The latest on the Russia–Ukraine crisis, May 27. Click here for updates from May 26. Mayor: Some 1,500 Killed in Sievierodonetsk The Ukrainian city of Sievierodonetsk is the center of fierce fighting in the east. Mayor Oleksandr Stryuk says it’s holding out even though a Russian reconnaissance and sabotage group went into a city hotel….
LIVE UPDATES: Russian Proxies Claim Control of Key Town in East Ukraine
The latest on the Russia–Ukraine crisis, May 27. Click here for updates from May 26. Russian Proxies Claim Control of Key Town in East Ukraine Russia’s separatist proxies in eastern Ukraine claimed full control of the important battlefield town of Lyman on Friday, and Ukraine appeared to concede it, as Moscow presses its biggest advance…
Countering Beijing: New Australian Government Pledges Pacific Climate Investment
May 26, 2022
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Asia & PacificAustraliaBusiness & Economyclimate changeeconomic policiesInternationalPenny WongSolomon IslandsSouth PacificWang YiWorld
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Australian Foreign Minister Penny Wong has spruiked a “new era” of engagement with the Pacific in a speech to the Pacific Islands Forum in Fiji. Wong, fresh from a trip to Tokyo for the Quadrilateral Security Dialogue, is visiting the South Pacific amid Beijing’s overt push for influence in the region. The foreign minister said…
China Holds Unprecedented Meeting as ‘Zero-COVID’ Crushes Economy
May 26, 2022
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Asia & PacificBusiness & EconomyCCP VirusChinaChina Business & EconomyCOVID-19economyLi KeqiangSpecial TopicsWorldzero-COVID
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China’s premier Li Keqiang on May 25 presided over an meeting of over 100,000 officials to issue a stark warning about the “grim challenges” ahead for the country’s economy that has been battered by the communist regime’s COVID-19 policies. In a teleconference with representatives from provincial, city, and county levels of government, Li warned about…
Pending Home Sales Dive as Soaring Prices, High Mortgage Rates Take Toll
May 26, 2022
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Business & EconomyeconomyHouse Priceshousing marketinflationInvestmentMarketspending home salespersonal financeUSUS News
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A measure of U.S. home sales based on signed contracts dropped to a 2-year low in April, the latest in a string of data points suggesting the housing market may be heading into choppier waters. Contracts to buy previously owned homes fell 3.9 percent last month to a reading of 99.3, the National Association of Realtors…
Revised Report Shows US Economy Shrunk More Than Previously Estimated in First Quarter 2022
The U.S. economy contracted by 1.5 percent in the first quarter of 2022, following an increase of 6.9 percent in the fourth quarter of 2021, due to a record trade deficit and 40-year high inflation, according to revised data released by the Bureau of Labor Statistics on May 26. The contraction was revised down 0.1…
Jobless Claims Fall Amidst Tight Labor Market: Labor Department
The number of Americans filing for new unemployment benefit claims has decreased slightly, according to data from the U.S. Labor Department. “In the week ending May 21, the advance figure for seasonally adjusted initial claims was 210,000, a decrease of 8,000 from the previous week’s unrevised level of 218,000. The 4-week moving average was 206,750,…
Inflation to Remain High in 2022, Congressional Budget Office Warns
May 26, 2022
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Business & EconomyCongressional Budget OfficeeconomyFederal Open Market Committee (FOMC)high inflationinflationPersonal Consumption Expenditures PCE Price IndexUS
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The Congressional Budget Office (CBO) is expecting inflation to remain elevated in 2022 and then to subsequently decrease over the next couple of years, the agency said on May 25. The Personal Consumption Expenditures (PCE) Price Index, which is the Federal Reserve’s preferred measure of inflation, will be 4 percent in 2022, the agency projected…
Why the Sun Belt is Becoming An Economic Powerhouse
Commentary Americans are on the move. Before the pandemic, many Americans had already relocated in search of career opportunities and better quality of life. However, once the reality of working from home set in, millions more decided to see what other states had to offer. This redistribution of population, in which warm-weather states—with the exception…
Russian Ruble Tops Global Currencies in 2022 Despite Ukraine War, Sanctions
The Russian ruble has turned into the top-performing currency in global financial markets, despite Moscow facing a bombardment of crippling economic sanctions and financial restrictions. Year-to-date, the ruble has strengthened about 14 percent against the U.S. dollar. By comparison, the U.S. Dollar Index (DXY), which gauges the greenback against a basket of currencies, has advanced…
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