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Amid the ongoing rise of the unions in the United States, the Ithaca Starbucks store has been closed. Employees are saying that Starbucks is retaliating.

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The ongoing Russian invasion of Ukraine has dealt&nbsp;a major blow to the world economy and the resulting food crisis and damage to the supply chain has also deeply impacted its growth. The adverse impact of the ongoing invasion was clear once again on Wednesday as the World Bank cut its global growth forecast by 1.2 percentage points down to 2.9% for 2022. According to the report published by the institution, this was a result of both the ongoing Russia-Ukraine conflict and the impact from the COVID-19 pandemic that was detrimental to a lot of economies around the world.

Also read |&nbsp;<a href="https://www.wionews.com/science/a-lot-of-happy-tears-cancer-disappears-in-every-patient-in-a-small-drug-trial-485905">'Lot of happy tears': Cancer disappears in every patient in a small drug trial</a>

The Global Economic Prospects report stated that the world economy was already struggling from the aftermath of the pandemic and with the Russian invasion making things worse, the global economy is currently headed towards “a protracted period of feeble growth and elevated inflation”.

“The danger of stagflation is considerable today. Subdued growth will likely persist throughout the decade because of weak investment in most of the world. With inflation now running at multi-decade highs in many countries and supply expected to grow slowly, there is a risk that inflation will remain higher for longer,” World Bank President David Malpass wrote in the report.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-walks-out-of-security-council-meeting-after-eu-blames-kremlin-for-looming-food-crisis-485958" hreflang="en">Russia walks out of Security Council meeting after EU blames Kremlin for looming food crisis</a>

This is the worst growth rate seen in the global economy since the 1970s and by 2024, the pace of global growth is projected to slow by 2.7 percentage points – two times the rate in the late 1970s.

The only winners in the current situation are predicted to be the commodity exporters who can take advantage of the high energy prices, according to the report by the World Bank.

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The ongoing Russian invasion of Ukraine has dealt a major blow to the world economy and the resulting food crisis and damage to the supply chain has also deeply impacted its growth.

The ongoing Russian invasion of Ukraine has dealt a major blow to the world economy and the resulting food crisis and damage to the supply chain has also deeply impacted its growth. The adverse impact of the ongoing invasion was clear once again on Wednesday as the World Bank cut its global growth forecast by 1.2 percentage points down to 2.9% for 2022. According to the report published by the institution, this was a result of both the ongoing Russia-Ukraine conflict and the impact from the COVID-19 pandemic that was detrimental to a lot of economies around the world. Also read | 'Lot of happy tears': Cancer disappears in every patient in a small drug trial The Global Economic Prospects report stated that the world economy was already struggling from the aftermath of the pandemic and with the Russian invasion making things worse, the global economy is currently headed towards “a protracted period of feeble growth and elevated inflation”. “The danger of stagflation is considerable today. Subdued growth will likely persist throughout the decade because of weak investment in most of the world. With inflation now running at multi-decade highs in many countries and supply expected to grow slowly, there is a risk that inflation will remain higher for longer,” World Bank President David Malpass wrote in the report. Also read | Russia walks out of Security Council meeting after EU blames Kremlin for looming food crisis This is the worst growth rate seen in the global economy since the 1970s and by 2024, the pace of global growth is projected to slow by 2.7 percentage points – two times the rate in the late 1970s. The only winners in the current situation are predicted to be the commodity exporters who can take advantage of the high energy prices, according to the report by the World Bank. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

World Bank lowers 2022 global growth forecast to 2.9% from 4.1% in January

Consumer Finance has a crucial role to play especially during inflation and economic crises. Home Credit says Consumer Finance recovered strongly. Tech is reshaping the Consumer Finance sector. 'Buy now pay later' products are making significant changes.

Recovery in consumer finance: COVID period was difficult for consumer finance

Consumer finance has a crucial role to play especially during times of economic challenges or high inflation. Consumer finance increases as people borrow now during inflation to bridge the gap for finance but what is the overall scenario?

Recovery in consumer finance: Pandemic was difficult for consumer finance

Jeep Wrangler's 2022 model has again failed the IIHS crash test. It tipped over to one side during the crash test.

