Analysis: Truss can’t buck the markets October 14, 2022 Around eight minutes is how long prime minister Liz Truss today allocated to explain why she sacked her chancellor for implementing her tax cuts and signed off her second mini budget U-turn. She clarified neither. She answered four questions and committed to her “mission” to boost growth in the UK at a Downing Street press [...]
Titanic Technology, where the fun never Ends October 14, 2022 It was Benjamin Franklin who said: “nothing can be said to be certain, except death and taxes”. In addition to that I can add another certainty – the lack of quality IT developers in the Financial Technology landscape. Blessed is the geek, for they shall inherit if not the earth, then a hefty salary, possible [...]
Bitcoin keeping calm and getting on with it while everything else flusters and fails October 14, 2022 Jason Deane peruses his notes from the week and is left scratching his head about the state of the world - but not the potential of Bitcoin.
UK borrowing costs tank as mini budget U-turn rumours gather pace October 14, 2022 UK borrowing costs fell sharply today driven by chancellor Kwasi Kwarteng and prime minister Liz Truss reportedly set to U-turn on more parts of their mini budget. The chancellor has today cut short his trip to the International Monetary Fund’s Washington meetings to hold emergency talks with Truss in London. Rumours of a second U-turn [...]
Truss mulls another tax cut U-turn after bruising day for PM October 14, 2022 Rumours that Liz Truss could U-turn on her tax cut plans intensified yesterday, with the Chancellor telling journalists “let’s see” when asked about the possibility of a change of course. Number 10 held crisis talks over whether to scrap more of the mini-budget as speculation over the Prime Minister’s future reached fever pitch in Westminster. Many [...]
Sanctions on Russia are on a collision course with Europe’s green ambitions October 14, 2022 These days, Europe is seen as the weak link in the developed economic world. The European stock market is underperforming its US rival, down 22 per cent year-to-date. Even risky emerging markets are doing better. Likewise, Europe’s surging inflation rates, in countries like Germany and Spain (not to mention what the UK is going through), [...]
Computer chip supply could be recovering as inflation weighs on demand October 14, 2022 There are signs of a potential recovery in the supply of computer chips, as a handful of the world’s largest semiconductor firms caution weaker demand. The supply of semiconductors, microchips used in most of today’s electronics, is “gradually improving” following several years of trickling quantities and rampant demand, British electronic components manufacturer DiscoverIE said yesterday. [...]
Young punters protect Boxpark sales from consumer slowdown October 13, 2022 Young Londoners receiving inflation-related salary boosts has helped to protect Boxpark from a slowdown in discretionary spending, its CEO has said. The shipping container hospitality concept has seen sales increase by double digits compared to the previous year, with London sites in East Croydon, Shoreditch and Wembley “trading really well,” Simon Champion told CityA.M. The [...]
Ryanair chief forecasts price increase after ‘surprisingly strong’ bookings October 13, 2022 Ryanair is predicting an increase in prices following “surprisingly strong” bookings, according to chief executive Michael O’Leary. O’Leary said that – despite recent forecasts of 3-4 per cent growth – air fares “will rise by a mid to high single digit figure for the full year” unless alarming reports on Covid and Ukraine come out. [...]
IEA warns OPEC+ cuts risk pushing global markets into recession October 13, 2022 OPEC+'s decision to cut oil production risks driving up prices and pushing global markets into recession, warned the IEA.