LONDON (AP) — Britain’s Conservative government on Friday defended its decision to hike taxes for millions of working people in the “squeezed middle” class as it tries to shore up an economy battered by double-digit inflation and the reckless tax-cutting of recently ousted Prime Minister Liz Truss. An emergency budget announced by Treasury chief Jeremy…
FRANKFURT, Germany (AP) — European Central Bank President Christine Lagarde warned Friday that the bank may have to raise interest rates beyond merely withdrawing stimulus and into territory that could restrain growth as the bank fights to control record inflation in the 19 countries that use the euro. “We expect to raise rates further, and…
BERLIN (AP) — Germany’s biggest industrial union agreed with employers Friday on a pay deal that will see millions of workers get raises totaling 8.5% over two years as well as one-time payments meant to cushion the effect of sky-high inflation. The IG Metall union and employers reached a compromise in the southwestern state of…
NEW YORK (AP) — President Joe Biden’s plan to provide up to $20,000 in federal student loan forgiveness has been blocked by two federal courts, leaving millions of borrowers wondering what happens next. The Justice Department on Friday asked the Supreme Court to reverse one of the lower court decisions, warning that many Americans will…
A late-afternoon rally on Wall Street helped stocks close higher Friday, though the major indexes still wound up finishing lower for the week after several days of bumpy trading. The S&P 500 rose 0.5% after wavering between small gains and losses for much of the day. The Dow Jones Industrial Average rose 0.6% and the…
BANGKOK (AP) — Pacific Rim leaders were striving to find common ground on the war in Ukraine and other dire threats to humankind in an annual meeting that began Friday at a heavily guarded venue in Thailand’s capital. The annual summit of the 21-member Asia-Pacific Economic Cooperation forum is the last of three back-to-back meetings…
NEW YORK (AP) — The mass layoffs that began in Amazon’s corporate ranks this week will extend into next year, CEO Andy Jassy said Thursday. In a note sent to employees, Jassy said the company told workers in its devices and books divisions about layoffs on Wednesday. He said it also offered some other employees…
WASHINGTON (AP) — Reacting to the tumult and mass layoffs at Twitter under its new owner Elon Musk, a group of Democratic senators on Thursday asked federal regulators to investigate any possible violations by the platform of consumer-protection laws or of its data-security commitments. The senators also asked Lina Khan, head of the Federal Trade…
General Motors says it expects its portfolio of electric vehicles to turn a profit in North America by 2025 as it boosts battery and assembly plant capacity to build over 1 million EVs per year. CEO Mary Barra used the pledge to kick off the company’s investor day event Thursday in New York. The profit…
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…
