UK sanctions Russia’s biggest bank
The UK has added Russian financial major Sber to its sanctions list in connection with Moscow’s ongoing military operation in Ukraine, blocking the bank’s access to the British pound.As stated in the document published by Britain's Treasury on Tuesday, sanctions were imposed against correspondent accounts of Sber, and the bank is also prohibited from clearing operations in sterling.“PJSC Sberbank participates in the acquisition of benefits from the Russian government or supports it,” the document states. It also emphasizes that Sber, being the largest Russian bank in terms of assets, is “an exceptionally significant player in the Russian financial services sector, which is of strategic importance to the Russian government.” … [READ MORE...]
Mystery Solved: ‘Dateline’ Finds Path From TV to Podcast Stardom
Of course, true crime and podcasts go hand in hand. The Hulu comedy “Only Murders in the Building” is explicitly a parody of the ubiquitousness of the genre. And there are plenty of other podcasts on the charts that center on bloody mysteries, with titles like “Morbid,” “Crime Junkie” and “My Favorite Murder.”Still, the “Dateline” podcasts are helping the genre reach a new audience. The median age of viewers of the Friday night edition of “Dateline” is 63, according to Nielsen. On Spotify, the median age of a “Dateline” podcast listener is 41, according to data from Chartable, which was supplied by NBC News.The network declined to disclose revenue figures for the podcasts, but they appear to be helping the company’s bottom line. The “Dateline” series command an advertising rate on a par … [READ MORE...]
Silicon Valley Had Its Heyday. Can Tech Ecosystems Now Grow Inland?
I’ve heard some concern, particularly when the Supreme Court decision [overturning Roe vs. Wade] was made. But I have not heard of any specific people who were going to move and decided not to, or had moved and decided to leave.You lived through a tech bust. Are there similarities to what’s happening now?In the first decade of AOL, nobody knew or cared about the internet, nor cared about AOL. In the second decade, suddenly everybody wanted to get online, and AOL ended up being the on-ramp. And when that was happening, you saw our stock price soar. Others said, “Wow, this internet thing is really interesting.”And suddenly there were hundreds of other dot-com companies, many of which were concept stocks that went public quite early. And then in 2000, obviously, it turned. Today, it’s fair to … [READ MORE...]
Latest News
August PCE Inflation Data Shows Prices Are Stubbornly High
The data underlined the challenging path the Fed faces as it tries to guide the U.S. economy toward slower inflation. Both the economy and price pressures have retained momentum, even as central bankers raise interest rates to try to cool demand. As a result, the Fed has become steadily more aggressive in its efforts to constrain spending and temper inflation, and it is likely to keep raising rates and keep them elevated for a while.Card 1 of 5What is inflation? Inflation is a loss of purchasing … [Read More...]
U.S. Economy Weaker Than Thought in Year’s First Half, by One Measure
Taken together, the two measures suggest economic growth was at best anemic in the first half of the year. At worst, the economy had been shrinking for two consecutive quarters, a common, though unofficial, definition of a recession. An average of the two measures, which some economists consider more reliable than either individual figure, shows that output shrank slightly in the first half of the year.The conflicting signals sent by the two measures of output in recent quarters had been … [Read More...]
Britain’s Gamble on Tax Cuts has Economists Warning of Past Mistakes
Ms. Truss has been cheered on by conservative champions of supply-side economics in the United States, including many of the chief backers of Mr. Trump’s tax cuts. Stephen Moore, who served as an outside economic adviser to the former president, praised Ms. Truss for her willingness “to challenge the reigning orthodoxy by sharply cutting taxes to boost growth,” calling the package “a gutsy and sound policy decision.”“By far the most important change is the reduction in the top income tax rate … [Read More...]
Why the British Pound Continues to Sink
Over the centuries, British leaders have often gone to extraordinary lengths to protect the pound’s value, viewing its strength as a sign of the country’s economic power and influence. King Henry I issued a decree in 1125 ordering that those who produced substandard currency “lose their right hand and be castrated.”In the 1960s, the Labour government under Harold Wilson so resisted devaluing the pound — then set at a fixed rate of $2.80, high enough to be holding back the British economy — that … [Read More...]
Previous news
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- The Long Road to Driverless Trucks
- Inflation Has Hit Tenants Hard. What About Their Landlords?
Small Business
Silicon Valley Had Its Heyday. Can Tech Ecosystems Now Grow Inland?
I’ve heard some concern, particularly when the Supreme Court decision [overturning Roe vs. Wade] was made. But I have not heard of any specific people who were going to move and decided not to, or had moved and decided to leave.You lived through a tech bust. Are there similarities to what’s happening now?In the first decade of AOL, nobody knew or cared about the internet, nor cared about AOL. In … [Read More...]
Silicon Valley Slides Back Into ‘Bro’ Culture
“We made a bit of progress, but I feel like that was almost a smoke screen,” said Christie Pitts, an investor at Backstage Capital, a venture capital firm. Now “there’s definitely a feeling of backsliding.”Two parallel Silicon Valleys have emerged. There’s the ThunderDome of Twitter, where tech thought leaders collect likes by posting edgy memes and spouting flip political takes — then invoke … [Read More...]
Your Money
Did You Sell an Old Desk Online? You May Receive a Tax Form.
The change is not meant to apply to people who are receiving payments as gifts or as reimbursements from friends after splitting the cost of a restaurant meal, said Erin Collins, the national taxpayer advocate, who heads an agency within the I.R.S. that assists taxpayers. But some people could mistakenly receive forms anyway — say, if they get payments mislabeled as business transactions rather … [Read More...]
Confused by the New Mortgage Gimmicks? Here’s a Guide.
Adjustable-Rate MortgagesMore people are turning to adjustable-rate mortgages, or ARMs, which start out with a lower, fixed rate for a set period — say, five or 10 years — and then adjust to a variable rate. That makes them riskier, but it appears to be a risk more people are willing to take. As of Sept. 9, nearly 11 percent of mortgage locks — that is, when applicants lock in a particular rate — … [Read More...]