Economy

Putin’s war sets Russian economy back 4 years in single quarter |  Russia-Ukraine war News

Putin’s war sets Russian economy back 4 years in single quarter | Russia-Ukraine war News

A wave of international sanctions after Moscow’s invasion of Ukraine disrupted Russia’s trade and threw various of its industries into paralysis. By Bloomberg NewsBloomberg Published On 12 Aug 2022Aug 12, 2022 President Vladimir Putin’s invasion of Ukraine set Russia’s economy back four years in the first full quarter after the attack, putting it on track …

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Fed’s Barkin says rate increases need to continue until inflation holds at 2%

Despite positive inflation data this week, Richmond Federal Reserve President Thomas Barkin said Friday that more interest rate increases will be needed to tamp down price pressures. Releases this week showing that consumer and wholesale price increases softened in July were “very welcome,” Barkin told CNBC’s “Squawk on the Street” in a live interview. “So …

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US Senator Warren blasts Fed for withholding trading records | Financial Markets News

US Senator Elizabeth Warren rebuked Federal Reserve Chair Jerome Powell for withholding information on trading by central bank officials during the pandemic and said an investigation into the matter by the Fed’s inspector general was “troubled.” The IG report “raises new concerns about the reasons why you continue to withhold key information about Fed officials’ …

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Is US Inflation Actually Cooling Quicker Than Expected?

US inflation is cooling much quicker than experts are betting in a sign the Federal Reserve’s series of steep rate hikes are quashing price pressures. Prices climbed 8.5 percent in the world’s biggest economy last month, down from a 40-year high 9.1 percent, according to the Labor Department. Wall Street had forecast headline consumer price …

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Gold price jumps as US inflation cools a bit in July but key core metric pace remains unchanged

(Kitco News) Gold rallied after inflation in the US cooled slightly in July, coming in at 8.5%, which is still close to its highest annual rate in four decades. The US Consumer Price Index (CPI) came in at 8.5% in July and was lower than the market expectation of 8.7%. The most recent data follows …

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Hootsuite cutting 30% of staff in latest round of tech layoffs

Hootsuite Inc. says it will lay off 30 per cent of its staff as part of a global restructuring. The Vancouver-based social media business declined to answer questions about the exact number of staff laid off or what triggered the job cuts, but the most recent figures from financial data firm Refinitiv show the company …

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A third of Brits face poverty with energy bills set to hit $5,000

About 10.5 million households will be in fuel poverty for the first three months of next year, according to estimates from the End Fuel Poverty Coalition (CSPS) published on Tuesday — meaning that their income after paying for energy will fall below the poverty line. The UK government defines poverty as household income of less …

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US announces sanctions against currency mixer Tornado Cash | Money Laundering News

The US accuses the virtual currency mixer of laundering millions of dollars stolen by hackers backed by North Korea. The US Department of the Treasury has announced sanctions against the virtual currency mixer Tornado Cash, which it claims has helped launder more than $455m for the Lazarus Group, a hacking organization associated with the North …

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