Prices

EXPLAINER: Can Ukraine pay for war without wrecking economy?

FRANKFURT, Germany (AP) — Even as Ukraine celebrates recent battlefield victoriesits government faces a looming challenge on the financial front: how to pay the enormous cost of the war effort without triggering out-of-control price spikes for ordinary people or piling up debt that could hamper postwar reconstruction. The struggle is finding loans or donations to …

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Russia rejects $60-a-barrel cap on its oil, warns of cutoffs

KYIV, Ukraine (AP) — Russian authorities rejected a price cap on the country’s oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it. Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed Friday to cap what they would pay for Russian oil at $60 …

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Bank of England set for biggest rate hike in 33 years, but economists expect dovish tilt

Buses pass in the City of London financial district outside the Royal Exchange near the Bank of England on 2nd July 2021 in London, United Kingdom. Mike Kemp | In Pictures | Getty Images LONDON — The market expects the Bank of England to raise interest rates by 75 basis points on Thursday, its largest …

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UK’s new finance minister scraps almost all planned tax cuts in bid to appease markets

Jeremy Hunt is interviewed for Sophie Raworth’s ‘Sunday Morning’ at BBC Broadcasting House in London. Tejas Sandhu | Lightrocket | Getty Images LONDON — UK Finance Minister Jeremy Hunt used his first Monday on the job to announce that almost all of the controversial tax measures announced by his predecessor would be reversed. The major …

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UK cliff edge arrives as Bank of England prepares to end bond buying

The Bank’s Financial Stability Committee on Sep. 28 announced a two-week emergency purchase program for long-dated UK government bonds. Bloomberg | Bloomberg | Getty Images LONDON — The Bank of England’s emergency bond-buying program draws to a close on Friday, with traders remaining on edge as volatility in the UK bond market looks set to …

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Social security increase: What to know about expected COLA bump

NEW YORK (AP) — Tens of millions of older Americans are getting the biggest raise of their lifetime. The US government announced Thursday that Social Security beneficiaries will see an 8.7% increase in monthly payments this upcoming year, the largest increase in four decades. It’s all part of an annual ritual where Washington adjusts Social …

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Biden preaches patience to voters spooked by economic turmoil

WASHINGTON (AP) — When it comes to reassuring Americans about an economy that’s an election-year challenge for his party, President Joe Biden is telling the country to hold on. It’s a message of patience as voters are buffeted by persistent inflationfears of a recession and the prospect of rising energy prices in the closing weeks …

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