Sophia Lewis

The global economy is at risk of a “wasted” decade and the weakest stretch of growth in 30 years, the World Bank warned on Tuesday, saying a sluggish recovery from the pandemic and crippling wars in Ukraine and the Middle East are expected to weigh heavily on output.In its semiannual Global Economic Prospects report, the World Bank projected that the growth in world output will slow further in 2024, declining to 2.4 percent from 2.6 percent. Although the global economy has been surprisingly resilient, the report warned that its forecasts were subject to heightened uncertainty because of the two wars,…

U.S. Steel is an iconic example of the lost manufacturing muscle that President Biden says his economic policies will bring back to the United States.But last month, the storied-but-diminished company announced plans to be acquired by a Japanese competitor. That development has put Mr. Biden in an awkward bind as he tries to balance attempts to revitalize the nation’s industrial sector with his efforts to rebuild international alliances.Mr. Biden’s administration has expressed some discomfort with the deal and is reviewing the proposed $14.1 billion takeover bid by Japan’s Nippon Steel. The company is offering a hefty premium for U.S. Steel,…

The Chinese government announced on Friday that Tesla would recall practically all of the cars it has sold in the country to adjust their assisted-driving systems, less than a month after a similar recall in the United States.To address the problems, Tesla will transmit updated computer software to its 1.6 million cars in China, the State Administration for Market Regulation said.The updated software involves “adding additional automatic assisted steering control,” the regulator said. It also said that Tesla would remind customers to pay attention to their driving and follow all regulations even if they use the so-called Autopilot capabilities.Three weeks…