Chancellor Nadhim Zahawi has cautioned that people with middle-class incomes and those with low incomes will probably require government assistance to pay their energy bills this winter. The average cost will increase to £3,549 per year starting in October as a result of the energy regulator raising the price restriction on home bills by 80% … Read more
Britain is preparing for more difficult times as the economy begins to contract and a new prediction indicates that average annual energy costs could top £5,000 ($6,000) in the coming year. According to official figures released on Friday, the nation’s GDP fell by 0.1% in the second quarter of this year. Later this year, the … Read more
The Bank of Korea raised its policy rate by 50 basis points to 2.25%. It is the biggest increase since the bank adopted the current policy system in 1999. The decision could help curb further weakening of the won. After the currency tumbled 9.4% against the US dollar this year. South Korea’s central bank on … Read more
Chevron’s CEO says reducing fuel prices will require “a change in approach” by the government. The letter is the latest in a series of acrimonious exchanges between President Joe Biden and the oil industry. High fuel prices have helped drive inflation to 40-year highs. Inflation is a top issue for voters ahead of the November … Read more
The Dow closes down 880 points for the day, or 2.5%. The S&P 500 shed 2.7% and the Nasdaq dropped about 3%. The May consumer price index rose 8.6% year-over-year, its highest level since 1981. The Dow (INDU) plunged after a key expansion report missed gauges and showed a higher-than-expected expansion in the cost of … Read more
