Economy

Companies at the centre of the global grain trade have enjoyed a record bonanza amid soaring food prices around the world, raising concerns of profiteering and speculation in global food markets that could put staples beyond the reach of the poorest, and prompting calls for a windfall tax.The world’s top four grain traders, which have dominated…

Central bankers will be packing their bags ready for a few days in the great outdoors this week. But unlike for the rest of us, their annual August getaway — to Wyoming — will be no holiday. The Jackson Hole Economic Symposium, which starts on Thursday, will be closely watched and for good reason. The beast of inflation has slipped its shackles…

The Federal Reserve keeps telling the market it's serious about conquering inflation even if that means damage elsewhere. But the market is still having a hard time taking it seriously. So it will be up to Fed Chairman Jerome Powell next week to press the case further. The central bank leader will address his colleagues Friday at 10 a.m. ET at…

MOSCOW (AP) — A key Russian natural gas pipeline will shut down for three days of maintenance at the end of this month, the state-owned energy company Gazprom announced Friday, raising economic pressure on Germany and other European countries that depend on the fuel to power industry, generate electricity and heat homes.The latest shutdown will…

Since hitting a record of $5.02 a gallon on June 14, the national average price for regular gas is down $1.10, or 22%, to $3.92, according to AAA. That average has now fallen for 67 consecutive days.Since the typical US household uses about 90 gallons of gas a month, the $1.10 drop in prices equals a savings of $98.82. The impact of the extra…

 MKM Partners chief economist and market strategist Michael Darda reacts to millions of Americans quitting their jobs in June on 'Making Money.' The number of Americans filing for unemployment benefits last week unexpectedly declined, suggesting that demand for employees remains strong amid a continuing labor shortage. Figures released…

Today American policymakers face a stark choice. Either, they can fight inflation by continuing to hike interest rates to generate unemployment and bring down aggregate demand. Or, they can employ a surgical approach that reins in the price increases that have been driving inflation, while encouraging investments to overcome chronic supply chain…

In the midst of the pandemic the government gave unemployment benefits to the incarcerated, the imaginary and the dead. It sent money to “farms” that turned out to be front yards. It paid people who were on the government’s “Do Not Pay List.” It gave loans to 342 people who said their name was “N/A.”As the virus shuttered businesses and forced…

Afghanistan has two anniversaries coming up. Friday is Independence Day, commemorating the signing of the Treaty of Rawalpindi in 1919, in which Britain granted Afghanistan self-determination over its foreign affairs. However, most will be more concerned with Monday, which marks a year since the Taliban regained control. This week also begins…

In Britain, the year 1976 was marked by three big events – a summer heatwave, a change of prime minister and a sterling crisis. In 2022, we have had the first and will soon get the second. Few would be entirely surprised if the third arrived by the end of the year.As has been the case this year, in the summer of 1976 people enjoyed the sunshine…