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BANGKOK — (AP) — Asian shares were mostly lower on Monday after Wall Street closed out a miserable September with a loss of 9.3%, the worst monthly decline since March 2020. Tokyo rose while other regional markets declined. Shanghai was closed for China’s weeklong National Day holidays.
BIRMINGHAM, England (AP) — The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows. In a dramatic about-face, Treasury chief Kwasi Kwarteng said Monday that he would abandon plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year. “We get it, and we have listened,” he said in a statement. He said “it is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country.” The U-turn came after a growing number of lawmakers from the governing Conservative Party turned on government tax plans announced 10 days ago.
Ulrich Körner says he is ‘confident we have what it takes to succeed’ and tells staff coverage of bank’s crisis contains ‘inaccurate statements’
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