FRANKFURT—European Central Bank policymakers are gathering on Thursday for what may have become a crisis meeting as Russia’s invasion of Ukraine threatens to derail economic growth in the eurozone and complicate the ECB’s path out of negative interest rates. The ECB’s policymaking Governing Council had been due to gather in Paris on Thursday for an…
ECB Meets as Invasion of Ukraine Complicates Path to Higher Rates
February 24, 2022
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Wizz Suspends Ukraine Flights, Trying to Evacuate Staff, Planes
LONDON—Wizz Air said it was working to evacuate its Ukrainian-based crew, their families, and four aircraft on Thursday after Russia’s invasion forced it to suspend all operations in the country. “Due to the current events in Ukraine and the airspace closure, Wizz Air regrets to inform our customers that the airline must temporarily suspend all…
British Gas Profits Soar Despite Energy Sector Squeeze
British Gas’s retail unit has reported a big increase in profits despite a squeeze on the energy sector which has put many of its rivals out of business. Parent company Centrica said British Gas Energy has seen a 44 percent jump in adjusted operating profit, which reached £118 million in 2021. The business said it…
UK Wants Gazprom-Backed Champions League Final Out of Russia
LONDON—UEFA faced calls from the British government to strip Russia of hosting the Champions League final over concerns it would legitimize what it called an “illegal invasion” of Ukraine, prompting European football’s governing body to say Tuesday it would reconsider St. Petersburg staging the showpiece match. The biggest game in the European season is scheduled…
‘Too Early to Say’ If World Faces Sustained Inflation: IMF Chief Georgieva
WASHINGTON—The head of the International Monetary Fund said on Thursday it was “too early” to say if the world was facing a period of sustained inflation, but warned that failure to make economies more resilient to future shocks could lead to big problems. IMF Managing Director Kristalina Georgieva told reporters that global policymakers need to…
Boeing Says Ukraine Tensions Creating ‘Adverse Climate’ for Business
Boeing Co. said on Monday the ongoing tensions between the United States and Russia over Ukraine were creating an “adverse climate” for its business and threatening to disrupt its supply chain. Boeing relies heavily on Russia’s VSMPO-AVISMA for the supply of titanium, a lightweight metal that is used widely in planemaking. Russia has massed tens…
Alice Springs Mayor Seeks Federal Help Over Crime Crisis
The mayor of the Northern Territory town of Alice Springs, Matt Paterson, has written a plea for help to around 40 of Australia’s federal ministers, senators, and state members over a crime crisis in a town he says is at breaking point. In a social media post on Friday, Paterson said he’s fed up, business…
Oil at Seven-Year High as Ukraine Crisis Overshadows Fed
LONDON—Oil extended gains to seven-year highs above $90 a barrel on Thursday as the Ukraine crisis outweighed signs that the U.S. Federal Reserve will tighten monetary policy. Brent crude futures were up 89 cents, or 1 percent, at $90.85 a barrel by 1217 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 87 cents,…
Did I Predict the Global Financial Crisis?
Commentary The 2008 recession, known as the “Global Financial Crisis” (“GFC”) outside the USA and the “Great Recession” inside, was the biggest economic crisis since the Great Depression, and before the COVID-19 recession. It was also caused by the financial sector—which is obviously a part of the economy—rather than by an “exogenous shock” (something emanating…
Is America Heading for a Systems Collapse?
Commentary In modern times, as in ancient Rome, several nations have suffered a “systems collapse.” The term describes the sudden inability of once-prosperous populations to continue with what had ensured the good life as they knew it. Abruptly, the population cannot buy, or even find, once plentiful necessities. They feel their streets are unsafe. Laws…
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