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Reports: Mercedes to recall 1 Million cars globally on fear of faulty breaks

Saudi Arabia has raised the official selling price of oil. Global oil prices have also witnessed a jump in price.

Saudi Arabia raises the official selling price of oil

Airlines in Europe have been hit by a string of problems amid a challenging operating environment. European airline Easy jet cancelled 5% of its flights.

Challenging operating environment: European airline Easy jet cancelled 5% of its flights

Ukraine jacked up its main interest rate to a seven-year-high of 25% from 10% on Thursday, tightening policy for the first time since the Russian invasion to tackle double-digit inflation and protect the hryvnia as some business activity returns.

The Feb. 24 invasion has devastated the economy, which could shrink by at least a third this year as the war has forced 40% of businesses to close, destroyed infrastructure, blocked shipping routes and reduced whole towns to rubble.

Speaking at a briefing, Central Bank Governor Kyrylo Shevchenko called for talks with the International Monetary Fund on a new aid programme.

The rate increase was criticised by an adviser to Ukrainian President Volodymyr Zelenskiy's office, who said the rate was too high and dangerous to the economy during wartime. It was not clear whether he was speaking in a personal capacity.

The prime minister's office and the finance ministry declined immediate comment.

The National Bank of Ukraine (NBU) had frozen its main rate 10% at the start of the invasion, but last week it signalled it could resume regular monetary policy reviews as business activity partially recovered in safer parts of the country.

It is betting that a sharp rate hike will also nudge the government to raise the yield on domestic bonds, making hryvnia assets more attractive and preventing household incomes and savings from being eroded by inflation.

The central bank has fixed the hryvnia exchange rate, which has forced it to sell billions of dollars in forex reserves since the start of the invasion. It aims to let the currency float freely eventually once conditions allow.

"The NBU expects that a significant rise in the key policy rate, to 25%, will be sufficient to ease pressures on the FX market and stabilize inflation expectations, which in the future will lay the foundations for a monetary policy easing cycle," it said.

"If yields on hryvnia assets do not rise sufficiently, international reserves will keep depleting rapidly and imbalances will build up in the economy," it said.

Inflation was already in double digits before the conflict began and climbed further to around 17% in May from 16.4% in April, according to NBU estimates.

The central bank said inflation could double in 2022 from 10% in 2021, pushed up by rising global prices and the damage of the war on domestic production and supply chains.

"A decisive rise in the key policy rate will spur investors’ interest in hryvnia assets, while also easing pressures on international reserves and reining in inflation," the NBU said.

The number of small businesses that had suspended operations in April fell to 26% from 73% in March, according to a survey by the European Business Association, the union of businesses operating in Ukraine.

Thursday's move takes the main interest rate to its highest level since 2015, when Ukraine's economy was reeling from Russia's annexation of Crimea and the outbreak of war between Ukrainian troops and Russian-backed forces in eastern Ukraine.

"The NBU raised the rate to 25%. That's too much. Abrupt movements during the war, when the economy is in a fragile state - are dangerous," presidential adviser Tymofiy Mylovanov wrote on Facebook.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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Ukraine jacked up its main interest rate to a seven-year-high of 25% from 10% on Thursday, tightening policy for the first time since the Russian invasion to tackle double-digit inflation and protect the hryvnia as some business activity returns.

