Get ready for the most expensive holiday travel season ever

New York CNN Business – For travelers getting ready to make their first holiday trips since before the pandemic: prepare for sticker shock. Airfares are way up. US gas prices are higher than they’ve ever been at this time of year. Rates for hotel rooms and rental cars have jumped 12% and 46% respectively from … Read more

UK budget: Britain is bringing back austerity. Here’s why

London CNN Business – The last time a British finance minister revealed tax and spending plans, markets went haywire and the country’s prime minister ultimately lost her job. The new government is not looking for a repeat performance. On Thursday, Chancellor Jeremy Hunt is due to unveil a budget that will aim to restore confidence … Read more

Mystery couple spent $2 million dishing out money to strangers around the world — here’s what happened to the recipients

Here’s a new argument for giving away your money instead of keeping it for yourself: You’ll generate measurably more happiness in the world. People who received $10,000 cash gifts as part of a global experiment reported noticeable improvements in their well-being, especially if they were of modest means. But even relatively well-off people felt happier … Read more

What does Russia quitting the grain deal mean for global hunger?

CNN – Russia’s decision to pull out of an agreement that guaranteed safe passage for ships carrying vital grain exports from Ukraine has sparked “grave concerns” over global food supply at a time when the world is already facing a growing hunger crisis. Global humanitarian organizations, the European Union, NATO and the United Nations have … Read more

America and Saudi Arabia are locked in a bitter battle over oil. The stakes are massive

New York CNN Business – The relationship between the United States and Saudi Arabia is one of the most important on the planet. And lately, it’s also been one of the most awkward. Angry officials in Washington vowed “consequences” after Saudi-led OPEC sharply cut oil production earlier this month, driving up pump prices just weeks … Read more

America’s top bankers worry more about the world than a recession

London CNN Business – Some of the top names on Wall Street think a US recession is now likely, if not inevitable. But they have bigger worries on their minds. JPMorgan Chase (JPM) CEO Jamie Dimon said Tuesday he is more concerned about global geopolitics than he is about slowing economic growth in the United … Read more

5 things to know for October 19: Midterms, Trump, Ukraine, Gas prices, US currency

CNN – It’s that time of the year when fall enthusiasts embrace “sweater weather.” But if you live in the eastern US, you may already be sporting your winter coats. This week has been – by far – the coldest of the season in several states. In fact, more than 100 million Americans remain under … Read more

New UK finance minister rips up Truss’ economic plan in stunning policy reversal

London CNN Business – Britain’s new finance minister announced a comprehensive retreat on the UK government’s tax-and-spending plans on Monday in a frantic effort to calm jittery markets and restore the government’s credibility. Just four days into the job, Jeremy Hunt said he would reverse “almost all” tax measures announced three weeks ago by his … Read more

Liz Truss was defeated by the bond market. Investors aren’t satisfied yet

London CNN Business – After a bruising three-week battle with bond markets, UK Prime Minister Liz Truss admitted defeat on Friday. She fired her finance minister and gutted her economic program by promising to reinstate a big tax hike on corporations. Truss said she acted in the national interest to ensure economic stability and to … Read more

Liz Truss was defeated by the bond market. Investors aren’t satisfied yet

London CNN Business – After a bruising three-week battle with bond markets, UK Prime Minister Liz Truss admitted defeat on Friday. She fired her finance minister and gutted her economic program by promising to reinstate a big tax hike on corporations. Truss said she acted in the national interest to ensure economic stability and to … Read more