A new study predicts that rising energy costs that have followed in the wake of Russia's war with Ukraine could push millions of people around the globe into extreme poverty.
In a joint research effort between the United States, China, the UK and Netherlands, the study from the journal Nature Energy assessed the impact of the war and found that energy prices have jumped 4.8 percent with the surge in the cost of coal and natural gas directly linked to Russia's invasion.
Low income-communities that were already facing issues like food insecurity are now at even greater risk of falling into extreme poverty, with countries like Poland and the Czech Republic, facing greater hardships with their economies heavily dependent on energy resources like coal.
In the U.S., consumers spent 14.3 percent more on energy last year than they did in 2021. Electricity prices alone rose 11.9 percent over the 12 months ending in January, according to the U.S. Bureau of Labor Statistics.
The study estimates that 141 million people around the world are at risk of falling into extreme poverty as costs continue to rise.
"Unaffordable costs of energy and other necessities would push vulnerable populations into energy poverty and even extreme poverty. Understanding how global energy prices are transmitted to households through global supply chains and how they are affected is crucial for effective and equitable policy design," the researchers wrote.
Big tech earnings take center stage as investors digest results from Alphabet, Meta, Microsoft, Amazon, and Apple, with insights from Gil Luria of D.A. Davidson
Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
