Newsletter Oct 21, 2022

Shortest-serving PM in history leaves scars on economy

The crisis-hit PM, elected Conservative leader just six weeks ago on a tax-slashing platform, announced her resignation Thursday.

Johnson comeback bid adds drama to UK political soap opera

According to The Times, he intends to join the race to succeed Liz Truss, believing that it is in the "national interest".

S&P 500 to open lower as UK's Truss resigns as PM

The S&P 500 index was set to open lower on Thursday after the resignation of Liz Truss as prime minister of the UK added a layer of uncertainty to markets struggling to hold on to gains from a set of positive earnings forecasts from U.S.

EU leaders fight for common ground on energy prices

EU leaders are set for tough talks on how to handle Europe's energy shock Thursday.

Yen sinks to new low as British pound briefly surges after Truss exit

The British pound briefly surged more than one percent against the dollar to $1.1336, but later retreated somewhat.

BoE's Broadbent says market bets on rate hikes would hit economy

Bank of England Deputy Governor Ben Broadbent told investors on Thursday that the big increases in interest rates they had priced in on the back of Prime Minister Liz Truss's fiscal plans would deliver a "pretty material" hit to the economy.

Philip Morris sweetens buyout bid for Swedish Match

Marlboro maker Philip Morris International Inc on Thursday raised its buyout offer for Swedish Match AB in a last-ditch effort to get shareholder support for its $16 billion move into the fast-growing market for alternatives to cigarettes.

Meta, Alphabet, Pinterest shares shudder on Snap warning

Shares of Meta Platforms, Google-owner Alphabet and other companies that sell digital ads dropped late on Thursday after Snapchat owner Snap Inc blamed inflation for its slowest revenue growth since going public five years ago.

European Space Agency to launch two missions on SpaceX rockets

The European Space Agency announced Thursday it will use SpaceX's Falcon 9 rockets to launch two scientific missions because of delays to its own Ariane 6 rocket and the cancellation of flights on Russia's Soyuz launchers.

Child sex abuse in Britain is epidemic, UK inquiry says

Child sex abuse is epidemic in Britain, affecting millions of victims, and those who work with young people should be prosecuted if they fail to report it, a seven-year public inquiry concluded on Thursday.