The Bank of England has paused nearly two years of interest rate increases after a surprising fall in U.K. inflation eased concerns about the pace of price rises.
In a development Thursday that few predicted just two days ago, the central bank kept its main interest rate unchanged at a 15-year high of 5.25%. It comes to the relief of millions of homeowners who are facing higher mortgage rates.
The decision was split, with four of the nine members of the Monetary Policy Committee voting for a hike.
Central banks worldwide appear to be near the end of an aggressive rate-hiking cycle meant to...
читати
IT
Fed Keeps Rates Unchanged, Signals Another Hike Later This Year
The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it's moderating its fight against inflation as price pressures have eased. But Fed officials also signaled that they expect to raise rates once more this year.
Consumer inflation has dropped from a year-over-year peak of 9.1% in June 2022 to 3.7%. Yet it's still well above the Fed's 2% target, and its policymakers made clear Wednesday that they aren't close to declaring victory over the worst bout of inflation in 40 years. The Fed's latest decision left its benchmark ...
читати
Report: Africa Steering Geopolitical Challenges with Resilience, Economic Opportunities
A leading global risk consultancy says that despite the impacts of the war in Ukraine, global inflation, climate and security challenges, Africa continues to find resilience. A new report by Control Risks and its economics consulting partner, Oxford Economics Africa, finds that as global tensions create disruptions, they are also providing many African governments significant political, economic, and security opportunities.
The research, released on Tuesday, examines how African countries, governments, and corporations navigate a world marked by global tension and competition for resources an...
читати
China Eases Visa Requirements to Revive Tourism
After a strict COVID-19 lockdown that shattered its tourism industry between 2020 and 2022, China is trying to revive the market by making it easier for foreigners to visit the country.
Under a new set of visa application requirements announced this week, applicants only must report one year of travel history instead of five years, as previously required.
“The improvement involves seven major items and 15 sub-items, concerning mainly the applicants’ educational background, family information and previous travel history,” said Mao Ning, a spokesperson for China’s foreign ministry, at a press ...
читати
MCC Awards Kenya $60 Million to Help Improve Urban Transport
Kenyan President William Ruto has signed a $60 million dollar grant agreement with the U.S. Millennium Challenge Corporation on the sidelines of the U.N. General Assembly session in New York. The grant will help improve urban transport in Nairobi by concentrating on four projects, making the Kenya program the largest of its kind within MCC’s portfolio.
Kenyan President William Ruto lauded the new agreement with the U.S. foreign aid agency MCC, at the signing in New York City Tuesday evening where he is also attending the 78th session of this year’s U.N. General Assembly.
“There is a whole on...
читати
Nigeria, South Africa Leaders Look to Advance Economic Cooperation
The leaders of Nigeria and South Africa held talks Monday on the sidelines of the U.N. General Assembly in New York, with the goal of increasing cooperation, especially in mining and telecommunications.
Experts say more cooperation between Africa's two largest economies in line with the African Continental Free Trade Agreement would boost growth and development across the continent.
A spokesperson for Nigerian President Bola Tinubu said Tinubu’s discussion with South African President Cyril Ramaphosa was the first meeting the Nigerian leader is expected to hold with counterparts from around ...
читати
American Visitors Help Post-Pandemic Recovery of Britain’s Tourism Industry
Tourism industry watchers say one of the top overseas destinations for US travelers this summer was Britain, where Americans helped the recovery of the British tourism industry after the crisis caused by the COVID pandemic. Marcus Harton narrates this report from Umberto Aguiar in London. (Camera and Produced by Umberto Aguiar)
...
читати
US Auto Workers Remain on Strike, Demanding Better Pay
The United Auto Workers’ strike against the three biggest U.S. automakers reached into its third day on Sunday with no resolution in sight, although union negotiations with General Motors were set to resume.
About 12,700 UAW workers were on strike at three factories, one each owned by Ford, Stellantis, and GM, in the most significant U.S. industrial labor action in decades. It was the first time the UAW union had gone on strike simultaneously against all three automakers.
The union and the companies appear far apart in settling on a new pact, with the automakers offering raises of about 20% ...
читати
‘Boiling Planet’ Reducing Spain’s Olive Crop, Raising Olive Oil Prices
Farmers say extreme temperatures caused a huge drop in the output of olive oil in Spain, the world’s largest producer, triggering a big jump in world olive oil prices. Elizabeth Cherneff narrates this report from Alfonso Beato in Barcelona, who says Europe’s leadership is blaming climate change.
...
