economy

U.S., G-7 nations block gold imports from Russia in new sanctions against Putin

U.S., G-7 nations block gold imports from Russia in new sanctions against Putin

The Treasury Department on Tuesday announced that the US and a handful of key economic allies will prohibit imports of Russian gold, Moscow’s largest export outside of the energy sector. The expanded sanctions represent the latest effort by the US and its Group of Seven partners to target Russian President Vladimir Putin and alienate the …

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New York Fed President John Williams says a U.S. recession is not his base case

New York Fed President John Williams says a U.S. recession is not his base case

New York Federal Reserve President John Williams said Tuesday he expects the US economy to avoid recession even as he sees the need for significantly higher interest rates to control inflation. “A recession is not my base case right now,” Williams told CNBC’s Steve Liesman during a live “Squawk Box” interview. “I think the economy …

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This first half ranks among the market’s worst on record. Here’s what typically happens next

Avoidable or inevitable recession? Billionaire David Rubenstein’s view

Much of the US market focus has been on the Federal Reserve’s more aggressive interest rate hikes as a reason to fear recession. But Carlyle Group co-founder and co-chairman David Rubenstein, a billionaire investor and philanthropist, says the economy’s path may be beyond the central bank’s control, and two other global players are more important …

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Abysmal manufacturing surveys are the latest signs of a major economic slowdown

Abysmal manufacturing surveys are the latest signs of a major economic slowdown

Dismal regional manufacturing readings are sounding alarm bells that business activity is slowing down heading into the summer. The latest bad news came Monday out of Texas, where the Dallas Federal Reserve’s outlook survey for the sector in June pointed to a substantial level of contraction fueled by a plunge in the growth rate of …

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Turkish lira whipsaws following new loan ban that's set to affect thousands of companies

Turkish lira whipsaws following new loan ban that’s set to affect thousands of companies

A money changer holds Turkish lira and US dollar banknotes at a currency exchange office in Ankara, Turkey December 16, 2021. Cagla Gurdogan | Reuters Turkey’s currency, the lira, enjoyed a much-welcomed boost on Monday and the preceding Friday after the country’s banking regulator announced a ban on lira loans to companies holding what it …

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West pushes Russia into its first foreign debt default since 1918

West pushes Russia into its first foreign debt default since 1918

Following reports that Moscow had failed to pay about $100 million in interest on two bonds during a 30-day grace period that expired Sunday, the White House said the default showed the power of Western sanctions imposed on Russia since it invaded Ukraine. “This morning’s news around the finding of Russia’s default, for the first …

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Desperate for diaspora: Lebanon begs for a tourism cash injection | News

Beirut, Lebanon – Lebanon continues to reel from rampant power cuts and water shortages, as its years-long economic crisis continues. But its government is banking on a summer tourist season for a much-needed cash injection, courtesy of thousands of Lebanese working abroad who are expected to come back on holiday. This summer, Lebanon is desperate, …

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