Economic News
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UK inflation rises to 5-month high, further pressuring Bank of England to raise rates this year
Inflation in the United Kingdom has risen to a five-month high, an increase that will pressure the Bank of England to hike interest rates again over coming months
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US-Canada trade war further taxes small businesses as costs rise during the Iran war
Small business owners in the United States and Canada say a trade war between their countries is hurting sales while they are also dealing with rising expenses from higher fuel costs
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Japan records a trade deficit for 4th month as oil imports soar
Japan’s trade deficit totaled $7 billion last month, as surging oil prices sent the cost of imports soaring
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Maduro ally Alex Saab pleads guilty in a $195M money laundering case, agrees to cooperate
A close ally of ousted Venezuelan President Nicolás Maduro has pleaded guilty to bribing officials to secure contracts for importing food during Venezuela's crisis
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Carney says Canada can wait for the right conditions in Trump trade war and emerge stronger
Canadian Prime Minister Mark Carney says Canada intends to emerge from its trade war with U.S. President Donald Trump “stronger, more resilient, more independent,” while telling Washington that future cooperation must be based on respect for each country’s sovereignty
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Iran war has cost the US more than $38B, budget office says
The war against Iran has cost the U.S. more than $38 billion through Aug. 1 and will continue to cost up to $3 billion a month or more
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American incomes finally top pre-pandemic levels, fighting against inflation all the way
U.S. household income finally topped pre-pandemic levels last year, a stark sign of how the past five years of rising prices have limited Americans’ earnings and purchasing power
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Federal Reserve is expected to raise its benchmark rate, defying Trump's demands
The Federal Reserve is widely expected to lift its short-term interest rate for the first time in three years to fight stubbornly high inflation
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China can block citizens from leaving the country over national security or tech export violations
China has introduced new border control rules that could ban citizens from leaving the country if they engage in illegal activities threatening national or industrial security
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Carney heads to Europe for high-stakes speech and deeper EU ties as Canada clashes with Trump
Canadian Prime Minister Mark Carney is heading to Europe seeking deeper ties with the European Union as Canada’s trade war with President Donald Trump intensifies
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