Postal traffic to the United States plunged more than 80 percent following Washington's imposition of new tariffs, with 88 operators worldwide fully or partially suspending services, the Universal Postal Union said Saturday. "Furthermore, 88 postal operators informed the UPU they have suspended some or all postal services to the US until a solution is implemented," it said.
The escalation of hostilities between Israel and Hamas could further strain global oil and gas supplies, already disrupted by Russia's invasion of Ukraine, experts have warned.
The President of Bureaux de Change operators has asked the Central Bank of Nigeria (CBN) to involve currency dealers in its plans to strengthen the naira.
The US budget deficit for the past year widened to $1.7 trillion, government data showed on Friday, in a development that could add pressure on President Joe Biden as he seeks reelection in 2024. It also comes as Biden turns to Congress for aid to Ukraine and Israel, requesting a massive $106 billion national security package on Friday.
The Nigerian government has revealed that service Central Bank of Nigeria's Ways and Means advances exceeded Nigeria's total oil earnings in the first 6 months.
Lebanon's national carrier Friday said it was cutting more than half of its flights as tensions along the border with Israel prompted more Western countries to warn against travel to Lebanon. On Friday, Belgium became the latest country to issue a Lebanon travel advisory, following similar moves by the United States, Britain, France, Australia, Canada and other nations.
Christiane Benner will become the first woman to lead Germany's biggest union when she takes the helm at IG Metall next week. Asked why it took so long for IG Metall, founded in 1949, to install a woman at the top, Benner chuckled.
Asian markets fell and oil prices extended gains Friday on worries that an expected ground invasion of Gaza by Israel will spark a wider conflict in the Middle East. The likelihood of a Middle East war has sent oil prices surging and both contracts extended the week's gains Friday, rising almost one percent in Asian trade.
US inflation is "still too high" despite a recent slowdown, Federal Reserve Chair Jerome Powell said Thursday, leaving the door open for a new interest rate hike. The Fed recently slowed its aggressive campaign of monetary tightening which lifted its benchmark lending rate to a 22-year high, as it looks to slow down inflation without pushing the US economy into recession.
US home sales slid further in September to the lowest rate in 13 years, according to industry data released Thursday, with interest rates high and the supply of properties limited. From a year ago, home sales in September were around 15 percent lower.
Economy
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