A spiral of worker strikes in Europe's crucial aviation sector and cancelled flights at a time when millions of travellers are looking to escape for the summer, threaten the sector's tentative recovery.. On Monday, a strike by security staff at Brussels' Zaventem airport led to the cancellation of all the day's flights.
With inflation rising sharply, and the Federal Reserve raising interest rates, the United States is facing an increased risk of a downturn, IMF Managing Director Kristalina Georgieva said Friday.. The world's largest economy rebounded strongly from the pandemic downturn, but that has come with "unwelcome side effects" of rising prices, Georgieva said.
Hydroelectric power in Italy has plunged this year thanks to a drought that has also sparked water restrictions and fears for agriculture, industry sources said Friday.. An industry source told AFP that while the situation was constantly changing, estimates for the first six months of 2022 suggest nationwide hydroelectric generation will be almost half the equivalent period of 2021.
Strikes by staff at Ryanair and Brussels Airlines over pay and working conditions forced the cancelation of dozens of flights in Europe on Friday as the busy summer travel season gets underway.. But the staff shortages have forced airlines to cancel flights, with German carrier Lufthansa cancelling more than 3,000 of them during the summer holidays.
Global stock markets and oil prices jumped higher on Friday following recent heavy losses on fears that interest rate hikes aimed at cooling decades-high inflation will spark a global recession.. Analysts have been pointing to falling commodity prices, a primary driver of inflation, in the face of a possible recession reducing the need for sharp interest rate hikes as one possible explanation for the renewed bullish sentiment on equity markets.
International transport trade unions on Friday urged London to negotiate a swift end to Britain's biggest rail strike in over 30 years, on the eve of the latest walkout.. The letter, coordinated by the International Transport Workers' Federation, comes one day before the third of this week's three rail strikes.
From Covid-19 to the war in Ukraine, external crises have put pressure on African economies, but many on the continent see opportunities to undertake radical reforms.. - 'Opportunity to transform' - The fallout from the war in Ukraine, however, remains a threat as it has driven up prices for wheat and other key agricultural products, sparking fears of famine in some countries.
Stocks climbed Friday following another rally on Wall Street as investors try to process central bank moves to fight soaring inflation and the growing possibility that those measures will induce a recession.. "The Fed and a procession of central banks around the world got inflation completely wrong and have been scrambling to reverse the mistake.
Germany moved closer to rationing natural gas on Thursday as it raised the alert level under an emergency plan after Russia slashed supplies to the country.. Triggering the "alarm" level -- the second of three steps under the emergency plan -- brings Germany a step closer to the final stage that could see gas rationing in Europe's top economy.
Workers at Chile's state mining company Codelco, the world's largest copper producer, called off an open-ended strike Thursday after reaching agreement with the government.. The strike by some 40,000 mine workers to protest the closure of a foundry in one of Chile's most polluted regions, was ended after one day, the FTC labor federation announced.
