Credit Suisse issues a profit warning, saying tough trading conditions for the investment bank will drag the group to a net loss in the second quarter. The World Bank warns of 70s style stagflation as it slashes its global growth forecasts, saying many countries will find it hard to avoid recession. U.S. Treasury Secretary Janet Yellen tells Congress the country faces an extended period of higher prices, while admitting the administration's earlier characterization of inflation was misleading. Former German Chancellor Angela Merkel defends her record, hitting back at criticism that she appeased Russian President Vladimir Putin during her 16 years in power. 

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