News
Hard Numbers: BoE warns of recession, Joseph Stalin arrested, cops charged in Breonna Taylor death, Kenyan women lawmakers targeted
Plastic letters arranged to read "Inflation" are placed on British Pound banknote
Reuters
27: The Bank of England raised interest rates by 50 basis points on Thursday, its biggest hike in 27 years, and the bank warned that inflation will likely peak at a staggering 13.3% this fall with a drawn-out recession being all but inevitable.
50: Sri Lankan authorities are cracking down hard on protesters demonstrating against the country’s recent economic collapse. Joseph Stalin, a protest leader, was arrested this week for participating in a demonstration in May that marked 50 days since the launch of the mass protest movement, referred to as “the struggle.”
4: Four people – three US police officers and one former officer – have been charged with the 2020 death of Breonna Taylor at her apartment in Louisville, Kentucky. Taylor’s death sparked mass protests over the use of no-knock warrants by law enforcement and broader racial injustice.
12: When Kenyans head to the polls on Sunday to elect a new parliament and president, less than 12% of candidates they have to choose from will be women. Female candidates are facing a flood of online abuse ahead of the vote. In 2018, Kenyan politicians boycotted a parliamentary vote that would have guaranteed women one third of all parliamentary seats.On the GZERO World Podcast, Ian Bremmer sits down with Harvard economist and former IMF Deputy Managing Director Gita Gopinath to unpack how the conflict is rippling through the global economy. As oil and gas prices surge, inflation is climbing, adding new costs for households and businesses and putting pressure on growth worldwide.
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The revenue generated by Russia’s main oil tax in April amid the Iran war, per Reuters calculations. The amount is double last month’s revenue, and up by 10% from this time last year.
The Iran war has pushed Brent crude prices to $100 per barrel, up from around $70 before the conflict began.
For sixteen years, Prime Minister Viktor Orban has won every fight: four consecutive parliamentary supermajorities for his party, Fidesz; a constitution rewritten to his specifications; courts, media, and oligarchs brought to heel.