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☆ High inflation could be here to stay as commodity prices spike again after a 2-year decline, World Bank says
▼ + stars: | 2024-04-25 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

High inflation will stay for longer as commodity prices rallied again after falling for two years, World Bank Group says. The bank expects global inflation to jump by a solid percentage point by 2024 due to the flip-flop oil prices driven by geopolitical risks. But this sluggish decline will buoy commodity prices around 38% higher than pre-COVID averages, offering little relief for inflation-weary economies. The World Bank warned that a significant disruption could propel oil prices beyond $100 per barrel, hiking global inflation by almost a full percentage point in 2024. That fear of lower growth and high inflation was on display in the US on Thursday, as first-quarter GDP came in much lower than expected even as consumer prices remained high in the quarter.

Persons: —, wanes, Indermit Gill, Ayhan Kose Organizations: World Bank, Service, World Bank Group, Bank Locations: Israel, Iran, Ukraine, Russia

☆ 'There is a serious gap when it comes to labour supply' in advanced economies, says World Bank economist
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'There is a serious gap when it comes to labour supply' in advanced economies, says World Bank economistAyhan Kose, deputy chief economist of World Bank, discusses geopolitical tensions and the global economy.

Persons: Ayhan Kose Organizations: Bank, World Bank

☆ Global economy set for its worst half decade of growth in 30 years, World Bank says
▼ + stars: | 2024-01-09 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank. Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the organization said in its latest "Global Economic Prospects" report released Tuesday. And despite the global economy proving resilient in the face of recessionary risks in 2023, increased geopolitical tensions will present fresh near-term challenges, the organization said, leaving most economies set to grow more slowly in 2024 and 2025 than they did in the previous decade. Escalation of these conflicts could have significant implications for energy prices that could have impacts on inflation as well as on economic growth," Ayhan Kose, the World Bank's deputy chief economist and director of the Prospects Group, told CNBC's Silvia Amaro. The bank warned that without a "major course correction," the 2020s will go down as "a decade of wasted opportunity."

Persons: CNBC's Silvia Amaro Organizations: World Bank Locations: Eastern Europe, Russian, Ukraine

WASHINGTON (AP) — The World Bank reported Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies, which could result in increased food prices worldwide. The World Bank report simulates three scenarios for the global oil supply in the event of a small, medium or large disruption. But during a “medium disruption” — equivalent to the disruptions experienced during the Iraq war — the global oil supply would decline by 3 million to 5 million barrels per day, driving oil prices up possibly by 35%. Ayhan Kose, the World Bank’s deputy chief economist, said higher oil prices will inevitably result in higher food prices. Overall, oil prices have risen about 6% since the start of the conflict.

Persons: Benjamin Netanyahu, Indermit Gill, ” Gill, Ayhan Kose, Kose, —, Janet Yellen, Biden, ”, Fatih Birol Organizations: WASHINGTON, World Bank, Hamas, Israel, Bank, Bloomberg, ” International Energy Agency Locations: Israel, Gaza, Iran, Lebanon, Iraq, Ukraine, U.S

Israeli tanks were deployed in the far northern border town of Metulla as rain came down near the heavily fortified border. Six people were killed on Monday - three Hezbollah members, an Israeli officer, and two Palestinian militants who touched off the violence by infiltrating Israel from Lebanon. A storm put many people in Lebanon on edge as thunder was mistaken for Israeli bombardment. Lebanon took years to rebuild from the 2006 war, during which Israeli bombardment pounded Hezbollah-controlled south Lebanon and destroyed wide areas of its stronghold in the southern suburbs of Beirut. Lebanon can ill-afford another big war with Israel, four years into a financial meltdown that has spread impoverishment and paralysed state institutions.

Persons: Charbel Alam, Alam, Nazimiya, I'm, Jihad, Orel Sigon, we've, Bassam, Dan Williams, Ayhan, Maya Gebeily, Tom Perry, Mark Heinrich Our Organizations: Hezbollah, Palestinian, Hamas, Lebanese, Islamic, Iran's, Guards, Sunday, Thomson Locations: Israel, Lebanon, Iran, Lebanese, Metulla, Rmeish, Gaza, Kiryat Shmona, Beirut, Syria

Only the fifth woman to win a Nobel physics prize, French-born L'Huillier works at Lund University in Sweden, while Agostini, who was also born in France, is a emeritus professor at Ohio State University in the United States. Agostini and Krausz then demonstrated how this could be used to create shorter light pulses than previously possible. These experiments all showed that attosecond pulses could be observed and measured, and could be used in new experiments. While the award for peace can take the limelight, the physics prize has also often taken centre stage with winners such as Albert Einstein and awards for science that has fundamentally changed how we see the world. Announced on consecutive weekdays in early October, the physics prize announcement will be followed by ones for chemistry, literature, peace and economics, the latter a later addition to the original line-up.

