WASHINGTON (AP) — Consumers spent a bit more in August than the previous month, a sign the economy is holding up even as inflation lifts prices for food, rent, and other essentials. Americans boosted their spending at stores and for services such as haircuts by 0.4% in August, after it fell 0.2% in July, the…
By Hyunjoo Jin SAN FRANCISCO (Reuters) – Tesla CEO Elon Musk has said a robot business will be worth more than its cars, and on Friday investors, customers and potential workers expect to see a prototype at Tesla’s “AI Day” that could prove whether the bot named “Optimus” is ready for work. The robot will…
WASHINGTON (Reuters) – U.S. consumer spending rebounded in August, but aggressive interest rate hikes from the Federal Reserve as it battles stubbornly high inflation are slowing demand, which could limit an anticipated rebound in economic activity this quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4% last month after…
COPENHAGEN, Denmark (AP) — Russian President Vladimir Putin on Friday accused the West of sabotaging Russia-built natural gas pipelines under the Baltic Sea to Germany, a charge vehemently denied by the United States and its allies. Nordic nations said the undersea blasts that damaged the pipelines this week and have led to huge methane leaks…
PARIS (AP) — Deep under water, the pipes and cables that carry the modern world’s lifeblood — energy and information — are out of sight and largely out of mind. Until, that is, something goes catastrophically wrong. The suspected sabotage this week of gas pipelines that tied Russia and Europe together is driving home how…
By Andy Bruce and William Schomberg LONDON (Reuters) – Britain’s economy remained below its pre-pandemic peak, according to data published on Friday that left the country further adrift of other Group of Seven nations and underscored the challenge facing new Prime Minister Liz Truss. The Office for National Statistics said economic output unexpectedly rose by…
By John Revill ZURICH (Reuters) -The Swiss National Bank sold 5 million Swiss francs ($5.1 million) worth of foreign currency in market interventions in the second quarter of 2022, data on Friday showed, ending an era of heavy foreign currency purchases to curb the franc’s gains. Since scrapping its minimum exchange rate in 2015, the…
LONDON (AP) — Britain’s independent budget watchdog said Friday that it would deliver an initial analysis of the government’s economic plan to Treasury officials next week, putting pressure on Prime Minister Liz Truss to release a document seen as crucial to rebuilding confidence after a sweeping package of unfunded tax cuts triggered turmoil in financial…
By Leika Kihara and Tetsushi Kajimoto TOKYO (Reuters) -Japan’s government spent up to 2.8 trillion yen ($19.7 billion)intervening in the foreign exchange market last week to prop up the yen, Ministry of Finance data showed on Friday, draining nearly 15% of funds it has readily available for intervention. The figure was less than the 3.6…
FRANKFURT, Germany (AP) — Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe’s major economies as higher prices undermine consumers’ spending power. Consumer prices in the 19-country eurozone rose a record 10%…
