World economy

South Africa prepares for pivotal election that could see ANC lose its grip on power

Some 30 years on from the peaceful transition from apartheid rule to democracy, South Africa could once again be on…

European banks in Russia face ‘awful lot of risk’, Yellen says

U.S. Treasury Secretary Janet Yellen told Reuters that European banks face growing risks operating in Russia and the U.S. is…

British retail sales plunge 2.3% in April, missing estimates

LONDON — U.K. retail sales volumes dropped 2.3% in April as wet weather deterred shoppers, the Office for National Statistics…

JPMorgan CEO Jamie Dimon says can’t rule out ‘hard landing’ for the U.S., stagflation will be ‘worst outcome’

JPMorgan Chase‘s chairman and CEO, Jamie Dimon, says a “hard landing” for the U.S. cannot be ruled out. When asked…

Britain’s inflation rate could be about to drop below the Bank of England’s 2% target

LONDON — U.K. inflation could be about to hit a major milestone, with some forecasting that a sharp fall in…

Iran begins days of nationwide funeral rites for President Ebrahim Raisi after helicopter crash

Thousands of mourners descended on Tabriz on Tuesday for a funeral ceremony honoring Iranian President Ebrahim Raisi, who perished in…

Biden and Netanyahu’s fraught relationship hits new low after U.S. pauses weapons shipment

“It’s definitely an earthquake.” That’s how American diplomat Richard Haass described the stunning declaration by U.S. President Joe Biden that…

The U.S. is now Germany’s biggest trading partner — taking over from China

After years of China being Germany’s main trading partner, the U.S. looks like it’s quietly taking that top spot as…

UK to suffer slowest growth of all rich nations next year, OECD says

The U.K.’s “sluggish” growth prospects have put it on course to be the worst-performing economy of all advanced nations next…

IMF chief warns of emerging market risk with high U.S. interest rates

Kristalina Georgieva, the managing director of the International Monetary Fund, played down the prospect of any negative impact from a…