UK economy to shrink, but avoid recession for now May 23, 2022 | City Talk A combination of a weak March handover and the Queen’s Jubilee in June is set to see the UK economy contract in the second quarter. An easing of coronavirus restrictions resulted in the UK economy growing 0.8% over the first quarter. But this respectable outturn masked a deterioration in the monthly profile. After a 0.7% [...]
Beny Steinmetz’ BSGR bribed dictator’s wife to secure rights to run Guinean iron ore mine, US arbitration ruling says May 23, 2022 Beny Steinmetz’ mining company, BSGR, paid millions in bribes to the wife of Guinea’s former dictator to secure the rights to operate an iron mine in the West African country, a US arbitration ruling has said. The diamond magnate’s firm used “corrupt practices” to obtain licenses to mine Guinea’s Simandou iron ore deposit, the International [...]
ECB’s Lagarde butters up markets for first rate hike in over a decade May 23, 2022 The European Central Bank (ECB) will hike interest rates for the first time in over a decade in July, its chief signalled today. President Christine Lagarde in a blog post on the central bank’s website said the committee of rate setters will take borrowing costs out of negative territory by September. The ECB has trailed [...]
Not Getting Enough Recognition At Work? It Might Be Time To Move May 23, 2022 If you’re feeling like you don’t get enough recognition for the work that you do, you’re not the only one. It’s just not enough to get paid at the end of the month – feedback, both positive and constructive, as well as acknowledgement of a job well done is crucial not only for employee morale, [...]
1 Minute Market Rundown – 23rd May 2022 May 23, 2022 | City Talk Trade the ExtremesGBP Squeeze Higher ContinuesS&P 500 Teeters on Verge of a Bear Market Markets that close 20% below its peak level are defined as being in a bear market. The S&P is 19% down from its peak but with the Nasdaq and Russell 2000 27% off its highs, feels safe to say we have [...]
Recession concerns vie with inflation risk for investors in unpredictable market week ahead May 23, 2022 It was aother week of declines for US markets on Friday, with the S&P500 closing lower for the seventh week in succession, making a fresh 18 month low, and briefly retracing 50 per cent of the move from its 2020 lows to its record highs late last year. The Nasdaq 100 similarly pulled off new [...]
Which?: Food prices climb a fifth in just two years May 21, 2022 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 May 21, 2022 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 [...]
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 [...]