Persons: Pierre Agostini, Ferenc Krausz, Anne L'Huillier, Eva Olsson, Krausz, L'Huillier, Agostini, Emmanuel Macron, Hans Ellegren, Mats Larsson, Katalin Kariko, Drew Weissman, Alfred Nobel, Albert Einstein, Niklas Pollard, Simon Johnson, Johan Ahlander, Terje Solsvik, Elizabeth Pineau, Ayhan Uyanik, Christine Uyanik, Charlotte Van Campenhout, Michaela Cabrera, Alexandra Hudson, Rosalba O'Brien Organizations: Reuters, Max Planck, Quantum Optics, Lund University, Ohio State University, Royal Academy of Sciences, Thomson Locations: STOCKHOLM, Hungarian, Garching, Germany, French, Sweden, France, United States, Stockholm, Austria, Paris, COVID, Oslo, Krisztina, Budapest, Amsterdam

☆ Datça: The beautiful Turkish peninsula forgotten by time
▼ + stars: | 2023-09-01 | by ( Feride Yalav-Heckeroth | ) edition.cnn.com time to read: +9 min

CNN —With untouched and natural rugged scenery, forested with pristine bays on both sides, the Datça peninsula feels a world away from the touristy towns of this popular corner of the Med. Strict laws about construction have protected Datça from large-scale tourism projects, leaving its eponymous small port town, located around midway on the peninsula, rooted in the past. Where to stayThe Palaia Hotel, a modern take on traditional Datça architecture and culture. Ayhan Altun/Moment RF/Getty ImagesIn downtown Datça, shops such as Pehlivan and Datça Köy Ürünleri sell local almonds in every form imaginable. “Datça is a peninsula, but it’s more like an island, we’re very isolated and have our own way of life,” says Boylu.

Persons: Furkan Uyan, “ I’ve, ”, Ismet Tekinalp, Almond, Kurabeyicisi, Kaya Balları, badem, Datça, Hestia, Hestia Mey, Yücel, Ali Somer, Ayça Boylu, Axel Korf, “, Feride, Conde Nast Organizations: CNN, ”, Getty, Kaya, Usta, Winery, Culture, Art Academy Locations: Turkey, Marmaris, Knidos, Caria, downtown, Turkish, “, Datça, Cumalı, Yaka, Knidia, Değirmenbükü, Istanbul, Lake Constance, Kinfolk

☆ Global growth will remain weak into 2024, World Bank says
▼ + stars: | 2023-06-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal growth will remain weak into 2024, World Bank saysAyhan Kose, deputy chief economist at the World Bank Group, says global growth is set to dip to 2.1% this year — lower than the average pace over the past decade — with the uptick next year set to be "tepid." He adds that growth in emerging market and developing economies looks particularly poor due to tighter financial conditions.

Persons: Ayhan Kose Organizations: Bank, World Bank Group

It reinforced Erdogan's image of invincibility in the deeply divided NATO-member country, whose foreign, economic and security policy he has redrawn. Pro-government newspapers, part of an overwhelmingly pro-Erdogan media landscape that buoyed his election campaign in the nation of 85 million people, cheered his victory. Erdogan said inflation, which hit a 24-year peak of 85% last year before easing, is Turkey's most urgent issue. Turkey's main pro-Kurdish party, parliament's third largest, was among the opposition parties opposed to Erdogan and is accused of links to Kurdish militants, which it denies. Erdogan, head of the Islamist-rooted AK Party, appealed to voters with nationalist and conservative rhetoric in a divisive campaign that deflected attention from Turkey's economic problems.

☆ A year in Azerbaijan: From the Grand Prix to the ski slopes
▼ + stars: | 2023-04-27 | by ( Words Cnn Staff | Photo Illustrations Woojin Lee | ) edition.cnn.com time to read: +18 min

CNN —Anyone who has tuned in to the Azerbaijan Grand Prix has seen a tantalizing glimpse of what the capital Baku has to offer. This year’s Grand Prix comes at the height of spring, often said to be Azerbaijan’s most beautiful season. Juan Vilata/Alamy Stock Photo Explore Azerbaijan in spring Prev NextSummers in Azerbaijan are hot, so getting out of the city is a good idea. Alexander Melnikov/Alamy Stock Photo Explore Azerbaijan in fall Prev NextWrap up, because even at its coldest Azerbaijan still has plenty to offer. You’ll learn much more at the Azerbaijan National Carpet Museum in Baku.

[1/3] Turkish citizens living in Germany start casting their ballots at Turkey?s diplomatic missions for the May 14 parliamentary and presidential election, in Munich, Germany, April 27, 2023. REUTERS/Ayhan UyanikMUNICH, April 27 (Reuters) - Turkish citizens based in Germany began voting on Thursday in Turkey's presidential and parliamentary elections, which represent the biggest electoral challenge for President Tayyip Erdogan, who lags in opinion polls, in two decades in power. Polling stations have also been set up in Berlin, Frankfurt, Cologne and other towns and cities, according to Turkey's High Election Board. Germany's Turkish diaspora comprises around 2.3 million people, according to the Turkish Community in Germany. Turkish voters in Germany have until May 9 to submit ballots.

