S&P 500 in bear market as inflation fears fuel sell-off
15 June 2022 | 10:52 am
Wall Street had one of its worst days in recent weeks on Monday as a worse-than-expected US inflation figure last Friday fuelled concern about more aggressive rate hikes to come from the Federal Reserve. Cryptocurrencies also continued to tank after a lender froze withdrawals. Plus, as Europe looks to bolster the continent's energy security, France's TotalEnergies signs a deal with Qatar on a major gas field project.
June 12, 2023
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The Reserve Bank of India has left the benchmark repo rate unchanged at 6.5% as inflationary pressures ease. However, the bank warned some risks remain.
Food prices have almost doubled within a year, and increasing numbers of retired people are falling below the poverty line. Meanwhile, the government continues to invest heavily in the arms industry.
Nigerian President Bola Tinubu has defended his decision to stop fuel subsidies after the end of June and asked for patience. This comes at a time when Nigerians are already struggling to cope with record unemployment and poverty and inflation has hit an 18-year high.
Nigeria's President Bola Tinubu has told the country that ending a long-standing fuel subsidy was a painful necessity. But the knock-on effects of the move are having a great impact on Nigerians' everyday lives.
The latest El Nino climate phenomenon has arrived, threatening floods in some areas of the world and droughts in others. Previous disruptive weather patterns cost the global economy trillions and stoked inflation.
As big energy companies make record profits and expand production of climate-wrecking fossil fuels, activists are appealing directly to shareholders to demand rapid emission cuts.
Nigeria's fuel subsidy kept petrol prices low but also drained billions from government coffers. Now it has been removed, small businesses - which largely rely on generators - are feeling the squeeze.
Annual inflation dropped to 5.5% in the 20 eurozone countries. However, the European Central Bank is still expected to raise interest rates in July.
African currencies have lost ground against the US dollar this year, further driving inflation in the import-reliant region. Depleting dollar reserves have left policymakers with limited options to arrest the decline.
The removal of fuel subsidy and subsequent increase in fuel price from about NGN180 to NGN500 in June by the current administration hit businesses and individuals across Nigeria in no small measure. But as of today, prices of fuel have taken another drastic increase from NGN500 to over NGN700. Already, NNPC filling stations across the country have adjusted and started dispensing at NGN617.
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