Newsletter Oct 11, 2022

UK needs 62 billion pounds of cuts or tax rises to tame debt -IFS

British finance minister Kwasi Kwarteng needs to make 62 billion pounds ($69 billion) of spending cuts or tax rises to stop public debt growing ever-larger as a share of the economy, the Institute for Fiscal Studies (IFS) said in a report on Tuesday.

Kwarteng tries to calm investors but UK bonds sell off again

British finance minister Kwasi Kwarteng, who last month sparked a bond market rout with unfunded tax cuts, sought to reassure investors on Monday by bringing forward a budget announcement and naming a Treasury insider to run the department.

UK consumer spending lags far behind inflation, BRC and Barclaycard surveys show

British consumer spending grew last month at a rate that lagged behind inflation by a long way, according to surveys on Tuesday that underlined the risk of recession as the cost-of-living crisis rumbles on.

London Stock Exchange sets listing rules for carbon cutters

The London Stock Exchange has become the first major bourse to set listing rules for companies that finance carbon reduction projects, as part of efforts to grow the market and make it more transparent, its chief executive told Reuters.

Britain unveils fresh action to calm markets turmoil

Britain on Monday ramped up efforts to calm markets after a heavily criticised budget.

EU watchdog trying to understand UK bond market moves

The European Union's securities watchdog has asked Britain about recent extreme moves in UK government bond yields and is monitoring for "spillovers" into the bloc, its chair Verena Ross said on Monday.

EU countries eye deal on more energy measures within weeks

European Union countries will seek a November deal on more emergency measures to tackle high gas prices, officials said, although countries still disagree on what form those measures would take and whether they should cap gas prices.

EU eyes multi-year fiscal plans that include investment, reform - Gentiloni

The ongoing reform of EU fiscal rules could give governments more leeway in plans that combine debt cuts with investment and reforms, in exchange for greater accountability, the EU's Economic Commissioner Paolo Gentiloni said on Monday.

France taps strategic fuel stocks to avoid sugar factory stoppages

France has released strategic fuel reserves for sugar producers after they warned that a lack of diesel impacting the harvesting of sugar beet could lead to factory stoppages, producer group SNFS said on Monday.

OPEC cut spurs U.S. hedging - but against lower oil prices

The decision by the Organization of the Petroleum Exporting Countries and allies last week to cut oil production has spurred a flurry of activity in the options market - but with more U.S.

U.N. publicly rejects Russia's call for secret vote on Ukraine

The United Nations General Assembly voted on Monday to reject Russia's call for the 193-member body to hold a secret ballot later this week on whether to condemn Moscow's move to annex four partially occupied regions in Ukraine.

Red Bull found guilty of breaching F1 cost cap: the FIA

Aston Martin was also found in breach of Formula 1 financial rules, the FIA announced, adding that any punishment would be decided at a later date.

On New Zealand farm, scientists reduce cow burps to save the world

More than a dozen calves wait at a research farm in New Zealand to be fed Kowbucha, a punnily named probiotic that studies show reduces burps -- or methane emissions.