Key Putin ally: West is underestimating chance of nuclear war over Ukraine May 26, 2023 A senior ally of President Vladimir Putin warned on Friday that the West was seriously underestimating the risk of a nuclear war over Ukraine, cautioning that Russia would launch a pre-emptive strike if Ukraine gets nuclear weapons. Russia’s 2022 invasion of Ukraine has triggered the deadliest European conflict since World War Two and the biggest [...]
Another fine mess: Credit Suisse faces £750m bill over former Georgia PM’s assets May 26, 2023 The embattled, scandal-hit and soon to cease to exist lender Credit Suisse announced this morning it will appeal a ruling in a Singapore court that it breached its duty to safeguard the assets of a former Georgian Prime Minister. The ruling, in a Singapore court, will see the bank forced to cough up $926m (£750m) [...]
Chancellor Jeremy Hunt says Bank must act – even if hikes slow UK economy May 26, 2023 Chancellor Jeremy Hunt has backed interest rate hikes being used to calm soaring inflation even if they increase the risk of pushing the UK into recession. Mr Hunt insisted in an interview aired on Friday that the “only path to sustainable growth” is to bring down the high prices behind the cost-of-living crisis. The Bank [...]
Heathrow: BA IT issues set to cause cancellations and delays today May 26, 2023 British Airways has apologised after an IT issue caused the cancellations of domestic and European flights on Thursday, as Britain heads into the Bank Holiday weekend. There were more than 50 cancelled British Airways flights departing Heathrow on Thursday with the airline urging passengers to check their flight status before going to the airport on [...]
Top City investor: Rate hikes and gilt spike WILL throw UK economy into recession May 26, 2023 A top Square Mile economist has warned that further rate hikes and the increasing price of government debt means the UK will struggle to avoid recession. Speaking to the BBC’s Today programme this morning, Abrdn’s investment director Luke Hickmore said that incomes were set to come “under a lot of pressure” after the Square Mile [...]
How Wall Street is preparing for worst-case scenario debt default May 26, 2023 Anxiety is increasing in parts of Wall Street that rely on Treasury securities to function, with some traders starting to avoid U.S. government debt that comes due in June and others preparing to deal with securities at risk of default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise [...]
Gambling giants fined over promo messages to ‘excluded’ punters May 26, 2023 The gambling regulator has fined Paddy Power and Betfair £490,000 for sending promotional push notifications to customers who had signed up to exclude themselves. Paddy Power sent the offer of enhanced odds for a Premier League match between Tottenham Hotspur and Leeds United in November 2021 to devices that were either linked to accounts registered [...]
Nationwide to up mortgage rates as analysts predict further hikes May 26, 2023 Britain’s biggest building society is increasing some of its mortgage rates for new borrowing from Friday, saying this will ensure its rates “remain sustainable” in the current economic environment. The rate increases, of up to 0.45 percentage points, only affect customers taking out a new mortgage deal. For first-time buyers and those looking to move [...]
Hong Kong to San Francisco: How office workers are returning across the globe May 25, 2023 The rise of hybrid working and working from home during the pandemic has left cities across the world facing up to new challenges – but the rate at which staff are returning to their offices is different across the world. Asian cities, despite more strident restrictions on mobility during the pandemic itself, have seen their [...]
Starmer copycat? Sunak bemoans ‘ridiculous’ ads for vapes directed at children May 25, 2023 Rishi Sunak has expressed concern about his daughters potentially being targeted by vape advertising after figures showed the proportion of children trying e-cigarettes has doubled in the past decade. The Prime Minister said it was “ridiculous” that the products appear to be marketed towards young people. Campaigners have argued that vapes are designed to attract [...]
