Leaders of the Group of Seven advanced economies have been meeting in Hiroshima, Japan. They've agreed to step up sanctions on Russian exports, including industrial machinery, tools, and other technology that Moscow is using to wage war in Ukraine. Meanwhile, stocks in Tokyo reached their highest levels in three decades, after the latest GDP figures showed the world's third-largest economy had emerged from recession. Tulay Kalyon Haznedaroglu reports.

#JapanEconomy #JapanGDP #Recession

The head of the UK's central bank says inflation will prove hard to pull down amid a so-called "wage-price spiral" locking in higher prices. Bank Governor Andrew Bailey said on Wednesday that higher prices carrying over from last year's pandemic reopening and energy price shocks are at risk of getting worse. That's as a lack of workers is forcing firms to offer higher wages to try to fill open vacancies. But that is contributing to a so-called 'wage-price spiral'. That means more money for workers results in higher prices for everyone, worsening the cost of living crisis. The Bank of England's target inflation is 2% but the current rate is still more than five times that, despite hiking interest rates 12 consecutive times.

#BankofEngland #UKEconomy #UKInflation

The US has seen its rate of inflation fall since peaks last year and unemployment remains at historic lows. This is despite the looming threat of a recession and a series of bank failures that have rattled markets that upended regional financial institutions. But none of these problems compared to the threat posed by a legislative deadlock over whether the US should pay its debts. The remaining money will run out by June 1st, forcing bitter political rivals to the negotiating table. What are they arguing over? Wilson Dizard has more.

#USEconomy #USDebtCrisis #USDefault

April saw an 8.5% increase in China's exports, a sign that the country's main source of economic growth has bounced back after years of pandemic lockdowns. April's numbers beat analyst expectations of 8% but were down from the 14.8% rise seen in March. Goldman Sachs forecasts China's economy to expand by 6% for 2023, but the pace of activity is set for a slowdown in the second half of this year. Beijing is keen to see these numbers go up and will be offering cheaper credit and infrastructure spending to make it happen. A return to normalcy in China could also be good news for the rest of the world, where cheaper Chinese imports could help dull the sting of inflation.

#ChinaExports #ChinaEconomy #ChinaInflation

Oil prices crept up on Monday, shaking off fears last week that the US economy is headed for a recession. A strong jobs report on Friday did much to calm the nerves of markets, even as part of the US banking sector continues to show signs of fragility. Investors will be watching out for more economic indicators set to be released on Wednesday. Investors have been sensitive to Federal Reserve interest rate hikes, with the US central bank hiking rates by another 25 basis points last week.

#OilPrices #USEconomy #USFed

Turkish President Recep Tayyip Erdogan has announced the discovery of oil reserves in eastern Turkiye. Once operational, it will increase the country's overall hydrocarbon production from 100,000 barrels to 180,000 per day, and help to lessen the country's dependence on foreign oil. TRT World's Kubra Akkoc has visited the excavation site.

#TürkiyePetrol #Gabar #TürkiyeEconomy

AI is also a concern in Hollywood. Some of the most popular US TV shows shut production on Tuesday, after writers went on strike. One of their demands is to prevent studios from using artificial intelligence to generate new scripts from writers' work. They also want to see a fairer share from the rise of streaming services. TRT World's Andy Roesgen reports.

#HollwoodStrikes #OnlineStreaming #AI

Inflation has continued to rise in many countries around the world. COVID-19 impacted global supply chains and Russia's war in Ukraine triggered an energy crisis forcing gas and petrol prices to rise. The US, Europe and Australia have all raised interest rates to combat inflation but this has not come without its costs. Emre Boz has more.

#USFed #ECB #Globalinflation

The US banking sector has had a bad year. Several major regional banks have failed, and stock prices are down. The US Federal Reserve blames bad management for failing to respond to an era of higher interest rates that made it more expensive to cover customers' deposits, while still turning a profit. These smaller banks were exempt from tough liquidity rules imposed on their bigger counterparts in the wake of the 2008 financial crisis. The most recent casualty was First Republic, which fell on the 24th of April.

#USBankingCrisis #JPMorgan #FirstRepublicBank

It is a topic that has been stirring conversations across the globe: Will Artificial Intelligence take away our jobs? IBM CEO Arvind Krishna thinks so. His company is holding off on hiring for jobs that A-I could potentially perform. IBM is one of the first companies to openly talk about an A-I takeover. But what will it look like?

#IBM #AI #JobsTakeover