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…
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…
ANKARA, Turkey (AP) — A wartime agreement that unblocked grain shipments from Ukraine and helped temper rising global food prices will be extended by four months, the United Nations and other parties to the deal said Thursday, preventing a price shock to some of the world’s most vulnerable countries where many are struggling with hunger….
WASHINGTON (AP) — The U.S. job market remains healthy as fewer Americans applied for unemployment benefits last week, despite the Federal Reserve’s rapid interest rate hikes this year intended to bring down inflation and tighten the labor market. Applications for jobless claims for the week ending Nov. 12 fell by 4,000 to 222,000 from 226,000…
NEW YORK (AP) — Macy’s profits and sales slid in the third quarter as the department store had to step up discounts amid a pullback from shoppers stung by inflation. Yet it topped Wall Street expectations and the New York company raised its earnings outlook, in part due to better credit card revenue. Shares rose…
A federal judge on Friday will decide whether disgraced Theranos CEO Elizabeth Holmes should serve a lengthy prison sentence for duping investors and endangering patients while peddling a bogus blood-testing technology. Holmes’ sentencing in the same San Jose, California, courtroom where she was convicted on four counts of investor fraud and conspiracy in January marks…
LONDON (AP) — The British government has blocked a Chinese-owned company’s takeover of a Wales-based microchip maker, calling it a risk to national security. Nexperia, a Netherlands-based firm owned by China’s Wingtech, announced last year that it had acquired a 100% stake in Newport Wafer Fab, one of Britain’s biggest semiconductor manufacturers. The government said…
SCHIPHOL, Netherlands (AP) — A Dutch court on Thursday convicted three men of murder for their role in shooting down a Malaysia Airlines passenger jet with a Russian surface-to-air missile, killing all 298 people aboard the aircraft as it flew over a separatist-controlled region of eastern Ukraine in 2014. The convictions, along with the life…
LONDON (AP) — Millions of people across Britain face higher taxes and energy bills after the government on Thursday announced an emergency budget focused on restoring the country’s financial credibility and bolstering an economy battered by soaring inflation. Treasury chief Jeremy Hunt unveiled a 55 billion-pound ($65 billion) package of tax increases and spending cuts…
