About 150 kilometers inside the Arctic Circle lies the Russian city of Vorkuta, a mining outpost that is rapidly being reclaimed by the elements. Many residents abandoned the city after the fall of the Soviet Union, but 70,000 people remain, largely cut off from the rest of Russia, seemingly trapped in a decaying city. Henry Ridgwell reports on the challenges facing this remote icebound settlement, far beyond the bright lights and billionaire mansions of Moscow.
U.S. Federal Reserve officials voted to raise the central bank's benchmark interest rate by a quarter of a percent this week, signaling perhaps three or more rate hikes this year as economic conditions improve. But as Mil Arcega reports, rising rates mean higher borrowing costs for consumers, many who have yet to see a significant increase in wages.