The offshore renminbi exchange rate fell to a record low on Wednesday, putting further pressure on China’s central bank to directly intervene to prop up the country’s currency. The offshore rate fell as much as 0.7 per cent to Rmb7.2281 against the dollar, the lowest on record since Hong Kong […]
Finance
Stocks crater as Apple leads losses in broad market sell-off
U.S. stocks cascaded Thursday — with Apple leading the way down — as renewed recession jitters permeated Wall Street and wiped gains from a fleeting relief bounce in the previous session. [Click here to read what’s moving markets on Friday, Sept. 30] The S&P 500 plummeted 2.1% to a fresh […]
Ray Dalio says UK’s economic plan suggests incompetence
Ray Dalio, founder of Bridgewater Associates LP, speaks during a panel session on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, May 25, 2022. Bloomberg | Bloomberg | Getty Images The financial market turmoil resulting from the U.K. government’s spending plan “suggests incompetence,” according to […]
Amazon Raises Hourly Wages at Cost of Almost $1 Billion a Year
(Bloomberg) — Amazon.com Inc. announced a pay increase for hourly workers in the US that it says will take average starting wage for most front-line employees in warehousing and transportation to more than $19 an hour. Most Read from Bloomberg The company’s minimum level of $15 an hour for all […]
‘Told you so’: EU struggles to contain Schadenfreude at UK tumult
The tut-tutting from EU policymakers can almost be heard from across the English Channel. Current and former officials in continental Europe are barely even trying to conceal their Schadenfreude over the market turmoil that has greeted the UK government’s plan to fund £45bn of tax cuts mostly for high-earners by […]
Bank of England delays bond sales, launches temporary purchase program
LONDON — The Bank of England will suspend the planned start of its gilt selling next week and begin temporarily buying long-dated bonds in order to calm the market chaos unleashed by the new government’s so-called mini-budget. Yields on U.K. government bonds, known as “gilts,” were on course for their […]