Economy Archives - Page 2 of 22

UK Central Bank Hikes Interest Rates to Tackle Runaway Inflation

The UK's central bank has raised its benchmark interest rate for the fifth time in a row as the country battles to tame the nation’s cost-of-living crisis. The bank has become the latest monetary authority to tighten in response to runaway inflation. Policymakers at the Bank of England (BOE) decided…

Chevron CEO Warns There May Never Be Another Oil Refinery Built in America Again

Chevron CEO Mike Wirth has warned that there may never be another oil refinery built in America again due to Democrat President Joe Biden's policies. Wirth said in a recent interview that government policies are a key reason why the oil industry cannot expand in the United States. His warning…

Elon Musk’s Starship Must Complete 75 Environmental Actions to Get Permission to Launch, FAA Rules

Elon Musk's SpaceX must complete over 75 environmental actions before its Starship is granted permission to launch, the Department of Transportation’s Federal Aviation Administration (FAA) has ruled. The U.S. federal agency announced Monday that it would require the "green" actions to be completed before the Starship-Super Heavy program is cleared…

Red Flag Flashes for Recession as Bellwether 2-10 Yield Curve Inverts

A red flag for recession was raised on Monday when the yield curve inverted on the bellwether 2-year/10-year U.S. The indicator is being seen as a sign that the U.S. economy is about to slide into a recessionary period. Treasury spread on expectations that the Federal Reserve might tighten monetary policy…

Average Gas Price Hits $5 for First Time in US History

The national average price of a gallon of gas has just hit $5 for the first time in U.S. history. According to the American Automobile Association (AAA), which tracks prices, the average price hit $5 on June 11. The average is as high as $6.43 in some states, including California,…

Dow Jones Plummets 880 Points after Inflation Hits 40-Year High

Stocks on Wall Street have plummeted across the board after a highly anticipated inflation report and consumer sentiment survey produced shocking results. The May Consumer Price Index (CPI) report by the U.S Bureau of Labor Statistics surprised experts with a rapid rise in prices due to inflation, and bad news from the…

Washington Post Fires Reporter Who Lashed Out at Management, Own Colleagues

The Washington Post has fired reporter Felicia Sonmez after she spent a week criticizing the newspaper's management and her colleagues on Twitter. According to the paper, Sonmez was fired for “misconduct that includes insubordination, maligning your co-workers online, and violating The Post’s standards on workplace collegiality and inclusivity.” Sonmez has…

Airbnb Sued for Misleading Prices by Australian Authorities

Online accommodation marketplace Airbnb has been hit with a lawsuit by Australian authorities for alleged misleading pricing practices. In a new statement, the Australian Competition and Consumer Commission (ACCC) alleged that between January 2018 and August 2021, Airbnb did not clarify that the prices displayed on its website. In the…

US Economy Slowing Due to Persistent Inflation, Supply Woes, OECD Warns

The United States economy is slowing down due to persistent inflation and ongoing supply chain issues, the Organization for Economic Cooperation and Development (OECD) has warned. The OECD has cut its growth forecast for the U.S. economy, blaming high inflation and supply disruptions. The organization says the issues are remaining…

Australia’s Central Bank Shocks with Huge Cash Rate Hike to Tackle Inflation

The Australian central bank, the Reserve Bank of Australia, has hiked the cash rate by a massive 50 basis points, from 0.35 percent to 0.85 percent, to tackle soaring inflation. Governor Philip Lowe warned that “further steps” are yet to come as the country battles higher-than-expected inflation Lowe said the…