By Ross Kerber and Chris Prentice BOSTON/ WASHINGTON (Reuters) – With the U.S. House of Representatives under their control, Republicans have a new pulpit to try to constrain President Joe Biden’s administrative oversight of business issues from consumer finance to climate rules. Policy analysts said Wednesday’s projected win in the midterm elections will embolden Republicans…
By Arathy Somasekhar HOUSTON (Reuters) -Oil fell more than 3% on Thursday as rising numbers of COVID-19 cases in China and the suggestion of higher interest rates than currently expected in the United States weighed on demand. Brent crude fell $2.64 to $90.22 a barrel, down 2.8%, at 1:28 p.m. EST (1828 GMT). U.S. West…
By David Milliken, Andy Bruce and William Schomberg LONDON (Reuters) – Britain faces a record hit to living standards this year as surging inflation erodes incomes, the country’s budget forecasters warned, after finance minister Jeremy Hunt announced more pain, with tax rises now and spending cuts further ahead. In a bid to restore Britain’s fiscal…
WASHINGTON (AP) — The average long-term U.S. mortgage rate tumbled by nearly a half-point this week, but will likely remain a significant barrier for potential homebuyers as Federal Reserve officials have all but promised more rate hikes in the coming months. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate…
By Rachel More BERLIN (Reuters) -Germany’s top four carmakers and parts supplier Bosch knowingly broke rules when developing a type of emissions software, an environmentalist group said on Thursday, in a years-long legal battle that could open the door for a new wave of lawsuits. Audi, Volkswagen, Daimler – now Mercedes-Benz – and BMW commissioned…
By Ankika Biswas and Amruta Khandekar (Reuters) – U.S. stock indexes fell on Thursday as mixed economic data and hawkish comments from a Federal Reserve official fueled concerns that the central bank may not ease its aggressive policy tightening. St. Louis Federal Reserve President James Bullard said rate hikes so far “have had only limited…
LONDON (AP) — The British government on Thursday unveiled an emergency budget featuring billions in tax increases in a bid to restore trust and stability in the U.K. economy and help millions struggling to cope with a deepening cost-of-living crisis. Treasury chief Jeremy Hunt said state pensions and welfare will rise to match inflation and…
By Alex Lawler LONDON (Reuters) -Oil extended declines on Thursday as geopolitical tensions eased slightly and rising numbers of COVID-19 cases in China added to worries over demand in the world’s largest crude importer. Poland and NATO on Wednesday said a missile that crashed inside NATO member Poland was probably a stray fired by Ukraine’s…
The Federal Reserve may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control, James Bullard, president of the Federal Reserve Bank of St. Louis, said Thursday. Bullard’s comments raised the prospect that the Fed’s rate hikes will make borrowing by consumers and businesses even costlier…
NEW YORK (AP) — The man who had to clean up the mess at Enron says the situation at FTX is even worse, describing what he calls a “complete failure” of corporate control. The filing by John Ray III, the new CEO of the bankrupt cryptocurrency firm, lays out a damning description of FTX’s operations…
