When Tesla’s Shanghai plant and other auto factories were shut over the last two months by emergency measures to control China’s biggest COVID-19 outbreak, the burning question was how quickly…
more ...Germany: Quitting Russian Oil by Late Summer Is ‘Realistic’
Germany says it’s making progress on weaning itself off Russian fossil fuels and expects to be fully independent of Russian crude oil imports by late summer. Economy and Climate Minister…
more ...Germany Slashes Energy Reliance on Russia
Germany said Sunday it has made progress in sharply reducing its reliance on Russian energy, a strategic shift Europe’s biggest economy has embarked on since Russia invaded Ukraine. Russian supplies…
more ...Buffett Details Spending Spree, Takes Jab at Wall Street
Billionaire finance guru Warren Buffett, who complained recently that he did not know where to put his money, said Saturday he has invested billions of dollars so far this year,…
more ...Despite Payment, Investors Brace for Russia to Default
Prices for Russian credit default swaps — insurance contracts that protect an investor against a default — plunged sharply overnight after Moscow used its precious foreign currency reserves to make…
more ...Nepal Second South Asian Country to Grapple with Economic Woes
Nepal has banned imports of cars, alcohol and other luxury goods to conserve foreign exchange reserves as spiraling prices of fuel and food imports stemming from the war in Ukraine…
more ...Foreign Businesses Consider Leaving China Amid Lockdowns
Chris Mei has been stuck in his Shanghai flat for a month save for PCR testing and occasional volunteer work delivering food to neighbors. That will change in a couple…
more ...Tech Stocks Sink Again; Nasdaq Has Worst Month Since 2008
The Dow Jones Industrial Average slumped more than 900 points Friday as another sharp sell-off led by technology added to Wall Street’s losses in April, leaving the S&P 500 with…
more ...Amazon Stock Falls After Company Reports First Quarterly Loss in 7 Years
Amazon share prices fell 11% Friday after the massive online retailer posted its first quarterly loss in seven years. Amazon lost $3.84 billion during the first quarter of this year…
more ...Zelenskyy’s Invite to G20 Not Enough for Biden
Indonesian President Joko Widodo, who holds this year’s Group of 20 (G-20) presidency, announced Friday that he has invited Ukrainian President Volodymyr Zelenskyy to the economic forum’s November summit in…
more ...Russia Makes Last-Gasp Dollar Bond Payments in Bid to Avoid Default
Russia made what appeared to be a late u-turn to avoid a default on Friday, as it made a number of already-overdue international debt payments in dollars despite previously vowing…
more ...Iftar Is More Expensive Everywhere This Year. Here’s Why.
However Muslims break their fast this Ramadan, they’re probably paying more for it than last year. Some of the reasons are the same everywhere. Shockwaves from the war in Ukraine,…
more ...US Economy Shrinks 1.4% in Last Three Months
The U.S. economy unexpectedly shrank 1.4% in the first three months of 2022 compared to a year ago, the government reported Thursday, raising fears that the world’s largest economy could…
more ...Tesla Value Falls $126 Billion Amid Musk Twitter Deal Funding Concerns
Tesla lost $126 billion in value on Tuesday amid investor concerns that Chief Executive Elon Musk may have to sell shares to fund his $21 billion equity contribution to his…
more ...Zimbabwe Loaf of Bread Now Costs $2, a 100% Increase Since Russia Invaded Ukraine
One of the citizens feeling the pinch of rising prices in Zimbabwe is Christine Kayumba. She says she can’t afford to buy bread for her four dependents on her salary…
more ...Workers Make Gains as ‘Great Resignation’ Tightens Labor Markets
When the coronavirus pandemic hit New Orleans in March 2020, Jeremy Fogg, an executive pastry chef at a popular local restaurant, suddenly found himself without a job. Fogg was far…
more ...Ukraine War Adds to Supply Strain in Global Auto Industry
A global shortage of microchips is only a part of the difficulty roiling the global automotive industry. As more drivers return to work as pandemic restrictions ease — increasing demand…
more ...Tourists Return to Kashmir as COVID Wanes
Tourist operators in the Indian-administered Kashmir Valley are celebrating a return of visitors after several lean years prompted by COVID-19 and — before that — unrest over India’s revocation of…
more ...Elon Musk’s Tesla Races Ahead of Rising Costs With Price Hikes
Tesla, Inc. results surged past Wall Street expectations Wednesday, as higher prices helped insulate the electric vehicle maker from supply chain chaos and rising costs. The results also should trigger…
more ...US, Canada, UK Walk Out of G-20 Meeting Over Russia’s Participation
Senior leaders of the United States, Canada and the United Kingdom walked out of a meeting of the Group of 20 major economies on Wednesday in protest of the G-20’s…
more ...South Africa Floods Could Hurt China Trade
Some of the worst flooding in South Africa’s history has left more than 400 people dead and some 40,000 displaced, dealing a devastating blow to the eastern city of Durban,…
more ...Will Rescuing Middle America Save Democracy?
Closing the economic divide in the hard-hit industrial Midwestern United States could dampen the fervor of anti-democratic populism, a new working paper suggests. Populism is ascribed to political movements that…
more ...Russia-Ukraine War Slowing Global Economic Recovery
The International Monetary Fund has slashed its forecast for global economic growth to 3.6% this year, saying Russia’s war in Ukraine threatens a fragile recovery from disruptions caused by the…
more ...IMF Predicts Slower Economic Growth Due to Russia-Ukraine War
The world economy will grow at a slower pace because of Russia’s invasion of Ukraine, the International Monetary Fund said in a report Tuesday. The organization forecasts growth of 3.6%…
more ...Biden to Require US-made Steel, Iron for Infrastructure
The Biden administration is taking a key step toward ensuring that federal dollars will support U.S. manufacturing — issuing requirements for how projects funded by the $1 trillion bipartisan infrastructure…
more ...Toymaker Struggles With Supply Chain Delays
Many businesses rely on fast shipments by sea and land to get the components they need to make and distribute their products. But backups at U.S. ports and slowdowns in…
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