US Federal Reserve hikes interest rates 0.75% to curb inflation
18 June 2022 | 4:10 pm
Federal Reserve raises key interest rate 0.75% as it tries to calm inflation. The Federal Reserve said on Wednesday that it is raising its benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the fiercest surge in U.S. inflation in four decades.
Last month, Amazon's 8,000 warehouse workers in Staten Island, New York voted to form the company's first ever union. It was the first in a series of union victories at companies that pay hourly wages. Experts say this could be the most significant moment in decades for the US labour movement, sparking hope that a wave of unionisation could help millions of Americans secure fairer working conditions. But US corporations are fighting back. Our New York correspondents report.
The German government is supporting Ukraine, battling inflation, and combatting climate change. A monthly survey has asked voters how they rate the efforts.
South Korea and the US are sending a signal to North Korea, which had fired eight short-range missiles a day prior.
Nasson Joaquin Garcia, the head of the evangelical church La Luz del Mundo, pleaded guilty to three charges stemming from the abuse of three underage victims.
The vote by lawmakers in the Democratic-majority House follows mass shootings in Uvalde, Texas, and Buffalo, New York. The measure is unlikely to pass in the Senate.
The European Central Bank has left the interest rate unchanged but indicated that it will rise in July — the first hike since 2011. It is also halting a program which ultimately amounts to printing electronic money.
ISWAP behind Owo Church Attack – National Security Council, Ghana’s inflation surges to 18-year peak
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The US House committee presented new findings tying former President Donald Trump to the attack on the Capitol.
Almost 10 months ago, Afghanistan fell into the hands of the Taliban. The hardline Islamists' return to power led to a mass exodus of the Afghan population, with the US taking in some 78,000 refugees. California received the largest number, followed by Texas, where some 10,500 Afghans are already calling the Lone Star State home. Texans are proud to welcome them, as our correspondents report.
Germany's Bundesbank has predicted annual inflation of 7.1% as prices spiral upward. The central bank also cut its economic growth forecast, warning that the situation could get worse depending on the war in Ukraine.
The 8.6% yearly increase is the biggest since 1981. President Biden's efforts to stem the tide are having little effect as the impact of Russia's invasion of Ukraine continues to hit global economies.
Traders across various markets in Nigeria have lamented the fast-growing inflation as food prices have continued to record an exponential growth in price. GuardianTV went to the market to speak with both sellers and buys about how expensive things have become.
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