British Pound Plummets to Record Low against the U.S. Dollar
The British pound crashed to a record low against the US dollar on Monday on growing fears about the stability of UK government finances.
EU Energy Shock: Soaring Energy Prices Provoke Growing Anger across Europe
The European Union is bracing for a recession in the wake of skyrocketing gas prices and soaring inflation, as the coming winter is likely to be "one of the worst in history," according to a top EU official.
Scholz Promises 65B Euros to Shield Germans Through Tough Winter
Germany will spend at least 65 billion euros ($64.7 billion) on shielding customers and businesses from soaring inflation, Chancellor Olaf Scholz said on Sunday, two days after Russia announced it was suspending some gas deliveries indefinitely.
U.S. Officials Order Nvidia to Halt Sales of Top AI Chips to China
Bellwether semiconductor bluechip Nvidia Corp (NVDA) said on Wednesday that U.S. officials told it to stop exporting two top computing chips for artificial intelligence work to China, a move that could cripple Chinese firms' ability to carry out advanced work like image recognition and hamper Nvidia's business in the country.
Once High-Flying Chinese Tech Giants Now Look to Scale Back Costs
Alibaba and Tencent executives have been focusing on cutting costs across the business from headcount to exiting non-core businesses.
Drought Threatens 60% Of Eu And U.K. As Europe Faces "Critical Situation"
Drought conditions are affecting about 60% of the EU and the U.K., exacerbated by climate-change driven record heat across Europe this summer, according to new research from the European Drought Observatory.
Elon Musk Predicts 'Mild Recession' For 18 Months, Says U.S. Economy Is 'Past Peak Inflation'
CEO Elon Musk has said that the U.S. recession is inevitable and will last for the next year and a half.
Japan’s Inflation Stays Above Central Bank Target for 3rd Month
Japan’s core consumer inflation remained above the central bank’s 2% target for a 3rd straight month in June
U.S. Treasury to End 1979 Treaty with Global Minimum Tax Holdout Hungary
The U.S. Treasury on Friday said it was moving to terminate a 1979 tax treaty with Hungary in the wake of Budapest's decision to block the European Union's implementation of a new, 15% global minimum tax.
British Pound Q3 2022 Forecast: The Bank of England - It’s Time to Decide
The second quarter of the year has been a tricky three months for the Bank of England (BoE) as inflation continued to soar – and is expected to rise further - while growth slowed to a crawl, sparking fears that the UK may enter a recession (two consecutive quarters of negative growth).
World’s Most Aggressive Central Bank Raises Key Rate to 200%
Zimbabwe’s central bank raised interest rates to a record and the government officially reintroduced the US dollar as legal currency to rein in surging inflation and stabilize the nation’s tumbling exchange rate.
'Delusional': UN Chief Slams New Fossil Fuel Funding and Warns of Climate Chaos
The U.N. Secretary General has slammed new funding for fossil fuel exploration, describing it as "delusional" and calling for an abandonment of fossil fuel finance.
China Weighs Reviving Jack Ma’s Ant IPO as Crackdown Eases
Chinese financial regulators have started early stage discussions on a potential revival of Ant Group Co.’s IPO,
India, Second-Largest Wheat Producer, Bans Exports amid Food Supply Concerns
India, the second-largest producer of wheat, has banned exports of the commodity, due to a risk to its food security.