Newsletter Sep 22, 2022
Biden, Truss commit to protect Northern Ireland deal

U.S. President Joe Biden and British Prime Minister Liz Truss met in person for the first time on Wednesday and said they want to ensure the 1998 Good Friday Agreement that brought peace to Northern Ireland is protected.

Bank of England set for second hefty rate rise in a row

The Bank of England looks set to raise interest rates by at least half a percentage point on Thursday in a bid to tame inflation that is just off a 40-year high, against a backdrop of a tumbling currency and a free-spending government.

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Confidence in UK assets on thin ice, investors warn - Reuters poll

Investor confidence in British assets sits on the edge of a precipice as new finance minister Kwasi Kwarteng readies his first fiscal update, a Reuters poll of bond strategists and economists showed on Tuesday.

UK borrows more than expected in August as Kwarteng prepares mini-budget

Britain's budget deficit was bigger than expected in August, a reminder of the difficult financial backdrop for new finance minister Kwasi Kwarteng as he readies his first "mini-budget" fiscal update to parliament.

UK manufacturers gloomy about near-term outlook - CBI

British manufacturers expect the biggest drop in production since the start of last year over the next three months, a monthly survey from the Confederation of British Industry showed on Wednesday.

European shares muted on Russian mobilisation, looming Fed decision

European shares traded in a narrow range on Wednesday as investors digested Russia's first mobilisation since World War Two while they waited for the U.S.

European governments spend half a trillion euros on energy crisis - report

Governments in Europe have earmarked nearly 500 billion euros in the last year to cushion citizens and companies from soaring gas and power prices, according to research published by think-tank Bruegel on Wednesday.

Europe burns cash to help businesses in deepening energy crisis

Germany nationalised gas importer Uniper on Wednesday and Britain capped wholesale electricity and gas prices for businesses, as Europe splurged cash to keep the lights and heaters on this winter amid an escalating war in Ukraine.

Truss at UN vows UK military aid 'until Ukraine prevails'

Truss became the latest Western leader at the UN General Assembly in New York to rail against Russian President Vladimir Putin, who hours earlier mobilized reservists in a clear sign he is in no rush to end the conflict.

Putin speech sends sterling to fresh 37-year low ahead of Fed, BoE meetings

The pound touched a new 37-year low against the dollar on Wednesday after Russian President Vladimir Putin's accusation of "nuclear blackmail" by the West boosted the safe-haven dollar.

Oil prices edged lower in early Asian trade on Thursday after the U.S.

Brent crude futures fell 16 cents, or 0.2%, to $89.67 per barrel by 0013 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 15 cents to $82.79 per barrel.

Dollar towering, stocks cowering as Fed hikes higher

The dollar surged to a fresh two-decade high against major peers and stocks fell on Thursday after the Federal Reserve raised U.S. interest rates.

Italian fruit farmers use hill caves to help cut energy bills

Apple farmers in the north of Italy are using natural refrigerators carved under a hillside to store their harvest in a controlled environment that remains at a constant temperature in all seasons.

Milan Fashion Week opens with a spring in its step

Chinese buyers are back and business is booming -- Milan Fashion Week opened Wednesday on an optimistic note, despite the shadows cast by the soaring cost of energy.

Collectors clamor for rare Queen Elizabeth coins and notes

The death of Britain's Queen Elizabeth has collectors scrambling to secure rare coins and bills bearing her likeness, even as her portrait is set to remain in circulation for years to come on money throughout the Commonwealth.

Pope says it is 'madness' to think of using nuclear weapons in Ukraine

Pope Francis, speaking as Russian President Vladimir Putin warned the West he was not bluffing about possibly using nuclear weapons, said on Wednesday that thinking of such an act was "madness".

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