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U.S. economy roars, while inflation soars
The U.S. economy is beginning to rebound, but inflation is still crippling the American people
The U.S. economy is roaring back to life, after six months of steady declines.
While GDP is also rising, inflation continues to plague American households.
Increased exports are driving the rise. But weak global demand is limiting growth in some areas.
It comes as President Joe Biden says he will crack down on so-called ‘junk fees’ as a way of bringing down soaring inflation.
As part of this, the Financial Protection Bureau is seeking to eliminate billions in banking fees.
They’re also removing hidden charges and extra fees on a range of services like airline and hotel bookings.
Despite this, the White House says there is still plenty of work to do on the U.S. economy.
News
Liberal and Nationals reunite after political split
Australia’s major parties restore Coalition unity after three weeks, with Nationals frontbenchers rejoining shadow cabinet and ministers pledging commitment.
Australia’s major parties restore Coalition unity after three weeks, with Nationals frontbenchers rejoining shadow cabinet and ministers pledging commitment.
Australia’s Liberal and National parties have agreed to restore their historic Coalition partnership after a three-week split, marking their second reconciliation in under a year. The deal ensures stability ahead of upcoming political challenges.
Under the agreement, Nationals frontbenchers will return to the shadow cabinet by March 1. This move signals a return to unified leadership as both parties aim to present a stronger front in parliament.
As part of the compromise, three senators who broke party solidarity during a recent vote face a six-week suspension. All shadow ministers will also sign an agreement to uphold cabinet unity and prevent future splits.
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Starmer aide resigns after Mandelson appointment questioned over Epstein links
Morgan McSweeney resigned amid scrutiny of Peter Mandelson’s US ambassadorship; Keir Starmer claims he was misled about Epstein ties.
Morgan McSweeney resigned amid scrutiny of Peter Mandelson’s US ambassadorship; Keir Starmer claims he was misled about Epstein ties.
U.K. Prime Minister Keir Starmer’s chief of staff, Morgan McSweeney, has resigned amid scrutiny over Peter Mandelson’s appointment as U.K. ambassador to the U.S. McSweeney accepted responsibility for the controversial decision, calling stepping aside the honourable choice.
Lawmakers raised questions about Mandelson’s ties to Jeffrey Epstein. The Epstein files indicate Mandelson maintained contact with Epstein even after his 2008 conviction, intensifying the controversy surrounding his diplomatic appointment.
Starmer confirmed that Mandelson misled him about the extent of their friendship and pledged to release documents confirming the details. The resignation signals a significant shake-up in Starmer’s team and ongoing political fallout.
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Japan election delivers commanding win for ruling LDP
Japan’s ruling party expected to strengthen majority in Lower House election despite heavy snowfall, says local forecasts.
Japan’s ruling party expected to strengthen majority in Lower House election despite heavy snowfall, says local forecasts.
Japan’s ruling Liberal Democratic Party is projected to tighten its grip on power following a decisive Lower House election, according to local media forecasts. Early projections suggest the LDP will secure between 274 and 328 seats in the 465-seat chamber, significantly strengthening its parliamentary position.
Together with coalition partner the Japan Innovation Party, the governing bloc is expected to cross the 300-seat mark, with some estimates putting the total as high as 366 seats. Voter turnout remained resilient despite heavy snow across parts of the country, as citizens braved severe weather to cast their ballots.
The election was called by Prime Minister Sanae Takaichi in January, a move widely viewed as a strategic gamble to capitalise on her strong public approval ratings. The result appears to reinforce her mandate and consolidate political stability in Japan’s national leadership.
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