The European Commission (EC) has revised its global macroeconomic projection to account for the impact of the Ukrainian war and Russian sanctions. Global economic growth is expected to decrease from 5.7 percent to 3.2 percent in 2022, according to the European Union's regulatory body, and from 4 percent to 2.7 percent - in eurozone countries. If all limitations stay in place, the EC forecasts a...

On Wednesday, the European Commission will present its suggestions to boost EU energy security in the face of sanctions against Russia, the EU's biggest energy supplier. According to a draft document obtained by European media, the European Commission would recommend that EU member states prepare for a "sudden and full halt" of Russian gas supply. Setting a cap on gas costs for consumers,...

Ursula von der Leyen, the European Commission's chief, announced launch of a digital partnership, the first of its type for the European Union, at a news conference following the Japan-EU summit. "We addressed how to broaden our cooperation at this summit, including substantial measures to create opportunity for our economies and populations. And what can assist us in encountering the issues that...

The US House of Representatives on Wednesday evening approved a bill aimed at easing Ukraine's debt burden in light of the ongoing conflict with Russia, the respective vote showed. The legislation, if passed, would oblige US representatives at various international organisations to seek an immediate suspension of Ukraine's debt service payments and to provide financial assistance to Kiev on...

Japan's domestic debt has exceeded 1,000 trillion yen for the first time. Japan's domestic debt, the so-called "long-term debt" that will need to be repaid from taxes collected, has exceeded 1,000 trillion yen (about $7.69 trillion at today's exchange rate) for the first time in history, Kyodo news agency reported, referring to the finance ministry’s data. The debt stood at 1,017 trillion yen...

French leader Emmanuel Macron, speaking at the closing session of a conference on the future of Europe at the European Parliament in Strasbourg, called for a return to EU food independence and a reassessment of European production strategy in the face of events in Ukraine. He noted that the situation in Ukraine has deeply destabilized food supply chains and global markets. "We need to reassess...

The US administration will collect commercial bids in the autumn to buy 60 million barrels of oil to replenish strategic reserves, CNN reported, citing an unnamed Energy Department official. US authorities are now conducting large commodity interventions at the expense of strategic reserves in an attempt to bring down fuel prices rising on the back of anti-Russian sanctions. "The administration...

After a long break, the US Embassy in Havana has resumed processing immigrant visa applications for Cuban nationals, with plans to expand consular services in the future. "We're glad to report that our limited resumption of immigrant visa processing (applications) in Havana has gone well. In the future, we aim to be able to process even more immigrant visas and increase consular services in...

According to the World Health Organization (WHO)'s weekly epidemiological report on COVID-19, the number of nations where different subspecies of the omicron strain of the coronavirus have been detected is growing. "BA.4, BA.5, and BA.2.12.1 have gained various new mutations that may impact their properties. The number of cases and nations reporting detection of these three variations is...