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Digital ad market shows ‘signs of life’ but economy clouds 2023 outlook
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French, German meeting postponed as cracks emerge over energy, defence
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Russian weekly consumer prices rise marginally as central bank rate decision nears
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Amazon launches home insurance comparison website in Britain
Bank of England says LDI crisis shows non-banks need stronger rules
Date: October 19, 2022
By Huw Jones LONDON (Reuters) – A decade on from the global financial crisis, non-banks are still not being properly regulated as rocketing interest rates point to new weak points such as emerging market funds, Bank of England Deputy Governor Jon Cunliffe said on Wednesday. Liability-driven investment funds (LDI) in Britain were last week forced...
Czech government wants windfall tax from 2023, but considers earlier start
Date: October 19, 2022
By Robert Muller and Jan Lopatka PRAGUE (Reuters) – The Czech government favours applying a planned windfall tax on profits in the energy and banking sectors from 2023, Finance Minister Zbynek Stanjura said on Wednesday, although taxing earnings this year was also under consideration. Czech markets were jolted on Wednesday on news the government could...
BMW invests $1.7 billion to build electric vehicles in U.S
Date: October 19, 2022
By David Shepardson SPARTANBURG, South Carolina (Reuters) -BMW AG said on Wednesday it will invest $1.7 billion to build electric vehicles in the United States, the latest announcement from a major automaker about plans to ramp up U.S. EV production. The German company said it was making a new $1 billion investment in its Spartanburg,...
Banks brace for tax hit to help plug UK’s budget gap
Date: October 19, 2022
By Iain Withers and Lawrence White LONDON (Reuters) -British banks are bracing for a potential tax hit to their profits as the government scrambles to plug an estimated 40 billion pound ($45 billion) hole in its finances. A source familiar with the British government’s plans said new finance minister Jeremy Hunt was reviewing the current...
Italian economy faces threat from climate change – central bank
Date: October 19, 2022
ROME (Reuters) – Rising temperatures risk stunting the growth of the Italian economy over the coming decades, with sectors such as agriculture and tourism among the hardest hit, a Bank of Italy research project said on Wednesday. The study highlighted the wider impact of climate change, saying that businesses in parts of the country prone...
World stocks slip, upbeat earnings compete with rate-hike angst
Date: October 19, 2022
By Dhara Ranasinghe LONDON (Reuters) – World stocks were a touch softer on Wednesday with sentiment caught between upbeat earnings and further signs that strong inflation will keep central banks firmly in rate-hiking mode. Europe’s broad STOXX 600 index was slightly down. In London, banks such as LLoyds and NatWest tumbled on a report that...