Dow plunges low to 2022 on fear of recession in global markets

BEIJING — Shares fell sharply worldwide on Friday on concerns that an already slowing global economy could slide into recession as central banks ramp up pressure with additional rate hikes. The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since late 2020. The S&P500 fell 1.7%, close to the mid-June 2022 low, … Read more

European Central Bank implements largest rate hike ever

Frankfurt, Germany — The European Central Bank on Thursday delivered its largest rate hike ever, following the US Federal Reserve and other central banks in a global stampede of rapid rate hikes designed to stem record inflation, which is pushing consumers and Europe into recession. pushes, pressing the head. The bank’s 25-person board raised its … Read more

Give & take: West gives Ukraine weapons, bans Russian coal

Kyiv, Ukraine — In a day of give-and-take, Western countries have made more commitments to send weapons to Ukraine, while the European Union’s full ban on Russian coal imports went into effect Thursday, amid claims that sanctions against Moscow are now even influence defense exports. Chancellor Olaf Scholz promised on Thursday that Germany is “shipping … Read more

Ex-rebel takes oath as Colombian president in historic service

Bogotá Colombia — Colombia’s first left-wing president was sworn in on Sunday, promising to fight inequality and bring peace to a country long plagued by bloody feuds between the government, drug traffickers and rebel groups. Gustavo Petro, a former member of the Colombian guerrilla group M-19, won the presidential election in June by defeating conservative … Read more

EU reaches deal to ration gas amid Russian cut-off fears

BRUSSELS — European Union governments agreed on Tuesday to ration natural gas this winter to protect itself from further austerity measures by Russia as Moscow continues its invasion of Ukraine. EU energy ministers approved a draft European law aimed at cutting gas demand by 15% from August to March. The new legislation includes voluntary national … Read more

Fed plans to impose another major rate hike to fight inflation

WASHINGTON — Conflicting signals about the health of the US economy have put the Federal Reserve in a difficult position. With inflation at its highest point in four decades, the labor market strong and consumer spending still solid, the Fed is under pressure to aggressively raise interest rates. But other signs indicate that the economy … Read more

Russia FM visits Egypt, part of Africa trip amid war in Ukraine

KARO — Russian Foreign Minister Sergey Lavrov is in Cairo on Sunday for talks with Egyptian officials as his country tries to break diplomatic isolation and the West’s sanctions over the invasion of Ukraine. Lavrov landed in Cairo late Saturday, the first leg of his Africa journey that will also make stops in Ethiopia, Uganda … Read more

RBA Interest Rates: Warning of Further Rises as Inflation, Mortgage Payments Rise

Homeowners who took advantage of the record-low flat rates could be plagued with 40 percent higher amortization when they expire. In her maiden speech as Deputy Governor, Michelle Bullock of the RBA gave an estimate of the number of Australians who would be affected by interest rate hikes. The analysis, based on the assumption that … Read more

RBA warns of further rate hikes to curb inflation

Homeowners who took advantage of the record-low flat rates could be plagued with 40 percent higher amortization when they expire. In her maiden speech as Deputy Governor, Michelle Bullock of the RBA gave an estimate of the number of Australians who would be affected by interest rate hikes. The analysis, based on the assumption that … Read more