Iran's rial currency hits new record low as US prepares to announce more sanctions
DUBAI, United Arab Emirates (AP) — Iran’s currency has hit a record low as Washington prepares to announce new sanctions it said would be an “economic D-Day.” They would add further pressure on an economy already battered by previous sanctions and a U.S. naval blockade. The rial dropped to 2.02 million to the U.S. dollar as trading opened on informal currency markets Monday. Iran’s official Central Bank rate stood at around 1.5 million rial to the dollar. The informal rate is what most Iranians pay. The currency had already been under pressure before the U.S. and Israel attacked Iran on Feb. 28.
Iran official says support for new sanctions would be an 'act of war,' and other Middle East news
The head of Iran’s top security body says Tehran will see any country’s support for new U.S. economic measures against the Islamic Republic as an “act of war." Iran’s president, meanwhile, said Sunday that the memorandum of understanding signed in June with the United States is the best way out of the stalled conflict. The U.S. treasury secretary on Monday is expected to announce new economic measures against Tehran. Also Monday, Pakistan’s army chief plans to travel to Tehran as mediators try to revive talks. Meanwhile in Gaza, health workers say an Israeli strike killed a 4-year-old child.
Carney warned about economic coercion. Now Trump is testing the Canadian prime minister
TORONTO (AP) — Canadian Prime Minister Mark Carney drew international attention earlier this year by warning that middle powers such as Canada must resist economic coercion. Now President Donald Trump is putting that to the test in a deepening trade war. The United States has imposed 50% duties on about $20 billion worth of Canadian goods. Carney said Canada's dollar-for-dollar retaliation will begin Sept. 8. Carney’s strategy is to accept economic pain rather than yield to pressure from a larger power. Whether Canada can withstand the cost could shape how Carney is viewed at home and abroad. And it could influence how other U.S. allies respond to Trump.
Tropical Storm Moke set to dump more heavy rain on hurricane-stricken Hawaii
HONOLULU (AP) — Tropical Storm Moke is passing to the south of Hawaii's Big Island, close enough to dump a foot or more of rain on communities dealing with the aftermath of Hurricane Lala. The National Hurricane Center located the center of Moke about 320 miles south-southwest of Hilo, Hawaii, on Sunday. The storm has top sustained winds of about 40 mph, though the real impact is expected from rainfall in places where last weekend's hurricane flooded communities, caused mudslides and washed out roads. Elsewhere, Tropical Storm Iselle formed Sunday in eastern Pacific waters well away from Mexico’s southwest coastline, posing no threat to land.
Uganda and Burundi military officials visit Israel to discuss Gaza troop deployment
TEL AVIV, Israel (AP) — Officials say military officials from Uganda and Burundi have visited Israel to discuss deploying troops to Gaza. They would be part of an international stabilization force for the Palestinian territory envisioned by U.S. President Donald Trump’s Board of Peace. Uganda's parliament approved the troop contribution this month. Burundi hasn't commented publicly. They would follow Morocco, Kosovo, Kazakhstan and Albania in committing forces. Progress on the force and the ceasefire has slowed because of disagreements over Israel’s withdrawal from Gaza and Hamas’ disarmament. An expert says Uganda and Burundi have peacekeeping experience in Somalia that could aid their involvement.
European leaders join Zelenskyy in Kyiv for Ukraine’s Independence Day as Russian invasion pushes on
KYIV, Ukraine (AP) — European leaders have joined President Volodymyr Zelenskyy in Kyiv for Ukraine’s Independence Day celebrations. Russia’s invasion, which began in 2022, pushes on, with warring countries locked in a spiral of escalating aerial attacks that are killing civilians. On Monday, U.K. Prime Minister Andy Burnham made his first overseas trip since taking office, joining other European leaders. They pledged further military and financial support for Ukraine. Burnham is expected to announce the release of classified information to aid missile production in Ukraine. Meanwhile, Ukrainian strikes have targeted Russian facilities, killing three teenagers and wounding six children in Krasnodar. Russia says it has intercepted 351 Ukrainian drones overnight.
World shares decline as bond market pressure persists, and Iran's rial sinks against the dollar
BANGKOK (AP) — World shares mostly fell on Monday as oil prices slipped. This comes ahead of a key meeting of U.S. economic officials in Jackson Hole, Wyoming. Iran’s currency hit a record low as the U.S. prepared new sanctions, adding pressure to its already struggling economy. In early European trading, major indexes like Germany's DAX and France's CAC 40 edged lower. Investors are awaiting a U.S. inflation update on Wednesday. Rising bond yields have raised concerns about higher borrowing costs. The bond market remains volatile, with investors watching for signals from Federal Reserve officials later this week.
Workers in China worry over being replaced as they adapt to the growing impact of AI on jobs
HONG KONG (AP) — Artificial intelligence is beginning to reshape China's job market, supported by state policies that some economists believe might undermine the overall strength of its economy. That's forcing many people to adapt. Some are taking new career paths, while others opt to take a break. Rapid adoption of AI in many fields, from computer programmers to script writing to physical tasks, is pushing a growing number of people out of their jobs. That's especially true for young workers who are having the toughest time finding work as the economy slows. Chinese are relatively open to opportunities and increased productivity from AI. But many worry about the potential impact on employment for its huge population.
3-year college degrees grow more popular in the US, saving time and cash. But critics aren't sold
A growing number of colleges are offering three-year degree programs, which cut a year off a traditional bachelor's with reduced credit. Advocates say these programs are a solution to the college affordability crisis and a godsend for non-traditional students. Critics, however, worry that they’ll narrow what students learn too much, confuse employers, limit graduate school options and create headaches in fields that require state licenses. As of this spring, half of U.S. states have a college that offers at least one reduced-credit, three-year bachelor’s, according to the nonprofit research group RAND.
What to know about Iceland's vote on whether to restart talks to join the EU
REYKJAVIK, Iceland (AP) — Icelanders are voting Saturday on whether to restart talks about joining the European Union. The decision has divided the nation of 400,000 over issues of sovereignty. Supporters of EU membership believe it offers protection and economic benefits. Opponents argue Iceland already enjoys European integration without losing control over its resources. The referendum is a simple yes or no question about resuming accession negotiations. A yes vote would lead to a lengthy negotiation process. Fishing rights remain a major concern, as Iceland wants to maintain control over its rich fishing grounds. The result is expected to be very close.
