WASHINGTON (AP) — The last time the Federal Reserve faced inflation as high as it is now, in the early 1980s, it jacked up interest rates to double-digit levels — and in the process caused a deep recession and sharply higher unemployment. On Thursday, Chair Jerome Powell suggested that this time, the Fed won’t have…
By David Shepardson WASHINGTON (Reuters) – The U.S. Senate Homeland Security and Governmental Affairs Committee will hold a hearing Wednesday with Facebook parent Meta Platforms, Alphabet’s YouTube, Twitter and short video app TikTok on social media’s impact on homeland security. The panel led by Democratic Senator Gary Peters will also hear from a panel of…
WARREN, Mich. (AP) — Even though battery costs are rising, auto companies are rolling out more affordable electric vehicles that should widen their appeal to a larger group of buyers. The latest came Thursday from General Motors, a Chevrolet Equinox small SUV with a starting price somewhere around $30,000 and a range-per-charge of 250 miles…
(Reuters) – The euro and government bond yields were broadly steady on Thursday after the European Central Bank hiked its key policy rate by 75 basis points as expected. Germany’s 10-year bond yield briefly rose after the hike but was last at 1.58%, unchanged from prior to the decision. The two-year yield, sensitive to interest…
BERLIN (AP) — Europe smashed previous temperature records this summer, with long periods of sunshine causing sweltering conditions and droughts across much of the continent but also helping boost much-needed solar power, according to data published Thursday. The European Commission said average temperatures from June to August were 0.4 degrees Celsius (0.7 degrees Fahrenheit) higher…
WASHINGTON (AP) — The number of Americans filing for unemployment benefits last week fell to its lowest level since May despite repeated attempts by the Federal Reserve to cool the economy and bring inflation under control. Applications for jobless aid for the week ending Sept. 3 fell by 6,000 to 222,000, the Labor Department reported…
DETROIT (AP) — Jeep will start selling two fully electric SUVs in North America and another one in Europe over the next two years. The new EVs, Jeep’s first, are part of the Stellantis brand’s plans to convert half of its U.S. sales and all of its European sales to battery-electric vehicles by 2030. They’re…
LONDON (AP) — New British Prime Minister Liz Truss announced Thursday that her Conservative government will cap domestic energy prices for homes and businesses to ease a cost-of-living crisis that has left residents across the United Kingdom facing a bleak winter. The moves are a huge government intervention in the economy by Truss, who sees…
By Marc Jones LONDON (Reuters) – Stocks and bond yields shuffled higher while the euro perched at parity on Thursday as investors waited to see if the European Central Bank would fight runaway inflation with a record interest rate hike of 75 basis points or go smaller. A drop in oil below $90 a barrel,…
(Reuters) – Britain’s Cineworld filed for bankruptcy protection in the United States, as the world’s second-largest cinema chain operator struggles to rein in its massive debt. The Chapter 11 filing involves Cineworld’s U.S., UK and Jersey operations, covering the bulk of its business. Here is a timeline of the company, which operates under the Cinema…
