Federal Reserve Chair Jay Powell said Friday he expects the central bank will cut its key interest rate in the near future in response to slower economic growth and cooling inflation. At a speech during the Fed’s annual August summit in Jackson Hole, Wyoming, Powell said ‘the time has come…
Federal Reserve chair Jerome Powell on Friday gave the clearest indication yet that the central bank is likely to start cutting interest rates, which are currently at their highest level in two decades. If a rate cut comes in September, as experts expect, it would be the first time officials have trimmed rates in over…
DETROIT — Ford Motor’s profit engine for decades has been large trucks and SUVs in the U.S. So it might surprise investors that the automaker believes its new path to profitability for electric vehicles will first be led by smaller, more affordable vehicles. The new plan is an “insurance policy” for…
Russia’s President Vladimir Putin likes to project himself as a strongman. But his track record of handling recent crises in Russia reveals a different side of his presidential persona: one of paralysis and indecision. A day and a half after Ukrainian troops stormed a Russian border crossing and continued, almost…
The attacker is on the run and police are treating the incident as a terror attack, said a German police spokesperson. Police services are utilizing all available resources, including personnel and vehicles, and a large-scale manhunt is underway, the spokesperson added. The attack occurred at a “Festival of Diversity” being held…
Four officers at a maximum security prison in Russia were killed after inmates who identified themselves as affiliated to ISIS took several staff hostage, Russian state media reported. Russian special forces said the alleged hostage takers were all “eliminated” in an operation that saw some hostages freed, at the penal…
An Indonesian court ordered two local companies to pay up to 60 million rupiah ($3,850) to each family whose children died of an acute kidney injury or were seriously injured after consuming toxic cough syrup. More than 200 children in Indonesia died of the injury and about 120 more survived,…
Authorities in Italy have opened a manslaughter investigation into the sinking of a superyacht, which killed seven people off the coast of Sicily earlier this week. Announcing the probe, prosecutor Ambrogio Cartosio said investigators found it was not the weather that caused the ship to sink, but was a result…
Three fires blazed on a Greek-flagged oil tanker in the Red Sea, the United Kingdom Maritime Trade Operations said on Friday, one day after rescuers evacuated its crew in the wake of an assault by Yemeni Houthi militants. The Iran-aligned Houthis, who control Yemen’s most populous regions, said on Thursday that they had…
Ukraine’s audacious foray into the Russian region of Kursk has been a triumph for its military intelligence and tactical agility – and equally a signal that, despite its advantage in terms of men and armor, the Russian military has plenty of vulnerabilities. Just as importantly, it’s also sent a political message to Kyiv’s allies…