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France's Macron lands in Riyadh on surprise 'solidarity' visit

French President Emmanuel Macron landed in Riyadh in a surprise "solidarity" visit, making him the first Western leader to touch down in the kingdom since Yemen's Iran-backed Houthis intensified their attacks this month.

South Africa eases fuel pain as growth slows

South Africa announced fresh fuel-relief measures on Wednesday to cushion motorists and commuters battered by record pump prices as uncertainty roils global energy markets.

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Sudan schools crisis threatens grim future for children

It's the start of a new school term in Sudan, yet nine-year-old Zahra Hussein stays home helping with household chores, forced to drop out as her family's money grows ever tighter.

Asian markets drop as traders brace for key US inflation data

Equities fell in Asia and the dollar maintained its strength Thursday ahead of the release of crucial US inflation data that could determine the pace of Federal Reserve interest rate hikes.

US growth slowdown 'required' to beat inflation: Fed minutes

A slowdown of economic growth and the US job market will be "required" to bring down inflation, the Federal Reserve said in notes released Wednesday, adding that prices remain "unacceptably high."

Finance chiefs mull Ukraine aid, Russia oil price cap at IMF summit

Global finance chiefs were expected to discuss a proposed price cap on Russian oil and support for Ukraine on Wednesday as the conflict takes center stage during the IMF's annual meetings.

Andrew Bailey: Bank of England boss facing fresh storm

Andrew Bailey is no stranger to economic storms as head of the Bank of England, becoming governor just as Covid was taking hold in Britain.

Workers at 3rd Amazon site in New York hold unionization vote

Amazon workers at an upstate New York warehouse began voting Wednesday on whether to unionize in the latest labor battle following a surprise union win earlier this year at another Amazon site.

UK to cap renewable energy company revenues

Britain will introduce a cap on the revenues of companies that produce low-carbon electricity in an attempt to mitigate the impact of soaring energy prices on consumers.

Ukraine grain ships stuck in Istanbul traffic jam

A cargo ship traffic jam stretched as far as the eye could see off Istanbul, where a key deal to get Ukraine grain to market has translated into major hold-ups.

IMF warns against 'costly' tax cuts to fight inflation

Soaring food and energy prices are raising the risk of social unrest, but attempting to tame costs through tax cuts, subsidies and price controls would be too costly, the IMF said Wednesday.

Tear gas fired as Iranians rally over Mahsa Amini's death

Iranian security forces fired tear gas Wednesday at a lawyers' protest over Mahsa Amini's death, said a rights group, which also raised the death toll to at least 108 from the crackdown on the nearly month-long movement.

Pound, UK bond yields climb on Bank of England uncertainty

The pound rallied and UK government bond yields rose Wednesday, with the Bank of England accused of fuelling markets uncertainty.

Striking French refinery workers defy government threats

Striking French fuel refinery workers voted Wednesday to continue their stoppages and blockades, defying the government which began ordering some of them back to work in a bid to get supplies flowing.

Sterling swings as BoE confirms end of market support

The pound swung between gains and losses Wednesday after the Bank of England confirmed it will end its support for financial markets at the end of the week.

Sterling bounces on hopes for more Bank support, stocks rebound

The pound bounced Wednesday on speculation the Bank of England could continue to support troubled financial markets past a deadline set for the end of the week.

Cold Siberian air would help Putin this winter

Across Europe, governments are scrambling to prevent energy rationing and blackouts this winter. Whether they succeed will depend in part on something they have no control over: the weather.

Idled plants fuel German angst about de-industrialisation

The familiar plume of smoke no longer billows from one of the two chimneys at ArcelorMittal's massive steelworks in Hamburg's harbour.

Stocks dive, dollar rallies as dazed traders gird for inflation data

Asian stocks sank again Wednesday while the dollar held gains against the yen and sterling as the volatility that has characterised markets for most of the year showed no sign of letting up.

English winemakers toast summer heatwaves

Under a blue sky, seasonal workers ran their secateurs along long rows of grapevines, harvesting a variety of pinot noir grown during the summer heatwave.

US proposes redefining when gig workers are employees

United States labor officials proposed a rule change Tuesday that could make it easier for gig workers such as Uber drivers to be reclassified as employees entitled to benefits.

Supreme Court ponders the fate of pigs, high cost of bacon

A California law aimed at reducing animal suffering on pig farms led to some unusual exchanges Tuesday in the US Supreme Court.

BoE chief says '3 days left' on bond intervention

Bank of England chief Andrew Bailey said Tuesday bond investors have "three days left" until the British central bank phases out emergency bond-buying efforts.

Biden to 're-evaluate' Saudi ties after OPEC snub

President Joe Biden is to "re-evaluate" the US relationship with Riyadh, the White House said Tuesday, after a Saudi-led coalition of oil-producing nations sided with Russia to slash output.

BoE struggles to calm markets after latest intervention

The Bank of England struggled Tuesday to reassure investors after unveiling yet more measures to calm markets rocked by the British government's tax-cutting mini-budget, as the International Monetary Fund renewed warnings about their divergent policies.

EU energy chief praises Algeria 'partnership'

The European Union's energy commissioner hailed a "long-term strategic partnership" with Algeria Tuesday as the bloc turns to Africa's biggest gas exporter to fill a gap left by Russian supplies.

IMF cuts 2023 global growth, warns major economies to stall

Global growth is expected to slow further next year, the IMF said Tuesday, downgrading its forecasts as countries grapple with the fallout from Russia's invasion of Ukraine, spiraling cost-of-living and economic downturns.

Thunberg says 'mistake' for Germany to use coal over nuclear

Climate activist Greta Thunberg on Tuesday said it was a "mistake" for Germany to shut down existing nuclear power plants while ramping up coal usage to tackle an energy crisis.

Grief and outrage in Gambia over cough syrup deaths

When Wuri Bailo Keita's two-year-old daughter Fatoumatta developed a fever, he took her to hospital where she was diagnosed with malaria and sent home with a prescription for a paracetamol syrup.

Equities, oil prices slide on recession fears

Stock markets and oil prices slumped Tuesday as investors grow increasingly fearful that more big interest rate hikes will tip economies into deep recessions.

Families gather for cremation of Thai nursery attack victims

Devastated families gathered Tuesday for the cremation of their loved ones killed in a Thai nursery massacre that claimed 36 lives including 24 children.

Shielding Ukraine from Russian strikes a challenge: analysts

Russia's deadly air strikes on Ukraine's cities this week have triggered calls for more military aid, but analysts warn than no air-defence systems can completely defend Ukrainian territory.

Israel hails 'historic' sea border deal with Lebanon

Israel said Tuesday it has reached a US-brokered agreement with Lebanon to settle their long-disputed maritime border, hailing a "historic achievement" that potentially unlocks significant offshore gas production for both countries.

Winter power shortages won't worry off-grid Swiss valley

While people across Europe are being urged to save energy this coming winter to avert power shortages, Switzerland's Bavona Valley is unfazed, having never been plugged into the power network.

The Fort Worth Press - Economy (English)