FRANKFURT, Germany (AP) — The European Central Bank made its largest interest rate hike on Thursday, following the US Federal Reserve and other central banks in a global rush of rapid rate hikes designed to stifle inflation that is squeezing consumers and push Europe into recession. The bank’s board of governors raised its main benchmarks … Read more
Federal Reserve Chairman Jerome Powell in an appearance on Thursday stressed the importance of bringing inflation down now before the public gets too used to higher prices and comes to expect them like the standard. In his final comments outlining his commitment to fighting inflation, Powell said expectations played an important role and were key … Read more
The ECB announced a second consecutive increase in interest rates to combat galloping inflation. Daniel Roland | AFP | Getty Images The European Central Bank on Thursday announced a 75 basis point hike in interest rates, taking its benchmark deposit rate to 0.75%. “This major step precipitates the transition from the current very accommodative level … Read more
Newly elected British Prime Minister Liz Truss is set to announce a multi-billion pound stimulus package to help those struggling with soaring energy prices. Carl Court/Staff/Getty Images LONDON — Britain’s new Prime Minister Liz Truss is set to announce a package worth tens of billions of pounds on Thursday to help people pay their energy … Read more
Newly elected British Prime Minister Liz Truss is set to announce a multi-billion pound stimulus package to help those struggling with soaring energy prices. Carl Court/Staff/Getty Images LONDON — Britain’s new Prime Minister Liz Truss is set to announce a package worth tens of billions of pounds on Thursday to help people pay their energy … Read more
Federal Reserve Board Chairman Jerome Powell speaks during a press conference in Washington, DC on July 27, 2022. Mandel Ngan | AFP | Getty Images Traders now see near certainty that the Federal Reserve will enact its third straight 0.75 percentage point interest rate hike at its meeting later this month. The probability of a … Read more
Russian President Vladimir Putin and Chinese President Xi Jinping plan to meet next week in Uzbekistan, a Russian official said on Wednesday, announcing a summit that could mark a new stage in warming ties between two powers that clash from increasingly against the West. The meeting at the Shanghai Cooperation Organization – a political, economic … Read more
LONDON (AP) — British Prime Minister Boris Johnson has arrived at Queen Elizabeth II’s estate in Scotland to formally tender his resignation to pave the way for Liz Truss to succeed him amid an acute cost of living crisis facing the country. Johnson will eventually leave office following a carefully choreographed audience with the monarch … Read more
OPEC+ leaders Saudi Arabia and Russia have said demand for oil has been falling for several months. Oil prices rose about 3% on Monday as OPEC+ members agreed to a small production cut of 100,000 barrels per day to support prices. Brent crude futures for November delivery rose $2.72 to $95.74 a barrel, a gain … Read more
LONDON (AP) — Liz Truss has been elected the new leader of the Conservative Party, the party announced on Monday, and will take office on Tuesday as Britain’s new prime minister to lead the country through an acute cost of living crisis. Truss, 47, who is currently Foreign Secretary, beat former Treasury chief Rishi Sunak … Read more
