Newsletter Oct 26, 2022

Sunak's cabinet: the ministers still serving in UK govt

Rishi Sunak unveiled his top team of ministers on Wednesday, hours after taking office as Britain's first prime minister of colour vowing stability.

Analysis: UK's Hunt faces triple threat from debt, recession and conservative rebels

Newly confirmed finance minister Jeremy Hunt must keep investors calm about Britain's debt mountain, avoid causing a deep recession and work out a way to stop the Conservative Party from splintering again - and all of it by next Monday.

Sterling rises as Sunak prepares to become PM, euro awaits ECB hike

Sterling rose on Tuesday supported by improved risk sentiment as Rishi Sunak prepared to become Britain's prime minister, while the euro steadied ahead of an expected rate hike by the European Central Bank (ECB) on Thursday.

New PM Rishi Sunak pledges to fix Britain's many problems

Rishi Sunak said on Tuesday he was not daunted by the scale of the challenge as he became Britain's third prime minister in two months, pledging to restore trust, rebuild confidence and lead the country through an economic crisis.

UK's Rishi Sunak becomes richest ever occupant of Number 10

With his ascent to prime minister, Rishi Sunak and his wife Akshata Murthy will become the richest ever occupants of Number 10 Downing Street just as the country struggles with an economic crisis and the government mulls painful spending cuts.

Global economy approaching a recession, central banks unchained - Reuters poll

The global economy is approaching a recession as economists polled by Reuters once again cut growth forecasts for key economies while central banks keep raising interest rates to bring down persistently-high inflation.

EU to propose banks offer mandatory 'instant payments' in euros

Banks in the euro zone would be required to provide 'instant payments' in the single currency 24/7 under draft European Union rules seen by Reuters.

Cryptoverse: British pound fiasco boosts bitcoin's hedge appeal

As a developed nation, you know your currency's in a spot of bother when investors start to hedge with bitcoin.

Berlin-Paris ties under strain as EU faces harsh tests

Signs are growing that the crucial partnership between Germany and France is stumbling, experts say, just as Russia's invasion of Ukraine and soaring energy costs place extreme stress on the EU.

Credit Suisse banking on restructure revamp

New Credit Suisse chief executive Ulrich Koerner, faced with trying to turn around the beleaguered bank following multiple scandals, is set to unveil his strategic road map on Thursday.

Google's money churning ad engine sputters in rough economy

Alphabet said it made a profit of $14 billion in the third quarter on ad revenue that grew just 6 percent to $69 billion when compared with the same period of last year.

Intel unit Mobileye prices IPO above range to raise $861 million

Mobileye Global Inc, the self-driving unit of chip maker Intel Corp, raised $861 million in an initial public offering (IPO)

Russia, Ukraine to fight 'heaviest of battles' in Kherson: Kyiv official

A senior Ukrainian official predicted "the heaviest of battles" to come for the partially Russian occupied strategic southern province of Kherson and said Moscow's military is digging in to face advancing Ukrainian forces.

Adidas ends Ye deal over hate speech, costing rapper his billionaire status

Adidas AG terminated its partnership with rapper and fashion designer Ye on Tuesday after he made a series of antisemitic remarks, a move that knocked the musician off the Forbes list of the world's billionaires.

Juventus crash out of Champions League but Chelsea, PSG through to last 16

Juventus had been knocked out in the last 16 in each of the last three seasons but they have not been eliminated from the Champions League in the group stage since 2013/14.