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UK Budget 2023: Economy Set to Avoid Recession

UK Budget 2023: Economy Set to Avoid Recession

Following UK Chancellor Jeremy Hunt's announcement of the 2023 budget, the Office for Budget Responsibility (OBR) forecast that the UK won't enter a technical recession this year, with inflation reportedly set to drop to 2.9% — a reduction by more than half its current rate — by the end of 20...

Bank of America Warns US Fed Could Raise Policy Rates to 6%

Bank of America Warns US Fed Could Raise Policy Rates to 6%

The US Federal Reserve may raise interest rates to nearly 6%, Bank of America (BofA) Global Research reported on Monday. BofA believes that a combination of strong consumer demand and a tight labor market mean inflation will continue to be a problem for longer than expected, resulting in the Fed ...

IMF Unveils Crypto Plan, Advises Against Legal Tender Status

IMF Unveils Crypto Plan, Advises Against Legal Tender Status

The International Monetary Fund (IMF) rolled out a nine-point action plan Thursday concerning how countries should deal with crypto assets, stressing that cryptocurrencies such as Bitcoin shouldn't be given legal tender status....

Report: US Could Default as Soon as July

Report: US Could Default as Soon as July

The US Congressional Budget Office (CBO) on Wednesday predicted that unless the current $31.4T cap on borrowing — which the US reached on Jan. 19 — is raised or suspended, the Treasury Department will no longer be able to pay all of its bills sometime between July and September this year....

Musk Donated Billions in Tesla Shares in 2022

Musk Donated Billions in Tesla Shares in 2022

On Tuesday, a US Securities and Exchange Commission (SEC) filing showed that CEO of Tesla, SpaceX and Twitter, Elon Musk ,donated 11.6M shares in the electric-vehicle company — worth approximately $1.95B — to charity in 2022....

Musk Donated Billions in Tesla Shares in 2022

Musk Donated Billions in Tesla Shares in 2022

On Tuesday, a US Securities and Exchange Commission (SEC) filing showed that CEO of Tesla, SpaceX, and Twitter, Elon Musk, donated 11.6M shares in the electric vehicle company — worth approximately $1.95B — to charity in 2022....

BOE: Brexit Has Cost UK Economy $29B in Lost Investment

BOE: Brexit Has Cost UK Economy $29B in Lost Investment

Bank of England (BoE) policy maker Jonathan Haskel said Monday that Brexit has cost the UK £29B ($35B US) — or £1K per household — in lost investment. The assessment came in an interview about Britain's position as an "extreme outlier" in terms of productivity.