UK faces record hit to living standards as tax hikes loom

Britain facing record living standards hit UK economy in recession, set to shrink in 2024 Almost half of 55 billion-pound belt-tightening from tax rises Budget watchdog sees 7% hit to living standards IFS think-tank says bulk of the hit to come after 2024 LONDON, Nov 17 (Reuters) – Britain faces a record hit to living … Read more

COP27 negotiators still far apart on strong climate deal

G20 leaders expressed support for climate action Lula boosts COP27 with ‘Brazil is back’ message But countries struggle for climate deal in Egypt SHARM EL-SHEIKH, Egypt, Nov 16 (Reuters) – Countries were far from agreeing the contours of a climate deal at the COP27 summit in Egypt on Wednesday, with the host country urging negotiators … Read more

G20 summit deplores war in Ukraine ‘in strongest terms’

G20 says ‘most members’ condemn war in Ukraine Threat of use of nuclear weapons ‘inadmissible’ – declaration Agreement to calibrate monetary tightening NUSA DUA, Indonesia, Nov 16 (Reuters) – Leaders of the Group of 20 (G20) nations deplored Russia’s aggression in Ukraine “in the strongest terms” on Wednesday and demanded its unconditional withdrawal in a … Read more

Lula’s honeymoon with Brazil markets ends amid spending plan fears

BRASILIA, Nov 10 (Reuters) – Brazilian President-elect Luiz Inacio Lula da Silva’s brief honeymoon with financial markets looked finished on Thursday, as he pushed for more room to grow social spending without setting long-term fiscal rules or naming his top economic policymakers . Brazil’s currency and benchmark Bovespa stock index (.BVSP), which rose last week … Read more

China’s trade unexpectedly shrinks as COVID curbs, global slowdown jolts demand

China’s Oct exports, imports shrink unexpectedly Frail data further blow to struggling economy Global recession risks, COVID curbs in China darken outlook Analysts expect further weakness in exports and imports BEIJING, Nov 7 (Reuters) – China’s exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as a perfect storm of … Read more

Apple warns of lower iPhone shipments as COVID curbs hobble China plant

Apple expects lower shipments of iPhone 14 Pro and Pro Max Apple says a China plant operating at sharply reduced capacity Apple supplier Foxconn revises down Q4 outlook TAIPEI, Nov 7 (Reuters) – Apple Inc ( AAPL.O ) expects lower shipments of premium iPhone 14 models than previously anticipated following a significant production cut at … Read more

Egypt’s pound slides as IMF deal triggers new exchange rate regime

Central bank hikes rates in an effort to contain inflation IMF says deal can catalyze about $5 bln in FY 2022/23 Finance rules that snarled imports to be phased out CAIRO, Oct 27 (Reuters) – Egypt’s pound slid about 14.5% to a record low against the dollar on Thursday as authorities announced a $3 billion … Read more

UK’s Rishi Sunak delays plan to plug Britain’s budget black hole

PM and finance minister Hunt take ‘prudent’ decision Sunak tells cabinet: “Important to reach right decisions” Markets react, but scale of moves muted compared to September LONDON, Oct 26 (Reuters) – Britain’s new Prime Minister Rishi Sunak on Wednesday delayed the announcement of a keenly awaited plan for repairing the country’s public finances until Nov. … Read more

New PM Rishi Sunak pledges to lead Britain out of economic crisis

Sunak meets King Charles on Tuesday morning Vows to rebuild trust in the country Expected to start forming a cabinet Sunak faces a huge challenge to rebuild stability LONDON, Oct 25 (Reuters) – Rishi Sunak became Britain’s third prime minister in two months on Tuesday and pledged to lead the country out of a profound … Read more

UK finance minister Hunt vows to win back financial market trust

PM Truss remains under intense political pressure Government must account for every penny, says new finmin Promises to make “difficult decisions” on spending, tax LONDON, Oct 16 (Reuters) – New finance minister Jeremy Hunt promised to win back Britain’s economic credibility by fully accounting for the government’s tax and spending plans, while insisting his boss … Read more