Employers are likely to offer their workers only modest pay hikes in 2027, according to a new estimate. Salary increases next year are forecast to average 3.5%, including merit raises, cost-of-living adjustments, promotions and other pay increases, Marsh, a professional services firm, found in a survey of 1,000 U.S. organizations. “2023 was the high-water mark…
The language used Monday by Treasury Secretary Scott Bessent as he announced a new raft of sanctions against Iran was apocalyptic. The measures are part of the Trump administration’s plan to use economic pressure to force Iran to capitulate, to bring an end to the nearly six-month war and reopen the Strait of Hormuz. The…
President Trump threatened this week to wield an “unprecedented” level of economic warfare against Iran, and Treasury Secretary Scott Bessent vowed to “collapse” the Islamic Republic regime with the “toughest sanctions in history.” But the effectiveness of a bolstered economic campaign against Iran may rest largely on one close U.S. ally in the Persian Gulf,…
Hanoi, Vietnam — Vietnam has charged a man with rape after an American student said she was assaulted while in her bed during a group holiday. Nguyen Thi Quynh Tam, 24, said she was raped on July 5 and pressured by the man’s family to accept money and not go to police. She said the…
A trust company affiliated with the Trump family’s crypto business, World Liberty Financial, has received conditional approval to establish a bank. The Treasury Department’s Office of the Comptroller of the Currency (OCC) on Friday granted preliminary approval to World Liberty Trust Company to establish a bank charter, a move that would allow it to issue…
The Trump administration on Friday announced its eighth round of Iran-related sanctions as diplomats race to secure a deal on the Strait of Hormuz. The new sanctions target Iran’s banking system and companies across multiple countries that the Treasury Department says launder hundreds of millions of dollars. “Every facilitator that keeps the regime afloat is…
Washington — The White House has informed Lisa Cook, a member of the Federal Reserve Board of Governors, that President Trump is considering firing her from her post because of allegations of mortgage fraud, according to a letter to Cook that was obtained by CBS News. The move comes after the Supreme Court in June…
Treasury Secretary Scott Bessent says the Trump administration is moving quickly to crack down on criminal enterprises, cartels and undocumented immigrants using the U.S. financial system for their payroll schemes, illicit financing and other fraud. In remarks to Arizona bankers Thursday, Bessent said, “This administration will not tolerate blatant abuse of our financial system, nor…
ISLAMABAD: Pakistan and Iran on Tuesday reiterated their resolve to expand bilateral trade to $10 billion, with Commerce Minister Jam calling for transforming “historic brotherly relations” with Iran into a robust economic partnership. Since March this year, both countries have rolled out a series of measures to facilitate border trade, including easing customs procedures, formalising…
JPMorgan Chase said on Monday it will invest $750 billion through 2035 to boost the U.S. housing supply, including financing for 1 million affordable housing units and assisting 500,000 people in buying homes. The investment is part of JPMorgan Chase’s American Dream Initiative, announced in March to boost economic mobility at a time when many…
