The US economy remains strong but a series of aggressive rate hikes meant to cool soaring inflation could eventually trigger a recession, Federal Reserve Chair Jerome Powell cautioned Wednesday.. The ideal scenario would be for those moves to cool the economy enough to douse inflation pressures, without choking off growth -- the hoped-for "soft landing."
Joe Biden pitched a temporary fuel tax break Wednesday to help American drivers face the highest inflation in four decades, but critics called it window dressing by an unpopular US president ahead of difficult midterm elections.. With Democrats fearing a severe defeat in November midterm elections -- thereby leaving Biden weakened for the rest of his first term in office -- the president has turned to an increasingly populist message, portraying himself as fighting for the middle class against profiteering Big Oil.
Google has agreed to pay for ramped-up Wikipedia services, part of a growing trend for the US tech giant to strike commercial deals with other web companies.. Google has previously given money to Wikipedia through donations and grants but the new deal puts their relationship on a more formal commercial footing.
The controversial Trans Mountain pipeline expansion project, now under construction in western Canada after being nationalized, is no longer profitable as costs have spiralled, Parliament's budget watchdog said Wednesday.. "As the costs of the project keep ballooning, the government should cut its losses and cancel construction of the expansion pipeline -- before even more of our dollars are wasted," the group said in a statement. amc/st
Antibody therapies are offering promising treatment breakthroughs for cancer and other illnesses, generating greater investor interest more than 20 years after they were first commercialised.. - Booming market - The promising announcements have triggered interest beyond the scientific community and a flood of investment.
British annual inflation has hit a fresh 40-year high, official data showed Wednesday, further eroding workers' wages in a cost-of-living crisis, and heaping more pressuring the Bank of England to keep raising interest rates.. Decades-high inflation is causing a cost-of-living crisis in Britain and elsewhere.
Chinese President Xi Jinping warned against "expanding" military ties on Wednesday in a speech ahead of a virtual summit with top leaders from Russia, India, Brazil and South Africa.. Xi took a swipe at US and European Union sanctions on Russia in the speech on Wednesday, saying "sanctions are a boomerang and a double-edged sword".
Sri Lankan casino magnate Dhammika Perera entered parliament on Wednesday with a mandate to revive the bankrupt island nation's wrecked economy -- working alongside a premier who once accused him of corruption.. "He was nominated by the president and will shortly take over the investment promotion portfolio and enter the cabinet," a ruling party official told AFP. Perera will serve in a unity government formed to tackle the crisis alongside Prime Minister Ranil Wickremesinghe, who in 2015 accused the casino boss of being a "demon who protected the corrupt regime of Rajapaksas".
Propelled by inflation, the price of air tickets has begun to take off again after tumbling during the pandemic, a reversal that looks set to intensify due to environmental pressures, experts say.. Ticket prices are also being stoked by wider inflation -- now at 40-year-highs in developed markets -- as well as stronger-than-expected demand for tickets and labour shortages.
As Europe seeks to move way from fossil fuels, Spain is racing ahead in developing green hydrogen, aided by a growing wind and solar power complex in efforts to decarbonise its economy.. Spain has "great potential" because it has a well-developed renewables sector, with important solar and wind resources, said Javier Brey, president of the Spanish Hydrogen Association (AeH2).
