Biden’s mission in Europe: Shore up alliance against Russia

Biden’s mission in Europe: Shore up alliance against Russia

MUNICH (AP) – President Joe Biden is out to sustain the global alliance punishing Russia for its invasion of Ukraine as he embarks on a five-day trip to Europe as the 4-month-old war shows no sign of abating and its aftershocks to global food and energy supplies are deepening. Biden first joins a meeting of … Read more

Still very hot, despite isolated layoffs

A ‘We’re Hiring!’ sign is displayed at a Starbucks Mario Tama | Getty Images News | Getty Images Last week, senior product manager for Coinbase David Hong wrote on LinkedIn that he was up at 4am to prepare for a meeting when his company MacBook abruptly shut down. He later found out he was part … Read more

EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next

COLOMBO, Sri Lanka (AP) – Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring India and China and … Read more

Russia’s ruble is at strongest level in 7 years despite sanctions

Russian one ruble coin and Russian flag displayed on a screen are seen in this multiple exposure illustration photo taken in Krakow, Poland on March 8, 2022. Jakub Porzycki | Nurphoto | Getty Images Russia’s ruble hit 52.3 to the dollar on Wednesday, an increase of roughly 1.3% on the previous day and its strongest … Read more

Elizabeth Warren to Fed chair Jerome Powell: Don’t ‘drive this economy off a cliff’

During a Senate Banking Committee hearing Wednesday, Democratic Senator Elizabeth Warren urged Powell to proceed with rate hikes cautiously and avoid setting off a recession that costs millions of jobs. Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month. “I would not think so,” Powell said. … Read more

Fed’s Powell facing rising criticism for inflation missteps

WASHINGTON (AP) – Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the US economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed. Inflation has proved higher and far more persistent than he or the Fed’s staff economists … Read more

Rail walk-out kicks off in UK amid fears of a summer of pay strikes

Forty thousand UK Network Rail staff and workers at 13 train operators have staged walkouts over pay in Britain’s biggest rail strike in 30 years. Jeff J Mitchell | Getty Images News | Getty Images LONDON – A days-long rail walkout that is causing severe travel disruption across Britain could be just the beginning of … Read more

Rail strikes and labor shortages are hurting the UK economy

The problem escalated Tuesday as thousands of rail workers went on strike over demands for better pay and working conditions – the biggest walkout on the railways in 30 years – bringing large parts of the network to a halt. More strikes are set for Thursday and Saturday. A separate strike by workers on London … Read more

Why LGBTQ homebuyers say rising mortgage rates are hitting them hard

Skandar Mrad, shown here on vacation in Italy, is looking for a home in the Los Angeles area. When Skandar Mrad decided late last year to buy his first house, his top priority was location. Mrad, a gay man living in the Los Angeles area, has spent much of his adult life commuting several hours … Read more

Inflation and recession fears are squeezing some industries more than others

A woman pushes a shopping cart through the grocery aisle at Target in Annapolis, Maryland, on May 16, 2022, as Americans brace for summer sticker shock as inflation continues to grow. Jim Watson | AFP | Getty Images People still appear willing to shell out to travel, go to the movies and have a drink … Read more