Credit Suisse seeking to assure investors amid financial concerns: FT

A Swiss flag flies over a sign of Credit Suisse in Bern, Switzerland FABRICE COFFRINI | AFP | Getty Images Credit Suisse executives are in talks with the bank’s major investors to reassure them amid rising concerns over the Swiss lender’s financial health, the Financial Times reported, citing people involved in the discussions. One executive […]

Buyers are paying ‘well above sticker’

Forget getting a deal; these days, anyone in the market for a new car could pay thousands over the sticker price before they drive off the lot. Limited inventory due to a persistent shortage of computer chips, along with other supply-chain challenges, helped propel new car prices up 10% from a year ago, according to […]

How to decorate your home on a budget, according to interior designers

Fabio Formaggio / 500Px | 500Px Plus | Getty Images Last year, I moved into a one-bedroom apartment in Manhattan. At 28, I was living alone for the first time. It was tremendously exciting, but I also had a problem: I had no furniture. For weeks I slept on an air mattress that would be […]

Retail sales August 2022:

Retail sales numbers were better than expected in August as price increases across a multitude of sectors offset a considerable drop in gas station receipts, the Census Bureau reported Thursday. Advance retail sales for the month increased 0.3% from July, better than the Dow Jones estimate for no change. The total is not adjusted for […]

Haiti sees more protests as fuel price hike worsens public anger | Inflation News

Haitian government’s decision to raise fuel costs adds to ongoing anger over gang violence, soaring inflation. People have taken to the streets in several cities across Haiti after the government announced a substantial increase in the price of fuel that will further squeeze a population already struggling with soaring costs of living. The Haitian authorities […]

China’s inflation is far lower than the U.S. Why locals still feel price pressures

More than half of respondents in China said that due to the possibility of a recession, they’ve gone out less for food and entertainment, an Oliver Wyman survey found. Noel Celis | Afp | Getty Images BEIJING — Chinese people say they’re increasingly feeling the pinch of rising prices, although official data show inflation running […]

Schools, caterers face tough decisions as energy crisis hits kids’ meals

U.K. school caterers have warned that rising food costs and supply chain constraints could see children facing smaller portions in canteens, with low-income families the worst affected. Picture Alliance | Getty Images As U.K. schools reopen for the autumn term, caterers are warning that children could be faced with smaller lunch portions and lower-quality dishes […]

Pakistan floods make foreign minister ask for IMF, international help

Pakistani families wade floodwaters in the southern part of the country on Sunday. The death toll from flooding there has surpassed 1,000. Anadolu Agency | Anadolu Agency | Getty Images Pakistan needs financial help to deal with “overwhelming” floods, its foreign minister said on Sunday, adding that he hoped financial institutions such as the International […]

Wharton’s Jeremy Siegel on Fed rate hike ahead of Jackson Hole

Wharton business school professor Jeremy Siegel said Friday that the U.S. Federal Reserve does not need to hike more than 100 basis points because an economic slowdown is in sight. “I think we only need 100 basis points more,” Siegel said on CNBC’s “Squawk Box Asia.” “The market thinks it’s going to be a little […]

Consumer sentiment matters more than inflation and unemployment numbers–and it has never been so bad for so long

Much like the unemployment rate, inflation numbers can miss the mark on properly reflecting a country’s economic mood because these figures offer an incomplete picture of a country’s economic health. Consumer sentiment, on the other hand, reflects our attitudes about the current state of the economy and expectations about its trajectory. And by all accounts, […]

Sony raises price of PlayStation 5 console due to soaring inflation

In this photo illustration a PlayStation 5 logo seen displayed on a smartphone. Mateusz Slodkowski | SOPA Images | LightRocket via Getty Images Sony on Thursday raised the recommended retail price of its PlayStation 5 games console in several international markets citing the global economic environment, including high inflation. The Japanese gaming giant said that […]

Brits to ditch home working as heating bills soar

“There’s a point when energy bills are hike[d] so high that it would be cheaper to commute to work than heat your home during the day, and for some people it will be enough to prompt a return to work,” said Sarah Coles, senior personal finance analyst at Hargreaves Lansdown. Hinterhaus Productions LONDON — High […]

Sri Lanka central bank holds rates steady | Business and Economy News

Policy makers are assessing effects of interest hikes this year on cooling price growth, amid an unprecedented economic crisis. The Central Bank of Sri Lanka (CBSL) has kept its key rates steady, a widely anticipated move as it awaits the effect of past hikes to trickle through the economy while a fall in global commodity […]

Premium products take priority as companies battle cost-of-living

“As we create more premium beverages, it becomes more difficult for customers to replicate it at home and we think that helps with the concept of trade down,” Starbucks CFO Rachel Ruggeri told CNBC’s “Squawk Box” on Aug. 3. Gary Hershorn / Contributor / Getty Images Personalized coffees, “prestige” skincare and “elevated” sauces and spreads […]

