Newsletter Sep 27, 2022

UK's new PM under fire as pound sinks and BoE sounds alarm

The UK central bank said it would "not hesitate to change interest rates by as much as needed" to curb high inflation -- hinting at further pain for British households and companies.

Ireland aims to ease cost of living squeeze with 'two budgets in one'

Ireland will deliver what ministers have called two budgets in one on Tuesday, making the usual spending increases and tax cuts while also helping firms and consumers pay soaring energy bills in what they hope will be a one-off intervention.

Plunging pound pauses as investors await policy response

Sterling steadied on Tuesday, but was perched above its record low only thanks to soaring yields on British debt and the hope of a response from policymakers or politicians, with its gyrations unnerving markets to the benefit of the dollar.

Gas crisis lands LNG cargo market in hands of energy giants

Rocketing LNG cargo prices have squeezed out dozens of smaller traders, concentrating the business in the hands of a handful of international energy majors and top global trading houses.

UK housing index at 11-year low on rate-hike fears

Britain's homebuilders index hit a more than 11-year low on Monday on concerns that a weaker pound could lead to more rate hikes by the Bank of England, potentially hurting house prices and demand.

U.S., Britain seek U.N. human rights debate on China's Xinjiang

The United States, Britain and other countries are calling for a debate at the U.N.

Euro zone yields at multi-year highs, Italian bonds underperform

Euro zone government bond yields jumped to multi-year highs amid expectations that central banks will keep tightening their monetary policy despite recession risks and a new sell-off in British gilts.

France says inflation control is the main priority for 2023 budget

The fight against inflation is the biggest priority, France's finance minister said on Monday as he delivered a 2023 budget subject to what he called unprecedented uncertainty due to the fallout from Russia's war against Ukraine.

Group of countries to push EU for gas price cap - letter

A group of European Union countries want to push Brussels to produce plans this week for a bloc-wide cap on the price of gas, according to a draft letter seen by Reuters.

UK eyes big TikTok fine over child privacy lapse

Britain on Monday warned it could fine TikTok ?27 million ($29 million) over a potential failure to protect children's privacy on the Chinese-owned video app.

Twitter to interview Elon Musk, known for combative testimony

Billionaire Elon Musk's tendency to dish out insults while being questioned under oath will be tested anew on Monday, when lawyers for Twitter Inc are due to interview the Tesla Inc CEO about his abrupt decision in July to ditch his $44 billion deal for the social media company.

EIIR to CIIIR: royals reveal Charles's new cypher

Charles's will be CIIIR for Charles III Rex (king in Latin), with the C intertwined with the R, the III within the R, and the crown above both letters.

Mini budget: how will tax cuts and stamp duty affect young adults?

Liz Truss's government is following an economic doctrine which argues that richer people are more likely to invest, set up businesses, hire people and grow the economy.

A tale of two cities as Londoners mourn, tourists cheer pound's slide

Sterling plunged after the cuts were announced on Friday and fell again on Monday to a record low.