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

El Salvador’s Credit Tumbles, Bitcoin Could be Partly to Blame

Nayib Bukele, El Salvador’s bitcoin president. photo: Marvin Recinos (Getty Images) Shocker folks, it turns out El Salvador’s decision to make bitcoin legal tender wasn’t such a great idea after all. This week, credit agency Fitch downgraded El Salvador’s debt rating from CCC to CC around 14 months after the company’s tech bro president and … Read more

Charles III to be featured on bank notes and coins

The face of money in the UK and the Commonwealth countries will never be the same. Recalling and replacing the 4.5 billion bank notes with Queen Elizabeth II’s face in the UK in favor of ones featuring King Charles would take about two years, according to the Guardian. Plans to revamp the pound, however, are … 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

Trump’s shadow looms over last ditch effort to revive Iran nuclear deal

Editor’s Note: A version of this story first appeared in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. Sign up here. London/Abu Dhabi CNN  —  After yet another round of talks on reviving the Iran nuclear deal last week, the country’s negotiators are now consulting with the leadership … Read more

Worker disappears after he was accidentally paid more than 300 times his salary

THE worker in Chile his resignation and could not be found after his job accidentally submitted him paid him about 330 times his salary because of a payroll error, according to reports. The worker, a dispatch assistant at cold meats manufacturer Consorcio Industrial de Alimentos, received a paycheck of 165,398,851 Chilean pesos, or $180,418, for … 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

Federal Reserve warns of brewing US housing bubble

JACKSONVILLE, Fla. – Economists with the Federal Reserve issued an unsettling warning to millions of potential homebuyers, cautioning that the real estate market is showing signs of a brewing US housing bubble. But experts who News4JAX spoke with say the bubble won’t burst like it did in the 2008 recession, especially in growing cities like … Read more

Financial Advisers Aren’t Sold on Crypto

A January survey from BitWise Asset Management of 600 financial advisers found 15% allocated a portion—usually 5% or less—of their clients’ portfolios in crypto in 2021. That is up from 9% a year ago and 6% two years ago. Still, 85% of advisers still aren’t investing in cryptocurrencies for clients. Over the past two years, … Read more