Category: Economy

Find the latest economy news, current events and headlines. Read about thriving and emerging markets, the global economy, and the latest financial data and forecasts …

This Is the State Most Dependent on the Federal Government

The federal government distributed over $700 billion to states in 2019. That is about 25% of the average state’s government budget, according to the Tax Policy Center. This money is largely used for health, education and transportation, and to aid residents who need financial and medical aid. The COVID-19 pandemic increased these sums to fight… Continue reading This Is the State Most Dependent on the Federal Government

NYC steakhouse owner says he lost millions in business due to city's vaccine mandate

NYC steakhouse owner on economic impact of city’s vaccine mandate Bobby Van’s Steakhouse owner Joseph Smith says in the last six weeks he has lost $1.8 million in bookings between all of his restaurants. A New York City steakhouse owner discussed the adverse economic impact of the city's coronavirus vaccine mandate, noting he lost nearly… Continue reading NYC steakhouse owner says he lost millions in business due to city's vaccine mandate

COVID-19 lockdowns in Asia deepen commodity supply-chain pain

Chinese defector says he warned US officials about COVID, Wuhan link Journalist Sharri Markson discusses her coverage of the ‘extensive’ coverup by China over origins of coronavirus. The recent surge in COVID-19 cases in Southeast Asia has throttled ports and locked down plantations and processors, sparking extended disruptions of raw materials such as palm oil,… Continue reading COVID-19 lockdowns in Asia deepen commodity supply-chain pain

Yellen warns failure to raise debt ceiling could trigger 'economic catastrophe'

Is debt ceiling debate a ‘game of chicken’ between Dems and GOP? Former Congressional Budget Office Director Doug Holtz-Eakin on the options for the U.S. debt ceiling.  Treasury Secretary Janet Yellen renewed her call for Congress to raise or suspend the nation's debt before October, warning that failure to do so could trigger an unprecedented… Continue reading Yellen warns failure to raise debt ceiling could trigger 'economic catastrophe'

Business minister bids to calm crisis fears as UK gas prices soar

No cause for alarm now, says Kwasi Kwarteng as energy discussions are likened to early Covid crisis talks Last modified on Sun 19 Sep 2021 00.12 EDT The government was scrambling on Saturday night to reassure Britons that rising gas prices would not plunge the country into an energy crisis, as ministers held a series… Continue reading Business minister bids to calm crisis fears as UK gas prices soar

UK Inflation Fastest Since 2012

UK consumer price inflation accelerated at a record pace in August, hitting the highest rate since 2012, data from the Office for National Statistics showed Wednesday. The consumer price index rose 3.2 percent year-on-year following a 2.0 percent climb in July. Economists had forecast 2.9 percent inflation and also remained well above the 2 percent… Continue reading UK Inflation Fastest Since 2012

Glitches remain on I-T portal ahead of Finance Minister’s deadline

Routine tasks still a challenge, say tax practitioners while taxpayers face penalties for delayed filing The Income Tax portal remains a festering worry for taxpayers scrambling to file their returns, ahead of the September 15 deadline set by Union Finance Minister Nirmala Sitharaman for the portal’s tech developer, Infosys, to resolve glitches. Tax practitioners said… Continue reading Glitches remain on I-T portal ahead of Finance Minister’s deadline

Wm Morrison H1 Profit Down, Revenues Rise; Backs FY21 Outlook – Quick Facts

Wm Morrison Supermarkets plc (MRW.L), which is recommending a takeover offer by Clayton, Dubilier & Rice, LLP or CD&R, reported Thursday that its first-half profit before tax fell 43.4 percent to 82 million pounds from last year’s 145 million pounds. Adjusted profit before tax was 105 million pounds, compared to last year’s 167 million pounds.… Continue reading Wm Morrison H1 Profit Down, Revenues Rise; Backs FY21 Outlook – Quick Facts

Tax hikes pose greatest threat to business growth, most CEOs say

Sen. Sanders spending bill would increase taxes, inflation: Sen. Portman Sen. Rob Portman, R-Ohio, argues a $6 trillion spending package would ‘really hurt’ the economy and working families across America. A majority of CEOs identified the prospect of steeper taxes this year as the greatest global threat to business growth as Democrats look to substantially… Continue reading Tax hikes pose greatest threat to business growth, most CEOs say

UK watchdog approves £2.9bn Viagogo and StubHub merger

Resale website StubHub’s international arm will be sold to US firm Digital Fuel Capital to meet the CMA’s conditions Last modified on Wed 8 Sep 2021 09.20 EDT The $4bn (£2.9bn) merger of controversial ticket resale websites Viagogo and StubHub can go ahead after the UK competition regulator approved a plan that will see StubHub’s… Continue reading UK watchdog approves £2.9bn Viagogo and StubHub merger

US economy not headed for ‘massive slowdown,' portfolio manager says

US consumers sitting on a ‘ton’ of cash: Portfolio manager Federated Hermes portfolio manager Steve Chiavarone argues the U.S. economy is not headed for a ‘massive slowdown’ because consumers are sitting on a ‘ton’ of cash and are ready to spend it. The U.S. economy is not at risk of a recession, or a "massive… Continue reading US economy not headed for ‘massive slowdown,' portfolio manager says

