UK inflation hits new 40-year high of 10.1% as food and energy price surge continues
U.K. inflation rose to another 40-year high in July as spiraling food and energy prices continued to intensify the country’s historic squeeze on households.
Financial News
‘Floundering, not drowning’: Russia’s economy is withstanding sanctions onslaught — for now
Moscow is scrambling to recalibrate its economy after international sanctions disrupted trade and all but ostracized Russia from the global financial system.
Personalized coffees and prestige skincare: Consumers snap up premium products despite cost-of-living crisis
Personalized coffees, “prestige” skincare and “elevated” spreads: companies are focusing on premium products — and consumers seem to love it.
Ultra-rich fueling sales of luxury brands despite inflation and recession fears
High-end luxury brands are reporting strong sales even as retailers catering to more mainstream customers cite a pullback in consumer spending.
U.S. is ‘not going anywhere,’ Middle East envoy says, as China’s Xi expected to visit Saudi Arabia
The U.S. disputed claims that a forthcoming visit by Chinese President Xi Jinping to Saudi Arabia signals America’s waning influence in the Middle East.
U.K. economy contracts in the second quarter as cost-of-living crisis bites
The U.K. economy contracted in the second quarter of 2022, although by less than economists expected.
Beijing’s new trade restrictions on Taiwan after Pelosi’s visit are a drop in the ocean
Beijing’s trade blocks against Taiwan affect under 1% of their two-way trade. But military drills in the Taiwan Strait may delay shipments, analysts warn.
SoftBank posts a $21.6 billion quarterly loss on its Vision Fund, one of the highest in its history
SoftBank posted a 2.93 trillion Japanese yen ($21.68 billion) loss for the June quarter for its Vision Fund. This is its second-largest quarterly loss.
Berkshire Hathaway reports operating earnings surge, but posts big investment loss amid market rout
Berkshire Hathaway’s operating profits jumped in the second quarter despite fears of slowing growth.
Danger ahead: The U.S. economy has yet to face its biggest recession challenge
You’d be hard-pressed now to find a recession in the rearview mirror. What’s down the road, though, is another story.