Economy
Senior US Fed official expects no rate cuts this year
A senior official at the US central bank said Friday that she doesn't expect any interest rate cuts this year following a recent uptick in inflation. After easing significantly last year, inflation has accelerated once more since the start of the year, causing concern among Fed officials as they contemplate the right time to start lowering rates.
Solar storm could bring auroras, power and telecoms disruptions
A huge solar storm is heading for Earth, supercharging auroras and bringing possible disruptions to satellites and power grids as early as Friday evening, US officials say. Unlike solar flares, which travel at the speed of light and reach Earth in around eight minutes, CMEs travel at a relatively more sedate pace, with officials putting the current average at 800 kilometers (500 miles) per second.
Biden's clean energy tax credits likely to remain 'law of the land': Brainard
Most of Joe Biden's clean energy tax credits are now law and are unlikely to be reversed by Donald Trump if he wins November's presidential election, a senior administration official said Friday.
Brazil floods strike blow to powerful agriculture sector
Floodwaters in Brazil have swallowed up soybean fields and farming equipment, cutting off roads, livestock farms and warehouses in the latest extreme weather event to hit the agricultural giant. While Brazil will retain its spot as the world's largest producer of soybeans, which are used in livestock feed, the flooding is expected to hit its results this season.
Polish farmers protest 'harmful' EU environmental rules
Polish farmers on Friday rallied against EU environmental regulations they said were hurting the economy and called for a referendum on the issue. "We don't agree to all the Green Deal provisions, which are harmful to Poland's economy," said Adrian Wawrzyniak, a spokesman for the Solidarity farmers' union.
French, US drug firms team up for Covid-flu shot
French pharmaceutical giant Sanofi and struggling US rival Novavax announced Friday an alliance to sell a Covid vaccine and develop another that combines with a flu shot. The French group will be able to develop a combination flu-Covid vaccine using its own flu shots with the US company's Covid jab.
Honda posts record profit, issues cautious forecasts
Japanese auto giant Honda on Friday logged a record annual profit thanks to improving global vehicle sales, but issued a cautious outlook for the current fiscal year. On Friday, Honda said global vehicle sales were up, thanks largely to its vehicles' popularity in the United States.
UK economy exits recession ahead of election
Britain exited a shallow recession with better-than-expected growth in the first quarter, official data showed Friday, in a boost to embattled Prime Minister Rishi Sunak ahead of this year's election. GDP shrank by 0.3 percent in the fourth quarter of 2023 after contracting 0.1 percent in the prior three months, the ONS confirmed Friday in unrevised data.
Access, Zenith, UBA, currency dealers sell dollar at new rate as naira nears two-week low
The Nigerian currency, the naira, recorded a loss of N38 to the dollar on Thursday, May 9, 2024, in the official market and in the parallel segment of the FX market.
Economy
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