☆ World Bank warns of 'lost decade' in global growth without bold policy shifts
▼ + stars: | 2023-03-27 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

But concerted efforts to boost investment in sustainable sectors, cut trade costs, leverage growth in services, and expand labor force participation could boost potential GDP growth by up to 0.7 percentage point to 2.9%, the report said. The average GDP growth rate is a sort of "speed limit" for the global economy, charting the maximum long-term rate at which it can grow without sparking excess inflation. Low investment will also slow growth in developing economies, with their average GDP growth dropping to 4% for the rest of the 2020s, from 5% in 2011-2021 and 6% from 2000-2010. To change the trajectory, policymakers should prioritize taming inflation, ensuring financial-sector stability and reducing debt, while promoting climate-friendly investments that could add 0.3 percentage point to annual potential growth. Expanding exports of digital services could result in big productivity gains, while raising labor force participation rates for women and others could raise global potential growth rates by as much as 0.2 percentage point a year by 2030.

☆ Crowds swarm Art Basel Hong Kong as galleries report sales bonanza
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

[1/3] An installation titled "Calligraphic Wig" by Daniel Knorr is displayed at Art Basel in Hong Kong, China, March 23, 2023. Art Basel Hong Kong is one of the first big events the city has held since dropping its COVID-19 mask mandate this month. City authorities are welcoming the art fair as they try to reinvigorate the economy and promote Hong Kong as a vibrant cultural hub. Teresa Choi, a visitor from Macau, said Hong Kong was much busier than during COVID times. "Hong Kong has always been the international financial hub for Asia ... Travellers are regaining their confidence about Hong Kong and the economy and want to come."

☆ They Wanted a Two-Bedroom in Queens for $500,000 — Dishwasher Optional. Which Option Did They Buy?
▼ + stars: | 2023-03-02 | by ( Joyce Cohen | ) www.nytimes.com time to read: +2 min

Shortly after Covid-19 hit, Michelle de Vera and Serhan Ayhan settled into a one-bedroom in Woodside, Queens. Ms. de Vera, who then worked in the airline industry, had an easy trip via public transportation to the Queens airports. She would spend hours on video calls for work while Mr. Ayhan, 36, clanked in the kitchen and tried to stay out of camera range. Email: thehunt@nytimes.com]Their criteria included a kitchen — with a dishwasher — that was suitable for making dough,, and space for hosting pizza nights. In every apartment they visited, Mr. Ayhan checked to see whether the oven was big enough to accommodate his pizza peel.

Insider has compiled a list of six cities where you can live for $1,000 or less per month. Insider has compiled a list of six cities where you can live for $1,000 a month, using data from the comparison website Numbeo, which provides a crowdsourced summary of the cost of living in major cities across the world. In Rio, you'll need about $940 a month to cover an apartment in the city center and your living expenses. An apartment in the city center and living expenses would set you back around $700 a month. A one-bedroom apartment outside the city center and living expenses would set you back around $940 per month.

☆ Cheaper homes and a strong dollar are driving Americans to move abroad. Here are 6 cities around the world where you can live on $1,000 a month or less.
▼ + stars: | 2022-10-25 | by ( Pembe Bilir | Nathan Rennolds | Business Insider Deutschland | ) www.businessinsider.com time to read: +4 min

More and more Americans are looking to take advantage of a strong dollar and cheaper homes abroad. An apartment in the city center and living expenses would set you back $670 a month. A one-bedroom apartment outside the city center and living expenses would set you back around $940 per month. If you wanted an apartment in the center, it would cost you around $1,150 a month, including living expenses. Here, you can get a one-bedroom apartment outside of the center and cover living expenses for just over $920 a month, Numbeo said.

☆ Central banks around the world are willing to risk recession to fight inflation — and early signs suggest widespread pain for everyone, everywhere
▼ + stars: | 2022-09-24 | by ( Ben Winck | ) www.businessinsider.com time to read: +9 min

How a mild US slump becomes a deep global recessionMore than 80 central banks are staring down the same problem. That followed a hike of the same size by the European Central Bank on September 8. That so many central banks share the Fed's outlook could become a huge problem. "But because they are highly synchronous across countries, they could be mutually compounding in tightening financial conditions and steepening the global growth slowdown." Central banks could be mere months away from a lose-lose scenario.

☆ Turning coronavirus page, Oktoberfest kicks off after two-year hiatus
▼ + stars: | 2022-09-17 | by ( ) www.reuters.com time to read: +1 min

Visitors attend the official opening of the world's largest beer festival, the 187th Oktoberfest in Munich, Germany, September 17, 2022. REUTERS/Andreas GebertRegister now for FREE unlimited access to Reuters.com RegisterMUNICH, Sept 17 (Reuters) - The annual Oktoberfest, the world's largest beer festival, kicked off on Saturday for the first time since 2019, marking the end of a two-year hiatus as a result of the coronavirus pandemic. Revellers sit at long communal tables to swig beer, eat sausages, pretzel or pork knuckle, and listen to oompah bands. Munich mayor Dieter Reiter said earlier this year that the Oktoberfest, held from Sept. 17 to Oct. 3, would take place without any COVID-19 restrictions. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Ayhan Uyanik und Christine Uyanik; Writing by Christoph Steitz; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

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