LONDON (AP) — The pound is taking a pounding. The British currency has taken a plunge, sliding against the U.S. dollar to touch an all-time low. It’s a sign of the alarm in financial markets over new Prime Minister Liz Truss’ emergency budget measures unveiled last week aimed at jump-starting the ailing economy. Investors are…
FRANKFURT, Germany (AP) — The head of the European Central Bank said Monday that the economic outlook “is darkening” and she expects business activity to “slow substantially” in the coming months as high energy and food prices pushed up by the war in Ukraine sap consumer spending power. ECB President Christine Lagarde hedged her remarks…
WASHINGTON (AP) — Susan Collins, the new president of the Federal Reserve Bank of Boston, said Monday that a higher unemployment rate will be needed to bring down inflation from unusually high levels, but also suggested any economic downturn would likely be modest. In her first speech as Boston Fed president, Collins said the economy…
By Lawrence Delevingne and Alun John BOSTON/LONDON (Reuters) – U.S. stocks were mixed, oil prices were choppy, while the dollar and Treasury yields rose on Monday as Wall Street digested a raft of macroeconomic news. The moves came after sterling slumped to a record low earlier in the day, and a renewed selloff in British…
PARIS (AP) — Russia’s war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year, the Organization for Economic Cooperation and Development said Monday in a darkening outlook. The Paris-based organization projects worldwide growth to…
DALLAS (AP) — The government’s antitrust lawsuit against American Airlines and JetBlue begins Tuesday and the outcome could determine how closely the Biden administration examines other airline deals, including JetBlue’s pending attempt to buy Spirit Airlines. The Justice Department and six states are suing American and JetBlue to break up their partnership in the Northeast,…
(Reuters) – Faraday Future Intelligent Electric Inc said on Monday the electric-vehicle startup had reached an agreement with its largest shareholder to resolve a governance dispute, adding that Sue Swenson will step down as executive chairperson. The company said it had raised $100 million to start the production of its FF 91 electric luxury car,…
MOSCOW (Reuters) – Russian automaker Sollers is in talks with Mazda Motor Corp about buying the Japanese company’s stake in their Russian joint venture, Sollers said on Monday, as Mazda prepares to wind down operations in Russia. Mazda, which sold 30,000 cars in Russia last year, said in March that exports of parts to the…
ROME (AP) — The Brothers of Italy party, which won the most votes in Italy’s national election, has its roots in the post-World War II neo-fascist Italian Social Movement. Keeping the movement’s most potent symbol, the tricolor flame, Giorgia Meloni has taken Brothers of Italy from a fringe far-right group to Italy’s biggest party. A…
KYIV, Ukraine (AP) — An overnight drone strike near the Ukrainian port of Odesa sparked a massive fire and explosion, the military said Monday, as Russia’s leadership faced growing resistance to its efforts to call up hundreds of thousands of men to fight in Ukraine. The airstrike on Odesa was the latest in a series…
