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☆ Getir, a Rapid Grocery-Delivery Service, Exits the U.S. and Europe
▼ + stars: | 2024-04-30 | by ( Eshe Nelson | ) www.nytimes.com time to read: 1 min

Getir, the rapid grocery-delivery company that boomed during Covid lockdowns, said it was ending its operations in the United States and Europe, a major retreat by another pandemic darling. At its height, the privately held Getir was valued at nearly $12 billion after expanding quickly, buying up competitors and operating in nine countries. The company announced the decision in a short statement on Monday, adding that FreshDirect, its U.S. subsidiary, would continue operations. “Getir generates only 7 percent of its revenues from the markets it is exiting,” the statement said. “This decision will allow Getir to focus its financial resources on Turkey.”

Persons: lockdowns, Getir, ” Organizations: U.S Locations: United States, Europe, Turkey

☆ Europe’s Policymakers Get Ready to Lower Rates, Regardless of the Fed
▼ + stars: | 2024-04-25 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Europe’s central bankers are trying to get out of the shadow of the United States. Now, European Central Bank policymakers are emphasizing how much the inflation problem has eased in the eurozone. All week, Europe’s policymakers reiterated their growing confidence that high inflation was dissipating in the eurozone and that their 2 percent inflation target was in sight. The E.C.B., which sets interest rates for all 20 countries that use the euro, has signaled it could cut rates at its next policy meeting in early June. “We’re clearly in a disinflation process,” said Gabriel Makhlouf, governor of Ireland’s central bank and one of the 26 members of the E.C.B.’s governing council.

Persons: “ We’re, ”, Gabriel Makhlouf Organizations: European Central Bank, International Monetary Fund, World Bank Locations: United States, Washington, Ireland’s, U.S

Lars Fruergaard Jorgensen has a problem: Too many people want what he’s selling. Even if the company isn’t quite a household name, the TV jingle for its best-selling drug — “Oh-oh-ohhh, Ozempic!” — might ring in your ears. Across the United States, Novo Nordisk’s diabetes and weight-loss drugs, Ozempic and Wegovy, have soared to celebrity status and helped make the company Europe’s most valuable public firm. Last year, when the company was celebrating its centenary, Novo Nordisk’s revenue jumped by a third, to 232 billion Danish kroner, or $33 billion. “Nobody forecast a 100-year-old company would grow more than 30 percent,” he said, seemingly torn between pride and amazement.

Persons: Lars Fruergaard Jorgensen, Jorgensen, ” Mr, ”, Wegovy Organizations: Novo Nordisk, Novo Nordisk’s, Nordisk Locations: Danish, United States, Copenhagen

☆ How Ozempic Is Transforming a Small Danish Town
▼ + stars: | 2024-04-20 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

As the sun sets over the harbor in Kalundborg, a small town about 60 miles west of Copenhagen, light streams through the glass walls of Shaun Gamble’s cafe and bathes his afternoon customers in a warm glow. Nearby, at a sprawling manufacturing plant, Novo Nordisk makes nearly all of its semaglutide, the active ingredient in the company’s wildly popular diabetes and obesity treatments Ozempic and Wegovy. It’s the largest manufacturing investment in Denmark by a company, and it’s happening in this town of fewer than 17,000 people. Novo Nordisk plans to add 1,250 jobs to the existing 4,500 employees at the Kalundborg plant. A highway is being extended; investors are snapping up houses and planning new construction; universities have begun offering biotech courses to feed Novo Nordisk and nearby businesses with workers.

Persons: Shaun Gamble’s Organizations: Novo Nordisk, Nordisk Locations: Kalundborg, Copenhagen, Denmark, Novo

☆ Bank of England to Overhaul Its Forecasting After Inflation Surprises
▼ + stars: | 2024-04-12 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

The Bank of England said on Friday that it would overhaul the way it forecasts its outlook for the British economy as part of a “once-in-a-generation” review of its process after it was criticized for underestimating inflation. After a few turbulent years — which included a pandemic, the war in Ukraine and a surge in inflation — the central bank was accused of bungling its economic forecasts. It has since set out to find ways to convey more clearly what it thinks will happen to economic growth and inflation, especially in times of high economic uncertainty. “We have a once-in-a-generation opportunity to update our approach, in a world that, I’m afraid, remains highly uncertain,” said Andrew Bailey, the governor of the Bank of England. The bank asked a former Federal Reserve chair, Ben S. Bernanke, to lead the review.

