UK’s Liz Truss pledges tax-cutting future in speech plagued by protest

Prime Minister Liz Truss is seeking to rally MPs around her tax-cutting policies following political infighting and market turmoil. Jacob King | Pa Images | Getty Images LONDON — British Prime Minister Liz Truss insisted Wednesday that cutting taxes was “the right thing to do morally and economically,” doubling down on a series of debt-funded … Read more

Haiti at breaking point as economy tanks and violence soars

By EVENS SANON and DÁNICA COTO October 4, 2022 GMT https://apnews.com/article/inflation-caribbean-united-nations-economy-port-au-prince-56d75dbd2a77ac97901c81456e6b2e35 PORT-AU-PRINCE, Haiti (AP) — Daily life in Haiti began to spin out of control last month just hours after Prime Minister Ariel Henry said fuel subsidies would be eliminatedcausing prices to double. Gunshots rang out the protesters blocked roads with iron gates and mango … Read more

North Korean missile launch raises alarm in Washington

WASHINGTON — The Biden administration responded on multiple levels Tuesday to North Korea’s latest long-range ballistic missile launch, reaching out to allies in the region on diplomatic and military fronts, and at the leader level by US President Joe Biden. The missile was fired late Monday, flying over Japan early on Tuesday morning before landing … Read more

Ukrainian ambassador tells Elon Musk to ‘f— off’ after billionaire’s Twitter poll

In this photo illustration, Twitter account of Elon Musk is seen on a smartphone screen and Twitter logo in the background. Pavlo Gonchar | Lightrocket | Getty Images WASHINGTON — American tech billionaire Elon Musk drew the public ire of Ukraine’s top officials Monday after the Tesla CEO tweeted what he claimed was the most … Read more

UK scraps tax cut for wealthy that sparked market turmoil

BIRMINGHAM, England (AP) — The UK government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows. In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the … Read more

UK’s tax cut pivot down to politics not economy, analysts say

LONDON — The UK government’s reversal on scrapping the top rate of income tax is down to political optics and will not reassure market skittishness over its economic plan, analysts told CNBC Monday. The tax cut, which Prime Minister Liz Truss was defending just hours before, would have abolished the 45% rate paid on annual … Read more

UK government abolishes plan to cut tax on high earners in major U-turn

“It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our economy,” Finance Minister Kwasi Kwarteng said in a statement. Rob Pinney | Getty Images News | Getty Images LONDON — The UK government on Monday reversed a plan to scrap … Read more

British pound jumps on reports UK government will U-turn on cut to top tax rate

UK Chancellor Kwasi Kwarteng outside 10 Downing Street. Britain will cap the cost of electricity and gas for businesses. Rob Pinney | Getty Images News | Getty Images The cuts were poorly received by financial markets and a scrapping of the 45% tax paid on income over £150,000 ($166,770) was also seen as politically toxic … Read more

Britain’s Liz Truss holds emergency talks with budget watchdog

Britain’s Prime Minister Liz Truss and Britain’s Chancellor of the Exchequer Kwasi Kwarteng. Dylan Martinez | afp | Getty Images LONDON — British Prime Minister Liz Truss and her Finance Minister Kwasi Kwarteng on Friday met the UK’s independent monetary watchdog, the Office for Budget Responsibility, for talks. The discussions followed a turbulent week for … Read more

Jobless claims hit five-month low despite Fed’s efforts to slow labor market

A person arranges groceries in El Progreso Market in the Mount Pleasant neighborhood of Washington, DC, August 19, 2022. Sarah Silbiger | Reuters Initial filings for unemployment claims fell last week to their lowest level in five months, a sign that the labor market is strengthening even as the Federal Reserve is trying to slow … Read more