Mortgage applications hit summer low

White House taking on housing crunch could open up ‘Pandora’s box’: Real estate expert Romer Debbas LLP managing partner Pierre Debbas warns of real estate consequences that comes from government getting involved with housing development. The summer doldrums may have hit the housing market. Demand for mortgage applications fell 1.9% from a week ago, according… Continue reading Mortgage applications hit summer low

UK house prices hit record high despite cut in stamp duty break

Average prices rose by 0.7% in August to £262,954, says Halifax Last modified on Tue 7 Sep 2021 03.08 EDT The average UK house price reached a fresh record high in August while annual inflation cooled to a five-month low, after the partial end of the stamp duty holiday in England and Northern Ireland. Halifax,… Continue reading UK house prices hit record high despite cut in stamp duty break

Eurozone Private Sector Growth Moderates In August

Eurozone private sector logged another robust growth in August but the momentum faded slightly from July’s 15-year peak, final data from IHS Markit showed on Friday. The final composite output index fell to 59.0 in August from 60.2 in July, which was the highest since June 2006. The reading stood below the flash 59.5. Nonetheless,… Continue reading Eurozone Private Sector Growth Moderates In August

Divers identify broken pipeline as source of Gulf oil spill

Oil, gas prices rise after Hurricane Ida causes production disruptions OPIS Global Head of Energy Analysis Tom Kloza notes 14% of U.S. refining has been ‘down’ because of Ida, leading to a little rally and may cause gas prices to increase further during one of the biggest driving weeks of the year. Divers at the… Continue reading Divers identify broken pipeline as source of Gulf oil spill

This Is the Least Educated City in the Country

Educational attainment in America affects a number of things. Among them are lifelong income, poverty, where people live and sometimes where their children go to school. Low income may mean people don’t have discretionary income for food. People without a high school education are generally hurt the worst in terms of these outcomes. People with… Continue reading This Is the Least Educated City in the Country

This Is the City With the Fewest People Below the Poverty Line

The federal government does not have a single definition for the “poverty line.” One way it is calculated is by the number of household members. One example is that the poverty line is $12,760 for a household with one person. The figure rises to $26,200 for a household of four. On a percentage basis, the… Continue reading This Is the City With the Fewest People Below the Poverty Line

House Democrats push Biden for lower capital gains tax hike

Sen. Sanders spending bill would increase taxes, inflation: Sen. Portman Sen. Rob Portman, R-Ohio, argues a $6 trillion spending package would ‘really hurt’ the economy and working families across America. President Biden is facing pushback from some House Democrats over his plan to substantially raise taxes on investment gains – a key part of funding… Continue reading House Democrats push Biden for lower capital gains tax hike

Hurricane Ida destruction could lift infrastructure bill hopes

Louisiana lawmaker discusses impact of Hurricane Ida Rep. Garrett Graves, R-La., on the aftermath of Hurricane Ida and the recovery process after the storm leaves residents without power and gas. The monumental destruction wreaked this week by Hurricane Ida, one of the most powerful storms to ever make landfall in the U.S., has become a… Continue reading Hurricane Ida destruction could lift infrastructure bill hopes

UK House Price Inflation Unexpectedly Accelerates In August: Nationwide

UK house prices rose at a faster annual pace in August and prices climbed at the second fastest pace in 15 years from the previous month, survey results from the Nationwide Building Society showed Wednesday. The house price index rose 11.0 percent year-on-year following a 10.5 percent increase in July. Economists had expected the pace… Continue reading UK House Price Inflation Unexpectedly Accelerates In August: Nationwide

Eurozone Inflation Near 10-Year High

Eurozone inflation accelerated more-than-expected to a near 10-year high in August, flash data from Eurostat showed on Tuesday. Inflation rose to 3 percent in August from 2.2 percent in July. This was the highest since November 2011 and also exceeded the European Central Bank’s 2 percent target and economists’ forecast of 2.7 percent. Core inflation… Continue reading Eurozone Inflation Near 10-Year High

Tesla (TSLA) Lowers Prices

Tesla, Inc. (TSLA) recently announced that it was lowering prices on certain models of its Model 3 and Model Y vehicles as competition intensifies, with other car companies such as Ford Motor Company (F) coming out with all-electric vehicles. KEY TAKEWAYS Tesla is lowering prices on certain models ahead of additional competition. This could compress… Continue reading Tesla (TSLA) Lowers Prices

Roku (ROKU) Extends Rally After Strong Q4 Earnings

Roku, Inc. (ROKU) shares rose more than 3% during Friday’s session after the streaming company posted better-than-expected fourth quarter financial results. Key Takeaways Roku shares moved sharply higher during Friday’s session after the company reported a 58% increase in revenue and higher-than-expected earnings per share (EPS). The company reported strong financial and operational metrics during… Continue reading Roku (ROKU) Extends Rally After Strong Q4 Earnings