Pakistan Surprises With Steep Rate Hike to Stop Inflation Spiral

Street vendors set up outside closed stores in Karachi, Pakistan, on Sunday, Sept. 19, 2021. Pakistan’s central bank is expected to hold its key interest rate for a seventh straight meeting even as an economic recovery from the pandemic is fanning Asia’s fastest inflation.

Charting the Global Economy: OECD Raises Inflation Forecast

(Bloomberg) — Central banks around the world must be steadfast in their inflation fight even though economies will suffer as a result, the OECD said this week. The organization boosted its 2023 inflation estimates and said it expects price increases the following year will remain above the targets set by many global central banks. While … Read more

Musk Fires More Twitter Sales Workers After ‘Hardcore’ Purge

Twitter’s sales organization held an all-hands meeting on Sunday with Musk and the new head of sales, Chris Riedy, two people said. Many employees showed up expecting some announcement about cuts, after Bloomberg reported Saturday that more were coming. Instead, Musk used the time to talk about ongoing updates, including his decision to reinstate the … Read more

UK Incomes Set for Record Drop

(Bloomberg) — Britons are about to experience a record drop in disposable incomes as Chancellor of the Exchequer Jeremy Hunt raises taxes and cuts spending to clean up an economy already in recession. The UK program represents the sharpest retrenchment in government spending since the austerity budgets set out after the global financial crisis. The … Read more

Musk Summons Twitter Software Engineers to Friday Meeting

Elon Musk, chief executive officer of Tesla Inc., arrives at court during the SolarCity trial in Wilmington, Delaware, U.S., on Tuesday, July 13, 2021. Musk was cool but combative as he testified in a Delaware courtroom that Tesla’s more than $2 billion acquisition of SolarCity in 2016 wasn’t a bailout of the struggling solar provider.

Fed’s Waller Says There’s a ‘Ways to Go’ Before Rate Hikes Done

Christopher Waller, governor of the US Federal Reserve, speaks during a Fed Listens event in Washington, D.C., US, on Friday, Sept. 23, 2022. Federal Reserve officials this week gave their clearest signal yet that they’re willing to tolerate a recession as the necessary trade-off for regaining control of inflation.

Biden Says Senate Victory Gives Him ‘Stronger’ Hand With Xi

Assuming her victory stands, Biden will have an easier time winning confirmation for his nominees to the federal court system, including the Supreme Court, and should have less trouble placing his choices in positions at agencies throughout the government. In his first two years, Biden got 84 federal judges confirmed, including one Supreme Court justice.

Here’s Why Elon Musk’s Talk of a Twitter Bankruptcy Is Premature

As the world’s richest man, Musk also has plenty of firepower to keep the company afloat, and he could potentially inject more cash into Twitter if things became dire. That, however, would likely require selling more shares of Tesla Inc., a threat to the electric carmaker’s stock price.

Russia’s Crude Shipments Hit Five-Month High Before Sanctions

Cargoes shipped from Russia rose to 3.6 million barrels a day, the highest since early June, while the less volatile four-week average was also up, reaching the most since August.The UK has followed the EU’s lead in banning its companies from providing insurance and other service to ships carrying Russian crude, unless the cargo is purchased at a price … Read more

CZ’s Binance to Buy Rival FTX After Sam Bankman-Fried Faces Liquidity Crunch

The drama reached fever pitch on Sunday, when Zhao announced he would sell all of his FTT holdings, the native token of FTX exchange, worth $529 million at the time due to “recent revelations that came to light.” The tweet followed a story from CoinDesk saying that Alameda Research, a trading house owned by Bankman-Fried, … Read more