OPEC+ imposes deep production cuts in a bid to prop up prices

Oil prices have fallen to around $80 from over $120 in early June amid growing fears about the prospect of a global economic downturn. Mayor Bloomberg | fake images A group of some of the world’s most powerful oil producers agreed on Wednesday to impose deep production cuts, seeking to spur a recovery in crude … Read more

UK’s Liz Truss promises a future with tax cuts in a speech plagued by protests

Prime Minister Liz Truss is trying to rally MPs around her tax cut policies following political infighting and market turmoil. king jacob | Pa Pictures | fake images LONDON (AP) — British Prime Minister Liz Truss insisted Wednesday that cutting taxes was “the morally and economically right thing to do,” rolling out a series of … Read more

Credit Suisse shares plunge 10% on restructuring and capital concerns

A Swiss flag flies above a Credit Suisse sign in Bern, Switzerland. COFFRINI FABRIC | AFP | fake images Shares of Credit Suisse plunged nearly 10% in European morning trading, after the Financial Times reported that executives at the Swiss bank are in talks with its major investors to reassure them amid growing financial health … Read more

UK government abolished plan to slash taxes on high earners in major U-turn

“It is clear that the abolition of the 45p tax rate has become a distraction from our primary mission of addressing the challenges facing our economy,” Finance Minister Kwasi Kwarteng said in a statement. Rob Piney | Getty Images News | fake images LONDON — The UK government on Monday reversed a planned removal of … Read more

Putin declares ‘four new regions of Russia’ as Moscow annexes parts of Ukraine

Russian President Vladimir Putin meets with the Moscow-appointed heads of four Ukrainian regions, partially occupied by Russia, at the Grand Kremlin Palace September 30, 2022 in Moscow, Russia. Collaborator | Getty Images News | fake images Russian President Vladimir Putin declared four new regions of the country on Friday shortly after holding bogus referendums in … Read more

The Bank of England delays the sale of bonds and launches a temporary purchase program

Andrew Bailey, Governor of the Bank of England, has said the global economic outlook has deteriorated sharply after rising commodity prices fueled inflation around the world. Mayor Bloomberg | Mayor Bloomberg | fake images LONDON (AP) — The Bank of England is suspending the planned start of its golden bond sale next week and will … Read more

Putin grants Russian citizenship to whistleblower Edward Snowden

NSA whistleblower Edward Snowden speaks live from Russia during the Web Summit technology conference in Lisbon, Portugal, on November 4, 2019. Pedro Fiuza | NurPhoto | fake images WASHINGTON — Russian President Vladimir Putin granted former U.S. intelligence contractor Edward Snowden citizenship Monday, according to a decree translated by NBC News. Snowden’s name appears as … Read more

Giorgia Meloni and Italy’s far-right brothers lead the vote

The political leader of the Brothers of Italy, Giorgia Meloni. Marco Cantile | Light Rocket | fake images Italians are on track to elect the country’s first female prime minister and the first far-right-led government since the end of World War II. Giorgia Meloni’s Fratelli d’Italia (Brothers of Italy) party is set to win between … Read more

British Pound Plunges, Bonds Plunge After Tax Cut Announcement

The British pound hit its lowest level since July 1, 2020. Matt Cardy | fake images The embattled pound sterling fell 2.5% against the dollar on Friday, after the new UK government announced a sweeping economic plan in a bid to boost growth. Sterling had fallen as low as $1.0975 by 3:35pm London time, extending … Read more

UK government doles out tax cuts as country braces for recession

British Prime Minister Liz Truss, who took office in September, announced a sweeping program of economic reforms. David Dee Delgado | Reuters LONDON — The new UK government announced a sweeping program of tax cuts and investment incentives on Friday, as Prime Minister Liz Truss seeks to boost the country’s faltering economic growth. Finance Minister … Read more