Classifieds
EU criticizes France for excessive debt
BRUSSELS — The European Union’s executive arm on Wednesday criticized France for running up excessive debt, a stinging rebuke at the height of an election campaign where President Emmanuel Macron is facing a strong challenge from the extreme right and the …
G7 leaders discuss economic threats from China, AI ethics
On Friday, U.S. President Joe Biden wrapped up meetings in Italy with leaders of the Group of Seven democracies. The leaders focused on threats they say China poses to the global economy and artificial intelligence ethics championed by Pope Francis. …
World Bank: Inflation, poverty keep climbing in war-torn Myanmar
Bangkok — Myanmar’s economy shows no signs of recovering from the 2021 military coup, as civil war drives more workers abroad, pushes inflation into triple digits in some parts of the country and pulls it deeper into poverty, a new World …
US Federal Reserve sees inflation progress but envisions only one rate cut this year
washington — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled they expect to cut their benchmark interest rate just once this year. The policymakers’ forecast for one rate cut was …
US inflation cooled in May in sign that price pressures may be easing
WASHINGTON — Inflation in the United States eased in May for a second straight month, a hopeful sign that a pickup in prices that occurred early this year may have passed. The trend, if it holds, could move the Federal Reserve …
EU moves to hike tariffs on Chinese electric car imports, escalating trade spat
BRUSSELS — The European Union moved Wednesday to hike tariffs on Chinese electric vehicles, escalating a trade dispute over Beijing’s subsidies for the exports that Brussels worries is hurting domestic automakers. The European Commission, the EU’s executive arm, said it would …
G7 to warn small Chinese banks over Russia ties, sources say
Washington — U.S. officials expect the Group of Seven (G7) wealthy democracies to send a tough new warning next week to smaller Chinese banks to stop assisting Russia in evading Western sanctions, according to two people familiar with the matter. Leaders …
US employers add a robust 272,000 jobs in May
WASHINGTON — America’s employers added a strong 272,000 jobs in May, accelerating from April and a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates. Last month’s sizable job gain suggests that …
No more chicken Big Macs – EU court rules against McDonald’s in trademark case
Brussels — McDonald’s MCD.N does not have the right to use the term “Big Mac” for poultry products in Europe after not using it for them for five consecutive years, the region’s second top court said on Wednesday, a partial win …
US farmers opt for soy to limit losses as all crop prices slump
Chicago — Mark Tuttle planted more soy and less corn on his northern Illinois farm this spring as prices for both crops hover near three-year lows and soybeans’ lower production costs offered him the best chance of turning a profit in …
CEOs got hefty pay raises in 2023, widening the gap with the workers they oversee
New York — The typical compensation package for chief executives who run companies in the S&P 500 jumped nearly 13% last year, easily surpassing the gains for workers at a time when inflation was putting considerable pressure on Americans’ budgets. The …
Nigeria unions begin indefinite strike as economic crisis bites
Abuja, Nigeria — Nigerian unions began an indefinite strike on Monday, closing schools and public offices, impacting airports and shutting down the national power grid after talks with the government failed to agree a new minimum wage. The worst cost-of-living crisis …
OPEC+ agrees to extend output cuts to buttress oil prices
Vienna, Austria — The OPEC+ group of oil-producing nations agreed Sunday to extend their production cuts in a bid to support prices, as economic and geopolitical uncertainty looms over the market. The 12-member oil cartel and its 10 allies decided …