Bank of Mexico raises interest rates to record 8.5 percent | Inflation News

Mexico, Latin America’s second-largest economy, is fighting its highest inflation in 22 years. The Bank of Mexico raised its benchmark interest rate by three-quarters of a percentage point to a record 8.5 percent on Thursday, mirroring the United States Federal Reserve’s most recent policy decision as inflation surged to an over two-decade high. The five […]

The housing market correction takes an unexpected turn

The Federal Reserve has a simple inflation-fighting playbook. It goes like this: Keep applying upward pressure on interest rates until business and consumer spending across the economy weakens and inflation recedes. Historically speaking, the Fed’s inflation-fighting playbook always delivers a particularly hard hit to the U.S. housing market. When it comes to housing transactions, monthly […]

Homeowners in Singapore could soon feel pinch from rising mortgages

Banks in Singapore raised housing loan rates in June, following the U.S. Federal Reserve’s decision to increase interest rates by 75 basis points in the same month to cool inflation — its most aggressive hike since 1994. Nurphoto | Nurphoto | Getty Images Homeowners in Singapore are starting to tighten their belts as they will […]

Amazon sinks after Walmart lowers profit outlook on inflation concerns

The front desk of the Amazon office is pictured in New York, May 1, 2019. Carlo Allegri | Reuters Shares of Amazon fell more than 4% in extended trading on Monday after Walmart said it was lowering its quarterly and full-year profit guidance. Walmart announced after the bell on Monday that it now expects adjusted […]

Boosting supply is the best way to stabilize price of oil, says OECD

The best way to stabilize oil prices is to boost supply, and alternatives to Russian oil are available to the world, said Mathias Corman, the secretary-general of the Organization for Economic Cooperation and Development. Speaking to “Squawk Box Asia” on Friday from the Group of 20 meeting of financial leaders in Bali, Indonesia, Cormann said […]

Millennials are to blame for sky-high inflation, strategist says

Soaring inflation is putting markets on edge and triggering fears of recession. The latest consumer price index this week revealed a searing 9.1% increase year-on-year in June, prompting Treasury Secretary Janet Yellen to say that inflation in the U.S. is “unacceptably high.” The causes behind the steep jumps include high commodity and energy prices triggered […]

Big payroll gains push recession fears into the corner — for now

A worker wearing a protective mask slices beef in the butcher section of a Stew Leonard’s supermarket in Paramus, New Jersey, on Tuesday, May 12, 2020. Angus Mordant | Bloomberg | Getty Images June’s big payroll jump helped clear away some of those recession clouds for a U.S. economy that nonetheless faces some stormy weather […]

Fed minutes June 2022

Federal Reserve officials in June emphasized the need to fight inflation even if it meant slowing an economy that already appears on the brink of a recession, according to meeting minutes released Wednesday. Members said the July meeting likely also would see another 50- or 75-basis point move. A basis point is one one-hundredth of […]

Hiking interest rates the wrong solution to inflation problem: Analyst

Raising interest rates to tame demand — and therefore inflation — is not the right solution, as high prices have been driven mainly by supply chain shocks, one analyst said.  Global manufacturers and suppliers have been unable to produce and deliver goods to consumers efficiently during Covid lockdowns. And more recently, sanctions imposed on Russia […]

Turkey’s annual inflation soars to almost 79%, hitting highest level in 24 years

Shoppers stroll the aisles of a bazaar in Konya, Turkey. The country is experiencing brutal inflation, with food and non-alcoholic beverage prices rising 70.3% year over year for March. Diego Cupolo | Nurphoto | Getty Images Inflation in Turkey rose close to 79% last month, the highest the country has seen in a quarter of […]

Outdoor cooking boomed during the pandemic, and the grilling industry thinks it will stay hot

Grilling caught fire amid the pandemic as stuck-at-home consumers searched for new ways to cook meals, as well as entertain and host family and friends safely outdoors. But while there are plenty of signs that the outdoor cooking craze is here to stay, inflation, market saturation, and supply chain challenges are threatening to lower the […]

The market’s worst first half in 50 years has all come down to one thing

Traders on the floor of the NYSE, June 29, 2022. Source: NYSE A multitude of factors conspired to generate the stock market’s worst first-half since 1970, but they all emanated from one word: Inflation. The cost of living started the year running at levels the U.S. had not seen since the early 1980s. Worse, Federal […]

Fed’s Mester backs 75 basis point hike in July if conditions remain the same

Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the U.S. economy in New York November 18, 2015. Lucas Jackson | Reuters Federal Reserve Bank of Cleveland President Loretta Mester said Wednesday that if economic conditions remain the same when the U.S. central bank meets to decide […]

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