Newsletter Oct 20, 2022

'Fighter' Truss mocked in parliament as UK PM defends her record

British Prime Minister Liz Truss's insistence that she would not quit after sparking a financial crisis was met with howls of laughter, incredulity and shouts of "resign, resign" as she spoke in the House of Commons on Wednesday.

Banks brace for tax hit to help plug UK's budget gap

British banks are bracing for a potential tax hit to their profits as the government scrambles to plug an estimated 40 billion pound ($45 billion) hole in its finances.

UK inflation returns above 10 percent

British inflation jumped back above 10 percent in September on soaring food prices, official data showed Wednesday.

UK's Truss tells booing MPs she's no 'quitter'

British Prime Minister Liz Truss insisted she would not quit on Wednesday as she faced questions from booing MPs at her first Question Time session since abandoning her disastrous tax-slashing economic policies.

'Shocking' UK report links poor care to death of 45 babies

A damning report Wednesday found that 45 babies who died at two British hospitals might have survived if their care had been up to standard, in the latest UK maternity scandal.

UK fund managers suffer asset declines on shaky markets

A quartet of British fund managers said assets under management (AUM) dropped by $9.8 billion in aggregate in the three months to end-September, after a sharp sell-off in UK stocks and bonds in recent weeks compounded longer-held worries about a global slowdown.

UK PM Truss tries to reassert authority as rebellion grows

British Prime Minister Liz Truss sought to reassert authority over her fraught party on Wednesday with Conservative enforcers telling lawmakers they had to support her fracking policy as a vote treated as a test of confidence in the government.

UK foreign minister says beating of protester at Chinese consulate 'unacceptable'

British Foreign Secretary James Cleverly said on Wednesday the treatment of a protester seen being pulled into the grounds of a Chinese consulate and beaten was "unacceptable" while the Consul-General said demonstrators had stormed its grounds.

Amazon launches home insurance comparison website in Britain

Amazon.com Inc is launching a home insurance portal in Britain and has signed up three big-name insurers as it pushes further into financial services across the globe.

EU leaders still eyeing multiple gas price caps - document

European Union leaders meeting this week are set to endorse the bloc's latest proposals to curb energy prices, but pressure Brussels to go further and cap the price of gas used in power generation, according to a draft of their meeting conclusions.

Germany to spend 6.3 bln euros on push for electric car charging points

The German government approved a plan on Wednesday to spend 6.3 billion euros ($6.1 billion) over three years to rapidly scale up the number of charging stations for electric vehicles across the country, as part of its push towards net zero emissions.

Tesla sees 2022 delivery miss, Q3 revenue comes in below forecast

Tesla Inc Chief Executive Elon Musk on Wednesday said he expected the company would miss its vehicle delivery targets this year, but downplayed concerns about softening demand after the company's revenue missed Wall Street estimates.

BMW chief warns against setting gas-powered phase-out date

Setting a date to phase out gas-powered vehicles could remove "cheap cars" from the market, putting ownership out of reach for many, and be politically dangerous, the board chair of German automaker BMW Oliver Zipse said on Wednesday.

Musk says he's 'excited' about buying Twitter, but overpaying

Musk added that he believes Twitter has potential to be worth "an order of magnitude" more than it is now.

Man Utd too good for Tottenham, Liverpool revival rolls on

United are now just one point off the Champions League places and could leapfrog Chelsea when the sides meet at Stamford Bridge on Saturday.