Former Bank of England policymakers have urged governor Andrew Bailey to scale back or halt the central bank’s bond-selling programme, warning it is adding to record-high government borrowing costs. Four ex-members of the monetary policy committee (MPC) said Britain’s long-term gilt yields, at their highest in 27 years, are intensifying pressure on chancellor Rachel Reeves ahead of her 26 November autumn budget. While global factors, including trade tensions and US Fed policy, have pushed yields up, the Bank acknowledged that its £100bn programme of quantitative tightening (QT) from crisis-era bond holdings is also contributing. The Bank is expected to keep…
Author: Andrew Rogers
Andrew Rogers
Andrew Rogers is a freelance journalist based in Beijing, China, with over 15 years of experience covering Politics, World Affairs, Business, Health, Technology, Finance, Lifestyle, and Culture. He earned his degree in Communication and Journalism from the University of Florida. Over the course of his career, he has contributed to major outlets such as The Miami Herald, CNN, and USA Today. Known for his clear and engaging reporting, Andrew delivers accurate and timely news that keeps readers informed on both national and international developments.
Fitch cut France’s credit rating from AA- to A+. The downgrade is attributed to political instability following repeated government collapses after the 2024 snap elections and uncertainty over controlling public finances. France’s debt is forecast to rise from 113.2% of GDP in 2024 to 121% by 2027, with no clear signs of stabilisation. The 2024 deficit is 5.8% of GDP, well above the stabilising target of around 2.8%, and Fitch sees little chance of reducing it below 3% by 2029. Fitch also warned that the run-up to the 2027 presidential election will limit fiscal consolidation, and the political impasse is…
AstraZeneca has halted a £200m expansion of its Cambridge research site, stalling its £650m UK investment plan.The Cambridge project, expected to create 1,000 jobs, joins the previously canceled £450m vaccine facility in Merseyside.An AstraZeneca spokesperson confirmed the pause, citing regular reassessment of investment needs and declined further comment.Meanwhile, the company plans $50bn in US investments by 2030, including new facilities in Virginia and labs across six states.The pause follows a week of UK setbacks, including Merck scrapping a £1bn London research centre and laying off 125 scientists.Sir John Bell warned other pharmaceutical companies are reconsidering UK investments, citing regulatory and…
The European Central Bank kept its deposit rate at 2% during Thursday’s policy meeting, as widely expected.The rate has remained at this level for over two years after eight cuts from a 4% peak.Other key rates were also unchanged: main refinancing at 2.15% and marginal lending at 2.40%.ECB President Christine Lagarde said inflation is near the 2% target and is projected to stabilize in the medium term.Flash data showed eurozone prices rose 2.1% in August, following 2% readings in June and July.Despite stable inflation, the bloc faces challenges including political uncertainty in France, affecting investments.The EU-US trade agreement provides some…
Oracle co-founder Larry Ellison overtook Elon Musk after Oracle shares jumped 40% in early trading.Ellison’s 41% stake is now worth $393bn, slightly ahead of Musk’s $384bn, according to Bloomberg.The surge marks Oracle’s largest single-day increase and the biggest one-day wealth gain on the Bloomberg index.Ellison, 81, also owns Tesla shares, a sailing team, the Indian Wells Open, and a Hawaiian island.He has a close relationship with Musk, having invested $1bn in Twitter and served on Tesla’s board until 2022.Both men have ties to Donald Trump, though Musk’s relationship reportedly soured earlier this year.Oracle’s growth is driven by rising demand for…
Israeli forces carried out new demolitions of Palestinian homes in the occupied West Bank this week. The army destroyed houses in Kafr Abush, south of Tulkarem, and in the city of Tubas, using explosives. The demolished homes belonged to families of two Palestinian prisoners and a suspect killed in an attack on an Israeli military checkpoint in February 2024. Authorities say these demolitions were part of security measures against suspected attackers. In addition, Israeli troops surrounded a house in the al-Marah neighborhood of Jenin. The siege followed ongoing tensions in the region, with authorities citing security concerns. The demolitions come…
Apple will unveil its slimmest iPhone at Tuesday’s “awe-dropping” event in Cupertino’s Steve Jobs Theater.The iPhone 17 series will include standard, Pro, Pro Max, and a new iPhone Air.Analysts predict iPhone Air will be Apple’s lightest flagship, following the slim MacBook design tradition.Apple will also reveal Apple Watch series 11 and updated AirPods, possibly with live translation features.The company is expected to announce release dates for iOS 26 and macOS Tahoe.Trump’s tariffs threaten iPhone supply chains and could increase prices, especially for devices made in China.Tim Cook moved production to India and shipped iPhones to the US to mitigate tariff…
Volkswagen is close to securing a US tariff deal, CEO Oliver Blume said, as the company targets the affordable electric car market in Europe. Trump’s tariffs, combined with a weak market, have already cost the group “several billions.” Even with a proposed reduction from 27.5% to 15%, Blume called the tariffs a “burden.” Volkswagen Plans US Investments The company aims to invest heavily in the US and is in talks to secure a further tariff reduction. Blume also mentioned possible localisation of Audi production and expanded US exports. Porsche and Market Challenges Porsche is especially affected, with tariffs and a…
This Sunday, 7 September, Europe will witness a total lunar eclipse—the so-called “blood moon”—the longest since 2022, lasting around 82 minutes. During the event, the Earth will pass directly between the sun and the moon, casting a shadow that darkens the lunar surface. Only red light filtered through Earth’s atmosphere will reach the moon, giving it its striking hue. Throughout history, blood moons have carried profound symbolic weight. In cultures from Babylon to China and Central America, they were often seen as omens of doom, signaling wars, natural disasters, or the death of rulers. Conversely, some African traditions, such as…
Max Verstappen set a new Formula 1 record to claim pole at the Italian Grand Prix in Monza, posting a 1:18.792 lap at an average speed exceeding 164mph. He edged out McLaren rivals Lando Norris and Oscar Piastri. The pole marked a turnaround for Verstappen, who described his car as an “undriveable monster” at Monza last year. Red Bull’s renewed form comes under new leadership with Laurent Mekies taking over from Christian Horner. Ferrari impressed at their home race, with Lewis Hamilton finishing fifth in qualifying behind Charles Leclerc, though a grid penalty drops him to 10th. Norris narrowly avoided…
