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Russian President Vladimir Putin attends the BRICS Business Forum in Moscow, Russia October 18, 2024. Alexander Zemlianichenko | Via ReutersThe BRICS group will generate most of the global economic growth in the coming years thanks to its size and relatively fast growth compared with that of developed Western nations, Russian President Vladimir Putin said on Friday.Putin hopes to build up BRICS - which has expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates as well as Brazil, Russia, India, China and South Africa - as a powerful counterweight to the West in global politics and trade.The Kremlin leader is due to host a BRICS summit in the Russian city of Kazan on Oct. 22-24."The countries in our association are essentially the drivers of global economic growth. In the for...

Israel's Prime Minister Benjamin Netanyahu addresses the 79th United Nations General Assembly at U.N. headquarters in New York, U.S., September 27, 2024. Mike Segar | ReutersThe Israeli government said a drone was launched toward the prime minister's house Saturday, with no casualties, as Iran's supreme leader vowed that Hamas would continue its fight against Israel following the killing of the mastermind of last year's deadly Oct. 7 attack.Sirens wailed Saturday morning in Israel, warning of incoming fire from Lebanon, including a drone launched toward Israeli Prime Minister Benjamin Netanyahu's house in Caesarea, the Israeli government said. Neither he nor his wife were home and there were no casualties, said his spokesperson in a statement.Meanwhile, in Gaza, more than 50 people, includ...

Chinese consumers have long powered luxury brands to new highs. But with questions surrounding China's sluggish economy and changing consumer tastes, analysts aren't so sure whether these shoppers will be able to coax the luxury sector out of its doldrums. The Chinese government's new stimulus measures announced late September revived interest in the country's economic prospects — stoking hopes it would revive luxury spending among this critical cohort. But these measures may not target the consumers the industry most relies on, analysts say. Even if it does, the taste for luxe labels may have vanished as consumers look more closely at brands closer to home. "I personally don't think that the Chinese have the same level of aspirational consumption like they did," said Ben Harburg, portfoli...

A family shops for Halloween candy at a Walmart Supercenter on October 16, 2024 in Austin, Texas. Brandon Bell | Getty ImagesJust because the Federal Reserve is nearing its inflation goal doesn't mean the problem is solved, as the high price of goods and services across the U.S. economy continues to pose a burden for individuals, businesses and policymakers.Recent price reports on goods and services, despite being a bit stronger than expected, indicate that the rate of inflation over the past year is getting close to the central bank's 2% target.In fact, Goldman Sachs recently estimated that when the Bureau of Economic Analysis later this month releases its figures on the Fed's favorite price measure, the inflation rate could be close enough to get rounded down to that 2% level.But inflati...