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Goldman Sachs sees deeper UK recession after tax U-turn
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EU Commission to propose potential ‘dynamic’ gas price cap
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Britain’s financial system under stress amid market turmoil -analysts
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Aluminium price drops on jump in LME stocks and Russian metal
Factbox-UK axes economic ‘growth plan’ to restore market confidence
Date: October 17, 2022
LONDON (Reuters) – New British finance minister Jeremy Hunt on Monday announced almost a complete U-turn on Prime Minister Liz Truss’s plan to boost economic growth through unfunded tax cuts, which had sent international investors bolting for the exit. Here are some of the policy reversals announced by Hunt, which he said would raise 32...
Market turmoil a boon for trend-following hedge funds
Date: October 17, 2022
By Nell Mackenzie (Reuters) – Trend-following hedge funds are capitalising on market disruption and geopolitical unrest, with funds such as Graham Capital Management, Aspect Capital, AlphaSimplex and AQR Capital Management all near or over 40% higher for the year. Such funds profit by buying or selling when the markets make big moves and by riding...
Exxon’s Russian oil output collapsed after rejecting local tanker insurance – sources
Date: October 17, 2022
HOUSTON/NEW DELHI (Reuters) – Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major’s refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. Western insurers withdrew cover from tankers operated by state-run Sovcomflot, Russia’s biggest shipping group, which was...
New UK finance minister Hunt ditches most of ‘mini-budget’, pound and gilts soar
Date: October 17, 2022
LONDON (Reuters) -Britain’s new finance minister on Monday jettisoned most of Prime Minister Liz Truss’ raft of fiscal measures, saying it was “not right” to borrow money to fund tax cuts, sending long-dated gilt prices sharply higher. The pound soared by as much as 1.4% to a session high of $1.1332 and by 0.8% against...
Bank of England publishes rules for energy firms’ liquidity tool
Date: October 17, 2022
LONDON (Reuters) – The Bank of England published on Monday the rules for energy firms seeking to use a new liquidity tool designed to help them cope with swings in gas prices caused by the war in Ukraine. The BoE said applications for using the scheme, which launches on Monday, would run until Jan. 27....
UK finance minister Hunt to make statement at 1000 GMT – source
Date: October 17, 2022
LONDON (Reuters) – British finance minister Jeremy Hunt will make a statement at 1000 GMT, a source in Prime Minister Liz Truss’s office said on Monday. The Treasury earlier said Hunt would announce tax and spending measures. (Reporting by Kylie MacLellan, editing by Elizabeth Piper)...