Author: ALJAZEERA

Moody’s cited rising debt, saying US had repeatedly failed to end the trend of large annual fiscal deficits and interest.Moody’s Ratings has stripped the United States government of its top credit rating, citing successive governments’ failure to stop a rising tide of debt, a surprise move that could complicate President Donald Trump’s efforts to cut taxes and send ripples through global markets. On Friday, Moody’s lowered the rating from a gold-standard Aaa to Aa1. “Successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs,” it said as…

Avelo Airlines, a Texas-based budget carrier, is facing backlash from both customers and employees over its decision to operate deportation flights under a new contract with the Trump administration. Avelo, which has been struggling financially, signed a contract with the United States Department of Homeland Security (DHS) last month to transport migrants to detention centres inside and outside the US, according to an internal company memo reviewed by the Reuters news agency. On Monday, the airline flew its first flight under the deal from Arizona to Louisiana, data from flight-tracking services FlightAware and Flightradar24 showed. Avelo plans to dedicate three…

Ben Cohen among seven people arrested after interrupting testimony by US Health Secretary Robert F Kennedy Jr.The cofounder of Ben & Jerry’s ice cream and six other people have been arrested after disrupting a United States Senate hearing to protest Washington’s support for Israel’s war in Gaza. The arrests of Ben Cohen and the other protestors on Wednesday came as US Health Secretary Robert F Kennedy Jr was giving testimony to lawmakers on his shake-up of federal health agencies. “Congress kills poor kids in Gaza by buying bombs and pays for it by kicking kids off Medicaid in the US,”…

United States President Donald Trump has announced that US sanctions on Syria will be lifted, in a huge boost to the government in Damascus, which took power after the overthrow of longtime leader Bashar al-Assad in December. “There’s a new government that will hopefully succeed in stabilising the country and keeping peace,” Trump said in Saudi Arabia on Tuesday, the first of a three-day visit to the Middle East, including Qatar and the United Arab Emirates. “I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness.” Trump is also expected to…

Canadians have long spent wintertime in Florida, trading in frigid temperatures for the Sunshine State’s sunny beaches and spending money in restaurants and hotels that cater to Canadian tourists. But President Donald Trump’s rhetoric and actions targeting Canada have given some Canadians pause about spending money in the United States. Trump has repeatedly said Canada should become the 51st US state, called then-Prime Minister Justin Trudeau a “governor” and enacted substantial tariffs. Canadians replied, “excusez-moi?” and, on April 28, elected Prime Minister Mark Carney’s Liberal Party. And according to a Florida congressman, many Canadians also ditched their Florida travel plans.…

Statistics Canada showed an unemployment rate of 6.9 percent, with most cuts in the manufacturing sector.Canada’s unemployment jumped to its highest level since November as United States President Donald Trump’s imposed tariffs affect the export-dependent economy. Statistics Canada showed a 0.2 percent increase for the month of April, bringing the country’s unemployment rate to 6.9 percent, according to its report released on Friday. The 6.9 figure matched November unemployment, which was an eight-year high outside of the pandemic era. The agency pointed to the effect tariffs imposed by the US had on the country’s manufacturing sector, which lost 31,000 jobs…

After working in the outdoor industry for three years at Smith, which makes helmets and goggles, Cassie Abel realised there were not many brands built exclusively with women in mind. In 2016, she founded Wild Rye, a rural Idaho-based outdoor apparel brand for women. Building her business was a labour of passion and included big risks, such as leveraging her house for capital. It was not until 2021 that she became profitable. Now, her business faces yet another existential threat: High tariffs will drive up her costs, and she’s unsure how long she can keep her business alive. Abel is…

The United States has announced a ‘breakthrough deal’ with the United Kingdom that would create an aluminium and steel trading zone and secure the pharmaceutical supply chain. The deal affirms that “reciprocity and fairness is a vital principle of international trade” and increases access for US agricultural products, US President Donald Trump said on Thursday, though he added that the final details were still being written up. “The final details are being written up,” Trump told reporters. “In the coming weeks, we’ll have it all very conclusive.” The deal, the first one struck by the US since Trump imposed his…

The central bank will hold steady amid economic uncertainty driven by tariffs.The US Federal Reserve has kept interest rates unchanged, brushing off President Donald Trump’s demands to lower borrowing costs, and said that the risks of higher unemployment and higher inflation have risen. The Central Bank kept its benchmark rate at 4.25 percent to 4.5 percent, where it has been since December, after cutting it three times in a row at the end of last year. Its vote to hold rates steady was unanimous. In a statement, the Fed said that “uncertainty about the economic outlook has increased further”, as…

US Treasury Secretary Scott Bessent says Washington does not wish to decouple from China but wants ‘fair trade’.The United States and China will hold trade talks in Switzerland this week, officials have said, as the world’s two largest economies seek to de-escalate tensions that have led to a de facto mutual trade embargo. The talks would be the first official engagement between Washington and Beijing on trade since US President Donald Trump slapped a 145 percent tariff on Chinese goods, prompting a retaliatory 125 percent duty from China. US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson…