Council members Reva Trammell and Kristen Nye are proposing lowering Richmond real estate tax by four cents.
- Motley Fool
The tricky thing about economic downturns is that they can sometimes be difficult to predict. Economic expert Nouriel Roubini was spot-on when he said the U.S. would endure a major financial crisis back in 2008. Worse yet, Nouriel Roubini says we shouldn't expect our next downturn to be short-lived.
Qualifying Californians will receive relief payments via direct deposit or debit card starting this Friday.
U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September as new orders contracted amid aggressive interest rate increases from the Federal Reserve to cool demand and tame inflation. The Institute for Supply Management (ISM) survey on Monday also showed a measure of manufacturing employment contracted last month for the fourth time this year. ISM Manufacturing Business Survey Committee chair Timothy Fiore said "companies are now managing head counts through hiring freezes and attrition to lower levels, with medium- and long-term demand more uncertain."
What will happen with inflation, interest rates and housing? Here’s what to expect in the next two years, and what could go wrong.
How does the Fed affect the rest of us? Here's an explainer, and when to expect lower prices for groceries, possibly higher unemployment, and what you can do for now
- Business Insider
'Dr. Doom' Nouriel Roubini says a debt crisis is already here and a hard landing before year end is now the baseline scenario
Signs are flashing that debt crisis has already materialized and markets will be throttled by a hard landing soon, Nouriel Roubini said.
Stock markets will drop another 40% as a severe stagflationary debt crisis hits an overleveraged global economy
The debt crisis is here, Nouriel Roubini says. Expect central banks to wimp out in their fight against inflation as financial distress deepens
California has pretty much always paid much more than the nation for gasoline at the pump, in part due to higher taxes and a more expensive blend of fuel, but an average price that's nearly 70% more than just about everyone else in the U.S. is a bit extreme.
- Motley Fool
Think Biden's Social Security Tax Hike Sounds Bad? Some Lawmakers Are Calling for Even More Extreme Measures
If that revenue source shrinks at a time when more seniors start filing benefit claims, the program is apt to rapidly use up its cash reserves, known as its trust funds. Meanwhile, Social Security's trust funds are expected to run dry in 2035, as per the program's latest Trustees Report. Once that happens, benefit cuts will be on the table.
This stock-market strategist says the coming recession could be the biggest ever: ‘I recommend prayer’
'I’m about as bearish as I’ve been since 2008,' says Hedgeye's Keith McCullough. He's steering investors to cash, gold and other defensive plays.
- Business Insider
"If the Fed pivots it's because we've had either an economic accident or a market accident," Mohamed El-Erian told CNBC on Monday.
- Yahoo Finance Canada
"With less overall room in their budgets, any future increases to interest rates or the prices of everyday items could push individuals closer to insolvency," said MNP president Grant Bazian.
Cooling global demand and steady improvements in supply should result in falling rates of inflation for goods over the next year, New York Fed President John Williams said Monday. “These factors should contribute to inflation declining to about 3% next year,” Williams said in a speech to the U.S. Hispanic Chamber of Commerce in Phoenix. Inflation, as measured by the Fed’s favorite personal consumption expenditures (PCE) price index, was running at a 6.2% annual rate in August.
(Bloomberg) -- India must encourage local entrepreneurship to combat unemployment in the country, said a top official of a Hindu group affiliated to the ruling party, ahead of elections in the home state of Prime Minister Narendra Modi.Most Read from BloombergCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsCredit Suisse Market Turmoil Heightens After Memo BackfiresStocks Catch a Bid After Drawdown as Yields Tumble: Markets WrapTesla Falls Most Since June as Quarterly Deliveries Disapp
- The Telegraph
When Gordon Brown was turfed out of office in 2010, he left a time bomb in Downing Street which Liz Truss tried to defuse 12 years on, only for it to blow up in her face.
BUDAPEST/BRUSSELS (Reuters) -Hungary's parliament passed the first of a series of anti-corruption bills on Monday as Budapest seeks to avoid a loss of European Union funds at a time when its economy is headed into recession and the forint has plunged to record lows. Prime Minister Viktor Orban's ruling Fidesz party passed an amendment to the criminal code to set up a procedure concerning criminal offences related to the management of public property, allowing a judicial review in case an investigation is closed without indictment or a crime report is dismissed. The legislation is one of 17 commitments Orban's government made to the European Commission to stave off a suspension of billions of euros of EU money over breaches of democratic checks and balances including weak anti-corruption safeguards.
Two top European Union officials on Tuesday called for joint borrowing to help the 27-nation bloc navigate the energy crunch together, after Germany faced criticism for going its own way with huge subsidies its peers could never afford. The energy price crisis - aggravated by Russia slashing gas supplies to the EU following Western sanctions over Moscow's war against Ukraine - is threatening recession in Europe as it recovers from the COVID pandemic. Scrambling to respond, EU leaders are set to ask the bloc's executive arm on Friday to work out how to tackle soaring inflation through a cap on gas prices, funded by joint borrowing.
Pound rises and bond yields drop after U.K. government scraps plan to cut taxes for wealthiest earners
The move came after financial market turmoil and as the chancellor and prime minister received heavy pushback from members of their own ruling party
- Associated Press
Business sentiment among large manufacturers worsened for the third straight quarter, a Bank of Japan survey showed Monday, as the world's third largest economy grapples with rising costs, a weakening currency and slowing global demand. Japan has been trying to fight deflation in recent years and has kept interest rates at near zero. Prices have been rising, but at a more modest pace than in other major economies, and the Bank of Japan has not followed the lead of other central banks in raising interest rates.
- The Telegraph
Kwasi Kwarteng news latest: Chancellor 'shouldn't resign' because U-turn was 'political reality', says Jacob Rees-Mogg - watch live
Kwasi Kwarteng scraps 45p tax rate cut in major U-turn Pound wipes out gains after tax backtrack - live updates What Kwarteng planned to say today vs what he actually said Analysis: Tax time bomb blows up in PM's face Baker apologises to EU for ‘not always behaving’ during Brexit Join our Telegraph Politics WhatsApp group for the latest news
Comparisons of any hot, emerging commodity to “the new oil” are arguably overdone and underbaked. But the catchphrase, both thanks to and in spite of its deceptive simplicity, has stuck.