Individuals in rich countries face huge financial losses if climate action slashes the value of fossil fuel assets, a study shows, despite many oil and gas fields being in other countries. The researchers estimated that existing oil and gas projects worth $1.4tn (£1.1tn) would lose their value if the world moved decisively to cut carbon emissions and limit global heating to 2C. By tracking many thousands of projects through 1.8m companies to their ultimate owners, the team found most of the losses would be borne by individual people through their pensions, investment funds and share holdings.

The numbers are startling. We know roughly how much more carbon dioxide we can put into the atmosphere before we exceed our climate goals—limiting warming to 1.5° to 2° C above preindustrial temperatures. From that, we can figure out how much more fossil fuel we can burn before we emit that much carbon dioxide. But when you compare those numbers with our known fossil fuel reserves, things get jaw-dropping.

The Bank of England sent a stark warning that Britain risks a double-whammy of a recession and inflation above 10% as it raised interest rates on Thursday to their highest since 2009, hiking by quarter of a percentage point to 1%. The pound fell by more than a cent against the U.S. dollar to hit its lowest level since mid-2020, below $1.24, as the gloominess of the BoE's new forecasts for the world's fifth-largest economy caught investors by surprise.

After two years of unprecedented growth in social media and streaming, a post-pandemic reality is beginning to set in. Why it matters: Huge revenue gains during COVID inspired media and tech titans to take big bets. As growth stalls, Wall Street wants them to pivot from promise to profit.

The number of people subscribing to at least one video streaming service in Great Britain has fallen, with more than 1.5 million people cancelling memberships, a new report has found. Market research firm Kantar said that more than half a million cancellations were due to the cost of living crisis, as households deprioritise streaming services as they try to make ends meet.

Survey finds third have skipped meal to keep up with other costs and 20% unable at least once to afford cooking with oven.

We’re tipping past the point of no return. Paying via tablet is now the convenient norm at pizzerias, coffee shops, fast food joints and other quick-service spots across the city, but the gadgets are quick to ask if you want to add a healthy gratuity to your order. Touchscreens typically prompt patrons to leave a tip ranging from 18 to 30% — and sometimes even higher — when they grab and go.

The macroeconomic picture is deteriorating fast and could push the U.S. economy into recession as the Federal Reserve tightens its monetary policy to tame surging inflation, Bank of America strategists warned in a weekly research note, Reuters reports. Bank of America chief investment strategist Michael Hartnett wrote, in a note to clients, that “Inflation shock” is worsening, “rates shock” is just beginning, and a “recession shock” is coming.”

US employers added 431,000 jobs last month as the American economy continued to rebound from the shock of the coronavirus pandemic. The figures from the Labor Department marked the 15th month in a row of job gains and helped to push the unemployment rate down to 3.6%. Bars, restaurants and hotels were among the businesses leading the hiring last month.

Choices are sometimes conscious decisions and other times circumstances force change. Regardless of which it is for you, you do have choices! Many previously could not imagine choosing not to commute. Where they live most may live in one area and commute to another so it never occurred to them there are options. But you can, by making a conscious choice about your career.

When it comes to navigating the economy in 2022, there are 5 simple things everyone should know about inflation. Inflation can be simply explained as sustained upward movement in the price of goods and services in an economy. There are various ways this is calculated, which we will get into below.

Inflation has risen to its highest point in a generation, pushing up the price of just about everything. But that goes for people's labour, too, as employers compete to keep up with their staffing needs.

Earlier this week, President Biden banned all oil and energy imports from Russia, punishing Vladimir Putin for his brutal war against Ukraine and building upon an earlier package of historic economic sanctions. Biden’s actions are a steely acknowledgment that our reliance on Russian fossil fuels threatens both national and global security. They are also tangible evidence that Biden can act quickly and boldly to confront national emergencies when he chooses to.

In a nutshell (or, for our purposes, an eggshell), it’s a cycle. Everything is getting more expensive because everything else is, including when it comes to eggs.

World food prices hit a record high in February, led by a surge in vegetable oils and dairy products, to post a 20.7% increase year-on-year, the U.N. food agency said on Friday.

The most affordable homes face the highest risks from disasters for three key reasons.

When Robson Scott, a live music fan from Newcastle, went to his first gig in 2011, he remembers paying around £30 for a standing ticket to see Katy Perry at Utilita arena. Ten years later, he says, “for arena gigs of that calibre you’d usually be paying over £65.” That’s a rise that far exceeds the UK’s rate of inflation during that time, which was 2.6% per year, on average, or the equivalent of £8.90.

For those of you who aren’t familiar, CPI is the most common measure of inflation. CPI measures the cost of a set basket of goods over time. This includes things like food, gas, and rent. While CPI is a terrible measure of inflation, that’s for another day. As of December, CPI increased 7%. That’s the fastest increase in 40 years. This jump was caused by both supply shortages and massive creation of money.

The globe's richest people own far more wealth than the bottom half — including Elon Musk, the world's richest man.Picture Alliance/Getty Images

The numbers: The cost of living climbed again in November and drove the rate of U.S. inflation to a nearly 40-year of 6.8%, putting more pressure on households as they confront rising prices of gas, food, cars, rent and so forth.