Browsing: Business News

The Guardian says the global rout in stock markets, cryptocurrencies and other risky assets has gathered pace amid growing concern that out-of-control inflation, rising interest rates and slowing growth could combine to tip the world into recession.

Aljazeera says Elon Musk was sued for $258bn on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.

The Guardian says food price rises in the UK could hit 15% this summer – the highest level in more than 20 years – with inflation lasting into the middle of next year, according to a report.

TRT World says the US Federal Reserve has raised its benchmark interest rate by 75 basis points, marking its biggest rate hike in 28 years.

The Independent says real pay has fallen at a record rate, with public sector workers seeing a particularly big hit to their earnings while bankers toasted “extremely high” bonuses, official figures show.

The Guardian says Average wages in the UK are falling at the fastest rate for more than a decade as annual pay growth fails to keep pace with the rising cost of living.

The Metro says the UK economy could be heading for a recession and the cost of living will rise even higher.

The Guardian says The UK economy unexpectedly shrank in April as soaring energy costs and supply chain disruption dragged down manufacturing amid the cost of living crisis, while the winding-down of the NHS test-and-trace service dragged on growth.

The Guardian says low-paid health and care workers are calling in sick because they cannot afford to fill their cars with petrol to travel to work, the head of the UK’s largest trade union has warned.

The Independent says Britain is on the brink of a painful recession as prices continue to rise rapidly and the economy records zero growth next year, according to new analysis.