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Economy
WE Soda pulled its IPO due to a combination of high valuations and a poor economy
Alasdair Warrren, the chief executive of WE Soda in the UK, has withdrawn his plan to make the largest producer of soda ash in the world public. This was announced two weeks ago.
WE Soda blamed "extreme investor caution" in London for…
Mortgage rates to rise for two of UK’s largest lenders
NatWest and Nationwide raise borrowing costs, increasing pressure on the government to control the cost of living crisis .NatWest and Nationwide, two of the UK’s largest mortgage lenders, announced on Thursday they were increasing rates,…
Rishi Sunak is under pressure after HSBC increases mortgage rates a second time this week
HSBC has raised mortgage rates for a second time in a row. Other lenders are expected to follow suit, increasing the financial pressures on UK households.
Brokers warned other UK lenders will follow HSBC’s decision made on Wednesday.…
Federal Reserve announces two additional rate increases but skips the current one
Powell defends decision to pause tightening campaigns in the face of persistently higher inflation .The Federal Reserve signalled its support for two more interest rate rises this year, including one that could be implemented at its next…
UK grocery spending surges as food costs rise
Retail sector data points to reduction in discretionary purchases as consumers pay more for staples .High food inflation pushed up UK grocery spending last month, prompting many consumers to cut back on discretionary purchases, according to…
Andrew Bailey: Inflation will take a ‘lot more time’ to fall than expected
Andrew Bailey, governor of the Bank of England, said that inflation is taking "a lot longer" to fall than investors had hoped. Investors were betting on higher interest rates on Tuesday as a result of positive wage data.
After the…
EU warns that barriers to trade after Brexit will likely ‘deepen further’
The EU's Brexit Negotiator warned that trade barriers between the UK & EU will likely increase despite a resolution to a diplomatic standoff over Northern Ireland bringing a "new attitude" in the relations.
"Trade cannot be as fluid…
The traders are betting on higher US interest rate
After unexpected rate increases in Canada and Australia, and strong US job data, the hopes of rate reductions later this year are fading. Traders are upping their bets that US interest rates will be higher for longer after Australia and…
Saudi Arabia’s loss of control over oil prices
It was a time when Saudi Arabia could control the future or at least, the future of world economics.
The people would listen to Sheikh Yamani as if he were a legendary Saudi Oil Minister, or a kind of Pythia from Delphi.
He could,…
Sunak gets a boost as British AI chief praises Britain
In a major boost for Rishi Sunak, US data giant Palantir said that Britain was a better place than the EU to develop artificial intelligent (AI), thanks to "pragmatic privacy laws".
Alex Karp, the chief executive of the company, said…
Eurozone dips into recession
At the beginning of this year, the eurozone economy entered a recession as the decline in German and other large economies impacted the output.
Eurostat, Eurozone's statistical agency, has released official data showing that the growth…
OECD Signals that UK Government is unlikely to be able to achieve tax cuts
Organisation for Economic Cooperation and Development warned the UK Government that it had "little fiscal room" for giveaways. This could dampen the hopes of tax cuts ahead of the next election.
The Paris-based institute said in its…
The debt servicing costs of the EU budget are expected to double by 2024
According to the budget chief of the Commission, on Wednesday, interest rates will increase and the EU's debt costs will double by 2024. This raises concerns about the ability of the EU to deal with future financial shocks.
In recent…
Construction PMI: Drop in housebuilding ‘will chill spine’ of UK economy
The pace of housebuilding declined last month to its lowest level since the first Covid locking down three years earlier.
According to the latest Construction Purchasing Managers' Index from S&P Global & the Chartered Institute…
Spain is worried about German threats to boycott “drought strawberries”
International repercussions of domestic conflict over illegal wells used by farmers .A clash over water use in Spain’s parched agricultural sector risks tarnishing one of the country’s most recognisable exports in European supermarkets:…
Former F1 owner enters race to purchase Center Parcs
CVC Capital Partners is ready to make a bid for Center Parcs. CVC Capital Partners was the former owner Formula One.
Private equity firm based in Luxembourg is one of the buyers who are considering the takeover of a British family resort…
Why UK inflation is so high and hard to bring down
The post-pandemic inflation burst has subsided in many parts of the developed world. However, Britain still suffers from the highest rate of price increases among the Group of Seven economies. Bank of England responded by raising interest…
Ukraine’s rapid rebuilding will be in Europe’s interest
Planning for the post-war period should be centered on making the country the hub of the green transition in the continent .Foremost on the minds of Ukrainians and their friends is the need to win the war. But to delay preparations for what…