Venezuela plans stock comes out in break from socialist model

CARACAS, Venezuela — Venezuela’s government is seeking private investors to pump funds into vital but crippled state-run companies, decades after seizing them in the name of socialism. The government on Monday intends to offer 5% to 10% stakes in companies ranging from telephone and internet service providers to a petrochemical producer. In another country, those … Read more

Wall Street slumps, erasing a big rally from a day earlier

NEW YORK — Stocks are slumping on Wall Street, erasing a rally from a day earlier, as markets assess the looming fallout from the Federal Reserve’s stepped-up fight against inflation. On Wednesday, the Fed raised its benchmark interest rate by half a percentage point as part of an effort to slow consumer borrowing and tamp … Read more

Bank of England raises interest rate to highest in 13 years

The Bank of England has raised its key interest rate to the highest level in 13 years ByAssociated Press May 5, 2022, 11:10 AM • 2min read Share to FacebookShare to TwitterEmail this article LONDON — The Bank of England raised its key interest rate to the highest level in 13 years on Thursday as … Read more

EXPLAINER: What’s the latest in Russia’s dance with default?

Russia appeared to dodge default on its foreign debt by dipping into its scarce dollar reserves. But Moscow’s debt drama is far from over. Russia’s finance ministry abandoned its proposal to use rubles instead of dollars to make overdue payments on two government bonds, saying Friday that it had transferred the money to an account … Read more

Australian central bank hikes rate for 1st time in 11 years

Australia’s central bank has lifted its benchmark interest rate for the first time in more than 11 years By ROD McGIRK Associated Press May 3, 2022, 6:20 AM • 3 min read Share to FacebookShare to TwitterEmail this article CANBERRA, Australia — Australia’s central bank on Tuesday lifted its benchmark interest rate for the first … Read more

A key inflation gauge jumped 6.6% in March, most since 1982

WASHINGTON — An inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressing household budgets and the health of the economy. Yet there were signs in Friday’s report from the Commerce Department that … Read more

Russia’s standing in G-20 not threatened by Ukraine invasion

WASHINGTON — The last time Russia invaded Ukraine, in 2014, outraged world leaders booted Russia out of the Group of Eight industrialized nations, which quickly rebranded itself the Group of Seven. Eight years later, the G-7 is still holding at seven — a collection of countries that meet to talk through big issues like trade, … Read more

Mexico’s electricity sector ranked by doubt and legal chaos

MEXICO CITY — President Andrés Manuel López Obrador’s efforts to reshape Mexico’s electricity sector in favor of the state-owned power company have spurred hundreds of lawsuits and caused a level of uncertainty that businesspeople say is costing jobs and private investment. The level of uncertainty is such that a solar panel company had to agree … Read more

Sri Lankan PM says president’s powers will be reduced

Sri Lanka’s prime minister says the constitution will be changed to clip presidential powers and empower Parliament as protesters call on the president to quit over an economic crisis By KRISHAN FRANCIS Associated Press April 19, 2022, 6:54 AM • 3 min read Share to FacebookShare to TwitterEmail this article COLOMBO, Sri Lanka — Sri … Read more

Russia’s war to shrink Ukraine economy 45%, World Bank says

The World Bank says Ukraine’s economy will shrink by 45.1% this year because of Russia’s invasion, which has shut down half of the country’s businesses, choked off imports and exports, and damaged a vast amount of critical infrastructure By KELVIN CHAN Associated Press April 11, 2022, 11:30 AM • 3 min read Share to FacebookShare … Read more