Tag: economic policies

Energy Support Schemes Drive UK Government Borrowing to February Record

March 21, 2023
Business & Marketseconomic policieseconomyenergyenergy pricesgovernment borrowinginflationJeremy HuntRussian Invasion of UkraineUKWorld
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The cost of the UK government’s energy support scheme caused public sector borrowing to soar to a record £16.7 billion last month, official figures show. According to the Office for National Statistics (ONS), public sector net borrowing in February was £16.7 billion, £9.7 billion more than the same month a year ago and the highest…

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Oil Rises for 2nd Day as Banking Fears Ease for Now

March 21, 2023
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and reduce fuel demand. Sentiment across financial markets has improved after the UBS takeover of Credit Suisse, announced on Sunday, and after…

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Shares Rise After Credit Suisse Deal, but Bank ‘Whack-a-Mole’ Not Over

March 21, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global shares rose on Tuesday, after the rescue of Credit Suisse arrested a rout in bank stocks, but signs of stress in the financial system are making investors wonder if another lender may deliver a nasty surprise, and how central banks might respond. The Federal Reserve begins a two-day meeting later in the day and…

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Wall Street Opens Higher as Bank Fears Ease, Focus on Fed

March 21, 2023
Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionstocksUS
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Wall Street’s main indexes opened higher on Tuesday as the rescue of Credit Suisse calmed nerves about a bigger banking crisis, while investors awaited the outcome of the Federal Reserve’s monetary policy meet. The Dow Jones Industrial Average rose 176.13 points, or 0.55 percent, at the open to 32,420.71. The S&P 500 opened higher by…

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California Gov. Newsom Unveils New Plan to Curb Oil Profits, Create Gas Price Watchdog

March 21, 2023
Business & MarketsCaliforniaeconomic policieseconomyenergyGasnewsomOilPolicies & ImpactsRegional & State NewsState NewsUSUS News
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California Gov. Gavin Newsom released a new proposal on March 20 aimed at limiting how much profit large oil companies can make and holding them “accountable” for alleged price gouging. Newsom announced in a press release that he’d reached a deal with legislative leaders regarding the proposal, which is authored by state Sen. Nancy Skinner, and…

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US Taxpayers Could Be On the Hook for Credit Suisse Bailout, Expert Warns

March 21, 2023
bailoutbank crashBusiness & MarketsCredit Suisseeconomic policieseconomyEuropeFedInternationalMarketsPolicies & ImpactstaxesUSUS NewsWorld
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Following an emergency announcement on Sunday evening, the Federal Reserve loaned the Swiss National Bank (SNB) $101 million through its dollar swap facility. If the loan is not repaid by next week, U.S. taxpayers will foot the bill, a macroeconomic analyst told The Epoch Times. With its announcement over the weekend, the Fed—in coordination with…

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Australian Capital Territory Bans ‘No-Cause’ Evictions

March 21, 2023
AustraliaAustralian Capital TerritoryBusiness & MarketsCANBERRAeconomic policiesGlobal Real Estateno-cause evictionreal estaterental marketShane RattenburyWorld
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Landlords in the nation’s capital will be allowed to evict tenants only for government-approved reasons after Labor and the Greens passed its no-cause eviction laws. Attorney-General Shane Rattenbury said the move was designed to deal with the challenging rental market in the Australian Capital Territory (ACT). “We have heard from the community that no-cause evictions…

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Labor’s Housing Bill at Risk of Defeat as Crossbench Demand More Social Housing Funds

March 21, 2023
Affordable HousingAustraliaBusiness & Marketseconomic policiesGlobal Real Estatehousing fundInternationalreal estatesocial housingWorld
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As the federal government tries to push through a swathe of new laws this fortnight, its $10 billion (US$6.7 billion) Housing Australia Future Fund is at risk of being shot down by the crossbench. Under Labor’s proposed law, a cap of $500 million a year will be applied to funding for building new social and…

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Volkswagen’s Skoda Would Cut 3,000 Jobs If ‘Euro 7’ Implemented in Current Form

March 21, 2023
Business & MarketsCompaniescutCzecheconomic policieseconomyEuropejobsskodaWorld
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PRAGUE—Czech carmaker Skoda would have to cut 3,000 jobs and axe some models if the European Union’s “Euro 7” emissions scheme is implemented in its current form, a Skoda board member warned in a TV debate on Sunday. The proposed Euro 7 law, which EU countries and lawmakers will start negotiating this year, would tighten…

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RMT Union Members at Network Rail Accept Pay Offer but Disputes Continue With Train Operators

March 20, 2023
Business & MarketsCompanieseconomic policieseconomyMark HarperRMTstrikesUKWorld
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Members of the Rail, Maritime, and Transport (RMT) union at Network Rail have voted overwhelmingly in favour of accepting an offer to end the dispute that has caused a series of strikes in recent months. The union said the deal includes an uplift on salaries of between 14.4 percent for the lowest paid grades to…

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