A report reveals R100 in 2000 is now worth R385 in 2026, with food prices soaring over 500%, driven by fuel costs and inflation impacting South African households.
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China consumer prices rise at faster rate in April
China's inflation rate quickened last month, official data showed Saturday, as the government works to boost spending in the world's second-largest economy. A debt crisis in the real estate sector and high unemployment are weighing on the economy and contributing to a slump in demand.
Yellen urges action to curb US mortgage market risks
US Treasury Secretary Janet Yellen flagged risks posed in the mortgage market Friday, as regulators released recommendations to address the sector's vulnerabilities. On Friday, Yellen said further action is needed to promote sound operations and address liquidity and other risks.
Musk says Tesla charger network will grow, days after layoffs
Tesla boss Elon Musk said Friday the electric vehicle manufacturer would invest over $500 million this year to install new superchargers, just days after a report of massive layoffs in this branch of the company.
Senior US Fed official expects no rate cuts this year
A senior official at the US central bank said Friday that she doesn't expect any interest rate cuts this year following a recent uptick in inflation. After easing significantly last year, inflation has accelerated once more since the start of the year, causing concern among Fed officials as they contemplate the right time to start lowering rates.
Solar storm could bring auroras, power and telecoms disruptions
A huge solar storm is heading for Earth, supercharging auroras and bringing possible disruptions to satellites and power grids as early as Friday evening, US officials say. Unlike solar flares, which travel at the speed of light and reach Earth in around eight minutes, CMEs travel at a relatively more sedate pace, with officials putting the current average at 800 kilometers (500 miles) per second.
Biden's clean energy tax credits likely to remain 'law of the land': Brainard
Most of Joe Biden's clean energy tax credits are now law and are unlikely to be reversed by Donald Trump if he wins November's presidential election, a senior administration official said Friday.
Brazil floods strike blow to powerful agriculture sector
Floodwaters in Brazil have swallowed up soybean fields and farming equipment, cutting off roads, livestock farms and warehouses in the latest extreme weather event to hit the agricultural giant. While Brazil will retain its spot as the world's largest producer of soybeans, which are used in livestock feed, the flooding is expected to hit its results this season.
Polish farmers protest 'harmful' EU environmental rules
Polish farmers on Friday rallied against EU environmental regulations they said were hurting the economy and called for a referendum on the issue. "We don't agree to all the Green Deal provisions, which are harmful to Poland's economy," said Adrian Wawrzyniak, a spokesman for the Solidarity farmers' union.
French, US drug firms team up for Covid-flu shot
French pharmaceutical giant Sanofi and struggling US rival Novavax announced Friday an alliance to sell a Covid vaccine and develop another that combines with a flu shot. The French group will be able to develop a combination flu-Covid vaccine using its own flu shots with the US company's Covid jab.
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