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Economy

U.S. annual inflation hits 8.6% in May, highest since 1981

Washington (The Times Groupe)- The U.S. annual inflation hit 8.6% in May, the highest level since December 1981, official data showed on Friday.

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U.S. annual inflation hits 8.6% in May, highest since 1981

Washington (The Times Groupe)- The U.S. annual inflation hit 8.6% in May, the highest level since December 1981, official data showed on Friday.

Fed on course for tightening to combat high inflation

Washington (The Times Groupe)- The Federal Reserve is on track to continue tightening monetary policy despite recession concerns.

US stocks open lower despite job additions beating estimate

New York (The Times Groupe)- US stock markets opened lower on Friday despite higher job gains in May than expected.

Biden announces new actions to boost baby formula manufacturing to ease shortage

Washington (The Times Groupe)- U.S. President Biden invoked the Defense Production Act on Wednesday to increase baby formula manufacturing in order to alleviate a nationwide shortage caused by a Michigan plant closing.

US Strategic Petroleum Reserve fallen to lowest level since 1987

Huston (The Times Groupe)- US Department of Energy data showed that crude oil reserves in the US Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13.

White House says $110 bln in infrastructure funds released in first 6 months

Washington (The Times Groupe)- The White House confirmed on Monday that $110 billion from the $1 trillion infrastructure package will be used to repair crumbling roads, expand broadband internet, and improve the electrical grid.

IMF: Ukraine war and inflation threaten global economy

Washington (The Times Groupe)- The chief of the International Monetary Fund (IMF) Kristalina Georgieva warned Thursday that Russia's war against Ukraine was hurting most country's economic prospects, and called high inflation "a clear and present danger" to the global economy.

Oil prices raise inflation, China lockdown worsens supply disruptions

Washington (The Times Groupe)- As crude oil prices rise, inflation widens while China's lockdown on Coronavirus worsens supply disruptions, Federal Reserve Chair Jerome Powell said Wednesday.

Asian stock markets close mixed

Asia (The Times Group) - Major Asian stock exchanges closed mixed on Monday.

Egypt’s Suez Canal revenues hit all-time high in April

Cairo (Times Of Ocean)- Egypt's Suez Canal Authority announced Sunday that its monthly revenues hit an all-time high in April.

Food, fuel prices to rise in 2022, driving inflation: Moody’s

New York (Times Of Ocean)- Moody's said Monday that the world's inflation rate will remain high throughout 2022 as food and fuel prices rise and supply chain disruptions.

G7 finance ministers commit more than $24B to Ukraine

Europe (Times Of Ocean)- Over $24 billion has been committed by the finance ministers and central bank governors of the Group of Seven (G7) countries to support Ukraine in the war with Russia in 2022.

Ukraine needs $7 billion per month to compensate for economic losses: Zelenskyy

Kyiv (Times Of Ocean)- Ukraine's president said Thursday the country needs to pay off economic losses with $7 billion per month.

Germany could lose $240 billion if Russian energy were cut

London (Times Of Ocean)- The German economy would plunge into recession if its supply of Russian natural gas was abruptly interrupted, top economists warned on Wednesday.

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