Calmer weather ahead for the 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

BRUSSELS (Reuters) - European Union leaders will turn on Friday from celebration over Ukraine's start on the road to membership of their bloc to consternation over Russia's squeeze on their gas supplies, soaring prices and sputtering economies. On the second day of a summit in Brussels, the leaders of the 27 nations will place the blame for a spike in inflation and sagging growth across the globe squarely on Russia's invasion of Ukraine that began four months ago to the day. They will also call on the EU's executive to come up with energy supply solutions in response to Moscow's "weaponisation" of gas imports now that a dozen European countries have been thumped by cuts in critical supplies from Russia. "We have to adjust to the new reality," said one EU official ahead of the talks. "It is only a matter of time before the Russians close down all gas shipments." The first day of the summit ended on a triumphant note as the EU formally accepted Ukraine as a candidate to join … [Read more...] about EU leaders to debate economy woes as Russia squeezes gas supplies

While strolling on the beach this week, President Biden told fawning reporters he is gearing up to raise taxes on individuals and businesses. He hand-waved away concerns about a recession. (RELATED: SCHOEN: Republicans Smell Blood In The Water As Democrats Scramble To Find A Life Raft Ahead Of November) But the economy is in peril and the last thing the country needs is a giant tax increase. Inflation just hit a record high of 8.6% year-over-year. Biden is out of touch with Americans: 83% of workers expect a near-term recession. 81% of Americans believe the country is already in a recession or will enter one in the next three months . surveyed 22 top chief financial officers and the results were hardly more encouraging. All 22 believe the U.S. is on its way to a recession, while 68% predicted that the recession would hit in the first half of 2023, as opposed to sooner. Almost half of Americans have begun to implement stricter controls on how they spend their … [Read more...] about SUSSER: Democrats Torched The Economy. Now They Want To Raise Taxes

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

An analysis of supply chain pressures by Reserve Bank of India (RBI) staff has found that the current upside risks to inflation and downside risks to exports may persist. The findings were drawn upon from the index of supply chain pressures for India - or ISPI - developed by RBI staff, including RBI Deputy Governor Michael Patra. "...our ISPI...displays lead indicator properties in respect of export volumes and inflation. This suggests that the prevailing upside risks to inflation and downward risks to export performance may persist," said the article released by the RBI on April 18. Also read: RBI Bulletin: Spurring private investments key to sustaining growth "Looking ahead, co-ordinated actions are required to fast track consensus-based supply chain protocols, gaps in the physical and digital infrastructure, labour shortages and shortfall in investment in capacity creation," the article added. Close The other authors of the article are Harendra Behera … [Read more...] about Supply chain pressures suggest upside risks to inflation may persist, RBI staff find

Representative Image India’s payment system has gone through a transformation in the past decade, and demonetization has hastened the speed of the changes. Even as digital payment systems have grown exponentially, cash still remains a critical component in financial transactions. As a percentage of gross domestic product (GDP), currency in circulation (CiC) or cash with the public is higher now than before demonetization. At the same time, Unified Payment Interface (UPI) has dwarfed all other retail payment systems in terms of transactions and surged ahead. The ratio of UPI transactions to GDP has risen sharply even as cash continues to endure. What has suffered are cheque payments. Cheques have plummeted as a mode of transactions to just 27 percent of GDP in FY22 from as high as 50 percent in FY16. Part of this has been also due to the regulator’s efforts to reduce paper transactions in the economy and nudge even larger transactions towards digital routes. Most digital platforms, … [Read more...] about Chart of the Day: UPI on fire, cheques burn but cash endures

Share to Twitter Share to Linkedin Healthcare is at a tipping point. Amidst a myriad of regulations, pharmaceutical pricing policies, insurance premiums and co-payments, and varying care models, navigating affordable healthcare is a significant challenge for the average patient. This is the exact problem that Sesame , an online healthcare marketplace, is trying to solve. The company’s concept is simple, yet revolutionary: “Access convenient, high-quality, full-scope medical care at affordable self-pay prices - without insurance.” The online platform has essentially created a marketplace where patients can find the specialist that they need and pay a direct fee to receive their consultation or care. There are a wide variety of specialties and services the site lists, including but not limited to: urgent care, mental health, dermatology, women’s health, pediatrics, sexual health, and many more. Patients can also use the service for something as straightforward … [Read more...] about Google Ventures & The Virgin Group Are Investing In Sesame, A “Superstore” For Healthcare

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