New technologies are threatening an archaic financial system, according to the Russian president The Western financial system is becoming outdated because of new technologies and could lose its dominant global position in the near future, Russian President Vladimir Putin said on Thursday.

The country’s major purchase index is in freefall as food and energy costs weigh on households Consumer sentiment in the UK fell to record lows in August as the cost-of-living crisis continued to deepen, and inflation hit a four-decade high.

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