A global campaign to reduce inflation
Central banks across Asia and Europe interest rates are increasing in the fight against inflation is causing headaches for consumers and nervous policymakers. But policy tools are sketchy and work slowly: A rate hike that takes place will take months to filter out across the global economy and take full effect.
The ferocity of monetary policy action now being taken pushes central banks into new and risky territory. Some economists warn that by tightening rapidly and simultaneously as growth in China and Europe is slowing and supply chain pressures are easing, global central banks risk inflation. use it and trigger a deeper recession, some economists warn.
The Bank of England raised interest rates half a point to 2.25% yesterday, even as it said Britain may have already slipped into a recession. Similarly, the European Central Bank is expected to continue raising interest rates at its October meeting to combat high inflation, even though Russia’s war in Ukraine is pushing the European economy into disarray. chaos. Indonesia, Taiwan, the Philippines, South Africa and Norway have also raised rates.
Cost of inflation: The longer inflation persists, the greater the risk that it will become a permanent feature of the economy, affecting labor contracts and prices in the long run.
Yen: After the Japanese currency lost more than 20% of its value against the dollar in the past year, the government intervened to enhance its value.
Avoiding draft, men fleeing Russia
A day after Russian President Vladimir Putin announced a call that could send 300,000 civilians into the army, thousands of Russians across the country received scratch paper. Mothers, wives and children said tearful goodbyes as the men were paraded onto buses and planes for training – and perhaps soon to the front in Ukraine.
Russian officials said the summons would be limited to those with combat experience. But the net seemed wider, and some men decided it was best to go to the borders. Men of military age who blocked airports and border crossings tried to flee, and some ended up fleeing in cities as far away as Istanbul and Namangan, Uzbekistan.
The escalation of the war effort reverberated throughout Russia. Historians say it was the first time since World War II that the Kremlin announced a wartime deployment. Officials in Russia still call the invasion a “special military operation,” rather than a war.
First Person: A 23-year-old bought a plane ticket to Istanbul, ended his business and kissed his crying mother goodbye – all within about 12 hours of Putin’s announcement. He said he doesn’t know when he will be back. “I’m sitting and thinking about what I could die for, and I don’t see any reason to die for the country,” he said.
World Bank leaders affirm their belief in climate change
David Malpass, president of the World Bank, Donald Trump nominee and who has been accused of climate denial, try to restate your views on climate change yesterday, said, “It’s clear that greenhouse gas emissions come from man-made sources, including fossil fuels.”
He has faced calls from activists and climate experts to be removed from his post after he refused to admit that burning fossil fuels is warming the earth. At a New York Times event this week, Malpass would not say whether he accepts that man-made emissions have created an exacerbating climate crisis. “I am not a scientist,” he said.
The World Bank aims to reduce poverty by lending money to poor countries to improve their economies and living standards with favorable loan terms. There is increasing pressure on the bank to do more to help countries facing climate disasters, and not fund new oil and gas projects.
Around the world
Two people impersonating Michael Jackson offers a contrasting study that reflects Argentina’s deep economic divisions. One man was able to finance 13 surgeries to look more convincing, while others had to resort to duct tape on their noses and cut their sideburns.
“Through makeup, I can build a character,” said one. “And then I can have my own life.” The other, who is considering a 14th surgery, to lengthen his jawline, said it’s not just a job but a lifestyle. “I don’t go home and say, ‘I’m done,’ he said. “I never finished.”
SPORTS NEWS FROM ATHLETIC
Why being a female fan at the World Cup comes with risks: Human rights groups have expressed concern about report on sexual violence at the tournament, due to the precedent set by Qatari law.
Kylian Mbappé’s problem with image rights, gambling and KFC: French football is in turmoil in the context a series of scandalsand none of them bode well for the World Cup after just two months.
US Soccer seeks to join UEFA Working Group for World Cup Workers: Support group workers compensation at Qatar World Cup. The federation has been criticized by Human Rights Watch for its “silence” on the matter.
ARTS AND IDEAS
Will the Hyperloop perish?
For more than 150 years, humans have dreamed of high-speed travel through pneumatic vacuum tubes, allowing them to shoot underground from place to place. A more sophisticated form of this technology, known since the 2010s as hyperloop, promises something still more ambitious: transportation not just within a few blocks, but also between cities. city.
While companies have raised hundreds of millions of dollars to design and build hyperloop systems, the technology is still an aspiration and transportation analysts say the industry is facing a challenge. with great difficulties.
Main problem? The infrastructure. A hyperloop system would require building mile-long pipelines and stations, having access rights, complying with government regulations, and avoiding changes to the ecosystem along its routes. it.
A viable passenger-only system would also cost significantly more than a cargo-focused system, to avoid discomfort and ensure safety, including avoiding the risk of vandalism or breakdown. The system causes severe depressurization or hypoxia for people traveling.
Read more about the future of hyperloop.