The economic expansion of the so-called "Global South" is being driven by new trade and technology partnerships, according to a United Nations report. The UN predicts that over the next two decades, economic and political power will shift away from Europe and North America.
Prices rose overall by 0.7 percent. The major factor: a 9.1 percent surge in gasoline. Since February, though, gas prices have retreated. So economists do not think the latest report changes the inflation picture.
Anat Admati, finance professor at Stanford and co-author of a new book on American banks, argues that banks carry too much debt and have too little equity. Government support allows them to hide their risky behavior, distorting the economy as a whole, she says.
A giant reservoir of natural gas lies under the ocean floor, and no one had successfully extracted it until this week. Japanese engineers pulled it up through a well from under the Pacific. But there are still lots of unanswered questions about the viability of this new gas supply.
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