Persons: ”, Andrew Bailey, Ben S, Bernanke Organizations: of England, Bank of England, Federal Reserve Locations: Ukraine

☆ E.C.B. Holds Rates Steady as Markets Look for Hints on First Cut
▼ + stars: | 2024-04-11 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

The European Central Bank held interest rates steady on Thursday, keeping the deposit rate at 4 percent, the highest in central bank’s history. It was the fifth consecutive decision to leave rates untouched as inflation closes in on the central bank’s 2 percent target. Central bankers have been trying to work out the delicate timing of when to loosen their rate policy. They don’t want to keep rates higher longer than necessary, which could hurt the economies of the eurozone, but at the same time, they don’t want to ease too early and revive price pressures. In March, core inflation slowed more than economists expected, to 2.9 percent.

Organizations: European Central Bank

☆ Banks Made Big Climate Promises. A New Study Doubts They Work.
▼ + stars: | 2024-04-09 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Two and half years ago, bankers and investors attended the United Nations climate summit in Glasgow, an annual event normally dominated by activists and policymakers. It was considered a milestone as the financial sector agreed to put its might into tackling climate change. But a recent study, published by the European Central Bank, disputed the effectiveness of those promises. The researchers found that since 2018 the banks had reduced lending 20 percent to sectors they had targeted in their climate goals, such as oil and gas and transport. That seems like progress, but the researchers argued it was not sufficient because the decline was the same for banks that had not made the same commitment.

Persons: ” Organizations: United, Glasgow Financial Alliance, European Central Bank, Massachusetts Institute of Technology, Columbia Business School, Zero Banking Alliance Locations: United Nations, Glasgow

☆ Britain Is Cutting Taxes Again. Why Now?
▼ + stars: | 2024-03-07 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

This year, Jeremy Hunt, the chancellor of the Exchequer, had to consider another priority: the upcoming general election. And so on Wednesday, Mr. Hunt announced that he would cut taxes for nearly 30 million workers. It will save the typical employee about 900 pounds ($1,145) a year, Mr. Hunt said. That’s because the tax cuts announced by the Conservative Party are smaller and, crucially, offset partly by some other tax increases. And Mr. Hunt didn’t announce much additional spending.

Persons: Jeremy Hunt, Hunt, Liz Truss, Hunt didn’t Organizations: National Insurance, Conservative Party

☆ U.K. to Cut Taxes Again as Election Nears
▼ + stars: | 2024-03-06 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Amid lackluster prospects for economic growth, the British government announced it would cut taxes for workers ahead of a general election this year. It would take the rate for about 27 million employees down to 8 percent, and follows a two percentage point cut announced less than four months ago. Together, the cuts would save the average employee about 900 pounds ($1,145) a year, Mr. Hunt said. The rate was also cut for self-employed workers. “We can now help families not just with temporary cost-of-living support but with permanent cuts in taxation,” Mr. Hunt, the chancellor of the Exchequer, said in Parliament.

Persons: Jeremy Hunt, Hunt, Mr Organizations: National Insurance Locations: British, “

☆ U.K. Economy Shrank as 2023 Ended, Tipping Into Recession
▼ + stars: | 2024-02-15 | by ( Eshe Nelson | ) www.nytimes.com time to read: +2 min

Why It Matters: Little or no economic growth. Other Economic Data: Inflation stuck at 4 percent in January. report was the last in a trio of key economic data about the British economy published this week. On Tuesday, the nation’s statistics office reintroduced official estimates for unemployment and other labor market measures after a four-month hiatus because of difficulties collecting data. It showed that the labor market was tighter than previously thought, with the unemployment rate at 3.8 percent at the end of last year.

Persons: Rishi Sunak, Thursday’s G.D.P Locations: Britain, United States

☆ The Squeeze on British Businesses Is Not Letting Up Soon
▼ + stars: | 2024-02-01 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Britain’s economy faces a bracing fact: The number of companies that folded last year was the highest in three decades. More than 25,000 companies registered as insolvent in 2023, the most since 1993, according to government data published this week. As pandemic-related support measures for businesses ended, the wreckage from years of high debt and interest rates, soaring prices and a cost-of-living crisis become clearer. Businesses still dealing with relatively high costs, demands for higher wages, supply chain uncertainties and wavering consumer confidence are hoping for brighter economic times. Slower inflation, stronger growth and cuts to interest rates are expected to come this year, but not soon.

