Why the U.K.'s "trickle down" tax cut plan terrifies investors
CBSN
Financial markets are in turmoil this week after the United Kingdom unveiled a series of historic tax cuts. The pound's value plunged, the International Monetary Fund urged the U.K. to reverse course and economist Larry Summers derided the move as "utterly irresponsible."
Although newly installed Prime Minister Liz Truss is betting that the tax cuts will spur economic growth and pull the U.K. out of a possible recession, the adverse market reaction suggests investors see the policy as a major mistake. Here's what's been announced and why investors are worried.
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Swedish police said Friday a man had been shot dead in a parking garage in the city of Norrkoping, with media identifying the victim as the rapper Gaboro, who reportedly had links to criminal gangs.
Seven inmates were killed in a prison riot in southern Mexico, when inmates resisting transfers to other jails fought police with guns and knives, authorities said late Thursday.
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Southern Gaza Strip — In a rare moment of access to the war-ravaged Palestinian territory, CBS News visited a critical aid distribution center on Wednesday just inside the Gaza Strip, near the Karem Shalom border crossing from Israel. The humanitarian crisis in Gaza after more than a year of the Israel-Hamas war remains dire.
The Guinness World Records are known for highlighting the most interesting, unique and even strange occurrences of human nature across the globe.
Moscow — Russian President Vladimir Putin on Thursday made a rare admission of failings by his powerful security agencies over the Ukraine-orchestrated killing of a senior general in Moscow. Lt. General Igor Kirillov, the head of the Russian military's chemical and biological weapons unit, was killed by a bomb planted in a scooter in Moscow on Tuesday, the boldest assassination claimed by Kyiv since the start of the conflict.
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