World
Ukraine war: Russia retakes key Kursk town after Putin visit
The Russian ministry of defense announced on Thursday that it has regained control of Sudzha, the largest town in the Kursk region, from Ukrainian forces. Ukrainian troops had held the Kursk region since their surprise border offensive in August 2024. This announcement comes one day after Russian President Vladimir Putin visited the region and urged […]
The Russian ministry of defense announced on Thursday that it has regained control of Sudzha, the largest town in the Kursk region, from Ukrainian forces. Ukrainian troops had held the Kursk region since their surprise border offensive in August 2024.
This announcement comes one day after Russian President Vladimir Putin visited the region and urged troops to “liberate” it quickly. “I am counting on the fact that all the combat tasks facing our units will be fulfilled, and the territory of the Kursk region will soon be completely liberated from the enemy,” Putin said in televised comments.
Putin’s visit appeared aimed at boosting morale as Russian forces advanced on the last remaining Ukrainian positions inside Russia, following peace talks between US and Ukrainian officials that resulted in Kyiv agreeing to a 30-day US-backed ceasefire covering the entire frontline.
The Russian advance in Kursk threatens Ukraine’s remaining territorial bargaining power at a key moment in the war when a ceasefire is being discussed.
On August 6, 2024, Ukrainian forces launched a major attack across the border, marking the largest foreign assault on Russia since World War II. The attack gave Ukraine its biggest battlefield gains since 2022, after months of setbacks. Russia quickly deployed reserve troops, and nearly 200,000 Russian civilians were forced to leave their homes.
US President Donald Trump said on Wednesday that the next move is up to Russia, as US representatives were traveling to Russia to discuss the ceasefire. “We’re going to have to see. It’s up to Russia now,” Trump said during a press briefing, refusing to comment on whether he would meet with Putin.
Meanwhile, US negotiators have also been traveling to Russia to present the 30-day ceasefire plan. “Negotiators are flying in and indeed contacts are scheduled,” Kremlin spokesman Dmitry Peskov said. Russian presidential aide Yuri Ushakov spoke to US National Security Advisor Mike Waltz by phone the day before, he added.
Although the names of the US negotiators were not revealed, the White House had earlier said that Donald Trump’s envoy, Steve Witkoff, who has mediated in both the Gaza and Ukraine conflicts, would be in Moscow this week.
Russia has said it wants sanctions to be lifted as part of any agreement due to economic challenges.
Business
Bessent announces ‘substantial progress’ in crucial US-China trade talks
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent told reporters.Bessent said he had informed President Donald Trump of the progress of the talks, and there would be a complete briefing on details on Monday. U.S. Treasury Secretary Scott Bessent said on Sunday that there had been “substantial progress” in talks between his team and that of Chinese Vice Premier He Lifeng in Geneva on defusing a trade war between the world’s two largest economies.Published on May 11, 2025
The talks had continued into a second day on Sunday as both sides discussed how to de-escalate a trade war that threatens to inflict major damage on the world economy.
Business
Fed holds rates steady, flags rising risks of inflation and unemployment
Economic picture
With unemployment still low and demand steady, Fed officials have said they are comfortable keeping rates unchanged until they have a better understanding of where the economy is headed. Trump, however, has repeatedly said the central bank should lower borrowing costs.Trump, meanwhile, has ramped up his criticism of Powell in recent weeks. At one point, Trump said in a social media post that “Powell’s termination cannot come fast enough!” Federal Reserve officials held interest rates steady for a third-straight meeting and emphasised they see a growing risk of both higher inflation and rising unemployment.Companies scrambled in the first quarter to import merchandise ahead of the tariffs, and a surge in consumer spending in March suggested households also sought to frontload purchases. Key inflation gauges cooled in the month.Chair Jerome Powell will hold a press conference with reporters at 2:30 p.m. in Washington.Powell and his colleagues are determined to keep tariffs from sparking a persistent rise in inflation, and several officials have signaled they would not support lowering interest rates preemptively to protect against a slowing economy.The S&P 500 index of US stocks and Treasury yields fell following the announcement, while the dollar pared gains.“Uncertainty about the economic outlook has increased further,” the Federal Open Market Committee said in a statement Wednesday at the conclusion of a two-day meeting in Washington. “The committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”
Published on May 8, 2025
Economic picture
The central bank announced Tuesday that Kansas City Fed President Jeff Schmid would miss the May meeting due to the recent death of his wife. Kansas City was represented by First Vice President Kim Robbins. Schmid’s vote passed to alternate member Neel Kashkari, president of the Minneapolis Fed.“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace,” the statement said.President Donald Trump‘s trade policy has unleashed a wave of uncertainty across the economy. While the levies are still being negotiated, economists widely expect the expansive tariffs to boost inflation and weigh on growth. That would pit policymakers’ two goals – price stability and maximum employment – against one another.Trump, meanwhile, has ramped up his criticism of Powell in recent weeks. At one point, Trump said in a social media post that “Powell’s termination cannot come fast enough!” Companies scrambled in the first quarter to import merchandise ahead of the tariffs, and a surge in consumer spending in March suggested households also sought to frontload purchases. Key inflation gauges cooled in the month.Officials voted unanimously to keep the benchmark federal funds rate in a range of 4.25 per cent to 4.5 per cent, where it has been since December.
Economists say it will take time for the full effect of the new tariffs to work through the economy. So far, the impact has mainly included a sharp decline in sentiment and a surge in imports. The US economy contracted at the start of the year for the first time since 2022, but a gauge of underlying demand stayed firm.The S&P 500 index of US stocks and Treasury yields fell following the announcement, while the dollar pared gains.But the president has since insisted that he does not intend to fire Powell.
Business
Berkshire’s Geico sees turnaround after tech upgrades and job cuts
At Berkshire Hathaway’s annual meeting, Vice Chairman Ajit Jain said the insurer is now “as good as anyone” in telematics but cautioned that it’s still too early to declare full success, noting continued progress is needed.
The vice chairman said Geico has made “rapid strides in telematics” and now “is as good as anyone.” Jain praised Geico’s CEO Todd Combs for reducing the company’s workforce. Geico cut more than 2,300 jobs last year.”All this has allowed Geico to become a more focused competitor,” he said, adding it is too soon yet to say “mission accomplished. We have achieved a lot, but we have to do a lot more.”Then at Berkshire’s 2024 annual meeting, Jain lamented that Geico was “still behind” but hoped by the end of 2025 to catch rivals in data analytics including pricing for risk, although Geico still enjoyed lower operating costs than “virtually anybody.”Geico posted substantially improved results in 2024, as it curbed its appetite to issue new policies while reducing the percentage of premiums it used to pay accident claims.Published on May 3, 2025 Jain, who has day-to-day oversight of Berkshire’s insurance operations, spoke at the conglomerate’s annual meeting in Omaha, Nebraska where he, Chairman Warren Buffett and Vice Chairman Greg Abel fielded shareholder questions. Berkshire Hathaway’s Geico car insurance unit has made progress in upgrading its technology to better match rates with risk, Berkshire Vice Chairman Ajit Jain said on Saturday.At Berkshire’s 2023 annual meeting, Jain lamented that Geico was behind the curve in telematics, where devices installed in vehicles let insurers monitor behavior including speed, braking, mileage and distracted driving including cellphone use.
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