Putin Says Four Regions’ Annexation Is ‘Forever’

President Vladimir Putin early Friday signed decrees recognizing the “independence” of occupied Kherson and Zaporizhzhia in Ukraine as a prelude to absorbing those regions, as well as Donetsk and Luhansk, into Russia — a move that’s expected later today. Putin is also expected to address legislators.

IMF Tells UK to ‘Re-Evaluate’ Tax Cut as Global Criticism Mounts

(Bloomberg) — The International Monetary Fund criticized the UK’s package of tax cuts and other steps as “untargeted” and said the measures are likely to increase inequality, weighing in after the plan sent the pound to a record low.

Liz Truss’s Historic Gamble With the UK Economy Is Already Unraveling

That’s reference to the ill-fated 1972 budget drawn up by Kwarteng’s Tory predecessor Anthony Barber. Barber, like Kwarteng, delivered a massive package of unfunded tax cuts which, in his case, saw the economy overheat and inflation soar before collapsing into recession. Barber’s boss, Edward Heath, was defeated by the Labor opposition two years later, and … Read more

The Global Race to Hike Rates Tilts Economies Toward Recession

(Bloomberg Businessweek) — Central banks are intent on driving the world economy perilously close to a recession. Late to see the worst inflation in four decades coming, and then slow to crack down on it, the Federal Reserve and its peers around the globe now make no secret about their determination to win the fight … Read more

Mounting Debt, Inflation Awaits New Kenya President

Ruto was sworn in as president at a ceremony in the Kenyan capital, Nairobi, on Tuesday — a week after the Supreme Court validated his victory in last month’s election. Official results showed Ruto, who has served as deputy president since 2013, won 50.5% support and Raila Odinga, a former prime minister, 48.8%.

Global Rate-Hike Battle Presses On Relentlessly: Eco Week Ahead

Central banks around the globe are set to continue an assault on high inflation this week, even as vulnerabilities in their economies become ever clearer.

UK Slips Behind India to Become World’s Sixth Biggest Economy

The IMF’s own forecasts show India overtaking the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. A decade ago, India ranked 11th among the largest economies, while the UK was 5th.