Tour operators have reductions of around a third on many peak summer holidays, as they attempt to woo back post-pandemic customers. But Britain’s leading travel company, TUI, warns that the cheapest holidays may not last long if higher fuel costs and other forms of inflation have to be taken into account later in the year. … Read more
As inflation soars and markets slide, many investors are wondering what’s coming next. Traditional advice dictates that long-term investors — those who are focused on retirement dates further down the road — should stay the course in the markets. But those with shorter time horizons of three- to five-years for a closer goal, like saving … Read more
PYEONGTAEK, South Korea (AP) — President Joe Biden opened a trip to Asia on Friday by touring a South Korean computer chip factory that will be the model for another plant in Texas, offering it as a way to deepen ties with the Indo Pacific and fuel technological innovation and foster vibrant democracies. “So much … Read more
Stagflation is making a comeback, according to former Morgan Stanley Asia chairman Stephen Roach. He warns the US is on a dangerous path that leads to higher prices coupled with slower growth. “This inflation problem is widespread, it’s persistent and likely to be protracted,” Roach told CNBC’s “Fast Money” on Thursday. “The markets are not … Read more
By FATIMA HUSSEIN and FRANK JORDANS, Associated Press KOENIGSWINTER, Germany (AP) — Finance ministers for the Group of Seven leading economies grappled Thursday with deepening inflation concerns and the immediate effects of Russia’s war in Ukraine, with US Treasury Secretary Janet Yellen promising that the allies would put together enough additional aid to help Ukraine … Read more
Kansas City Federal Reserve President Esther George said Thursday that higher interest rates are needed now to bring down inflation and policymakers are not focused on the impact that is having on the stock market. In a CNBC interview, the central bank official noted that the Fed is looking to tighten financial conditions, of which … Read more
TOKYO (AP) — Shares dropped sharply in Asia on Thursday after a broad retreat on Wall Street triggered by dismal results from major retailer Target that renewed worries about the impact of high inflation. Hong Kong’s Hang Seng led the declines, dropping 3.1%, while Tokyo’s Nikkei 225 index was 2.7% lower. The Dow Jones Industrial … Read more
The UK’s Office for National Statistics said its estimates suggest that inflation would have last been higher “sometime around 1982.” Justin Tallis | Afp | Getty Images LONDON — UK inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country’s cost-of-living crisis. … Read more
US Federal Reserve Chairman, Jerome Powell, testifies before the House Financial Services Committee on “The Semiannual Monetary Policy Report to the Congress,” in Washington, DC, on March 3, 2022. Jonathan Ernst | AFP | Getty Images Federal Reserve Chairman Jerome Powell emphasized his resolve to get inflation down, saying Tuesday he will back interest rate … Read more
A woman pushes a shopping cart through the grocery isolate at Target in Annapolis, Maryland, on May 16, 2022, as Americans brace for summer sticker shock as inflation continues to grow. JimWatson | AFP | Getty Images Consumers kept spending in April, with retail sales rising about in line with Wall Street expectations despite an … Read more