DOJ says allies have frozen $ 30 billion of Russian oligarch assets

The 106m-long and 18m-high super luxury motor yacht Amadea, one of the largest yachts in the world is seen after anchored at pier in Pasatarlasi for bunkering with 9 fuel trucks, on February 18, 2020 in Bodrum district of Mugla province in Turkey . Anadolu Agency | Getty Images The Department of Justice said Wednesday … Read more

G-7 nations face threat of Russia shutting down more gas

Russian President Vladimir Putin makes a toast as he takes part in the XIV BRICS summit in virtual format via a video call, in Moscow on June 23, 2022. Mikhail Metzel | AFP | Getty Images The Group of 7 nations need to brace for a complete shutdown of Russian gas pipelines in the near … Read more

New G-7 infrastructure plan offers alternative to China Belt & Road

The Group of 7 has announced a new infrastructure funding program that could rival China’s Belt and Road Initiative. One expert says the G-7’s plan offers hope to developing countries but it remains to be seen whether it can match the BRI. On Sunday, the US and the other members of the G-7 including Canada, … Read more

Banking body BIS urges decisive wave of global rate hikes to stem inflation

The world’s central bank umbrella body, the Bank for International Settlements (BIS), has called for interest rates to be raised “quickly and decisively” to prevent the surge in inflation turning into something even more problematic. The Swiss-based BIS has held its annual meeting in recent days, where top central bankers met to discuss their current … Read more

Jordan’s king says he would support a Middle East version of NATO

Jordan’s King Abdullah said he would support the formation of a Middle East military alliance similar to NATO, and that it can be done with countries that are like-minded. Thomas Kronsteiner | Getty Images News | Getty Images Jordan’s King Abdullah II said he would support the formation of a Middle East military alliance similar … Read more

European stocks open to close as recession fears continue

LONDON – European stocks were lower Thursday, as global markets see renewed volatility after a brief recovery following last week’s tumultuous trading. The pan-European Stoxx 600 dropped 0.8% in early trade, with basic resources shedding 1.8% to lead losses as all sectors and major stock exchanges slid into negative territory. European stocks closed lower on … Read more

Canada inflation rises to near 40-year high

The Bank of Canada raised interest rates to 1.5% from 1.0% this month and said it was ready to act “more forcefully” if needed to tame inflation. David Kawai | Bloomberg via Getty Images Canadian consumer prices increased in May at rates not seen since January 1983, surging past analyst forecasts, largely driven by pricey … Read more

Russia and NATO member Lithuania are clashing over Kaliningrad

A sign reading ‘Kaliningrad’ stands atop the main city’s south railway station. Kaliningrad is a small Russian exclave located on the Baltic Sea and sandwiched between Lithuania and Poland. It has become the center of a spat between Russia and NATO member Lithuania. Harry Engels | Getty Images Sport | Getty Images A new front … Read more

European markets open to close, earnings, data, central banks

LONDON – European stocks are expected to open in negative territory on Wednesday, giving up gains made in the previous session amid more positive global sentiment. The UK’s FTSE index is expected to open 45 points lower at 7,103, Germany’s DAX 112 points lower at 13,180, France’s CAC 40 down 56 points at 5,906, and … Read more

Qantas CEO defends industry as airlines cancel flights around world

Air travel is roaring back, but not without some significant hiccups. Particularly in North America and Europe, travelers have described chaos at airports, with scores of flights canceled or delayed, luggage lost and wait times to board planes exceeding four hours. That’s partly the result of labor shortages from the pandemic, as layoffs have put … Read more