Ukraine jacked up its main interest rate to a seven-year-high of 25% from 10% on Thursday, tightening policy for the first time since the Russian invasion to tackle double-digit inflation and protect the hryvnia as some business activity returns. The Feb. 24 invasion has devastated the economy, which could shrink by at least a third this year as the war has forced 40% of businesses to close, destroyed infrastructure, blocked shipping routes and reduced whole towns to rubble. Speaking at a briefing, Central Bank Governor Kyrylo Shevchenko called for talks with the International Monetary Fund on a new aid programme. The rate increase was criticised by an adviser to Ukrainian President Volodymyr Zelenskiy's office, who said the rate was too high and dangerous to the economy during wartime. It was not clear whether he was speaking in a personal capacity. The prime minister's office and the finance ministry declined immediate comment. The National Bank of Ukraine (NBU) had frozen its main rate 10% at the start of the invasion, but last week it signalled it could resume regular monetary policy reviews as business activity partially recovered in safer parts of the country. It is betting that a sharp rate hike will also nudge the government to raise the yield on domestic bonds, making hryvnia assets more attractive and preventing household incomes and savings from being eroded by inflation. The central bank has fixed the hryvnia exchange rate, which has forced it to sell billions of dollars in forex reserves since the start of the invasion. It aims to let the currency float freely eventually once conditions allow. "The NBU expects that a significant rise in the key policy rate, to 25%, will be sufficient to ease pressures on the FX market and stabilize inflation expectations, which in the future will lay the foundations for a monetary policy easing cycle," it said. "If yields on hryvnia assets do not rise sufficiently, international reserves will keep depleting rapidly and imbalances will build up in the economy," it said. Inflation was already in double digits before the conflict began and climbed further to around 17% in May from 16.4% in April, according to NBU estimates. The central bank said inflation could double in 2022 from 10% in 2021, pushed up by rising global prices and the damage of the war on domestic production and supply chains. "A decisive rise in the key policy rate will spur investors’ interest in hryvnia assets, while also easing pressures on international reserves and reining in inflation," the NBU said. The number of small businesses that had suspended operations in April fell to 26% from 73% in March, according to a survey by the European Business Association, the union of businesses operating in Ukraine. Thursday's move takes the main interest rate to its highest level since 2015, when Ukraine's economy was reeling from Russia's annexation of Crimea and the outbreak of war between Ukrainian troops and Russian-backed forces in eastern Ukraine. "The NBU raised the rate to 25%. That's too much. Abrupt movements during the war, when the economy is in a fragile state - are dangerous," presidential adviser Tymofiy Mylovanov wrote on Facebook. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Ukraine jacks up key rate to 25% in first hike since Russian invasion

Moody's Investor Service has downgraded Pakistan's outlook from stable to negative, citing financial concerns that includes a delay in the revival of International Monetary Fund's (IMF) bailout.

Moody's lowers Pakistan outlook to negative over IMF delay

The Directorate General of Civil Aviation (DGCA) has fined India's aviation regulator Air Vistara ₹10 lakh for violating safety regulations. The airline has been fined for letting an improperly trained pilot land a flight at Madhya Pradesh's Indore airport with passengers on board.

DGCA fines Indian airline Vistara for letting untrained pilot land flight

The Sweden-based automaker Volvo Car Group's sales have fallen 28.3% in Mar as supply chain problems and lockdowns hampered production.

Volvo Cars reports 28% drop in May, lockdown & supply chains blamed for fall

The Indian auto industry has managed to make a recovery in May of this year. It has registered healthy growth in terms of vehicle sales as compared to same period last year. WION's Business Editor Sumit Chaturvedi speaks to Shashank Srivastava, Senior ED, Maruti Suzuki.

Indian auto industry manage to make a recovery in May 2022

The Organization of the Petroleum Exporting Countries (OPEC) and its allies has agreed to significant oil output increases in July amid calls for the alliance to help contain the surging oil prices.

OPEC+ agrees to significant oil output increases in July to ease surging prices

Microsoft has cut its fourth quarter forecast for profit and revenue. It's the latest U.S company to warn of a hit for Forex. Shares of Microsoft fell on Thursday after the Tech giant cut its profit and outlooks for the current quarter.

Microsoft warns of Forex hit, cuts 4th quarter forecast

Elon Musk wants to cut Tesla staff, Tesla chief feels bad about the economy. All employees are supposed to work for 40 hours a week and are resented to work from office.

Musk wants to cut Tesla staff by 10%

Rating agency Moody's Investor Service has downgraded cash-strapped Pakistan’s outlook from stable to negative, citing ‘heightened external vulnerability’ and uncertainty around securing external financing to meet the country's needs, a media report has said.

“Moody`s assesses that Pakistan’s external vulnerability risk has been amplified by rising inflation, which puts downward pressure on the current account, the currency and already thin foreign exchange reserves, especially in the context of heightened political and social risk," the statement said.

Moody’s report added that the country's ‘weak institutions and governance strength’ had added uncertainty around the future direction of macroeconomic policy, including whether&nbsp;Pakistan&nbsp;would complete the IMF Extended Fund Facility (EFF) programme and maintain a credible policy path that supports further financing.