читати
China Police Detain Some Evergrande Wealth Management Staff
Police in southern China have detained some staff at China Evergrande Group's wealth management unit, suggesting a new investigation that could add to the property giant's woes.
"Recently, public security organs took criminal compulsory measures against Du [Liang] and other suspected criminals at Evergrande Financial Wealth Management Co.," Shenzhen city police said in a social media statement Saturday night.
During protests by disgruntled investors at Evergrande's Shenzhen headquarters in 2021, Du Liang was identified by staff as general manager and legal representative of Evergrande's weal...
читати
Workers Strike at All 3 Detroit Automakers in New Tactic
Nearly one in 10 of America’s unionized auto workers went on strike Friday to pressure Detroit’s three automakers into raising wages in an era of big profits and as the industry begins a costly transition from gas guzzlers to electric vehicles.
By striking simultaneously at General Motors, Ford and Chrysler owner Stellantis for the first time in its history, the United Auto Workers union is trying to inflict a new kind of pain on the companies and claw back some pay and benefits workers gave up in recent decades.
The strikes are limited for now to three assembly plants: a GM factory in Wentz...
читати
13,000 US Auto Workers Strike Seeking Better Wages, Benefits
About 13,000 U.S. auto workers stopped making vehicles and went on strike Friday after their leaders couldn’t bridge a giant gap between union demands in contract talks and what Detroit’s three automakers are willing to pay.
Members of the United Auto Workers union began picketing at a General Motors assembly plant in Wentzville, Missouri, a Ford factory in Wayne, Michigan, near Detroit, and a Stellantis Jeep plant in Toledo, Ohio.
It was the first time in the union’s 88-year history that it walked out on all three companies simultaneously as four-year contracts with the companies expired at...
читати
China Economic Data Show Signs Slowdown May Be Easing
China's factories picked up their pace and retail sales also gained momentum in August, the government reported Friday, suggesting the economy may be gradually recovering from its post-pandemic malaise.
However, despite busy activity in restaurants and stores, the figures showed continuing weakness in the all-important property sector, where real estate developers are struggling to repay heavy loads of debt in a time of slack demand. Investment in real estate fell 8.8% in August from the year before. The decline has been worsening since the beginning of the year.
Acting to relieve the burden...
читати
G20 Leaders Sign Deal on Infrastructure Corridor from India to Europe
The new trade corridor linking India and the Mideast to Europe is being hailed as a modern version of the Spice Route, the road of yore that connected East and West — and as a way to counter China’s modern Belt and Road Initiative. VOA’s Anita Powell reports from Washington on how the U.S. and allies are promoting the rail and maritime route.
...
читати
Italy Mulls Quitting China’s ‘Belt and Road’ but Fears Offending Beijing
Italy is considering whether to leave the Belt and Road Initiative, Beijing's multibillion-dollar global trade and infrastructure program, by the end of the year. The dilemma comes amid geopolitical pressures from Western allies and domestic disappointment that the program has not delivered the economic benefits that the country hoped for.
Italian Prime Minister Giorgia Meloni spoke to reporters after meeting the Chinese delegation at last week's G20 summit in New Delhi.
"There are European nations which in recent years haven't been part of the Belt and Road but have been able to forge more ...
читати
Is this the Office of the Future?
All About America explores American culture, politics, trends, history, ideals and places of interest.
While the COVID-19 pandemic dramatically transformed the way Americans work, with millions of people now working a hybrid schedule, the office itself remains stuck in pre-pandemic times.
“The offices that we have have largely been designed as a place that people need to come. Many of them are cube farms that are really boring, unexciting, and nobody wants to be there,” says Aditya Sanghvi, head of real estate for management consulting firm McKinsey & Company. “The office has suddenly be...
читати
Here’s How the Office of the Future Could Look
The COVID-19 pandemic changed the way Americans work. With millions of people now working from home at least part of the time, experts say offices must evolve to meet their needs. The U.S. General Services Administration, the agency that oversees federal buildings, is trying to determine what that means. VOA’s Dora Mekouar visited its Workplace Innovation Lab to learn more. Camera: Adam Greenbaum.
...
читати
US Consumer Prices Accelerated in August
U.S. consumer prices jumped by the most in more than a year in August, mostly riding higher on an increase in gasoline prices, the government said Wednesday. However, analysts say underlying price pressures were tame enough that the country’s central bank may not see the need to increase its benchmark interest rate at next week’s meeting.
The country’s consumer price index edged higher last month by 3.7% on an annualized basis, after a 3.2% increase in July, the Labor Department said. Prices were up six-tenths of a percentage point in August over July after increasing by 0.2% for two straight...
читати