Economy

Prices for food, gas and travel have soared over the past year –  but the rich appear to be shrugging it off and are still fueling sales at luxury companies, where sneakers can go for $1,200 and sports cars easily top $300,000.Companies that cater to the ultra-rich, including Ferrari and the parent companies of Dior, Louis Vuitton and Versace,…

SHANGHAI/HONG KONG, Aug 12 (Reuters) - Five Chinese state-owned firms including China Life Insurance (601628.SS) and oil giant Sinopec (600028.SS) said Friday they would delist from the New York Stock Exchange, amid heightened diplomatic and economic tensions with the United States.The companies, which also include Aluminium Corporation of China…

Here's what you need to know to Get Up to Speed and On with Your Day. (You can get "5 Things You Need to Know Today" delivered to your inbox daily. Sign up here.)1. Gas pricesAmericans grappling with historic levels of inflation are finally getting some relief at the gas pump. For the first time since March, the national average price for…

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. SubscribeWednesday, August 10, 2022Today's newsletter is by Brian Cheung, an anchor and reporter covering the Fed, economics, and banking for Yahoo Finance. You can follow him on Twitter @bcheungz.In May,…

The receiver station of the Druzhba oil pipeline between Hungary and Russia is seen at the Hungarian MOL Group's Danube Refinery in Szazhalombatta, Hungary, May 18, 2022. REUTERS/Bernadett Szabo/File PhotoRegister now for FREE unlimited access to Reuters.comRegisterMOSCOW, Aug 9 (Reuters) - Ukraine has suspended Russian oil flows to southern…

U.S. Senate Majority Leader Chuck Schumer (D-NY) walks outside the U.S. Capitol in Washington, U.S. August 2, 2022.Jonathan Ernst | ReutersWant to know what the Inflation Reduction Act means for the market's biggest companies, as well as for your wallet? When it comes to politics, you always have to follow the money – and remember that the devil…

The cost of living crisis hitting millions of households is about to get a whole lot worse.Gas is the bedrock of power generation in the UK, supplying millions of homes directly and accounting for about 45% of electricity supply. It has rocketed in price, up 400% in the past year and 1,000% since 2019, according to the ICE futures market.The…

FOX Business' Edward Lawrence breaks down the July jobs report, which indicates 528,000 jobs were added to the U.S. economy. President Biden on Friday touted U.S. job growth, which unexpectedly accelerated in July, saying "more people are working than at any point in American history," and using jobs numbers to prove he has kept his…

But in reality, only workers in two industries -- leisure and hospitality and retail trade -- are actually coming out ahead, once inflation is taken into account.Overall, wages and salaries for private industry workers rose by 4.2% between December 2019 and this past June, before rising prices are considered, according to an analysis of…

By Julianne Geiger - Aug 05, 2022, 10:25 AM CDT Total nonfarm payrolls rose by 528,000 in July, well above expectations of a decline to 250,000. WTI crude jumped from $88 per barrel to well over $90 per barrel. U.S. dollar gained on the strong jobs report. …