EU close to agreement to limit the price of Russian oil

GRAMHello. Elon Musk is on track to buy Twitter after reviving a takeover bid for the company. The world’s richest person gave in to Twitter’s legal demands to buy the social network for $44 billion just days before a court battle over the deal began. Twitter’s shares on the New York Stock Exchange were suspended … Read more

Taxes on energy companies to help the poor, says Shell boss

GRAMGovernments should tax energy companies to help poorer people deal with sky-high bills, but should not intervene to cap gasoline prices, according to the Shell boss. Speaking at an energy conference in London, Ben van Beurden said: “One way or another, there needs to be government intervention. “Protecting the poorest, that probably means governments need … Read more

Pound Erases Gains After Government Fiscal Retreat

GRAMHello. Sterling fell 0.19% to $1.1144 in early trading, however it has rebounded strongly since the Bank of England announced it would buy as much government debt as needed to restore order. The Bank of England was in contact with Swiss authorities last night after Credit Suisse sought to calm nerves rather than stoke fears … Read more

The pound falls again as the World Bank warns of a recession in Europe

GRAMHello. The British pound has pulled back again today after a strong rebound against the dollar on Wednesday. The pound rose the most since mid-June on Wednesday, dragging the euro with it, after the Bank of England conducted the first of its emergency bond buybacks, worth more than 1 billion pounds. Sterling was down 0.9% … Read more

FTSE Live: Bank of England steps in to calm UK debt market

Supermarkets spooked by food inflation numbers: Market roundup on the upside Alarm bells were sounded today in some of the biggest names in the London market, with retailers and banks hit hard by renewed concerns about inflation and the UK interest rate outlook. Supermarket chains were spooked by figures from the British Retail Consortium (BRC) … Read more

Pound falls again as IMF and Moody’s warn of Kwarteng tax cuts

GRAMHello. The pound has slipped back into the red after two major interventions last night reignited investor concerns about the UK tax cut budget. In an extraordinary development, the IMF urged Prime Minister Liz Truss to reverse her economic policies, noting in particular the decision to eliminate the highest rate of income tax. Ratings agency … Read more

The pound will be worth less than a euro, warns US economist

5 things to start the day 1) Markets doubt Bailey can avoid emergency rate hike after pound crash The Bank of England governor failed to convince traders that the action can wait until November after the pound plunged on Monday. two) Mortgage payments will increase by almost £10,000 a year if interest rates hit 6% … Read more

From the Fed to Europe’s currency crisis, here’s what’s behind this sell-off in financial markets

Trader on the floor of the NYSE, June 7, 2022. Source: NYSE Stocks fell sharply, bond yields rose and the dollar strengthened on Friday as investors heeded a signal from the Federal Reserve that its battle against inflation could result in much higher interest rates and a recession. Friday’s sell-off was global, in a week … Read more

British Pound Plunges, Bonds Plunge After Tax Cut Announcement

The British pound hit its lowest level since July 1, 2020. Matt Cardy | fake images The embattled pound sterling fell 2.5% against the dollar on Friday, after the new UK government announced a sweeping economic plan in a bid to boost growth. Sterling had fallen as low as $1.0975 by 3:35pm London time, extending … Read more

Peak inflation revised down to 11% after Truss cuts power bills

DAily Mail chief executive Paul Zwillenberg will leave the company when owner Lord Rothermere regains control after a privatization deal earlier this year. Zwillenberg will step down as CEO and director of the board of the Daily Mail and General Trust (DMGT) at the end of September after more than six years in the role. … Read more