The latest on the Russia–Ukraine crisis, May 31. Click here for updates from May 30. EU Leaders Agree to Ban 90 Percent of Russian Oil by Year-End European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit…
LIVE UPDATES: EU Leaders Agree to Ban 90 Percent of Russian Oil by Year-End
American Families Will Face Rising Electricity Prices in Coming Months, or Longer
Many Americans have felt the pain of inflation at the gas pump or when buying groceries. But not all have noticed that electricity prices have also quietly gone up. For this coming summer, or maybe a much longer time, more American families will be hit by hefty electricity bills. According to the U.S. Energy Information…
Farmer Groups Press Biden to Not Allow States to Use Own Product Safety Labels
A coalition of 54 agriculture groups is urging the Biden administration to drop its support for allowing states to impose their own warning labels—in addition to federal labels—on consumer products. The request came after U.S. Solicitor General Elizabeth Prelogar asked the Supreme Court to refrain from taking up an herbicide liability case known as Monsanto…
US Beats China to Become India’s Largest Trading Partner
May 30, 2022
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The United States has now become India’s top trading partner, ousting China from the spot and further cementing America’s business ties with the South Asian superpower. Bilateral trade between Washington and New Delhi was at $119.4 billion in 2021–22, an increase of more than 48 percent from the $80.5 billion in trade in 2020–21, according…
US Overtakes China to Become India’s Largest Trading Partner
May 30, 2022
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Asia & PacificBusiness & EconomyeconomyIndo-Pacific Economic Framework IPEFtrade with indiaU.S.-India cooperationUSWorld
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The United States has become India’s top trading partner, ousting China from the spot and further cementing U.S. business ties with the South Asian superpower. Bilateral trade between Washington and New Delhi rose from $80.5 billion in trade in 2020–21 to $119.4 billion in 2021–22, according to the Indian commerce ministry. That’s an increase of more…
US Savings Rate Plummets to Record Low as Inflation Levels Remain High
May 30, 2022
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The personal savings rate of Americans has dipped to the lowest level in 14 years as sky-high inflation takes a big chunk of people’s budgets. The U.S. personal saving rate, as a percentage of disposable income, fell to 4.4 percent in April, down from 5 percent in March, the lowest since 2008. The savings rate…
German Inflation Accelerates to Highest Level in Nearly 50 Years
Inflation in Germany picked up its pace in May on the back of high energy and food prices, with government data released Monday showing annual price growth climbing to its highest level in nearly 50 years. Germany’s Federal Statistical Office said on May 30 that year-over-year inflation rose to 7.9 percent in May, up from 7.4…
Oil Prices Surpass $120 per Barrel as Europe Considers Sanctions on Russian Energy Imports
May 30, 2022
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Oil prices remained elevated during early trading on May 30 as traders await Europe’s decision on Russian oil import sanctions. The Brent crude oil futures contract for July hit $120.02 per barrel at 11 a.m. UTC (7 a.m. Eastern time) on May 30, its highest level in over two months. Meanwhile, U.S. West Texas Intermediate…
Nestle CEO Does Not See ‘Significant’ Baby Formula Shortages Outside US
May 30, 2022
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ZURICH—Nestle does not expect “significant infant formula shortages” in other markets the Swiss food maker serves outside the United States, Chief Executive Mark Schneider said in an interview Monday. “This was very much a domestic situation caused by the outage of a large facility in the U.S.,” Schneider said, after a shortage hit the U.S….
Fed’s Waller Supports 50 BPS Rate Hikes for ‘Several’ Meetings
The U.S. Federal Reserve should raise interest rates by a half percentage point each time at more than its next two meetings, Fed Governor Christopher Waller said on Monday, underscoring tensions at the central bank about how aggressively to tighten policy as it battles to bring down high inflation. “I support tightening policy by another…
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