About uk economy

- A + A LONDON (June 23): Britain's economy is showing signs of stalling as high inflation hits new orders and businesses report levels of concern that normally signal a recession, a closely watched industry survey showed on Thursday. S&P Global's Purchasing Managers' Index (PMI), covering services and manufacturing firms, also showed companies raising pay and passing higher costs on to clients, a worry for the Bank of England. The PMI's preliminary composite index held at 53.1 in June, above the median forecast of 52.6 in a Reuters poll of economists and unchanged from May. But the PMI's measure of new orders effectively stagnated as it fell to 50.8, the lowest in over a year. Factory orders dipped below the 50.0 growth threshold to 49.6. "The economy is starting to look like it is running on empty," Chris Williamson, chief business economist at S&P Global Market Intelligence, said. "Business confidence has now slumped to a level which has in the past … [Read more...] about UK economy ‘running on empty’ as recession signals mount — PMI

Thai Deputy PM and Minister of Commerce, Jurin Laksanawisit, met UK Minister of State for Trade Policy, Penny Mordaunt, in London yesterday to explore ways of increasing bilateral trade and committing to an ambitious trading relationship. The 2 politicians concluded business at the UK-Thailand Joint Economic and Trade Committee by signing a programme of work, including Government-to-Government and Government-to-Business activity, to advance opportunities to increase trade over the next 12-18 months. The ministers also agreed to develop an Enhanced Trade Partnership in the future. This will launch a more ambitious programme of work to increase trade in multiple sectors by undertaking trade policy cooperation, tackling trade barriers, and promoting business and trade activity. The ministers established a trade cooperation working group, to build on the work of the recently completed Joint Trade Review, by identifying and resolving barriers to trade and promoting policy and … [Read more...] about Thailand and UK sign ambitious bilateral trade deal

LONDON (Reuters) - The British government set out planned changes to law on Thursday that would make it easier for businesses to use temporary staff to minimise the impact of strike action. Britain's rail network was brought close to a standstill on Tuesday as 40,000 workers walked out in a dispute over pay and trade unions have warned the country faces a summer of disruption as workers struggling with the mounting cost of living threaten industrial action. Rail workers are set to walk out again on Thursday after talks aimed at resolving the dispute broke down without an agreement on Wednesday. A third day of action is planned for Saturday. The government said it would remove restrictions on supplying skilled temporary agency workers to cover essential roles for the duration of a strike. "Once again trade unions are holding the country to ransom by grinding crucial public services and businesses to a halt. The situation we are in is not sustainable," Business Secretary … [Read more...] about UK sets out planned change to law to minimise impact of strikes

- A + A LONDON (June 24): British retail sales volumes fell by a monthly 0.5% in May and an increase in April was revised down sharply, the Office for National Statistics (ONS) said on Friday in a fresh sign of how surging inflation is hitting the economy. Economists polled by Reuters had expected a 0.7% monthly fall in retail sales in May. The ONS said it now estimated that sales volumes in April rose by 0.4% from March, a much smaller increase than the originally reported 1.4% increase. "Retail sales fell in May, driven by a decline in food sales," Heather Bovill, deputy director for surveys and economic indicators at the ONS, said. "Feedback from supermarkets suggested customers were spending less on their food shop, because of the rising cost of living." … [Read more...] about UK retail sales fell in May as cost-of-living squeeze tightens

Share to Twitter Share to Linkedin Knight Dragon , a London-based property developer owned by Hong Kong’s Henry Cheng , is offering investors a share in the profits of one of Britain’s largest urban renewal projects by using blockchain technology. Knight Dragon announced Tuesday that it plans to issue 100,000 security tokens. The tokens, named KDB4, will entitle their holders to a share of 80% of the gross profits generated from Knight Dragon’s Building 4. The 191-unit tower is part of the Upper Riverside development, an apartment complex within the company’s landmark Greenwich Peninsula project. Knight Dragon estimates that KDB4 will be worth £140 million ($172 million), but it has yet to confirm the tokens’ drop date. Holders of the tokens will also be given priority to invest in, or purchase, future offerings in Greenwich Peninsula. “We have a track record of being business pioneers and the fast-growing blockchain economy offers exciting new … [Read more...] about Billionaire Henry Cheng Ventures Into Web3 With Investment Tokens For London Real Estate

