Newsletter Mar 15, 2023

Hunt, hemmed in by debt, set to focus on growth in UK budget

British finance minister Jeremy Hunt will announce on Wednesday how he will try to speed up the world's sixth-biggest economy after the shocks of Brexit, a heavy COVID-19 hit and double-digit inflation have left it lagging behind its peers.

London fears losing luxury shoppers to Paris and Milan

London's luxury retailers fear the city is losing its pull as a shopping destination, with tourists from the United States, China and the Gulf flocking instead to Paris and Milan where tax breaks still offer a way to cut the cost of their purchases.

UK pay growth slows as Bank of England mulls rates pause

Growth in pay in Britain - which the Bank of England is watching closely as it weighs up whether to pause its run of interest rate hikes next week - lost pace in the three months to January, official data showed on Tuesday.

UK banks not seeing deposit 'flight to quality' after SVB collapse

British banks are not yet seeing a "flight to quality" in deposits among customers nervous about the safe-keeping of their money following the collapse of U.S.

UK's National Cyber Security Centre reviewing TikTok risks, minister says

Britain's National Cyber Security Centre is reviewing whether Chinese-owned video app TikTok should be banned from government phones, security minister Tom Tugendhat said on Tuesday.

UK employers feel the strain of missing skilled workers

Frustrated with England's education system, Simon Biltcliffe spends a lot of time training new hires at his marketing firm in the "soft skills" he and many employers say the country's sluggish economy badly needs.

Dealers see UK gilt issuance around 232 billion pounds in 2023/24: Reuters poll

Dealers expect Britain to ramp up issuance of government bonds in the coming financial year, although by less than suggested by Debt Management Office (DMO) forecasts published in November, a Reuters poll showed on Tuesday.

New SVB CEO urges top venture capital clients to move deposits back

Silicon Valley Bank's new Chief Executive Tim Mayopoulos on Tuesday urged the failed bank's top venture capital clients to move their deposits to its newly created bridge entity, people who attended a virtual meeting with him said.

Crypto market resilient after collapse of SVB bank

As the Federal Reserve seeks to calm financial markets following the collapse of Silicon Valley Bank, the cryptocurrency market is showing signs of resilience despite links to the crisis.

Crypto exchange Binance to halt sterling transfers

Binance is halting its sterling deposits and withdrawals, a company spokesperson said on Tuesday, a month after the world's largest crypto exchange ceased dollar transfers.

Credit Suisse flags 'material weaknesses' in reporting, outflows not reversed

Credit Suisse said in its 2022 annual report the bank has identified "material weaknesses" in internal controls over financial reporting and not yet stemmed customer outflows.

EU agrees on principles of new debt rules, but many details still open

European Union finance ministers are converging on broad principles of a reform of Europe's fiscal rules to make them fit better with post-pandemic economic realities, but crucial details remain to be negotiated, a document showed.

Biden to host Irish PM Varadkar, affirm peace accords, White House says

They will express support for the 1998 Good Friday peace agreement and the recent deal between Britain and the European Union on post-Brexit trade rules for Northern Ireland.

Pixel Watch rises to second spot as Fitbit falls in tough wearable market

Google rose to the second spot in the wearables market as waning Fitbit shipments were offset by the 16 percent growth in its smartwatch sales thanks to the launch of the Pixel Watch.

Apple's rumoured Made for iPhone push could break EU rules

Apple is reportedly planning to implement the Made for iPhone certification process for accessories with USB-C ports and end up breaking EU law.

Exodus of healthcare workers from poor countries worsening, WHO says

Poorer countries are increasingly losing healthcare workers to wealthier ones as the latter seek to shore up their own staff losses from the COVID-19 pandemic, sometimes through active recruitment, the World Health Organization said on Tuesday.

Alcaraz, Swiatek march on at Indian Wells, Murray falls

Alcaraz will face Britain's Jack Draper for a place in the quarter-finals after Draper overcame former world number one Andy Murray 7-6 (8/6), 6-2.

Haaland hits five to ease Man City into Champions League quarters

City are yet to go all the way in the Champions League, but they have never had a striker of Haaland's quality to make the difference in the latter stages before.