Timeframe: May 14 to May 20, 2022
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US Congress passes $40 bn Ukraine aid package
The United States Congress has approved a nearly $40bn military and humanitarian aid package for Ukraine, an “unprecedented” sum that US legislators say will help the country defend against Russia’s continued invasion.
Source: Al Jazeera
Israeli Military Will Not Conduct Criminal Probe Into Al Jazeera Reporter’s Death
The Israeli army’s Military Police Criminal Investigation Division does not plan to investigate the fatal shooting of Shireen Abu Akleh on grounds that there is no suspicion of a criminal act.
2. Economics & Business
World shares sink after inflation driven retreat on Wall St
Shares plummeted in the European and Asian markets as the high inflation rates affected the economy, and concern about its impact affects consumer spending and corporate profits. The Federal Reserve (Fed) will be raising the interest rates to control the high inflation. However, investors fear that high-interest rates can lead to a recession. In addition, the Ukraine-Russia war is leading to high prices for oil and food. Furthermore, China’s lockdown to curb covid surges disrupts the supply chain- worsening the problem.
Source: TBS News
Worst Day for US stocks in 2 years
US stocks suffered the biggest daily drop in almost two years as investors assessed the impact of higher prices on earnings and prospects for monetary policy tightening on economic growth. Futures signal the slump is set to continue in Japan, Australia, and Hong Kong. The sell-off sent the S&P 500 down 4%, the most since June 2020, with the plunge in consumer shares surpassing 6%. Treasuries rose across the board, sending the 10- and 30-year Treasury yields down more than 10 basis points.
3. COVID-19 News
Over a million covid cases feared in North Korea
North Korea has reported that over a million people have been affected by a fever. However, how many among the one million are affected by Covid is unclear as North Korea does not have many testing capabilities. In addition, with a poor healthcare system, their lack of mass vaccination makes them especially vulnerable to the virus.
Disclaimer: The information provided here is obtained solely from the aforementioned third parties. Youth Policy Forum (YPF) is not responsible for any misinformation or misrepresentation.