BIRMINGHAM, England (AP) — The British government has dropped plans to cut income tax for top earners. The move was part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. Treasury chief Kwasi Kwarteng said Monday that he would abandon plans to scrap the top […]
BIRMINGHAM, England (AP) — The British government has dropped plans to cut income tax for top earners. The move was part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. Treasury chief Kwasi Kwarteng said Monday that he would abandon plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds a year. The announcement comes as more lawmakers from the governing Conservative Party turn on government tax plans. The announcement of 45 billion pounds in tax cuts sent the pound tumbling to a record low against the dollar. The Bank of England had to step in to stabilize the bond markets.
Kim Kardashian settles with SEC over crypto promotion
Kim Kardashian will pay $1.26 million to settle Securities and Exchange Commission charges that she promoted a cryptocurrency on Instagram without disclosing she’d been paid $250,000 to do so. The SEC said Monday that the reality TV star and entrepreneur has agreed to cooperate with its ongoing investigation. The SEC said Kardashian failed to disclose that she was paid to publish a post on her Instagram account about EMAX tokens, a crypto asset security being offered by EthereumMax.
Whole lotta zeros: Apple Music crosses 100M song barrier
NEW YORK (AP) — Apple Music is about to reach a huge milestone, offering its eye-and-ear-popping 100 millionth song on the streaming service. The music giant tells The Associated Press that internal data indicates Apple Music will reach the heady mark on Monday. Every day, 20,000 singers and songwriters release music on the service. Apple Music says the milestone cements it as the world’s largest catalog of music. While the actual song that crosses the 100 million threshold won’t be known, there’s a good chance it will not originate from the U.S. or even be in English as the services sees more and more music arrive from all over the world.
Record inflation squeezes Turkish tobacco workers, owners
CELIKHAN, Turkey (AP) — Tobacco growers in southeast Turkey’s Celikhan district are feeling the pinch as annual inflation reaches a new 24-year high. Official data released Monday shows consumer prices rose 83.45% from a year earlier, further hitting households already facing high energy, food and housing costs. Experts say the real rate of inflation is much higher, at an eye-watering 186%. While countries worldwide are hit by soaring prices, economists believe Turkey’s woes are self-inflicted as the central bank cuts interest rates. In Celikhan, 19-year-old Mehmet Emin Cakan works two shifts harvesting and then stringing the tobacco to help support his family and pay for books to study. Tobacco growers say rising costs from fuel and fertilizers have seriously affected their livelihood.
Music stops: Energy costs close Hungary theaters for winter
BUDAPEST, Hungary (AP) — Theaters and other cultural institutions in Hungary are reeling from exponentially growing energy prices, and some plan to close for the winter to avoid the skyrocketing bills. The Erkel Theatre in the capital of Budapest will close in November after its utilities went up as much as tenfold, and local governments across the country have ordered theaters, cinemas and museums to shut down during the cold months. Others are cutting costs by staging fewer productions, having fewer rehearsals and turning down the thermostat. As winter approaches, cultural leaders say the energy crisis could have negative consequences for the cultural life of Hungarians.
Europe faces ‘unprecedented risk’ of gas shortage, IEA says
Europe is facing unprecedented risks to its energy supply this winter. That’s the word Monday from the International Energy Agency. The IEA says in its quarterly gas report that people will have to save at least 13% over the winter if Russia cuts off the last trickle of gas that’s flowing to Europe. The Paris-based group says only by saving, can Europe avoid a severe shortage if Russian gas halts completely over the war in Ukraine. Europe also could wind up competing with Asian countries for scarce supplies of liquefied natural gas that come by ship. Things will be even tighter if the weather is cold late in the winter.
EU, Israel hold high-level talks for first time in a decade
BRUSSELS (AP) — The European Union and Israel have held high-level talks for the first time in a decade. The Europeans are keen to press Israeli Prime Minister Yair Lapid on how to help bring about a two-state solution to Israel’s conflict with the Palestinians. EU foreign policy chief Josep Borrell says the EU wants “the resumption of a political process that can lead to a two-state solution and a comprehensive regional peace.” Lapid took part in Monday’s talks by videoconference.
What if Musk loses the Twitter case but defies the court?
Twitter wants a Delaware court to order Elon Musk to buy the social media service for $44 billion, as he promised back in April. But suppose a judge makes that ruling and Musk balks? The Tesla billionaire’s reputation for dismissing government pronouncements has some worried about how he’d react to an unfavorable ruling of the Delaware Court of Chancery, known for its handling of high-profile business disputes. But the likelihood of him losing badly — such as by an order of “specific performance” that forces him to complete the deal — has raised concerns about how the Delaware court would, or could, enforce its final ruling.
Ukraine claws back more territory in southern Kherson region
KYIV, Ukraine (AP) — Ukrainian forces have broken through Moscow’s defenses in the strategic southern Kherson region. The Russian military acknowledged the move Monday, which delivers a sharp blow to one of the four areas in Ukraine that Russian President Vladimir Putin annexed last week. Kherson has been one of the toughest battlefields for the Ukrainians, with open terrain that exposes them to Russian artillery fire. The Russian military said its troops have shifted to “a pre-prepared defensive line and continue to inflict massive fire damage” on Kyiv’s forces in the Kherson region. In Moscow, Russia’s lower house of parliament on Monday quickly rubber-stamped an endorsement of the treaties for four regions of Ukraine to join Russia.