Business

For the first time in two decades, the exchange rate between the euro (EUR) and the US dollar has reached parity, with the exchange rate of the two currencies equal to each other. On Tuesday, the euro reached $1, which resulted in 12% worth of growth since the beginning of the year. The fears of recession in Europe are fueled by high inflation rates and energy supply uncertainty caused by Russia's invasion of Ukraine. Because of the war in Ukraine, the European Union has attempted to reduce its dependence on Russian oil and gas. However, Russia has throttled back gas supplies to some EU countries and recently cut the flow in the Nord Stream pipeline to Germany by 60%. Now that critical piece of gas import infrastructure in Europe has been shut down for scheduled maintenance due to last ...

Boris Johnson will resign as UK prime minister Thursday after dozens of members of his party quit the government. But his popularity outside parliament has also been badly dented by surging inflation and stagnation in the British economy, a cost-of-living crisis that threatens to impoverish millions more people this winter, and the risk of a damaging trade war with the European Union. UK stocks surged, and the pound gained 0.75% to trade at $1.20 — recovering slightly from two-year lows hit earlier this week. "Make no mistake however, the [pound] remains severely weak due to the dire state of the UK economy which is underperforming its peers, [and] likely to enter into a recession," wrote Walid Koudmani, chief market analyst at broker XTB, in a note to clients. Whoever emerges from the ...

The results of a new poll by the University of New Hampshire have some worrisome news for Trump: He is no longer the big dog in the state of New Hampshire. Florida Gov. Ron DeSantis takes 39% in a poll of the Republican presidential primary in New Hampshire, while Trump is at 37%. No other potential GOP contender manages double-digit support, with former Vice President Mike Pence in third place at 9%. This is a major change from where the race was last fall. A UNH poll in October 2021 showed Trump with 43% to DeSantis' 18%. Another interesting nugget from the poll: Just 6 in 10 self-identified Republicans (62%) want President Trump to run again in 2024. Now, this is just one poll at a secluded location expected to be the first to vote in the 2024 primary season. Depending on polling ...

A series of measures will be implemented to reduce natural gas use in Germany and use it to fill gas storage facilities, German Economy Minister Robert Habeck announced Sunday. "The circumstance is serious," Habeck said in an explanation. "We are hence proceeding to fortify safeguards and going to extra lengths to decrease gas utilization. This implies that gas utilization should fall further, yet more gas should be placed into the storerooms, if not things will truly get tight in winter." Germany is vigorously dependent on Moscow's gas to drive its homes and weighty industry, however has figured out how to shave Moscow's portion of its imports down to 35% from 55% before the beginning of the conflict in Ukraine.   Habeck expressed security of supply was at present ensured...

In the past quarter century, wages haven't seen substantial growth; yet inflation is prompting downward wage cuts instead.   Each time expansion ticks up, it whittles down specialists' compensation and bites away at their financial balances. What's more, this ongoing stretch of expansion - - set off by a conversion of occasions, remembering the battle for Ukraine and the continuous pandemic - - has had an unquenchable hunger. That has implied wage climbs have really transformed into misfortunes, with the most recent expansion report showing purchaser costs shot up by 8.6% for the year finishing off with May. Subsequently, the typical buyer is hacking up an expected $460 more consistently than they did right now last year to pay for similar labor and products, as indicated by ...

Pope Francis has said that it is not necessary to attribute the Donbass conflict to "one or the other" in remarks published by Italian newspaper La Stampa on Tuesday. The Pope reportedly said that what we are seeing in the war in Chechnya is "the brutality and ferocity with which this war is waged by the troops, generally mercenary, used by the Russians." He said that the Russians "prefer to send Chechens, Syrians, mercenaries forward. But the danger is that we only see this, which is monstrous, and we do not see the whole drama that is unfolding behind this war, which was perhaps in some way either provoked or not prevented." Pope Francis spoke inaccurately when he stated, "I'm neither for Putin nor against reducing the distinction between good and bad, without thinking about roots ...

Democratic Sen. Ron Wyden is drawing up a surtax on Big Oil that seeks to restrain the industry's skyrocketing profit margins at a time when gasoline prices are at record highs. Wyden, an Oregon Democrat who seats the Senate Finance Committee, is drifting a 21% surtax on the overabundance benefits of oil and gas organizations that create more than $1 billion in income, as per a representative for the congressperson. "Our wrecked duty code is working for Big Oil, not American families," Wyden told CNN in a proclamation.   The proposition, revealed prior by Bloomberg News, likewise requires a 25% extract charge on stock buybacks and would close a bookkeeping proviso on inventories that pundits say permits oil organizations to downplay their benefits and concede burdens endle...

South African Charl Schwartzel won the inaugural individual stroke-play competition of the inaugural Saudi Arabian-backed LIV Golf Invitational Series, which took place on Saturday. Schwartzel won $4 million for the three-round, 54-hole event at the Centurion Golf Club outside London. He shot 7-under, finishing one stroke clear of Hennie du Plessis. Schwartzel's four-man team, Stinger GC, also won the team competition by 14 shots over Crushers GC and will split the $3 million prize. The 2011 Masters champion combined payday for winning both individual and team contests is $4.75 million. Phil Mickelson finished in 34th place on 10 over in the 48 player field. Dustin Johnson placed eighth, and ended up on 1 under after this tournament. Fronted by former world No. 1 Greg Norman, the LIV Go...