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Image copyright Getty Images America’s central bank has raised its benchmark interest rate for only the second time in 10 years. The Federal Reserve increased rates on Wednesday by 0.25% to a range of 0.5% to 0.75%, citing a stronger US economy. When the Fed changes policy on rates, it ripples across the globe. So, how does it affect people in the UK? If you’ve got a mortgage… The short answer is not a lot. There might have been a time when a rate rise in the US could have […]

Image copyright AFP The referendum result makes life even more challenging for Italy’s banks, after the country voted against Prime Minister Matteo Renzi’s proposed constitutional reforms. Several banks are trying to raise new money from investors to reinforce their financial foundations. Attention is focused especially on Banca Monte dei Paschi di Siena, Italy’s third largest bank and the world’s oldest. It came out of a recent European Central Bank assessment worse than any other major lender. Italy’s banks are currently one of the main trouble spots for the eurozone. They […]

Image copyright Getty Images You’ve seen all the signs and adverts, had your inbox flooded with emails offering “massive discounts” and “unmissable deals”. There’s no escaping Black Friday. Falling on 25 November this year, Black Friday originated in the United States. The day follows the US Thanksgiving holiday (the fourth Thursday in November) and is seen as the start of the holiday season with shoppers hoping to snap up bargains and save on their Christmas shopping. But how does the discount day compare with other retail bonanzas? Black Friday & […]

Image copyright Getty Images Image caption Governments and large corporations may have hammered out agreements to craft a TPP that suits them – but some see no gain for workers US President Donald Trump made abandoning the Trans-Pacific Partnership (TPP) trade deal a key part of his election campaign and on his first day in office, he has proved as good as his word. But what was the TPP designed to do? And does it have any future without the US? TPP in a nutshell Twelve countries that border the […]

Image copyright Reuters Philip Hammond has a difficult trick to pull off this week. On the one hand – come clean: the government’s not keeping its promises on the public finances. On the other hand – convince us: the government is serious about the public finances. The government was elected with three promises at the heart of its economic plans. Cap welfare spending. Reduce public sector debt as a proportion of the economy, starting last year. And get into surplus, so its income exceeded its spending, by 2019/20 – staying […]

Image copyright PA Image caption A tricky situation for Robert Chote, head of the Office for Budget Responsibility You have to feel the Office for Budget Responsibility’s pain. By next Tuesday, the OBR has to come up with forecasts of what will happen to the UK economy and the government finances over the next five years. The Act of Parliament that created the OBR said that its forecasts had to be based on government policies and “may not consider what the effect of any alternative policies would be”. And here […]

Image copyright EPA The prime minister seemed pleased with the outcome of her trade visit to India. Theresa May said the 33-strong delegation had sealed deals worth £1bn, laying the groundwork for more than 1,300 jobs in the UK. Mrs May even donned a sari on a visit to a Hindu temple in the southern city of Bangalore, mixing the traditional with the modern. Bangalore has now become an important IT base for many other countries. Yet in India, they’re not so sure. Her reception was polite, with Prime Minister […]

Image caption The tree-filled Appalachian mountains of West Virginia are home to America’s coal region The vacant store fronts of low buildings line Delbarton’s main street. A town once thriving on money from the coal industry is now fighting for its existence. Delbarton is typical of many towns in West Virginia, built on coal and suffering as the industry shrinks. Former miner Bo Copley knows this struggle firsthand. In September 2015 he was laid off from his job at a coal mine. He is one of nearly 200,000 people who […]

Image copyright Getty Images Image caption Mark Carney has “star quality and knows how to use it,” says Scott Reid Bank of England governor Mark Carney has said he will be staying on an extra year after his initial term comes to an end in 2018, to help oversee the UK’s Brexit negotiations with the European Union. Mr Carney’s decision came after increasing speculation about his future as the head of the Bank of England. Governors are traditionally appointed for an eight-year term, but when Mr Carney took the job […]

Image caption Jeans are an iconic symbol of American fashion Monte Galbraith has worked in the denim industry since he was a teenager. The 40-year veteran of the trade claims to have the indigo dye of blue jeans running through his veins. Like many in Columbus, Georgia – a city on the banks of Chattahoochee River along the state’s western border – Mr Galbraith followed his father into the textile mills. Unlike most, he still works in the industry. Columbus was once home to nine large textile mills, employing an […]