German Chancellor Olaf Scholz has addressed lawmakers about his coalition government's budget crisis. Ministers must fill a hole in state finances after a bombshell Constitutional Court ruling on borrowing.

With family incomes squeezed by a weak Chinese economy, international travelers are cutting back on designer goods and luxury hotels.

US President Joe Biden has announced that an agreement has been brokered with Republican House Speaker Kevin McCarthy to raise the government's debt ceiling This pivotal piece of legislation, now poised for a vote in Congress, requires a simple majority for its enactment. If passed, it would circumvent an unprecedented debt default potentially looming as early as June 5. President Biden characterises the proposed legislation as a "compromise", outlining a two-year budget plan which, in essence, holds non-defence spending steady for 2024.