WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession. Testifying to the Senate Banking Committee, Powell faced skeptical questions from members of…
ROME (AP) — Italy’s political landscape shifted Wednesday after Foreign Minister Luigi Di Maio formalized his departure from the 5-Star Movement, splitting with the party he helped found over its Ukraine policy. Di Maio announced his departure after Premier Mario Draghi briefed the Senate on Italy’s continued commitment to helping Ukraine defend itself against Russia….
STROE, Netherlands (AP) — Thousands of farmers gathered in the central Netherlands Wednesday to protest the Dutch government’s plans to rein in emissions of nitrogen oxide and ammonia, driving their tractors across the Netherlands and snarling traffic on major highways. The protest was organized earlier this month after the government published nationwide targets for reducing…
SEOUL, South Korea (AP) — South Korean prosecutors have barred dozens of people connected to Terraform Labs from leaving the country as they expand an investigation into a $40 billion collapse of the company’s cryptocurrency that devastated traders around the world. The Seoul Southern District Prosecutor’s Office said Wednesday it plans to summon them for…
COLOMBO, Sri Lanka (AP) — Sri Lanka’s debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity, its prime minister told lawmakers Wednesday, in comments underscoring the country’s dire situation as it seeks help from international lenders. Prime Minister Ranil Wickremesinghe told Parliament the South Asian country is “facing a far more…
ANKARA, Turkey (AP) — Turkey and Saudi Arabia on Wednesday declared their determination to start a “new era of cooperation” during a visit by Saudi Crown Prince Mohammed bin Salman, as they set aside years of acrimony following the brutal slaying of a Saudi columnist. The Turkish fiancée of the slain journalist meanwhile, decried the…
BEIJING (AP) — Asian stock markets were mixed Thursday after Wall Street edged lower amid fears higher interest rates will chill global economic growth. Shanghai and Hong Kong advanced, while Tokyo and Seoul declined. Oil prices fell more than $2 per barrel to near $100. Federal Reserve Chair Jerome Powell, talking to members of Congress,…
LONDON (AP) — Britain’s inflation rate hit a new 40-year high of 9.1% in the 12 months to May, figures showed Wednesday, as Russia’s war in Ukraine drove food and fuel prices ever higher. The Office for National Statistics said consumer price inflation rose slightly from 9% in April, itself the highest level since 1982….
JUBA, South Sudan (AP) — Some young girls are still auctioned off into marriage for cows in South Sudan — one of the social challenges that activists had hoped to highlight during Pope Francis’ now-postponed visit. The price of a daughter, determined in negotiations between her father and would-be husband, is typically 50 to 100…
MADRID (AP) — Extended drought conditions in several Mediterranean countries, a heat wave last week that reached northern Germany and high fuel costs for aircraft needed to fight wildfires have heightened concerns across Europe this summer. And it’s only June. “Much of the continent is in drought,” said Cathelijne Stoof, an environmental science professor at…