However, it affirmed the ‘B3’ local and foreign currency long-term issuer and senior unsecured debt ratings.

Watch |&nbsp;Moody's lowers Pakistan outlook to negative over IMF delay

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“The decision to affirm the B3 rating reflects Moody's assumption that, notwithstanding the downside risks mentioned above, Pakistan will conclude the seventh review under the IMF EFF programme by the second half of this calendar year, and will maintain its engagement with the IMF, leading to additional financing from other bilateral and multilateral partners,” it said.

Also read |&nbsp;<a href="https://www.wionews.com/economy/turkeys-annual-inflation-spirals-to-24-year-high-at-73-484683" hreflang="en">Turkey’s annual inflation spirals to 24-year high at 73%</a>

Moody’s affirmed that Pakistan will be able to close its financing gap for the next couple of years.

“The B3 rating also incorporates Moody`s assessment of the scale of Pakistan’s economy and robust growth potential, which will provide the economy with some capacity to absorb shocks.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pak-hikes-prices-of-petroleum-products-power-massively-as-chinese-banks-agree-to-refinance-with-23-bn-484583" hreflang="en">Heading for turmoil? Pak hikes prices of petroleum products, power massively</a>

"These credit strengths are balanced against Pakistan`s fragile external payments position, weak governance and very weak fiscal strength, including very weak debt affordability," the statement said.

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Rating agency Moody's Investor Service has downgraded cash-strapped Pakistan’s outlook from stable to negative, citing ‘heightened external vulnerability’ and uncertainty around securing external financing to meet the country's needs, a media report has said.

Rating agency Moody's Investor Service has downgraded cash-strapped Pakistan’s outlook from stable to negative, citing ‘heightened external vulnerability’ and uncertainty around securing external financing to meet the country's needs, a media report has said. “Moody`s assesses that Pakistan’s external vulnerability risk has been amplified by rising inflation, which puts downward pressure on the current account, the currency and already thin foreign exchange reserves, especially in the context of heightened political and social risk," the statement said. Moody’s report added that the country's ‘weak institutions and governance strength’ had added uncertainty around the future direction of macroeconomic policy, including whether Pakistan would complete the IMF Extended Fund Facility (EFF) programme and maintain a credible policy path that supports further financing. However, it affirmed the ‘B3’ local and foreign currency long-term issuer and senior unsecured debt ratings. Watch | Moody's lowers Pakistan outlook to negative over IMF delay “The decision to affirm the B3 rating reflects Moody's assumption that, notwithstanding the downside risks mentioned above, Pakistan will conclude the seventh review under the IMF EFF programme by the second half of this calendar year, and will maintain its engagement with the IMF, leading to additional financing from other bilateral and multilateral partners,” it said. Also read | Turkey’s annual inflation spirals to 24-year high at 73% Moody’s affirmed that Pakistan will be able to close its financing gap for the next couple of years. “The B3 rating also incorporates Moody`s assessment of the scale of Pakistan’s economy and robust growth potential, which will provide the economy with some capacity to absorb shocks. Also read | Heading for turmoil? Pak hikes prices of petroleum products, power massively "These credit strengths are balanced against Pakistan`s fragile external payments position, weak governance and very weak fiscal strength, including very weak debt affordability," the statement said. Watch WION's live TV here:

Moody's downgrades Pakistan's outlook from stable to negative over IMF delay

New York has become the latest state to suspend its gas tax in an effort to give drivers some relief at the pump. The suspension of the 16-cents-per-gallon tax runs from June 1 through the end of the year.

New York suspends gas tax by 16 cents a gallon for rest of 2022

The OPEC and its allies has agreed to significant oil output increases in July amid calls for the alliance to help contain the surging oil prices.

OPEC+ to boost oil output in July, decision to ease surging prices

US authorities are ready to implement a ban on imports from China's Xinjiang region when a law requiring it becomes enforceable later in June.

US ready to implement ban on Xinjiang goods on June 21

Elon Musk, the Tesla chief executive has asked employees to return to office or leave the company, according to a memo sent to staff that has been circulating on social media.

Tesla joins list of companies mandating offline work

OPEC members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation's ability to produce more.

Reports: Oil group OPEC+ mulls excluding Russia from production deal