Organizations: Bank of England

☆ When Will the European Central Bank Start Cutting Rates?
▼ + stars: | 2024-01-25 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

For months, rates have been set at the highest in the European Central Bank’s history. Despite the protests of the eurozone’s policymakers, investors have been betting that the central bank will cut rates quite soon — possibly in April. Traders figure rates must come down because inflation has slowed notably — it’s been below 3 percent since October — and the region’s economy is weak. By the end of year, the central bank will have cut rates by more than 1 percentage point, or between five and six quarter-point cuts, trading in financial markets implied. Many of the central bank’s Governing Council are wary of declaring victory over inflation too soon, lest it settle above the bank’s target of 2 percent.

Persons: —, it’s Locations: Europe

☆ U.K. Inflation Edges Higher, Halting 10-Month Decline
▼ + stars: | 2024-01-17 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Why It Matters: Rishi Sunak met his inflation pledge. About a year ago, with inflation above 10 percent, Prime Minister Rishi Sunak made several pledges to the British public on the economy, migration and the health service. Wednesday’s data confirms that he met one of those — to cut Britain’s inflation rate in half. But even as households may be relieved that prices aren’t rising as quickly, the cumulative impact of high inflation is still being felt. Inflation could drop to 2 percent as soon as the spring, around April or May, according to economists at Goldman Sachs, ING, Oxford Economics and elsewhere.

Persons: Rishi Sunak, Sunak’s, Goldman Sachs Organizations: Bank of England, ING, Oxford Locations: It’s, Britain

☆ U.K. Inflation Edges Higher, Halting 10-Month Slide
▼ + stars: | 2024-01-17 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Persons: Rishi Sunak, Sunak’s, Goldman Sachs Organizations: Bank of England, ING, Oxford Locations: It’s, Britain

☆ As Economy Sputters, U.K. Cuts Taxes Ahead of Election
▼ + stars: | 2023-11-22 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +2 min

Last week, data showed that Britain’s inflation rate had dropped to 4.6 percent in October, and Mr. Sunak declared victory in his pledge to halve inflation this year. The government’s fiscal credibility was also severely damaged by the unfunded tax cuts of Liz Truss’s short premiership. When he was installed as chancellor a year ago, Mr. Hunt took a cautious approach to the nation’s money and abandoned nearly all of Ms. Truss’s plans. He said there was little scope for spending increases and tax cuts because debt levels needed to be cut and the government had to be careful not to stoke inflationary pressures. Now with the election in sight, Mr. Hunt has found the money to offer some sweeteners in the form of lower taxes and even a freeze on alcohol duty.

Persons: ” Mr, Hunt, Rishi Sunak, Sunak, Liz Truss’s, Truss’s, Stephen Castle Organizations: Bank of England’s Locations: United States, Western Europe

☆ U.K. Inflation Slows to 4.6 Percent, Lowest in Two Years
▼ + stars: | 2023-11-15 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +3 min

Food inflation, which had taken over from energy as the main driver of inflation in recent months, also slowed in October. For example, officials look at core inflation, a measure that excludes food and energy prices, because they can be volatile and heavily influenced by international financial markets. Policymakers also track wage growth, one of the stickier aspects of inflation. Price growth in the services sector, which is heavily influenced by companies’ wage costs, slowed to 6.6 percent. Controlling inflation is actually in the hands of Bank of England policymakers who are mandated to return inflation sustainably to 2 percent.

Persons: Rishi Sunak, Huw Pill, Pill Organizations: Bank of England Locations: Ukraine, Britain, Bristol, British

☆ U.K. Economy Stagnates as High Interest Rates Take Toll
▼ + stars: | 2023-11-10 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +4 min

The services sector contracted last quarter as the highest interest rates since 2008 have weighed on the housing industry. Britain’s weak economy mirrors the stagnation in Europe, where eurozone economies contracted 0.1 percent in the third quarter. Across the region, high interest rates intended to drive down inflation are weakening economic activity, with demand for loans dropping and consumer spending slowing. This contrasts with the United States, where the economy is growing strongly and defying expectations for a slowdown prompted by high interest rates. This weak outlook is driven by high interest rates, which are expected to have an increasingly heavy toll on the economy.

