He expects a decision on pausing the federal gas tax later this week.
If you’re a California taxpayer being hurt by inflation, you may be getting some financial relief. “California’s budget addresses the state’s most pressing needs,” California Gov. Gavin Newsom said in a joint statement with state lawmakers on June 26, “and prioritizes getting dollars back into the pockets of millions of Californians who are grappling with global inflation and rising prices of everything from gas to groceries.” The $17 billion inflation relief package at the center of the state’s new budget agreement includes direct payments of up to $1,050, depending on income and the number of dependents, for millions of California residents.
High inflation will last for years amid global turmoil, hedge funder famous from ‘The Big Short’ says
Scion Asset Management's Michael Burry said in a Tuesday tweet that he also sees geopolitical issues worsening.
Rishi Sunak quit as Chancellor saying the PM's approach to the economy was too different to his own.
Since World War Two the U.S. economy has never shrunk for two quarters in a row without a recession being declared. But an exception to the rule could happen soon.
- Business Insider
Soaring food and gas prices mean almost 1 in 2 Americans say they're struggling financially, survey finds
Most people are paying more for basic necessities as rising inflation pushes up the cost of living in recent months, Monmouth University survey finds.
Russia's parliament on Wednesday rushed through two bills imposing strict controls on the economy, requiring businesses to supply goods to the armed forces and obliging employees at some firms to work overtime. Once signed into law by President Vladimir Putin, the bills will allow the government to introduce "special economic measures" during what the Kremlin calls its "special military operation" in Ukraine. "In the context of operations carried out by the armed forces of the Russian Federation outside of Russia, including on the territory of Ukraine, there is a need to repair weapons, military equipment and provide the armed forces with material and technical means," says an explanatory note to one of the bills.
- Associated Press
The U.S. dollar has been surging so much that it's nearly equal in value to the euro for the first time in 20 years. If U.S. exports were to weaken as a result, so, too, would the already-slowing U.S. economy. A strengthened dollar also delivers bargains to American tourists sightseeing in Europe, from Amsterdam to Athens.
Jimmy Carter's former treasury secretary urges Biden to axe his economic agenda and focus on cutting the national debt to fight inflation
W. Michael Blumenthal told The New York Times that the president should take "painful steps" to combat inflation.
The European Union plans to become the top investor in the world's tallest dam in Tajikistan, EU officials told Reuters, in a move aimed at helping Central Asia cut its reliance on Russian energy and part of EU's answer to China's Belt and Road Initiative. Tajikistan began in 2016 the construction of the giant hydropower Rogun plant, which could deliver full energy independence to the landlocked former Soviet Union nation. The EU's investment arm, the European Investment Bank (EIB), has so far not funded the project, whose main developer is Italian construction firm Webuild.
Alarm bells are ringing for many economies around the world, from Laos and Pakistan to Venezuela and Guinea as food, fuel and other staples prices have soared.
- Yahoo Finance
The violent sell-off in oil prices amid recession fears may prove short-lived, argues Goldman Sachs.
- Miami Herald
If you’re having trouble grasping why inflation is so politically potent, consider that Americans who enjoyed a Fourth of July cookout on Monday paid 17% more for their food than last year, according to a survey from the American Farm Bureau Federation.
Prem Prakash has been trying for five years to get a job in India's armed forces, which used to provide employment for 17 years to the lucky few who passed the exams and physical tests. But since the government announced a new recruitment system for the military aimed at making it younger and more efficient, the 22-year-old said he was no longer interested and would focus purely on getting a job in the railways – also a tough ask. "It was my dream to be in the army because it is the best way to serve the country and also get settled at a very young age," Prakash said in his tiny rented room filled with books, a mosquito net and cot in Arrah, a town in eastern Bihar state.
Argentina's government said on Thursday it had received China's formal support for the country's bid to join the BRICS group comprising Brazil, Russia, India, China and South Africa, a bloc seen as a powerful emerging-market alternative to the West. Argentina's foreign minister Santiago Cafiero met with his Chinese counter Wang Yi at a G20 event in Indonesia, where that support was formalized, the ministry said in a statement.
(Bloomberg) -- Germany’s vice chancellor made a public plea to the Canadian government to release a turbine that’s caught up in sanctions against Russia and critical for gas flows to Europe. Most Read from BloombergTycoon Whose Bet Broke the Nickel Market Walks Away a BillionaireMusk Tweets About Underpopulation After Report He Fathered Twins With EmployeeBoris Johnson Odds: Who Are the Front-Runners to Replace PM?US Mortgage Rates Plunge to 5.3% in Biggest Drop Since 2008China Considers $220 Bi
Biden Is Reportedly Considering Lifting Trump-Era Tariffs on Chinese Goods. Could That Help Tame U.S. Inflation?
The White House appears to be split on whether or not to keep the tariffs.
Rapper Fontrell Antonio Baines, or "Nuke Bizzle," released a music video titled, "EDD," in 2020. "I done got rich off of EDD," he rapped.
(Bloomberg) -- Russia has pocketed $24 billion from selling energy to China and India in just three months following its invasion of Ukraine, showing how higher global prices are limiting efforts by the US and Europe to punish President Vladimir Putin.Most Read from BloombergNatural Gas Soars 700%, Becoming Driving Force in the New Cold WarCiti Says Oil May Collapse to $65 by the Year-End on RecessionOil Plummets Below $100 as Recession Risks Come to ForefrontUS Wants Dutch Supplier to Stop Sell
- The Telegraph
Elon Musk fathered twins with one of his top executives Reports says Heathrow unions are close to a pay deal with British Airways Pound rises on Boris Johnson resignation FTSE climbs amid European rally Boris Johnson to resign – but the Prime Minister won't be leaving No 10 just yet Tom Stevenson: The downturn is about to start inflicting pain on investors Sign up here for our daily business briefing newsletter
WASHINGTON (Reuters) -The number of Americans filing new claims for unemployment benefits unexpectedly rose last week and there are growing signs that demand for labor is cooling, with layoffs surging to a 16-month high in June as the Federal Reserve's aggressive monetary policy tightening stokes recession fears. But the weekly jobless claims data from the Labor Department on Thursday was likely distorted by Monday's Independence Day holiday, which resulted in several states, including California, submitting estimates. "This is what the Fed wants, but it needs to be orderly to avoid an increase in recession risks," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania.