LONDON (Reuters) -British finance minister Kwasi Kwarteng is not resigning and there will be no reversal of policy, a Treasury source said on Wednesday, confirming an earlier report by Sky News political editor Beth Rigby. Kwarteng’s tax cut plans, on …
Wall Street bounces off lows as UK steps in to calm bonds
By Lawrence Delevingne and Amanda Cooper (Reuters) -U.S. and global equities staged a mild comeback on Wednesday as the Bank of England said it would step into the bond market to stem a damaging rise in borrowing costs, an attempt to dampen investors f…
Oil prices jump after U.S. crude, fuel stocks drop, dollar weakens
By David Gaffen NEW YORK (Reuters) – Oil prices rose on Wednesday for a second day, rebounding from recent losses as the U.S. dollar eased off recent gains and U.S. fuel inventory figures showed larger-than-expected drawdowns and a rebound in consumer …
UK’s Kwarteng tries to reassure bankers, gets nervous response
By William James, Huw Jones and Sinead Cruise LONDON (Reuters) -British finance minister Kwasi Kwarteng sought to reassure investment bank executives on Wednesday the government had sound fiscal plans, in the face of a meltdown in British assets. Kwart…
Entire villages empty out as Ukrainians flee from Russian annexation, refugees say
By Jonathan Landay ZAPORIZHZHIA, Ukraine (Reuters) – “It’s funny. Nobody voted, yet the results are in,” laughed Lyubomir Boyko, 43, from Golo Pristan, a village in Russian-occupied Kherson province as he waited on Wednesday outside a United Nations ai…
Eurostar London terminal capacity down 30% after Brexit, says CEO
LONDON (Reuters) – Eurostar’s peak capacity in London has fallen by 30% due to post-Brexit checks on travellers using the high-speed rail link between Britain and mainland Europe, the train operator’s boss has said. New border checks on British citizen…
Bank of England says instantaneous trading and settlement too challenging
LONDON (Reuters) – Using technology which underpins cryptoassets to offer instantaneous trading and settlement across financial markets is not desirable given the challenges it would pose, Bank of England Deputy Governor Jon Cunliffe said on Wednesday….
ECB needs big Oct rate hike; should hit neutral rate this year, Rehn says
By Balazs Koranyi and Anne Kauranen HELSINKI (Reuters) – The European Central Bank must continue to raise interest rates quickly to tame inflation and could reach a level that no longer stimulates the economy before Christmas, Finnish central bank chie…
British health officials warn of difficult winter with flu and COVID
LONDON (Reuters) – British health officials on Wednesday warned that increased circulation of flu and a resurgence in COVID-19 could lead to a difficult winter that increases pressure on the already stretched National Health Service (NHS). Warnings ove…
New UK trade minister visits United States in first trip overseas
LONDON (Reuters) – Britain’s new trade minister Kemi Badenoch will visit New York on Wednesday in her first overseas trip, where she will stress the importance of the United States as a trading partner even as talks over a free trade deal between the c…