economic news

Major Asian markets down 2%;  Chinese yuan at lowest since 2008

The main Asian markets collapsed by more than 2%; Chinese yuan at lowest since 2008

Chinese yuan expected to return to ‘reasonable range’ soon The yuan is likely to return to a “reasonable range” between six and seven against the US dollar – as early as next year, said Han Baojiang, director of the economics department of the Party School of the Communist Party of China Central Committee. . That’s …

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The Federal Reserve misses a crucial turning point in its fight against inflation because it believes in bad data

The Federal Reserve misses a crucial turning point in its fight against inflation because it believes in bad data

The Federal Reserve cannot see the probable economic crash that is coming because it is always looking in the rear view mirror, where it sees nothing but high inflation. The danger arises because the consumer price index and the personal consumption expenditure price index – the two most important indicators of inflation – have a …

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Stock market losses wipe out $9 trillion of Americans' wealth

Stock market losses wipe out $9 trillion of Americans’ wealth

Falling stock markets wiped out more than $9 trillion in US household wealth, putting more pressure on family balance sheets and spending. U.S. holdings of corporate stocks and mutual fund stocks fell to $33 trillion at the end of the second quarter from $42 trillion at the start of the year, Reserve data shows. federal. …

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How to turn stock losses into tax savings and other ways to lower your tax bill

How to turn stock losses into tax savings and other ways to lower your tax bill

Prathanchorruangsak | Istock | Getty Images Review withholding tax First, you want to examine how much money is withheld from your payroll for federal taxes. Having too little tax withheld could result in a tax bill or penalty. If too much tax is withheld, you may get a refund. You should check your source deductions …

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Justice Department fight with JetBlue and American Airlines heads to court

Justice Department fight with JetBlue and American Airlines heads to court

An American Airlines plane lands on a runway near a parked JetBlue aircraft at Fort Lauderdale-Hollywood International Airport on July 16, 2020 in Fort Lauderdale, Florida. Joe Raedle | Getty Images The Justice Department heads to court in Boston on Tuesday hoping to undo a year-and-a-half-old pact between American Airlines and JetBlue Airways in the …

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UK lenders suspend mortgage deals with customers after market chaos

UK lenders suspend mortgage deals with customers after market chaos

UK bond and currency markets have been in turmoil since Finance Minister Kwasi Kwarteng announced his “mini budget” on Friday. Oli Scarf | Getty Images News | Getty Images LONDON – British lenders Virgin Money, Halifax and Skipton Building Society have withdrawn some of their mortgage offers from their customers after the tumult in the …

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The golden age of globalization is clearly over, says Singapore's Deputy Prime Minister Lawrence Wong

The golden age of globalization is clearly over, says Singapore’s Deputy Prime Minister Lawrence Wong

“The golden age of globalization that we have known for the past 30 years since the end of the Cold War is clearly over and we are entering a new era, a new era that will be marked by greater geopolitical contestation. “said the Deputy Prime Minister of Singapore. and Finance Minister Lawrence Wong. Bloomberg …

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Larry Summers calls UK tax cuts 'totally irresponsible' and warns of possible contagion

Larry Summers calls UK tax cuts ‘totally irresponsible’ and warns of possible contagion

Larry Summers Cameron Costa | CNBC LONDON — Former US Treasury Secretary Larry Summers warned on Tuesday that the United Kingdom had lost its sovereign credibility after the new government’s fiscal policy sent markets tumbling. The pound hit an all-time low against the dollar in the early hours of Monday morning, before recovering slightly on …

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