The Russian rouble slumped around 10 percent against the dollar in volatile trade to a two-week low on Thursday as the central bank cut interest rates to 11 percent and suggested more cuts would follow as inflation risks subside. The central bank cut its key rate by 300 basis points for the third time in…
Rouble Slumps Over 10 Percent to Near 2-Week Low as Russia Slashes Rates Again
Ruble Slumps Over 10 Percent to Near 2-Week Low as Russia Slashes Rates Again
The Russian ruble slumped around 10 percent against the dollar in volatile trade to a two-week low on Thursday as the central bank cut interest rates to 11 percent and suggested more cuts would follow as inflation risks subside. The central bank cut its key rate by 300 basis points for the third time in…
Fertiliser Maker Yara Says World Faces Extreme Food Supply Shock
May 27, 2022
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Business & EconomyCompanieseconomic policieseconomyEuropefood supplyInternationalMarketsRussia-Ukraine WarshortageWorldYara
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DAVOS, Switzerland—Norwegian fertilizer giant Yara says donors urgently need to close the U.N.’s $10 billion food program funding gap to avoid a catastrophe as sanctions on Russian fertilizers and Ukraine’s grain export problems have created an extreme global shock. “The world has realized that food can be a weapon and it is being currently used,”…
Australian Productivity Growth Can’t Reach Its Target Without Change: Treasurer
Jim Chalmers, the new Australian treasurer, said the nation cannot achieve a return to 1.5 percent productivity growth under current policies. The treasurer said he wanted to have an upfront national conversation on the challenge of increasing productivity, which enables wage growth. “But the starting point needs to be a more realistic assessment of where…
Several Dead in Fighting Between Miners in North Chad, Government Says
N’DJAMENA—Deadly clashes have broken out between gold miners in north Chad, the interim government said on Wednesday, as a local rebel group’s unconfirmed report of at least 200 fatalities in the area circulated on social media. The violence broke out at an informal gold mining site in the mountainous Kouri Bougoudi district, near the border…
Kuroda Says BOJ Can Achieve Smooth Exit From Loose Money Policy
TOKYO—Bank of Japan Governor Haruhiko Kuroda said on Thursday the central bank can execute a smooth exit from its ultra-loose monetary policy, though doing so “won’t be easy.” Kuroda repeated his view that the central bank must maintain ultra-easy monetary policy for now, with consumer inflation expected to slow next year and beyond, after speeding…
Living Cost Pressures Intensify As Signs of Weak Economic Growth Spotted
Australian households should be prepared for further hikes in living costs as the economy showed the first signs of slowing growth in the first quarter of 2022. According to a survey by the Australian Bureau of Statistics in May, over one-third of local businesses (38 percent) were expected to raise prices by more than usual….
Russian-Ukrainian War Could Spark Global Food Crisis, Recession: Report
May 27, 2022
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Asia & PacificAustraliaBusiness & Economyeconomic policieseconomyEuropefood securityfood shortageinflationInternationalMarketsMatt DalgleishRussia-Ukraine WarUSWorld
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The world should ready itself for a possible global food crisis in the coming months amid the fallout of the Russian-Ukrainian conflict, according to a new report (pdf) from agricultural financial advisory Rabobank. Over the past 20 years, Russia, Belarus, and Ukraine have become major suppliers in global grain and agricultural markets, producing between 20…
French President Looks Forward to ‘Rebuilding Trust’ With New Australian PM
French President Emmanuel Macron has fired a farewell shot to the outgoing Australian prime minister while welcoming new Prime Minister Anthony Albanese. In a statement released by the Élysée Palace, Macron said that he had spoken with the newly elected Australian prime minister. “After noting the deep breach of trust that followed former Prime Minister Scott…
Lyft Pauses Hiring, Budgets to Beat Slowdown Following Uber’s Footsteps
Lyft, Inc. looks to slow hiring, reducing some of its departments’ budgets and granting new stock options to some employees to make up for its share price fall, the Wall Street Journal reports. Lyft joined rival Uber Technologies, Inc. in outlining cuts as investor optimism cooled on tech stocks. Lyft looked to prioritize fewer initiatives, not filling many of the current…
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