UK faces record hit to living standards as tax hikes loom

Britain facing record living standards hit UK economy in recession, set to shrink in 2024 Almost half of the 55 billion-pound belt-tightening from tax rises Budget watchdog sees 7% hit to living standards IFS think-tank says bulk of the hit to come after 2024 LONDON, Nov 17 (Reuters) – Britain faces a record hit to … Read more

China’s economy loses momentum as COVID curbs hit factories, consumers

China’s industrial output grows more slowly than expected Retail sales fell for the first time since May Property investment sees the biggest drop since early 2020 Gloomy economic outlook on softening external demand BEIJING, Nov 15 (Reuters) – China’s economy suffered a broad slowdown in October as factory output grew more slowly than expected and … Read more

Apple warns of lower iPhone shipments as COVID curbs hobble China plant

Apple expects lower shipments of iPhone 14 Pro and Pro Max Apple says a Chinese plant operating at sharply reduced capacity Apple supplier Foxconn revises down Q4 outlook TAIPEI, Nov 7 (Reuters) – Apple Inc ( AAPL.O ) expects lower shipments of premium iPhone 14 models than previously anticipated following a significant production cut at … Read more

Egypt’s pound slides as IMF deal triggers new exchange rate regime

The central bank hikes rates in an effort to contain inflation IMF says deal can catalyze about $5 billion in FY 2022/23 Finance rules that snarled imports to be phased out CAIRO, Oct 27 (Reuters) – Egypt’s pound slid about 14.5% to a record low against the dollar on Thursday as authorities announced a $3 … Read more

New PM Rishi Sunak pledges to lead Britain out of economic crisis

Sunak meets King Charles on Tuesday morning Vows to rebuild trust in the country Expected to start forming a cabinet Sunak faces a huge challenge to rebuild stability LONDON, Oct 25 (Reuters) – Rishi Sunak became Britain’s third prime minister in two months on Tuesday and pledged to lead the country out of a deep … Read more

Boris Johnson, Rishi Sunak lead race to be UK’s next prime minister

No candidates have yet declared their intention to run Doubts Johnson can reach the target of 100 lawmaker nominations Sunak is the bookmakers’ favorite The winner would be the fifth British PM in six years LONDON, Oct 21 (Reuters) – Boris Johnson and his former finance minister Rishi Sunak were leading the potential contenders to … Read more

UK PM Truss clings to power as chaos in Westminster escalates

Truss loses authority as lawmakers quarrel Pound stable against the dollar Some lawmakers say Truss must go now LONDON, Oct 20 (Reuters) – British Prime Minister Liz Truss battled to retain her grip on power on Thursday, a day after a second top minister quit and rowing and jostling broke out among her lawmakers in … Read more

As UK’s Truss fights for her job, the new finance minister warns of tough decisions

PM Truss sacked finance minister on Friday New chancellor Hunt warns of tough decisions Ruling Conservatives have slumped in the polls Some Conservative lawmakers say Truss will be ousted LONDON, Oct 15 (Reuters) – Britain’s new finance minister Jeremy Hunt said on Saturday some taxes would go up and tough spending decisions were needed, signaling … Read more

UK’s Truss expected to fire Kwarteng – Times

Kwarteng leaves the IMF meeting early Pressure mounts for a U-turn over tax policy Pound, bond prices recovering PM Truss now faces a political fight LONDON, Oct 14 (Reuters) – British Prime Minister Liz Truss will fire her finance minister Kwasi Kwarteng and scrap parts of her economic package, the Times newspaper reported on Friday, … Read more

UK’s Kwarteng refuses to rule out tax U-turn as pressure grows on Truss

New PM Truss under pressure over economic proposals Unfunded tax cuts plan trigger bond market turmoil Reports there could be a U-turn on corporation tax Government’s poll ratings have slumped LONDON, Oct 13 (Reuters) – British finance minister Kwasi Kwarteng refused to say on Thursday if he would stick with his plan not to raise … Read more