In Indonesia, ‘pay later’ services leave some drowning in debt | debt news

Ubud, Indonesia – Nadia Pottery’s mounting debts began with the purchase of one cell phone. Putri, who lives in Kuala Kapuas, Central Kalimantan, about 1,600 kilometers from Jakarta, had been dreaming of upgrading to a newer model for months but didn’t have enough money. Then, earlier this year, the 21-year-old college student noticed that there … Read more

The Russian ruble reached its strongest level in 7 years despite the sanctions

A 1 Russian ruble coin and a Russian flag are displayed on the screen in this multiple exposure illustration taken in Krakow, Poland on March 8, 2022. Jacob Borzeki | Norfoto | Getty Images The Russian ruble hit 52.3 against the dollar on Wednesday, up nearly 1.3% from the previous day and the strongest level … Read more

Fed Chairman Powell faces mounting criticism over inflation slips

Washington (AFP) – Federal Reserve Chairman Jerome Powell has won praise for his shrewd leadership during the downward spiral of a pandemic recession. With threats to the US economy mounting, though, Powell increasingly shocked Fed watchers as being far less confident. Inflation proved to be higher and more stable What he or the Fed’s economists … Read more

Former US ambassador says raising tariffs on China can lower inflation

Former US ambassador David Adelman said removing tariffs on imported Chinese goods would strip 1% of US inflation over time and restore confidence in the economy, which could help President Joe Biden at the ballot box. “Inflation will be the number one issue in the November US midterm elections,” Adelman told CNBC’s “Squawk Box” on … Read more

Biden reprimands a reporter on the beach for asking if a recession is inevitable

With most Americans fearful of an economic slowdown, President Biden blasted a reporter on Monday for asking about the potential for the US economy Heading into recession as such high interest rates Chase high inflation. And while the President was cruising on the sand near his vacation home in Rehoboth Beach, Dale, State. Economists were … Read more

Here’s what a Fed rate hike means for your salary

Every time inflation rises, it takes a cut of workers’ salaries and chews up their bank accounts. And this current stretch of inflation—caused by a combination of events, including the war in Ukraine and the ongoing pandemic—has a voracious appetite. this means Rising wages Already turned into losses, according to the latest inflation report Consumer … Read more

Associated Press interview: Biden says recession ‘not inevitable’

Washington (AFP) – President Joe Biden said Thursday that the American people are “really, really disappointed” after two turbulent years with the coronavirus pandemic.fluctuations in the economy Now the price of gasoline is going up that criticize family budgets. But he stressed that recession was “not inevitable” and hoped it would give the country a … Read more

The Bank of England raised interest rates for the fifth time in a row as inflation soared

LONDON – IN Bank of England On Thursday it carried out a fifth consecutive rate hike as it looks to rein in high inflation. The Monetary Policy Committee voted 6-3 to increase the bank rate by 25 basis points to 1.25%, with the three opposition members voting to increase the bank rate by 50 basis … Read more

Real-time updates for the Fed’s 0.75 percentage point rate hike and Powell’s press conference

What has changed in the new Fed statement click here To compare the FOMC statement on Wednesday with the statement released after the central bank’s previous policy-making meeting on May 4. – Yun Lee, Jesse Pound The Federal Reserve raises interest rates by 0.75 percentage points The Federal Reserve announced that it raised interest rates … Read more

A 100 basis point rate hike is a “medicine to stop this inflation”

Wharton Jeremy Siegel calls for a 100 basis point rate hikeMarkets may be “close to the bottom,” she says. A Wharton University of Pennsylvania finance professor told CNBC Wednesday that a 100 basis point Fed rate hike on Wednesday would be “a medicine to stop this inflation.” “The Fed needs to grab the inflation story…it … Read more