Newsletter Feb 1, 2023

Libraries offer novel 'warm space' for hard-up Britons

UK public libraries are government-funded via local councils but have suffered from large budget cuts in recent years.

UK grocery price inflation surges to record 16.7% - Kantar

British grocery inflation hit a record 16.7% in the four weeks to Jan.

Few sanctioned Russian oligarchs disclose UK property, despite new law

Following Moscow's invasion of Ukraine last year, Britain trumpeted new legislation requiring property-ownership disclosure aimed at cracking down on Russian oligarchs and corrupt elites laundering illicit wealth.

Supermarket Asda, startup HVS receive UK hydrogen self-driving lorry grant

A consortium including Hydrogen truck startup HVS and supermarket chain Asda said on Wednesday it had been awarded a 6.6 million pound ($8.1 million) UK government grant to develop autonomous hydrogen heavy goods vehicles.

Boris Johnson to meet U.S. Republicans, push Ukraine aid

Former British Prime Minister Boris Johnson will meet with Republican lawmakers this week as he presses the United States to sustain aid to Ukraine as it fights off Russia's assault.

Oil rises as U.S. recession fears ease and dollar slips

Oil prices climbed on Wednesday underpinned by a weaker dollar, which fell on signs of slowing inflation in the United States, easing fears that the world's largest oil user may face a recession because of further interest rate hikes.

UK retail giant Tesco to axe over 2,000 jobs

Supermarket group Tesco, the biggest retailer in Britain, announced Tuesday plans to slash about 2,100 jobs, as sky-high inflation hikes costs.

Analysis-Italy promotes short-term job market, shunning Spain's example

Marta Pizza, a 26-year-old swimming instructor, has worked at a Rome sports centre for the last two years earning 8.50 euros per hour with no pension contributions, sick pay or holidays.

ChatGPT maker fields tool for spotting AI-written text

OpenAI cautioned that its tool can make mistakes, particularly with texts containing fewer than 1,000 characters.

Nigerian senator in UK court accused of organ harvesting

Nigeria's former deputy senate president and his wife appeared in a London court on Tuesday ahead of their trial for organ harvesting, but his accused daughter was unable to attend as she is in hospital.

EU tests banks' ability to withstand 'high-for-long' interest rates

European Union banking regulators on Tuesday launched a stress test to check how banks could cope with a long period of high inflation and interest rates just as the European Central Bank is expected to raise borrowing costs further.

Europe's luxury stocks have room to rise, but becoming costly

Europe's glittering luxury companies, the region's top stock-market performers in 2023, may see yet more gains driven by a rebound in Chinese spending, but for some the sector is starting to look expensive.

Cryptoverse: Big investors edge back to bitcoin

Big investors are dipping their toes into crypto waters again after a bumper month for bitcoin.

Global stocks drop as investors shrug off recovery hopes

Global stock markets slid Tuesday as Wall Street weakness offset positive economic data, while investors looked ahead to key interest rate decisions due this week.

Oil falls more than 1% on stronger dollar, rate hike worries

Oil prices fell by more than 1% on Tuesday, touching two-week lows on the prospect of further interest rate increases, a stronger U.S. dollar and ample Russian crude flows.

Eurozone dodges recession but gloomy outlook persists

The eurozone economy showed greater resilience than expected after avoiding a recession in the fourth quarter of 2022, official data showed Tuesday, but the outlook remained gloomy as soaring prices dampen growth.

Spotify shares jump on bullish outlook as more users tune in

Spotify Technology SA on Tuesday forecast that the number of listeners would reach 500 million in the current quarter as it reported fourth-quarter results that beat expectations for both active users and subscribers.

McDonald's tops profit estimates, warns short-term inflation to persist

McDonald's Corp on Tuesday beat Wall Street estimates for quarterly profit on higher menu prices, even as it warned short-term inflationary pressures would persist in 2023.

Chelsea pay record fee for Fernandez as Cancelo joins Bayern

Premier League clubs have once again massively outspent their rivals in a desperate scramble to strengthen their squads for the second half of the season.