US imposing ‘swift and severe costs’ on Russia following Putin’s Ukraine annexation

CNN — The US is imposing what it describes as “swift and severe costs” on Russia, including sanctions on a figure the Biden administration says is key to Russia’s economy, after President Vladimir Putin announced the annexation of regions of Ukraine following what the West casts as “ sham referendum.” Putin signed documents on Friday … Read more

Premarket stocks: Ronald Reagan’s tax lesson for Britain

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. new York CNN Business — The British pound hit a record low against the dollar on Monday … Read more

Pound plunges after new British government releases budget

The newly formed British government rolled out its fiscal plans Friday morning — and the reaction from global financial markets is beyond stunning. Why it matters: Essentially, the markets are treating the UK the way they do emerging markets, which are viewed as not having the same reliable, disciplined institutions setting economic policy as the … Read more

Markets hate Liz Truss’ plan for the UK. Just look at these charts

London CNN Business — When the UK government, led by the new Prime Minister Liz Truss, unveiled its plan to rescue the British economy on Friday, the reaction from investors was instantaneous: They hated it. The British Pound crashed below $1.10 by mid-afternoon, hitting a new 37-year low against the greenback. UK government bonds also … Read more

US dollar hits new 20-year high as Russia calls up reservists

London CNN Business — The US dollar climbed to a new two-decade high on Wednesday after Russia said it was mobilizing 300,000 military reserves in an escalation of the war in Ukraine. In a televised national address, President Vladimir Putin announced an immediate partial mobilization of Russian citizens and Wednesday means threatened to use “all … Read more

Chinese company profits are collapsing as zero-Covid takes its toll

Hong Kong CNN Business — China is suffering one of its worst earnings recessions on record as Beijing’s zero-Covid policy and a real estate crisis take their toll on the country’s listed companies. More than 4,800 Chinese companies listed in Shanghai, Shenzhen and Beijing have now released their earnings for the first half of the … Read more

The euro faces its day of reckoning – POLITICO

Press play to listen to this article It should have been a day of celebration as the euro Croatia was welcomed as its 20th country. But as finance ministers were endorsing the newest member of their club, the single currency slid towards a less welcome milestone: parity with the US dollar. Analysts are now asking … Read more

Inside the Treasury Department’s economic war on Russia

Washington CNN  —  Three months into US-led sanctions designed to crush Russia’s economy for its war in Ukraine, Russia has appeared surprisingly resilient. The ruble has rebounded and is now worth more than before the invasion. The Kremlin’s coffers are overflowing from record oil and gas sales. Even McDonald’s has reopened in Russia, rebranded under … Read more