Britain’s new leader Liz Truss finalizes huge electricity subsidy plan

Join now for FREE unlimited access to Reuters.com Register Truss will announce an energy support plan on Thursday The new Prime Minister rules out the exceptional tax on electricity companies Pound falls to lowest since 1985 against US dollar Kwarteng says borrowing will be higher BoE says support for energy could help calm inflation LONDON, … Read more

UK weighs in on huge package of support as Europe battles energy crisis

Manuela Schwesig, Premier of the State of Mecklenburg-Western Pomerania, and Markus Soeder, Premier of the State of Bavaria, visit a pipeline transfer station of the Baltic Sea Pipeline Link near Lubmin, Germany , August 30, 2022. REUTERS / Lisi Niesner Join now for FREE unlimited access to Reuters.com Register UK to freeze energy bills for … Read more

Asian stocks stagnate as investors await more rate action

People walk past an electronic screen showing Japan’s Nikkei stock price index at a conference room in Tokyo, Japan June 14, 2022. REUTERS/Issei Kato/File Photo Join now for FREE unlimited access to Reuters.com Register HONG KONG, Sept 6 (Reuters) – Asian stocks largely wiped out early morning gains on Tuesday afternoon as investors remained cautious … Read more

EU rushes to protect industry as Russia gas shutdown shakes markets

Gas prices in Europe up around 400% compared to a year ago EU states rush to support struggling power companies Disruptions hamper EU efforts to fill storage EU denounces Moscow’s weaponized gas, Russia blames sanctions LONDON/OSLO, Sept 5 (Reuters) – Gas prices in Europe jumped, stocks tumbled and the euro tumbled on Monday after Russia … Read more

Britain’s new PM faces an 1980s reading list: recession, unrest and runaway prices

UK inflation higher than all major economies Truss the favorite to become the next Prime Minister The town of Runcorn shows the scale of the challenge RUNCORN, England, September 2 (Reuters) – Britain’s Prime Minister-in-Waiting Liz Truss is taking inspiration from Margaret Thatcher, judging by her photo ops echoing famous images of the country’s first … Read more

Lower gasoline prices are dampening consumer spending in the United States; monthly inflation slows down sharply

Consumer spending increases by 0.1% in July The decline in gas stations explains the slight increase The Core PCE price index edged up 0.1%; up 4.6 year-over-year WASHINGTON, Aug 26 (Reuters) – U.S. consumer spending barely rose in July as falling gasoline prices hurt sales at gas stations, but monthly inflation slowed sharply, which could … Read more

UK household energy bills will jump 80% to over $4,000 a year

Price cap for 24 million households to increase from October Even higher prices expected in January Regulator calls for urgent government intervention ‘This is a national emergency,’ says opposition Labor LONDON, Aug 26 (Reuters) – Britain’s energy bills will jump 80% to an average of 3,549 pounds ($4,188) a year from October, the regulator said … Read more

US gasoline prices fall below $4 for the first time since March

Gasoline demand has fallen this summer Low-income households spend less as prices fall US retail price hit record high in June Aug 11 (Reuters) – The average U.S. retail gasoline price fell below $4 a gallon on Thursday for the first time in months, providing relief to drivers of the world’s biggest consumer of fuel … Read more

US labor market defies recession fears as job growth surges in July

Non-farm payrolls increase by 528,000 in July Unemployment rate falls to 3.5% from 3.6% in June The average hourly wage increases by 0.5%; up 5.2% year-on-year The activity rate falls to 62.1% against 62.2% in June WASHINGTON, Aug 5 (Reuters) – U.S. job growth unexpectedly accelerated in July, lifting the level of employment above its … Read more