The United States is poised to add trillions of dollars to the national debt over the next decade as the mounting costs of social safety net programs and growing interest expenses dig the nation into a deeper fiscal hole, according to a report released on Friday by the Congressional Budget Office. The new budget forecasts…
Ukraine’s national electricity operator introduced emergency power cuts on Wednesday after the country came under what the energy minister called a “massive” missile attack. Air-raid sirens wailed at around 5:45 a.m. in the capital, Kyiv, as most of the country was put on alert for missile launches. As people huddled in shelters into a third…
The US economy in December added the most jobs since March and the unemployment rate unexpectedly fell, capping a surprisingly strong year and supporting the case for a pause in Federal Reserve interest-rate cuts.Nonfarm payrolls increased 256,000, exceeding all but one forecast in a Bloomberg survey of economists. The unemployment rate fell to 4.1%, while…
Los Angeles Mayor Karen Bass is facing intense criticism for cutting the fire department’s budget by over $17 million last year, even as a massive wildfire rages uncontrollably, destroying thousands of homes across Pacific Palisades and surrounding areas. The fire has forced over 100,000 residents to evacuate, while Mayor Bass’s decision to reallocate funds toward…
Republicans are preparing to cut taxes, slash spending and slow immigration in a broad agenda that will require unifying an unruly party behind dozens of complicated policy choices. For now, though, they are struggling with a more prosaic decision: whether to cram their policy goals into one bill or split them into two. It is…
MUMBAI: Across-the-board selling pulled the sensex down by nearly 1,200 points on Friday as foreign funds sold heavily again in the closing hours. This was the fifth consecutive session of losses for the index, losing nearly 4,100 points or 5% during the week.A host of global and domestic factors – a hawkish statement from the…
MUMBAI: The rupee breached the 85 level for the first time on Thursday as the dollar gained ground across most currencies in the wake of the US Federal Reserve indicating that there would be fewer rate cuts in future than expected.In percentage terms, rupee decline was marginal, dipping from 84.95 on Wednesday. However, with the…
WASHINGTON : The Federal Reserve cut its key interest rate on Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, largely because of still-elevated inflation. The Fed’s 19 policymakers projected that they will cut their benchmark…
RBI governor Shaktikanta Das MUMBAI: Reserve Bank of India (RBI) on Friday kept the policy rate unchanged for the 11th consecutive time at 6.5%, cut the economic growth forecast to 6.6% for 2024-25 from the earlier 7.2%, and reduced the cash reserve ratio (CRR) by 50 basis to 4%, which is expected to release nearly…
Germany will shoulder the primary burden of workforce reductions with 689 positions. Airbus job cuts: Airbus has announced approximately 2,000 job cuts in its Defence and Space division, representing 5% of its second-largest unit. The company faces challenges from American competition in satellites, though the job cuts were less extensive than initially indicated by the…