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“Americans are likely facing a deeper-than-normal recession” Tolstoy famously wrote that all happy families resemble one another, but each unhappy family is unhappy in its own way. He might have said the same about unhappy economies — and added that there are all too many signs the US recession now in the works will likely…
“Europe’s economic troubles threaten entire globe’s finances” Troubles have come to the eurozone economy not as single spies but in battalions. First, it was the COVID pandemic, which hit major eurozone economies like those of Italy and Spain particularly hard. Then it was a surge in eurozone inflation to record levels, which will soon force…
“Bitcoin may plummet to $30K as tech stocks tank: analysts” Bitcoin could slump to $30,000 as the era of cheap money comes to a close and investors move cash from speculative assets to safer bets, market watchers suggest. Analysts note that cryptocurrencies are being treated by investors much the same as speculative tech stocks. While…
“US warns Russia of ‘Soviet living standards,’ sanctions hit Putin kids” The US government announced new sanctions Wednesday targeting Russian banks and the two adult daughters of Russian President Vladimir Putin — warning the country should expect “Soviet-style living standards” if it doesn’t end its invasion of Ukraine. The White House said the US is…
“#Gold prices hit one-month high on inflation worries” Gold scaled a one-month high on Tuesday as recent signs of rising inflation underpinned demand, although the metal gave up some early gains due to a firming US dollar. Spot gold was up 0.1% at $1,812.30 per ounce in late morning trading, after hitting its highest since…
“#Oil demand will exceed pre-COVID levels by end of 2022: energy agency” Demand for oil will surpass pre-pandemic levels by the end of next year as the global economy recovers, the International Energy Agency said on Friday, rejecting analysts’ predictions that the world’s oil usage has already peaked. “Global oil demand is set to return…
“#World Economic Forum cancels 2021 Singapore event amid pandemic” World Economic Forum organizers say they have decided to cancel their annual gathering — usually held in Davos, Switzerland each year — this year amid concerns related to the COVID-19 pandemic. After multiple attempts to find a proper date and venue, most recently settling on hopes…
“#Continued Suez Canal problems costs $10 billion a day” A massive container ship remains stuck in the Suez Canal for a sixth day on Sunday — hiking the estimated economic damage from the resulting shipping logjam to $60 billion. The crisis is causing commercial losses of about $9.6 billion a day as ships that should…
“#Suez Canal logjam could stretch on for weeks, slam world economy” The growing traffic snarl in the Suez Canal could take weeks to untangle — and is threatening to wreak havoc on the world economy in the process. The giant cargo ship that’s wedged across the canal is blocking an estimated $9.5 billion worth of…
“#COVID-19 could spark record spike in inequality, Oxfam warns” The COVID-19 pandemic could cause the biggest increase in global inequality on record, Oxfam warned in a new report Monday. The health crisis has sparked a “simultaneous and substantial rise” in income and wealth inequality across dozens of countries, adding to the wealth of the world’s…