Sophia Lewis

The wave of attacks against merchant ships in the Red Sea is forcing companies to send ships on longer routes and threatens to hurt an already wobbly global economy.The Houthis, an armed group backed by Iran that controls much of northern Yemen, have been using drones and missiles to target ships since Hamas attacked Israel on Oct. 7. That has forced some shipping giants and oil companies to avoid the Suez Canal, a development that could hamper global trade and push up the cost of imported goods.The Suez is a vital artery for container ships and fuel tankers. Goods and…

Martin Guzman was a college freshman at La Universidad Nacional de La Plata, Argentina, in 2001 when a debt crisis prompted default, riots and a devastating depression. A dazed middle class suffered ruin, as the International Monetary Fund insisted that the government make misery-inducing budget cuts in exchange for a bailout.Watching Argentina unravel inspired Mr. Guzman to switch majors and study economics. Nearly two decades later, when the government was again bankrupt, it was Mr. Guzman as finance minister who negotiated with I.M.F. officials to restructure a $44 billion debt, the result of an earlier ill-conceived bailout.Today he is one…

The Bank of England held interest rates at a 15-year high on Thursday, as policymakers sought to squeeze out inflationary pressures even amid signs of economic slowdown.The bank’s key rate remained at 5.25 percent, following a faster-than-expected retreat in inflation, which dropped below 5 percent in October. Still, the inflation rate was more than double the central bank’s 2 percent target.Troubling to some policymakers and analysts, the rate is also high compared to European neighbors, and workers on average are experiencing relatively fast wage growth, pushing up prices in the services sector. Indications that domestic price pressures remain quite strong…