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Former Treasury Secretary Larry Summers urges Fed to keep hiking rates

3 years 11 months ago
Former US Treasury Secretary Larry Summers said on Tuesday that the growing chorus of economists and politicians urging the Federal Reserve to pause its aggressive rate hikes in order to fight inflation are misguided. Those critics say that the Fed could throw the economy into recession, but Summers argued there's a much greater risk to the economy that the Fed is not doing enough to bring down prices.

BP announces $2.5 billion share buyback after profit soars

3 years 11 months ago
BP's profit more than doubled in the third quarter of the year, extending a bumper run of earnings for the world's biggest oil and gas companies that will add to growing calls in Britain and the United States for higher taxes on windfall profits.

Where are the unicorns? The IPO market has unraveled this year

3 years 11 months ago
Wall Street bulls may have come thundering back in October as bears appear to have gone into hibernation. But there's another beast, albeit a mythical one, that has been pretty much absent from the stock market all year: Unicorns. There has been little demand for private companies to make their debuts with initial public offerings.

Why America's job market hasn't imploded

3 years 11 months ago
Despite a stock-market bounce in October that gave the Dow its biggest monthly gain in more than 45 years, economists are warning that there's a very real danger of recession in the United States. Mortgage rates are at their highest levels since 2002, consumer spending and business investment is falling and the Federal Reserve is fighting persistent inflation with higher interest rates.

Remember the story behind Princess Diana's revenge dress?

3 years 11 months ago
The summer of 1994 was uncharacteristically warm for Great Britain. Hot, sunny days were followed by close, sticky nights — and by the end of June, pressure had started to build. The last week of the month was an explosive one, meteorologically and culturally. On Friday June 24, an exceptionally severe thunderstorm hit the south east of the UK, diffusing so much grass pollen it triggered a sudden and short-lived asthma epidemic. Two days later, and after years of mounting speculation, the British press broke the news that Prince Charles had accidentally revealed his unfaithfulness to Princess Diana during an ITN documentary. (When asked if he had stayed loyal to his wife, the Prince of Wales nodded. "Yes absolutely," he said before adding of his marriage "until it became irretrievably broken down.")

Why Switzerland built a 2-kilometer-long train

3 years 11 months ago
High in the Swiss Alps, St Moritz made its name as a place for pushing the boundaries of winter sport. By the time it hosted the second Winter Olympics Games in 1928 its reputation as a playground for wealthy adventurers was already well established.
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