Newsletter Jan 24, 2023

UK employers urge Sunak to act urgently on growth reforms

Britain is lagging its peers in the race to spur economic growth and Prime Minister Rishi Sunak must act now to boost green investment, fix a lack of workers and avoid chaos over post-Brexit rules, the head of an employers group said on Monday.

What is the Bank of England looking at before rate decision?

The Bank of England must decide next week how much higher it will raise borrowing costs as it tries to bear down on Britain's double-digit inflation rate without adding too much stress to an economy already close to recession.

UK ambulance workers strike again as unions call for talks

Thousands of ambulance workers held another strike across England and Wales on Monday, in escalating industrial action as unions called the government to hold talks on improving pay and conditions.

European Central Bank to raise deposit rate to 3.25% by mid-year

The European Central Bank will deliver 50 basis point interest rate rises at each of its next two meetings, according to economists polled by Reuters, whose forecasts still risk lagging behind policymakers' guidance on how high rates will go.

EU's planned reforms aim to better protect power bills from market swings

European Union proposals to overhaul its electricity market will attempt to better protect consumer energy bills from short-term swings in fossil fuel prices, the European Commission said on Monday.

European stocks edge higher, Wall Street futures flat

European stock indexes edged higher on Monday, while Wall Street futures struggled to make gains as investors weighed up recession fears with hopes that inflation could be past its peak.

Musk to return to stand in fraud trial over 2018 Tesla tweet

Tesla Chief Executive Elon Musk will take the witness stand again on Monday, as he defends himself against fraud claims that he lied when he tweeted in 2018 that he had funding to take the electric carmaker private.

Bankrupt crypto lender genesis optimistic it can resolve creditor disputes

A lawyer for the bankrupt Genesis Global Capital said on Monday that the cryptocurrency lender had some confidence it could resolve its disputes with creditors this week, with a goal of emerging from Chapter 11 by late May.

French bakers protest over surging power prices

Bakers were already struggling with higher butter and flour costs, while the price of eggs has also spiked because of a national bird flu outbreak that has hit many French farms.

Spotify to cut some 600 staff as tech woes spread

Swedish music streaming giant Spotify said Monday it was cutting six percent of its roughly 10,000 employees in the latest cost-cutting announcement among technology companies.

Ford job cuts plan triggers union threat of Europe-wide disruption

German union IG Metall warned Ford on Monday that it would take measures impacting production across Europe if the company did not reverse plans to cut thousands of jobs in development in Germany and divert capacity to the United States.

Exclusive-Geely plans to turn maker of London black cabs into EV powerhouse

China's Geely is planning a big investment to turn the maker of London's iconic black taxis into a high-volume, all-electric brand with a range of commercial and passenger vehicles, executives at the unit told Reuters.

Luxury giants bank on Chinese return as Western shoppers sober up

The focus of the luxury industry is shifting back to China, with hopes that its high-end spenders will once again splurge on designer goods during Lunar New Year festivities as Beijing relaxes COVID curbs after three long years.

U.S., EU, UK impose new sanctions on Iran over protest crackdown

The West on Monday stepped up pressure on Iran over its crackdown on protests as the United States, European Union and United Kingdom imposed fresh sanctions on Tehran.

Man found guilty of robbing British cycling star Cavendish

A man was found guilty on Monday of robbing British cycling star Mark Cavendish and his wife Peta of their high-value watches in a knifepoint attack at their home.