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News
  • Aug 3,2021
    The new US president has emerged with a neo-populist agenda closer to his predecessor than to ObamaAbout half a year into Joe Biden’s presidency, it is time to consider how his administration’s economic doctrine compares with that of Donald Trump and previous Democratic and Republican administrations.The paradox is that the “Biden doctrine” has more in common with Trump’s policies than with...
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  • Aug 3,2021
    It takes Black women in the US 19 months to earn what a white man makes in a year. Aja intended to go for a light lunch with a co-worker, instead, things turned out real heavy.Over sandwiches and sodas her white male co-worker casually mentioned his salary. The figure happened to be about $40,000 more than what she was making.Compared with other women in the United States, Black women have always had...
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  • Jul 29,2021
    US GDP grew 6.5% in the second quarter of 2021, but fears of a slowing recovery persistThe US economy has returned to its pre-pandemic level despite growing at a weaker rate than expected in the second quarter.Gross domestic product (GDP) increased at a 6.5% annualised rate in the three months to the end of June, according to figures from the US Commerce Department on Thursday, as government financial...
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  • Jul 22,2021
    Larry Summers and others have been sounding the alarm over inflation. But are fears overblown?Larry Summers says he’s worried about the US economy. Even more than he was worried when he started to sound the alarm in February. The well-known economist and former US treasury secretary said last week that “the focus of concern right now should be on overheating”.He’s not talking about climate...
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  • Jul 13,2021
    Swimming in capital and with dividend restrictions gone, banks have plenty to give shareholdersLet the dividend bonanza in the banking sector begin? The Bank of England on Tuesday removed its Covid “guardrails” on distributions to shareholders, and boards now have a decision to make. Do they shower their investors with cash, in effect making up for nine dividend-free months in 2020 and the token...
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  • Jul 13,2021
    Investment banking arms of two Wall Street firms benefit from global glut of mergers and acquisitions Goldman Sachs and JP Morgan have reported bumper profits for the second quarter as their investment banking divisions continued to ride the global boom in mergers and takeover deals.The two US banks have been capitalising on the surge in merger and acquisitions activity, which broke records for the...
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  • Jul 13,2021
    Jump in consumer prices will ratchet up pressure on Federal Reserve to tighten monetary policyUS inflation hit a 13-year high in June, driven by a rise in the cost of used cars.Consumer prices rose 5.4% in the 12 months to the end of June, up from 5% the previous month, the largest increase since August 2008. Related: Does Joe Biden’s spending plan really risk high inflation? Related: Why stagflation...
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  • Jul 10,2021
    Cybersecurity comes down to which side has access to more information about the other and can utilize it bestThis week, shares in China’s giant ride-hailing app Didi crashed by more than 20%. A few days before, Didi had raised $4.4bn in a massive IPO in New York – the biggest initial public offering by a Chinese company since Alibaba’s debut in 2014.The proximate cause of Didi’s crash was an...
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  • Jul 3,2021
    June’s numbers suggest economy is continuing to recover at steady pace – but another pattern shows people are quitting their jobsThe Bureau of Labor Statistics reported on Friday that the US economy added 850,000 jobs last month. Hidden by this encouraging figure is the hint of an unusual trend: people are beginning to quit their jobs in extraordinary numbers.June’s numbers, in combination with...
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  • Jul 3,2021
    Top expert encourages vaccination amid Delta variant spreadDefense secretary wants to remove decisions from commandersPresident celebrates 3m jobs created since he took officeTrump financial chief Allen Weisselberg and company charged 1.11am BST We’re wrapping up our live US politics coverage for the evening, ahead of an Independence Day weekend that has the wildfire-prone west coast of the US on...
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  • Jul 2,2021
    Rolling coverage of the latest economic and financial newsLatest: Wall Street hits new highs on ‘Goldilocks’ jobs reportUS economy added 850,000 new jobs in JuneStrong gains in leisure and hospitalityAverage hourly earnings up 0.3%But unemployment rate rose to 5.9%Earlier:Introduction: US jobs report in focusOpec+ ministers to discuss lifting supplyECB’s Lagarde: recovery is still fragilePost-Brexit...
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  • Jul 2,2021
    • Joe Biden hails ‘historic progress’ and credits stimulus package• Number in or seeking work still 3m below pre-pandemic peakThe US added 850,000 jobs in June, a sign that the country’s post-vaccine rebound is continuing to accelerate.The national unemployment rate remained relatively stable, rising 0.1% to 5.9% in June, probably because more people came off the sidelines to join the labor...
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  • Jun 24,2021
    Fifteen years of tax information on thousands of plutocrats is one of the biggest stories of the decade. And yet … cricketsAmerican billionaires don’t pay taxes, and American politicians are all but ready to send Seal Team Six to assassinate the nameless bureaucrat who let ProPublica in on this fact. Welcome to our political hellscape.This month, ProPublica revealed that American billionaires...
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  • Jun 23,2021
    The imbalance is more extreme than it’s been in over a century. We need to fix this structural problem before it’s too latePolicymakers and the media are paying too much attention to how quickly the US economy will emerge from the pandemic-induced recession, and not nearly enough to the nation’s deeper structural problem – the huge imbalance of wealth that could enfeeble the economy for years....
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  • Jun 20,2021
    The Viatris plant in West Virginia has been making pharmaceuticals since 1965 – but it’s closing down and laying workers off“Disbelief. Distraught and traumatized.”Just some of the words the United Steelworkers Local 8-957 president, Joe Gouzd, used to describe how he and hundreds of other workers felt after their 56-year-old pharmaceutical plant in West Virginia was shut down, sending between...
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  • Jun 20,2021
    Like his hero, George Orwell, the Atlantic writer is not afraid to look to his own – liberals, the media – and prescribe harsh curesIn 2021, almost nothing is harder to write than a fresh take on the multiple crises confronting post-Trump America. But with this sharp, short new book, that is exactly what George Packer has given us, confirming his place as one of our most valuable journalists. Related:...
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  • Jun 18,2021
    Prospect of Fed slowing its emergency stimulus package triggers heavy selling of sharesThe FTSE 100 posted its biggest fall in more than a month on Friday as the prospect of America’s central bank slowing its emergency stimulus package triggered heavy selling across the financial markets.London’s blue-chip stock market index fell by 136 points, or 1.9%, on Friday to 7017 points, its worst one-day...
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  • Jun 17,2021
    Rolling coverage of the latest economic and financial newsLatest: FTSE 100 pulled lower by minersOil and commodities hit by strong dollarUS initial jobless claims rose to 412k last weekPound has fallen below $1.40Norway: First rate rise may come in SeptemberIntroduction: Fed signals monetary policy may tighten fasterAs it happened: US Federal Reserve sees first rate rise in 2023 7.21pm BST Back on...
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  • Jun 16,2021
    Rolling coverage of the latest economic and financial newsLatest: US Federal Reserve leaves interest rates on hold13 of 18 policymakers see first rise in 2023Powell: We’ll taper, when goals are metEarlier:UK inflation hit 2.1% in May, first time since summer 2019Transport, clothes and meals out pushed up inflation..as did gamesHairdressing, books, carpets and bikes all pricierFactory gate prices...
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  • Jun 10,2021
    Stocks rally to fresh highs as data shows consumer price index rose at annual rate of 5% in MayInflation in the US has jumped to the highest rate since 2008 as the world’s largest economy rebounds strongly from the coronavirus crisis.The consumer prices index rose at an annual rate of 5% in May, up from 4.2% in April and the highest since August 2008, according to the US Bureau of Labor Statistics....
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  • Jan 1,1970
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