Newsletter Nov 24, 2022

UK defends Brexit deal despite economic woes

The Bank of England and the government's independent spending watchdog have both said Brexit has hurt the UK economy and plunged it to the brink of recession.

Grinding inflation clouds 'Black Friday' shopping bonanza

Earnings reports from retailers in recent days have painted a mixed picture on consumer health.

Centeno wants ECB to send clear message of gentler rate hikes

The European Central Bank should slow the pace of interest rate hikes from December and send a clear message that 75-basis-point increases are not the norm, as inflation is likely to peak this quarter.

EU countries spar over 275 euros/MWh gas cap proposal

The 27 European Union countries disagreed on Wednesday over a proposal by the bloc's executive to cap future gas prices at 275 euros per megawatt-hour (MWh), a plan that has swiftly drawn criticism from both backers and opponents.

Investors back call for UK firms to support low-paid workers

A group of 17 investors managing 3.2 trillion pounds ($3.82 trillion) have called on Britain's biggest listed employers to offer more support to low-paid workers as inflation drives a sharp rise in the cost of living.

Bank of England to raise Bank Rate by 50 bps in Dec, peak at 4.25% in Q1: Reuters poll

The Bank of England will press on with interest rate rises to battle inflation even though Britain is heading into a long albeit shallow recession, with consumers facing an extended cost of living crisis, a Reuters poll of economists found.

UK top court rejects Scottish independence vote plans

Britain's highest court on Wednesday rejected a bid by the devolved Scottish government in Edinburgh to hold a new referendum on independence without London's consent.

UK PMI sticks near 21-month low as orders weaken

British economic activity fell at close to its fastest pace in nearly two years in November, adding to signs of recession as orders sank and employment growth slowed, a survey showed on Wednesday.

Credit Suisse expects Q4 pre-tax loss of $1.6 bn

Credit Suisse predicted a surprise fourth-quarter pre-tax loss of up to $1.6 billion as the beleaguered bank undertakes a radical overhaul, sending stocks tumbling again on Wednesday.

UK to send helicopters to Ukraine for 'first' time

Britain is to send helicopters to Ukraine for the first time since Russia's invasion, the defence ministry in London said on Wednesday.

French regulator approves state bid to renationalise power giant

France's financial markets regulator on Tuesday approved the state's plan to fully control heavily indebted national power utility EDF that is to spearhead efforts to relaunch the French nuclear industry.

Musk floats 'general amnesty' of suspended Twitter accounts

A blanket decision on suspended accounts could potentially alarm government authorities that are keeping a close look at Musk's handling of hateful speech

UK retailer Boohoo denies 'slave' labour claims

The online retail group has annual sales of almost £2.0 billion per year, and its chief executive was paid a £1.3 million bonus this year.

Bankers pour cold water on red hot coal

It's the best of times, it's the worst of times. At least when it comes to mining coal.

Volkswagen strikes below-inflation wage deal, continues German trend

Volkswagen on Wednesday agreed a two-year wage deal for workers at its western German factories, offering around 8.5% more pay, which was below inflation but above what other employers have yielded in recent weeks.

Ukrainians suffer in cold, darkness as president implores U.N. to punish Russia

Ukrainian President Volodymyr Zelenskiy urged the United Nations Security Council to act against Russia over air strikes on civilian infrastructure that have again plunged Ukrainian cities into darkness and cold as winter sets in.

First nationwide map of Italy's fascist monuments goes online

More than 1,400 monuments, street signs and plaques honouring fascism have been put online in the first nationwide attempt to document the symbols of Benito Mussolini's regime that still dot the urban landscape of Italy.

Germany protest against World Cup armband ban

German players covered their mouths for a World Cup team photo on Wednesday in a protest against FIFA's decision to ban rainbow-themed armbands as Luka Modric's Croatia played out a 0-0 draw against Morocco.