FCA chair questions watchdog’s role in crypto regulation Crypto crash The chair of the UK’s top financial watchdog has questioned the role it should play in crypto regulation after hundreds of billions of dollars was wiped from the value of the market in the past month.
Which?: Food prices climb a fifth in just two years cost of living Prices for some of the UK’s most loved grocery items have soared over the last two years, a new study has revealed. Supermarkets have hiked the price of 265 lines by more than a fifth, with Tesco raising the price of household favourtie Kellogg’s Crunchy Nut 21.4 per cent and Sainsbury’s lifting Warburtons’ four-seeded thin [...]
Pound on course for best week since Christmas 2020 markets The pound was on course for its best week against the dollar since December 2020 driven by investors betting on the Bank of England having to keep raising interest rates to get on top of a historic inflation crunch. Markets are baking in a fifth successive rate hike at the Bank’s next meeting in June [...]
Wall Street tips into bear market territory on recession fears May 21, 2022 Intensifying concerns about the health of the global economy has tipped Wall Street into bear market territory. The US’s top index, the S&P 500, at one point yesterday lost two per cent, ratcheting up its losses since its peak in January to more than 20 per cent, breaching the threshold for a bear market. The [...]
Saturday Special: Why the London Stock Exchange and Euronext are moving their datacentres around May 21, 2022 Datacentre exchange colocation is on the mind of many key players in the City and beyond at the moment. The idea appeals to a wide group of capital markets participants, and for various reasons. For example, with Euronext migrating from Basildon in Essex to the Aruba Global datacentre IT3 in Bergamo this year and the London Stock Exchange Group [...]
Ay caramba! UK kicks off negotiations with Mexico for £4bn post-Brexit trade deal May 20, 2022 International Trade Secretary Anne-Marie Trevelyan is set to fire the starting gun on free trade talks between the UK and Mexico during the visit of her Mexican counterpart, Tatiana Clouthier to London this afternoon. Officials said UK negotiators would be looking to go “further and deeper” in terms of integrating ties in a relationship already [...]
Bank of England hints further interest rates are coming soon to bring down highest inflation in four decades May 20, 2022 As the British economy is hit by high levels of inflation, the Bank of England’s chief economist said today interest rates might need to rise further in the near future. Huw Pill said the 9 per cent inflation rate – the highest in 40 years – is a “very uncomfortable situation” for decision-makers at the [...]
Over 60? Supermarket giant Iceland to fight cost-of-living crisis by giving older shoppers 10 per cent discount May 20, 2022 Frozen food chain Iceland is set to introduce a discount for seniors as Britons struggle with soaring prices. The supermarket chain has announced that, from May 24, customers aged over 60 will receive a 10 per cent discount on their groceries every Tuesday with no minimum spend. In order to redeem the discount, senior shoppers [...]
Food as a weapon: Russia accused of withholding grain for millions to ‘break the spirit of Ukraine’ May 20, 2022 Russia has been accused of ‘weaponising’ food and holding grain for millions of people around the world hostage to “break the spirit of the Ukrainian people”. US Secretary of State Antony Blinken told a UN Security Council meeting called by the United States that the war has halted maritime trade in large areas of the [...]
Brits’ optimism tumbles to new depths, below financial crisis and Covid-19 lockdowns May 20, 2022 Rampant inflation, tax hikes, swelling food and energy bills and the Russia-Ukraine war has sent Brits’ optimism to its lowest level ever, reveals a closely watched survey published today. UK households are now even more pessimistic than they were when the world was in the teeth of the global financial crisis in 2008 and during [...]