News Desk

IMF Says Global Economic Growth Powered by Asia

Date: 4 May 2016

Many may think that the United States or Europe, as the location of most of the world’s most developed nations, would be driving global economic growth. Asia, however, is actually the area driving global economic growth this year, according to the International Monetary Fund (IMF).

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Hungary Will Hold Referendum on Refugee Resettlement

Date: 4 May 2016

Hungary will hold a referendum in September or October over the European Union’s mandatory migrant resettlement quota, according to Reuters. Roughly 160,000 refugees are looking for host nations, and many governments within the EU have accepted the Brussels-based quota, but Hungarian leadership stresses national sovereignty above all else. The travelers in question are comprised of refugees from war-torn countries and migrants seeking better opportunities.

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Home Price Gains as Worker Wages Stall

Date: 4 May 2016

Home prices are going up even more in America, but wages are not rising for most middle class Americans. A new study by CoreLogic shows a 6.7% year-over-year increase in home prices in March. Home prices have gone up in every month over the last four years, according to CoreLogic.

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WTO Wants to Help Pakistan Grow Its Export Capacity

Date: 3 May 2016

The World Trade Organisation (WTO) has announced plans to partner with Pakistan to help it grow its export capacity under an “Aid for Trade” initiative. The plan would add value to Pakistan’s products, improve its workforce, provide training, and help the country explore new markets around the world.

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Drought Situation Worsens in Ethiopia: Long-Term Aid Needed

Date: 3 May 2016

The international community is lending a helping hand to Ethiopia as a devastating drought affects over 10 million people, according to Voice of America. Six million children face hunger, with 435,000 at risk of severe malnutrition. Ethiopia will need $1.4 billion in aid in 2016 and additional funds for next year. Officials ordered the drilling of wells to counter the effects of the drought.

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OECD: Asian Countries Rank Highest in Unique Goods Import and Export

Date: 2 May 2016

When nations rank highly for imports and exports according to an Organization for Economic Cooperation and Development (OECD) study, that is usually cause for celebration. A recent OECD study, however, has left a number of Asian nations with a bit of a black eye for their popular trade items. The study in question ranked the nations with the largest traffic in counterfeit and pirated goods.

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North Korea Amasses Support for Dear Leader

Date: 2 May 2016

North Korea will conduct a congress this Friday to foster greater support for leader Kim Jong Un and the Workers’ Party of Korea, according to Associated Press. Leaders intend to unify the country against, so-called, U.S. imperialism, while drumming up support for economic progress. The Hermit Kingdom has incurred indignation from world powers as nuclear tests continue, and analysts expect its nuclear program to form a core part of the rallying event.

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Weakness in the U.S. Economy Continues to Grow

Date: 2 May 2016

After a major decline in economic growth, further indicators of weakness in the U.S. economy are coming from various studies. The Chicago Purchasing Managers Index (PMI) fell to 50.4 in April, indicating that activity just barely expanded. That was far above the expectation that the index would almost hold its previous reading of 53.6.

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American Economic Growth Collapses

Date: 29 April 2016

GDP growth in the United States fell significantly, growing just 0.5% in the first quarter of 2016. Despite economists’ predictions of continued economic strength, real GDP growth was just 0.5% in the first three months of this year after rising 1.4% in the fourth quarter of 2015. Economists had expected 0.7% growth after downgraded estimates throughout the quarter, largely due to weak data from the housing, manufacturing, and export sectors.

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U.S. Government Presses Iraq to Maintain Reform Efforts

Date: 29 April 2016

U.S. Vice President Joe Biden visited Iraq this week to support ongoing reforms of the central government, according to the Associated Press. Biden praised Iraq’s progress in forming a cohesive government, but the Shia-dominated political system has faced criticism for corruption and persecution of the Sunni population. Iraq’s economy is under siege in the wake of ISIS incursions and lower oil prices.

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Ecuador Turns to IMF for Post-Quake Relief

Date: 29 April 2016

A devastating earthquake struck Ecuador on April 18. The quake left 659 dead and caused an estimated $2 to $3 billion (US) in property damage. The damage has left Ecuador shattered emotionally and economically.

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Weak Home Sales and Worsening Trade Balance Puts Fed on Hold

Date: 28 April 2016

With home sale growth weakening and America’s trade balance worsening, the Federal Reserve announced it would not increase interest rates. While many analysts and economists expected at least one rate hike in 2016 by now, the Federal Reserve decided to keep the Fed Funds' rate target at 0.25-0.5%, with a vote of 9-1.

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Eastern Libyan Government Defies Central Authority with Oil Deal

Date: 28 April 2016

Libya’s eastern government defied the wishes of the central government for the first time by selling oil to an oil tanker, according to Reuters. The UN Security Council responded by blacklisting the tanker, and officials fear that the move could spark future unofficial sales that would weaken central state revenues. Oil is the primary income source in Libya, but production has declined due to political instability, security concerns and labor disputes.

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Consumer Confidence, Durable Goods Data Points to Slumping Economy

Date: 27 April 2016

Weak consumer confidence and a disappointing lack of significant growth in durable goods sales are pointing to a weakening American economy. Durable goods sales rose just 0.8% in March after a 3.1% decline in February; despite expectations of a growth rate twice that. Core durable goods growth actually fell 0.2% after falling in February, although analysts had expected moderate growth.

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Chad Maintains State of Emergency as Government Combats Boko Haram

Date: 27 April 2016

Chad extended its state of emergency by six months around the Lake Chad area as the government combats terrorist organization Boko Haram, according to AFP. Militants grow desperate as their numbers weaken, but they maintain a persistent presence in the region. The war against Islamic radicalism has displaced many Chadians, while contributing to economic weakness.

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Could Iran Sue the United States for Alleged Economic Treaty Violation?

Date: 27 April 2016

Iran officially condemned the United States’ Supreme Court’s ruling earlier this month that would allow the families of victims of terrorism sponsored by Iran to collect monetary damages from the nearly $2 billion in frozen assets located in the United States. Taking it a step further, the Islamic Republic indicated that it would sue the U.S. government in the International Court of Justice (ICJ) at The Hague.

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