Liz Truss Pulls Screeching U-turn on Plans to Cut Taxes for Britain’s Wealthiest
Liz Truss pulls the fastest 180 in history.
Economics
Ireland’s Economy is Soaring Thanks to a Pot o’ Corporate Taxes
You’ve heard of the luck of the Irish, but did you know the expression has nothing to do with four-leaf clovers or trapping Leprechauns? It comes from the 19th-century gold and silver rush when many of the most successful and…
Are Rising US Lottery Sales an Economic Indicator?
Economists turn to lots of peculiar things when trying to make sense of the world. Alan Greenspan, the Oracular US Federal Reserve Chairman from 1987 to 2006, famously looked at dry cleaning and men’s underwear sales. Others skip closets and…
Uber Reported Positive Cash Flow for the First Time Ever
When Dara Khosrowshahi sits down for dinner tonight, he won’t be eating his words for a change. In May, the Uber CEO vowed to be “hardcore about costs across the board.” Less than three months later, on Tuesday, his company…
Bloomberg Turns Its Eyes to the World With Global Growth Ambitions
Bloomberg Media’s CEO Justin Smith left earlier this year to launch a global news publication called Semafor with former BuzzFeed News head honcho Ben “Unrelated” Smith. But the company he left behind is not going to let him run away…
Ten Thousand Rich Chinese Are Trying to Pull Their Wealth Out of the Country
Ironclad, seemingly never-ending lockdowns of financial capital and quixotic, brutal crackdowns on major industries don’t inspire confidence among high-income earners? Who would’ve guessed? China’s President Xi Jinping tried the experiment anyway. Now, investment migration consultancy Henley & Partners estimates that…
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Tens of Thousands Ask Italian PM to Stay on Amid Economic Turmoil
Usually politicians resign in shame, but this one tried to do it amid acclaim. Italian Prime Minister Mario Draghi tried to resign last week but was rejected by the country’s president. Now, the Italian political class is practically begging him…
Fed Could Entertain Full Point Rate Hike in the Wake of Inflation Scorcher
Would the US Federal Reserve actually raise interest rates this month by a full point (or one hundred basis points, depending on which sounds more dramatic)? Markets are very suddenly saying yes. On Wednesday, the Fed Funds Futures probability priced…
The Euro Zone Adds First Nation in Seven Years
Europe’s hottest club is also one of its most exclusive. And, for the first time since 2015, it’s about to admit a new member nation. On Tuesday, European Union finance ministers formally voted to approve Croatia’s entrance into the euro…
A US Recession Can’t Officially Happen Unless Eight People Say So
Two consecutive quarters of negative gross domestic product growth. That’s how most countries, and basically everyone on Wall Street, defines a recession. But not, would you believe, the US government. A Bloomberg report on Tuesday was smart to point out…
Sri Lanka’s Economy Collapsed and Leaders Resigned, Here’s What’s Next
Hundreds of thousands of protestors in the streets of the capital city. The prime minister’s house set on fire. Food shortages so dire that civil servants are getting extra time off to grow their own. Those are just some of…