The 25-basis-point (bp) increase in the key interest rate of the Bangko Sentral ng Pilipinas (BSP) announced on Thursday that affirmed a gradual path to tightening of monetary policy was a disappointment to analysts who believe the BSP should be more aggressive. But Pantheon Macroeconomics said the next hike might not come until next year. Miguel Chanco, the United Kingdom-based research firm’s chief economist for emerging markets in Asia, said in a commentary that this week’s rate hike—a repeat of the Monetary Board (MB) decision in their meeting last May—was “a no-brainer.” Chanco said this was so, especially considering that BSP Governor and MB chair Benjamin Diokno had explicitly said that this month’s decision was likely a 25-bp increase in the interest rate on the central bank’s overnight borrowings from banks. “Not surprisingly, inflation remains front-and-center in the board’s mind, as it raised its inflation forecasts further to 5 percent and 4.2 percent for this year … [Read more...] about Contrarians see BSP pushing back next rate hike to 2023

- A + A HONG KONG (June 22): A world economy already contending with raging inflation, stock-market turmoil and a grueling war is facing yet another threat: the unraveling of a massive housing boom. As central banks around the globe rapidly increase interest rates, soaring borrowing costs mean people who were already stretching to buy property are finally reaching their limits. The effects are being seen in countries such as Canada, the US and New Zealand, where once-hot residential real estate markets have suddenly turned cold. It’s a sharp reversal from years of surging prices fueled by rock-bottom mortgage rates and government stimulus, along with a pandemic that popularized remote work and sent homebuyers on the hunt for bigger spaces. An analysis by Bloomberg Economics shows that 19 OECD countries have combined price-to-rent and home price-to-income ratios that are higher today than they were ahead of the 2008 financial crisis — an indication that prices have … [Read more...] about World’s bubbliest housing markets are flashing warning signs

- A + A (June 23): Investment bankers in the US and Europe are bracing for potentially billions of dollars in total losses on big-ticket leveraged buyouts as they struggle to offload risky corporate debt that’s plunging in value amid a sweeping market selloff. The biggest hit, which could amount to about US$1 billion, may come from the take-private of Citrix Systems Inc, which a group of lenders led by Bank of America Corp, Credit Suisse Group AG and Goldman Sachs Group Inc signed in January, according to people with knowledge of the deals and the terms at which banks underwrote them. Each of the three lead banks could face losses in excess of US$100 million, said the people, who asked not to be identified when discussing private transactions. With the Federal Reserve rushing to hike interest rates at the fastest pace in decades, credit risk premiums are surging far beyond levels banks had negotiated with private equity firms during the halcyon days of cheap … [Read more...] about Wall Street faces billion-dollar losses on sinking buyout debt

European markets resumed losses as a sharp slowdown in euro-area economic expansion fueled renewed concern that a recession is looming. The Stoxx Europe 600 Index dropped 0.5% to 403.78 at 2.18pm in London after briefly erasing declines around midday - A + A (June 23): European markets resumed losses as a sharp slowdown in euro-area economic expansion fueled renewed concern that a The Stoxx Europe 600 Index dropped 0.5% to 403.78 at 2.18pm in London after briefly erasing declines around midday. Real estate and bank shares fell the most, while consumer products and utilities gained. The Stoxx 600 is now 18% below its January record high. Shares resumed losses after data showed that applications for unemployment insurance in the US last week plateaued near a five-month high. Equity strategists are optimistic that at least some of the losses in European shares will be clawed back. The main benchmark in the region will end the year at 467, implying 14% upside … [Read more...] about European stocks decline as recession fears keep traders worried

Sadly, we are seeing exaggerations and economy with the truth in the reports on the ongoing war in Ukraine. (Illustration by Suneesh K.) Cataclysmic global events have a long history of bringing out the best and the worst of news reporting. It isn’t any different today in the midst of the invasion of Ukraine by Russia . Much of the reporting has been brave and moving. Sadly, there’s also been news bordering on downright fabrication . Little, it would seem, has changed since the Great Moon Hoax of August 1835 when the New York-based paper The Sun carried a series of six reports about how English astronomer Sir John Herschel, using the biggest telescope ever built, had established that there was an alien civilization on the moon. The Sun claimed that Herschel had sighted vegetation, “brown quadrupeds”, and “large winged creatures, wholly unlike any kind of birds.” The writer of the story later claimed that it was meant to be satirical but by then enough Americans had bought … [Read more...] about Russia Ukraine conflict: The fine line between misreporting and propaganda about Ukraine