Business insolvencies in the UK surged by 57% in 2022, to 22,109, according to the latest data from the Insolvency Service, a UK government agency that deals with bankruptcies and companies in liquidation. It is the highest number of insolvencies registered annually since 2009, at the height of the Global Financial Crisis.

France Hit By Strikes, Protests Amid Outrage At Hiking Retirement Age To 64 MikeRivero Fri, 02/03/2023 - 08:34

French labor unions have been holding several days of mass strikes and protests against raising the retirement age, in a test of the momentum driving defiance to Emmanuel Macron’s signature economic reform... which is hardly surprising: France is one of the biggest "western" bastions of socialism.

The EU's Response To Biden's Inflation Reduction Act Is Finally Here MikeRivero Fri, 02/03/2023 - 08:34

When President Biden introduced his Inflation Reduction Act (IRA) last summer, he surprised the world with the extent of the climate commitments within it While supposedly aimed at inflation reduction, the legislation also provides extensive political support and funding for the green transition, providing tax cuts, subsidies, and other incentives for companies looking to use cleaner alternatives to fossil fuels.

'High-Speed Rail' - California MikeRivero Fri, 02/03/2023 - 08:03

Well, it’s big in Japan...

That is what proponents of California’s high speed rail project say when asked about the whys and wherefores of the system.  In other words, if it works somewhere else it will work here.

That argument, though, falls in the face of a rather basic fact:  California and Japan are different.

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Iraq’s foreign exchange rate has steadily declined over recent years, falling to lows which are severely damaging the Iraqi economy. Ironically, this comes at a time when the foreign reserves meant to back the Iraqi dinar’s global position are at a near-term high.

Shell profits hit record $40bn as Britons endure inflation MikeRivero Fri, 02/03/2023 - 07:45

Energy giant Shell has announced record annual profits nearing $40bn, after oil and gas prices surged following Russia’s invasion of Ukraine last February.

The British company’s earnings in 2022 were the highest in its 115-year history, a milestone that has angered many Britons struggling with a cost-of-living crisis largely driven by inflated energy bills.

Fuel, cash shortages cause fury among Nigerians ahead of election MikeRivero Fri, 02/03/2023 - 07:40

Muhammed Bazza has been queueing for petrol in the blazing sun for four hours, while Alexander Okwori has spent the last two waiting at an ATM.

Bazza said he had woken up at 4:30 am to try to beat the petrol queues, but it didn’t work – shortly after 10 am, when he was just 10 metres (30 feet) from the petrol pump, he was told to leave.

Record 285,000 Illinois Residents Saw Power Shut-Offs Due To Non-Payment In 2022 MikeRivero Fri, 02/03/2023 - 07:28

A new report compiled by the Center for Biological Diversity has revealed that the number of households having their electricity disconnected by power companies as a result of not being able to pay soared between 2021 and 2022.

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Bank of England hikes interest rate tenth time in row MikeRivero Fri, 02/03/2023 - 07:23

The Bank of England on Thursday hiked its interest rate for a tenth time in a row as global authorities race to combat sky-high inflation.

It also forecast a shallower-than-expected UK recession this year as the country faces a cost-of-living crisis.

The BoE voted at a regular meeting to lift its key interest rate by a half-point to 4.0 percent, the highest level since late 2008.

The pound dipped and the London stock market advanced in early afternoon trade, as investors digested a decision that was in line with expectations.

Energy firms exposed for hoarding 9bn of customers' cash despite cost of living crisis malterwitty Fri, 02/03/2023 - 07:18

Energy companies have reportedly hoarded £9billion of customers’ cash despite many people suffering due to the cost of living crisis. The pile of billpayers’ money has expanded over the last year to peak at the end of November. It came as surging inflation and higher energy costs squeezed households budgets. Under Freedom of Information requests, the Telegraph found that energy companies racked up £9.013 billion by November 30 2022.