figures for the first half of 2022 have also been revised down. The UK is forecast to fall into recession in the final three months of the year as soaring prices hit growth. A country is considered to be in recession when its economy shrinks for two three-month periods – or quarters – in a [Read More…]
Google to pay record $391m privacy settlement
Google will pay $391.5m (£330m) to settle allegations about how it collects data from users. The technology giant tracked the location of users who opted out of location services on their devices, 40 US states said. Google has been told to be transparent about location tracking in the future and develop a web page telling people about the data it collects. It is the largest privacy-related multi-state settlement in US history. A Google official said: “Consistent with improvements we’ve made in recent years, we have settled this investigation, which was based on outdated product policies that we changed years ago.” [Read More…]
How Xi Jinping made himself unchallengeable
Few foresaw that Xi Jinping would become the most assertive Chinese leader in decades – he is now all but set to secure a historic third term in power. A decade ago little was known about Mr Xi – apart from the fact that he was a “princeling” because his father was one of the country’s revolutionary leaders. His lineage helped him win the support of party elders, which was crucial to ascending power within the Chinese Communist Party (CCP) as these leaders often wielded political influence even after retirement. “Before his elevation, Xi Jinping was regarded as someone who [Read More…]
Ukraine makes breakthrough in south against Russia
Ukrainian troops have retaken more territory in regions illegally annexed by Russia, with Kyiv’s forces advancing near the southern city of Kherson and consolidating gains in the east. Russian-installed officials in Kherson confirmed the advance, but said Moscow’s forces were digging in. Ukrainian troops also moved towards Russian-held Luhansk in the east. Ukraine’s President Volodymyr Zelensky said “there are new liberated settlements in several regions”. Speaking during his nightly address, President Zelensky said “fierce fighting continues in many areas”, but he did not give details. The progress of Ukraine’s counterattacks have been closely guarded and reporters have largely been kept [Read More…]
Giorgia Meloni: Italy’s far-right wins election and vows to govern for all
Far-right leader Giorgia Meloni has claimed victory in Italy’s election, and is on course to become the country’s first female prime minister. Ms Meloni is widely expected to form Italy’s most right-wing government since World War Two. That will alarm much of Europe as Italy is the EU’s third-biggest economy. However, speaking after the vote, Ms Meloni said her Brothers of Italy party would “govern for everyone” and would not betray people’s trust. “Italians have sent a clear message in favour of a right-wing government led by Brothers of Italy,” she told reporters in Rome, holding up a sign saying [Read More…]
