Overseas Headlines – March 3, 2022

United States:

Rapid Wage Growth in U.S. Isn’t Going Anywhere Any Time Soon

“Rapid wage growth in the U.S. likely isn’t retreating any time soon. The February jobs report on Friday is forecast to show average hourly earnings advanced another 0.5% last month, pushing the year-over-year gain to 5.8%. Excluding two pandemic-distorted prints in 2020, the annual increase would be the strongest in data back to 2007.”



Russia Cut to Junk by Moody’s, Fitch as Sanctions Mount

“Russia’s credit rating was cut to junk by Moody’s Investors Service and Fitch Ratings as risks mount that international sanctions imposed in response to the country’s invasion of Ukraine could undermine its capability and willingness to service debt. Moody’s downgraded Russia’s long-term foreign debt rating to B3 from Baa3 Thursday. It cited “heightened risk of disruption to sovereign debt repayment given the severe and coordinated sanctions and significant concerns around Russia’s willingness to service its obligations.”



Tokyo Cab Fares May See First Hike in 15 Years as Oil Soars

“Tokyo cabbies are seeking their first fare hike in 15 years as skyrocketing oil and gas prices bring inflation to the streets of one of the world’s most densely populated cities. Taxi operators in the city of 14 million have notified regulators that they want fares raised due to a surge in energy prices and increased costs incurred from the coronavirus pandemic, local broadcaster NHK reported without attribution on Thursday. Enough requests have poured in to trigger a mechanism that forces the transport ministry to consider them, the report said.”




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