And what would you do with a spare 25 Billion Euros . Thats the question facing the irish Government Today as it delivers its budget following a huge Tax Windfall from Tech Firms. Live from london, this is business today. Im lukwesa burak. We start in the us where in the last 30 minutes tens of thousands of East And Gulf Coast Port workers have started striking for the first time in nearly 50 years. This comes after the international longshoremen s association and the us Maritime Alliance were unable to reach an agreement on the terms of their contract. The strikes will halt trade in a wide range of goods and disrupt the Countrys Economy just as we enter the final weeks before the president ial election. Our North America Business correspondent Ritika Gupt the two major sticking points between international longshoreman s association and the us Maritime Alliance are wages and automation for the workers are unhappy with the current contract which spanned the pandemic and dockworkers st
Our north america business correspondent ritika gupta has the details. The 0. 5 percentage cut brings its key interest rate, the federal funds rate down to between 4. 75 and 5%. It comes amid signs of inflation in america is continuing to fall while thejob market america is continuing to fall while the job market remains strong even as unemployment has risen this year. The strong even as unemployment has risen this year. risen this year. The labour market is risen this year. The labour market is actually risen this year. The labour market is actually in risen this year. The labour market is actually in solid| market is actually in solid condition and our intentions with condition and our intentions with our condition and our intentions with our policy move today is to keep with our policy move today is to keep it with our policy move today is to keep it there. You can say that to keep it there. You can say that about to keep it there. You can say that about the whole economy. T
and driving hands free around the streets of london, we take a look at the driverless car that may be a gamechanger. let s now get down to business. let s start in the us, where it looks like interest rates will be headed higher and higher. speaking to a senate committee the chair of the federal reserve, jerome powell warned more action might be needed to stabilise prices and tame inflation. many analysts had been expecting another quarter percent rise when the fed meets later this month, but now some are predicting an ever bigger increase. investors didn t like the news, as you can see it sent us financial markets tumbling. the dow, nasdaq and s&p 500 all saw a sell off after powell s comments. our north america business correspondent samira hussain reports from new york. last year, the federal reserve raised interest rates at the fastest rate since the 1980s and it seemed to have helped inflation a little but the labour market remains resilient. the lastjob through sport sh
and winds of change. cloud computing, augmented reality, and 100km/h yachts! how sailgp hopes to get the video game generation on board. this we start with the cost of borrowing because it is on the rise again. in the next few hours the bank of england and the european central bank are both expected to increase their main interest rates by half a percentage point to their highest in m years as they battle to bring inflation under control. good news for savers of course, but piling more pressure on businesses and many people with loans and mortgages. for the bank of england, it would be the tenth rise in a row and would take the cost of borrowing to 4% its highest since 2008. on wednesday the us federal reserve announced a quarter percent increase a much smaller rise than in recent months. but its chair, jerome powell, warned that it would not be the last. as samira hussain in new york reports after in new york reports a year of aggressive rate increases after a year o