New York City’s Looming Covid Fiscal Cliff

New York City’s Looming Covid Fiscal Cliff

Pedestrians on Park Avenue in New York, Oct. 12. Photo: Jeenah Moon/Bloomberg News States and cities have enjoyed a revenue high from federal pandemic relief and surging capital gains. But the buzz won’t last and the hangover could be painful, as New York’s Citizens Budget Commission warned this week. The March 2021 American Rescue Plan … Read more

Two Books on the CIA, Past and Present

Two Books on the CIA, Past and Present

The United States has always depended on spies. In 1790 Congress allotted $40,000 so that George Washington could pay for them. Within three years, the sum had reached $1 million, more than 10% of the federal budget. The inclination to spend ever more has never abated, particularly since World War II, when the Office of … Read more

European Central Bank chief says economy is set to weaken | Business News

European Central Bank chief says economy is set to weaken | Business News

FRANKFURT, Germany (AP) — The head of the European Central Bank says the 19-country eurozone economy is expected to weaken the rest of the year and into next. ECB President Christine Lagarde told reporters Thursday that inflation is “reducing people’s real income and pushing up costs for firms” and is working to dampen spending and … Read more

Rishi Sunak Wins Vote to Become U.K.’s Next Prime Minister After Liz Truss Resigns

Rishi Sunak Wins Vote to Become U.K.’s Next Prime Minister After Liz Truss Resigns

LONDON—Former Chancellor Rishi Sunak, who warned that Liz Truss ’ economic plans for Britain were a “fairy tale,” won the contest to succeed her as prime minister on Monday, taking over the world’s sixth-biggest economy at a time of deep financial and political turbulence. Mr. Sunak will formally enter Downing Street after his only remaining … Read more

Trump Organization Tax-Fraud Trial Set to Begin in New York

Trump Organization Tax-Fraud Trial Set to Begin in New York

The criminal tax-fraud trial of the Trump Organization is set to begin with jury selection Monday, offering a rare look into an opaque company that prosecutors say illegally paid some executives in cars, apartments and cash. The Manhattan district attorney’s office alleges former President Donald Trump’s family business effectively kept two sets of books. In … Read more

U.S. stocks set to open lower as Treasury yields hit fresh 14-year highs; Tesla tumbles after earnings

U.S. stocks set to open lower as Treasury yields hit fresh 14-year highs; Tesla tumbles after earnings

U.S. stocks looked set to open lower on Thursday as investors warily eyed Treasury yields climbing to fresh 14-year highs, while falling Tesla Inc. shares weighed on the Nasdaq ahead of the open. How are stock-index futures trading S&P 500 futures ES00, +0.11% were down 4.3 points, or 0.1%, at 3,703. Dow Jones Industrial Average … Read more

U.K. Government Abandons Plan to Cut Rate of Income Tax for Top Earners

U.K. Government Abandons Plan to Cut Rate of Income Tax for Top Earners

LONDON—U.K. Chancellor of the Exchequer Kwasi Kwarteng on Monday ditched a plan to cut the 45% top rate of income tax after turmoil in the country’s financial markets, an intervention by the Bank of England and the threat of large-scale rebellion by Conservative Party lawmakers. The U-turn is a major setback for new Prime Minister … Read more

U.K. Prime Minister Defends Tax Cuts as Market Turmoil Continues

U.K. Prime Minister Defends Tax Cuts as Market Turmoil Continues

LONDON—Prime Minister Liz Truss looked to reassure the British public and rattled investors that her plan to cut taxes wouldn’t lead to prolonged financial instability, arguing in a series of interviews on Thursday that the country had been buffeted by global shocks rather than her government’s reforms and that her policies would result in faster … Read more

U.K. Market Woes Threaten Economic and Political Crisis

U.K. Market Woes Threaten Economic and Political Crisis

The U.K. continued to try to stave off a financial and economic crisis on Wednesday as the country’s central bank carried out emergency buying of government bonds to stabilize a spiraling debt market, adding pressure on the government of new Prime Minister Liz Truss. The central bank’s surprise move to spend 1 billion pounds buying … Read more

Bank of England to Buy Bonds in Bid to Stop Spread of Crisis

Bank of England to Buy Bonds in Bid to Stop Spread of Crisis

LONDON—The Bank of England on Wednesday said it would buy U.K. government bonds with long maturities “on whatever scale is necessary” in an effort to restore order to the market after a large set of government tax cuts sent borrowing costs soaring. The furious selloff in U.K. government debt in recent days ripped through normally … Read more