Gaza unemployment surges to 80% as economy collapses, UN agency says
ZURICH — Unemployment in Gaza has soared to nearly 80% since the Israel-Hamas war erupted, with the devastated enclave’s economy in almost total collapse, the International Labour Organization said Thursday. Economic output has shrunk by 85% since the conflict with…
World Bank cuts 2024 growth forecast for sub-Saharan Africa over Sudan
Nairobi — The World Bank said on Monday it had lowered its economic growth forecast for sub-Saharan Africa this year to 3% from 3.4%, mainly due to the destruction of Sudan’s economy in a civil war. However, growth is expected…
Historic Jersey Shore amusement park closes after generations of family thrills
OCEAN CITY, N.J. — For generations of vacationers heading to Ocean City, the towering “Giant Wheel” was the first thing they saw from miles away. The sight of the 140-foot-tall (42-meter) ride let them know they were getting close to…
UN refugee chief urges states to drop border controls even as displacement crises worse
Geneva — The head of the U.N. refugee agency warned on Monday that displacement crises in Lebanon and Sudan could worsen, but said tighter border measures were not the solution, calling them ineffective and sometimes unlawful. Addressing more than 100…
Nobel economics prize awarded for research into why countries succeed or fail
STOCKHOLM — The Nobel memorial prize in economics was awarded Monday to Daron Acemoglu, Simon Johnson and James A. Robinson for research into differences in prosperity between nations and why some countries succeed and others fail. The three economists “have…
Chinese carmaker GAC considers making EVs in Europe as tariffs loom
Paris — Chinese state-owned carmaker GAC is exploring the manufacture of EVs in Europe to avoid EU tariffs, the general manager of its international business told Reuters on Sunday, joining a growing list of Chinese companies planning local production. The…
Amazon wants to be everything to everyone
Mount Juliet, United States — Amazon is bolstering its e-commerce empire while continuing a march deeper into people’s lives, from robots to healthcare and entertainment. Innovations unveiled in recent days by the Seattle-based tech titan included a delivery van computer…
Argentina’s triple-digit inflation slows, but workers still struggle to pay bills
BUENOS AIRES — Argentina’s triple-digit inflation, among the world’s highest, is starting to slow down but this offers little relief for workers whose salaries have stayed the same while costs of basic goods skyrocketed and the government slashed state subsidies….
China tees up fresh spending to boost ailing economy
BEIJING — China said Saturday it would issue special bonds to help its sputtering economy, signaling a spending spree to bolster banks, shore up the property market and ease local government debt as part of one of its biggest support…
China to lift 4-year ban on Australian lobster imports, Australia’s prime minister says
MELBOURNE, Australia — China will resume importing Australian live lobsters by the end of the year, removing the final major obstacle to bilateral trade that once cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year, Australia’s…