Tropical Cyclone Yasi, packing winds stronger than those from Hurricane Katrina that devastated New Orleans, struck Australia’s northeast coast early today, lashing communities with the force of a storm described by authorities as the largest in the nation’s history.
Chancellor of the Exchequer George Osborne said U.K. economic growth will be slower than forecast this year and next, forcing the government to borrow more and extend spending cuts to narrow the budget deficit.
Confidence among chief financial officers at major U.K. companies fell for a second quarter to a 12-month low on concern the economy will return to recession amid the government’s budget squeeze, a survey by Deloitte LLP found.
The death toll from the latest downpour to hit the Australian state of Queensland is set to climb from eight as rising waters rush toward the coastal city of Brisbane, where evacuations are now underway.
Chancellor of the Exchequer George Osborne said Britain faces two extra years of austerity as he sought to shore up his deficit-reduction plans, intensifying a conflict with unions that are staging a mass walkout today.