Newsletter Feb 8, 2023

Britain needs new 'stockpile' strategy to support Ukraine, says Labour

Britain must set out a new strategy to boost military production and overhaul wasteful procurement to better support Ukraine and signal to Russia that things can only get worse, opposition Labour's defence policy chief said on Tuesday.

BP posts record profit, dilutes green target

BP on Tuesday also said its carbon emissions would not fall as quickly as anticipated.

Britain's Sunak shuffles cabinet to bolster pledges on economy

British Prime Minister Rishi Sunak reshuffled his cabinet on Tuesday, breaking up two departments to better suit his pledges to spur the economy and turn around his party's fortunes before an election expected next year.

UK policeman jailed for life over serial rapes

A UK judge on Tuesday sentenced a former policeman to life in jail, with a minimum term of 30 years, for dozens of rapes and sexual assaults in the latest case to shame London's Metropolitan Police force.

Rescuers battle cold as Turkey-Syria quake toll hits 5,000

A massive rescue effort in Turkey and Syria battled frigid weather in a race against time Tuesday to find survivors under buildings flattened by an earthquake that killed more than 5,000 people.

VIP lounge becomes quake refuge in stricken Turkish city

Turkey's Interior Minister Suleyman Soylu has warned the next 48 hours would be "crucial" in the hunt for survivors.

Stocks steady, dollar higher on US rate-hike expectations

Stock markets largely steadied and the dollar rose Tuesday, with traders forecasting US interest rates to keep climbing following last week's blockbuster American jobs report.

Emerging market funds see big inflows in January on China reopening

Emerging market bond and equity funds received heavy inflows in January after a dry patch last year, aided by China's reopening and softening inflation pressures worldwide.

Japan confirms record interventions to support yen

Japan confirmed on Tuesday that it made record interventions in the foreign exchange market in October, selling the dollar worth 6.35 trillion yen ($48 billion) to support the yen currency, Ministry of Finance (MOF) data showed.

France hit by new strikes, protests over pension reform

Fresh strikes hit trains, schools and refineries in France on Tuesday over an unpopular pension reform pushed by President Emmanuel Macron, with nationwide protests planned for later in the day.

Global hedge funds gain in January, but not as much as stock market, HFR says

Global hedge funds posted a solid 2.8% gain in January, but they missed out on the stellar rally that broader stock market indexes posted to start the year because the funds were mostly positioned for a continued bear market, data provider HFR said on Tuesday.

China's Baidu says developing AI chatbot

Chinese search engine giant Baidu on Tuesday said it was developing an AI-powered chatbot, as tech giants rush to match the success of ChatGPT, a hugely popular language app that has sparked a gold rush in artificial intelligence technology.

French, German ministers to tackle green subsidies with US

The French and German economy ministers, Bruno Le Maire and Robert Habeck, kick off high-stakes talks with US officials Tuesday to underscore European concerns over President Joe Biden's ambitious climate action plan.

SoftBank tumbles to loss as Vision Fund in red for fourth straight quarter

Japan's SoftBank Group Corp fell to a quarterly loss on Tuesday, as its giant Vision Fund investment unit remained in the red for a fourth straight quarter, sharpening focus on when markets will recover enough to allow it to list some assets.

Investors to focus on buybacks, billionaire tax in Biden speech

U.S. President Joe Biden will likely put taxes and corporate stock buybacks squarely in investors' focus during Tuesday night's State of the Union address as part of his push to restructure the world's largest economy to be less favorable to the very wealthy.

Harry Potter video game gets bumper sales despite LGBTQ backlash

The video game's release has prompted some to call for a boycott but thanks to pre-orders it is already sitting at the top of sales charts.

Video conferencing star Zoom cuts staff by 15 percent

Zoom Video Communications chief executive Eric Yuan is also taking a 98 percent cut in salary this year.

Codebreakers find, decipher lost letters of Mary, Queen of Scots

Mary was beheaded in 1587 after being found guilty of plotting to assassinate Elizabeth I, marking the end of a dramatic life since portrayed in numerous movies and books.

Messi and PSG face potentially season-defining week

A French Cup trip to bitter rivals Marseille on Wednesday is the start of seven days that could define this season for Paris Saint-Germain, with a Champions League showdown against Bayern Munich approaching.