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…
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…
EU to hit Chinese electric vehicles with increased tariffs
The European Commission said Wednesday it plans to impose increased duties of up to 38% on imported Chinese electric vehicles starting in July, escalating a trade dispute that Brussels sees as part of an effort to protect EU-bloc manufacturers. The…
Volvo shifts EV production to Belgium to avoid China tariffs
Volvo cars has started to shift production of Chinese-made electric vehicles to Belgium in the expectation that the European Union will drive ahead with a crackdown on Beijing-subsidized imports, according to a report in The Times. Volvo, which is majority-owned…
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….
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…
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…
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…
Algeria seeks to lure tourists to neglected cultural, scenic glories
ORAN, Algeria — Algeria wants to lure more visitors to the cultural and scenic treasures of Africa’s largest country, shedding its status as a tourism backwater and expanding a sector outshone by competitors in neighboring Morocco and Tunisia. The giant…
CEOs got hefty pay raises in 2023, widening gap with 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….