• Libyan Prime Minister Calls for Unity against ISIS

    Prime Minister-designate Fayez Al Sarraj has called on Libyan armies throughout the land to join the central state and combat Islamic State’s presence, according to Gulf News. ISIS entered Libya in 2011 after NATO-backed rebels ousted and murdered former leader Muammar Gaddafi. Libya’s economy has since collapsed as various factions compete for power.

  • U.S. Economic Growth Improves Despite Plummeting Corporate Profits

    Corporations are making less money than they used to, but America’s economic growth gained a bit of ground earlier in the year.  Corporate profits fell 4.3% on a year-over-year basis in the first quarter, according to a new study by the Bureau of Economic Analysis (BEA). Meanwhile, taxes on corporate income rose by $4.4 billion, as a shift towards higher tax industries caused government inlays to improve.

  • Britain Loses AAA Rating

    The United Kingdom (UK) joins the United States in losing its AAA credit rating from S&P.

    The credit agency announced its downgrade of the UK on Monday, shortly after Moody’s cut the outlook on Britain’s economy. "In our opinion, this outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the U.K.,” the ratings agency said in a press release.

  • Ghana to Continue IMF Austerity Program

    Ghana was drowning in debt just a few years ago. It still struggles with significant levels of existing debt, but has finally started to turn the corner thanks to an International Monetary Fund (IMF) austerity program. Ghana entered into a three-year program under the guidance of the IMF aimed at getting its economy back under control, and has announced that, despite early success, it will not quit its current program.

  • Brexit Vote and Domestic Hurdles Hamper South Korean Economy

    South Korean officials contend that the Brexit vote will have a slight impact on the economy, according to The Hankyoreh. The government is also concerned about the U.S. Federal Reserve’s potential interest rate hike and troubles within the shipbuilding industry. The South Korean economy is also plagued by low exports, a weak job market/ and corruption.

  • American Economic Indicators Flash Red

    A number of economic indicators released recently point to a weakening American economy.  Americans are buying fewer services, manufacturing activity is down, and America’s trade deficit—along with the rest of the world—is growing.

    In June, services demand fell, according to a new study by Markit Economics. The Markit flash services Purchasing Managers Index (PMI) saw a slight increase to 51.3, which Markit calls a “subdued” increase from the prior month’s 51.2 reading.

  • Nigerian Militants Grow Bold as Oil Pipeline Damage Continues

    Militant group Niger Delta Avengers have called for a referendum on the dissolution of Nigeria, according to ABC News. Niger Delta Avengers comprise of militants that attack oil pipelines to counter pollution and supposed exploitation on that part of the government and international oil companies. President Muhammadu Buhari has not responded to the referendum demand thus far.