Swiss raise interest rate by 1/4-point amid inflation fears

GENEVA — Switzerland’s central bank announced a one-quarter of a percentage point increase to a key interest rate Thursday, the first increase in nearly 15 years. It indicated the move was an attempt to ward off inflationary pressures as food and fuel prices rise worldwide. The Swiss National Bank said the rate hike would take … Read more

Iran allows exchange stores to trade in foreign currency

TEHRAN, Iran — Iran’s Central Bank is allowing licensed exchange offices to resume buying and selling foreign currency, days after traders protested over the worsening economic situation and the country’s currency dropped to its lowest value ever, state-run media reported Thursday. Since 2018, when Iran announced a ban on all trading by individuals at private … Read more

Bank of England hikes interest rates but resists bolder move

LONDON — The Bank of England has raised interest rates by a quarter-percentage-point, shrugging off pressure for a bolder move to combat price increases that have pushed inflation to a 40-year high. While the United Kingdom’s central bank began raising interest rates earlier than its counterparts, the Bank of England is now trailing the US … Read more

China Builds Thousands of Testing Booths to Live With Covid-19, but at What Cost?

As Beijing struggles to contain a resurgence of new Covid-19 cases, the city has rolled out more than 9,000 testing stations to regularly screen people. WSJ’s Yoko Kubota visits one of them to unpack the costs of China’s commitment to its zero-Covid policy. Photo: David Sahay for WSJ

European Central Bank vows backstop against market turmoil

A European Central Bank poised to raise interest rates for the first time in 11 years vowed Wednesday to create an unspecified market backstop that could buffer member countries against financial turmoil like that seen during a debt crisis more than a decade ago. Pressed by a government bond selloff, the bank’s governing council called … Read more

Wall Street slips into a bear market; here’s what that means

NEW YORK — Wall Street opened the week with heavy losses that put the benchmark S&P 500 at a level considered to be a so-called bear market. Rising interest rates, high inflation, the war in Ukraine and a slowdown in China’s economy have led investors to reconsider what they’re willing to pay for a wide … Read more

UK moves to rewrite Brexit rules; EU threatens legal action

LONDON — Britain’s government on Monday proposed new legislation that would unilaterally change post-Brexit trade rules for Northern Ireland, despite opposition from some UK lawmakers and EU officials who say the move violates international law. The proposed bill seeks to remove customs checks on some goods entering Northern Ireland from the rest of the UK … Read more

India, China growing markets for shunned Russian oil

DELHI– India and other Asian nations are becoming an increasingly vital source of oil revenues for Moscow despite strong pressure from the US not to increase their purchases, as the European Union and other allies cut off energy imports from Russia in line with sanctions over its war on Ukraine . Such sales are boosting … Read more

Venezuela president praises Iran fuel shipments during visit

TEHRAN, Iran — Venezuela’s President Nicolas Maduro on his first visit to Iran said the Islamic Republic helped his nation by sending badly needed fuel despite US sanctions and threats. In an interview with Maduro late Friday after his arrival, Iranian state media reported that Maduro hailed Iran’s move to send fuel tankers to his … Read more

North Korea opens major party meeting amid nuke test signs

SEOUL, South Korea– North Korean leader Kim Jong Un has agreed to a political conference where he’s expected to review state affairs, including a COVID-19 outbreak, and possibly address relations with Washington and Seoul amid his revived nuclear brinkmanship. The plenary meeting of the ruling Workers’ Party’s Central Committee that began Wednesday in the capital, … Read more