Persons: ”, Stephen Millard, Jeremy Hunt, Hunt Organizations: Bank of England, National Institute of Economic, Social Research Locations: Europe, United States, Germany

☆ Bank of England Holds Rates Steady as Fight Against Inflation Continues
▼ + stars: | 2023-11-02 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

The Bank of England held interest rates at the highest levels in 15 years on Thursday, though policymakers were again divided on the best course of action to stamp out high inflation. Six members of the central bank’s nine-member rate-setting committee voted to keep rates at 5.25 percent amid signs that inflation would continue to ease and the economy was weakening. “Higher interest rates are working and inflation is falling,” Andrew Bailey, the governor of the bank, said in a written statement. The forecasts also highlighted the challenge policymakers face eradicating high inflation, which stuck at 6.7 percent in September. In 2024 and 2025, the inflation rate is expected to be slightly higher than was forecast a few months ago.

Persons: ” Andrew Bailey Organizations: of England

☆ In Global Race to Offer Green Subsidies, U.K. Prefers Slow and Steady
▼ + stars: | 2023-10-31 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

The question of how Britain will respond to President Biden’s Inflation Reduction Act, the $369 billion landmark legislation offering deep subsidies for green investment, has followed Jeremy Hunt, Britain’s finance minister, for most of the past year. Mr. Hunt urged patience and promised an answer when he updates the country’s budget in a few weeks. But as that speech approaches, expectations that he will offer anything as generous as the American largess have been squashed. Britain, which is facing strict fiscal constraints, won’t have a “subsidy bowl” like the United States, Mr. Hunt said last month. They also say Britain, and other countries, will eventually benefit from the technological advances that U.S. subsidies support.

Persons: Biden’s, Jeremy Hunt, . Hunt, Hunt Locations: Britain, United States

☆ European Central Bank Keeps Rates on Hold for First Time in Over a Year
▼ + stars: | 2023-10-26 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

The European Central Bank held interest rates steady on Thursday for the first time in over a year as policymakers moved into their next phase of fighting inflation. Officials have shifted their focus to how long they will need to maintain high interest rates in order to push inflation all the way down to the central bank's target. “Inflation is still expected to stay too high for too long, and domestic price pressures remain strong,” the central bank said in a statement. The decision to hold interest rates was telegraphed last month when, after their 10th consecutive increase, policymakers signaled they might be done. But the rate isn’t forecast to return to the central bank’s 2 percent target until the third quarter of 2025, the central bank’s staff projected last month.

Persons: “ Organizations: European Central Bank

☆ What Is Going On in Britain’s Economy? The Picture Is Foggy.
▼ + stars: | 2023-10-26 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

Tuesday’s data showed that the labor market was continuing to cool, following the same trend as the previous month, with more unemployment and fewer job vacancies. The Bank of England has raised interest rates to their highest level since 2008, and officials have signaled they will remain high well into next year. But the latest labor market release needs to be taken “with a huge pinch of salt,” Philip Shaw, an economist at Investec, wrote in an analyst note. Policymakers at the Bank of England have “lost another important set of figures” to guide them in setting interest rates, he argued. Last month, the statistics office issued a particularly large upward revision to the size of the economy after pandemic lockdowns.

Persons: ” Philip Shaw Organizations: Bank of England, Investec, Statisticians, Labor Force Survey

☆ Bank of England Keeps Rates Steady for First Time in Nearly Two Years
▼ + stars: | 2023-09-21 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +2 min

The central bank began its tightening cycle in December 2021, raising rates from near zero to levels last seen during the financial crisis of 2008. The central bank has said Ben Bernanke, the former U.S. Federal Reserve chair, will lead a review into the bank’s forecasting processes. But this week, some news landed in the central bank’s favor. Better still for the central bank, measures of domestic inflationary pressures also slowed. As inflation rates drop across much of the world and economies are weakening, in part because of the aggressive policy tightening by central banks, policymakers are trying to carefully calibrate the right level of interest rates.

Persons: Ben Bernanke Organizations: U.S . Federal

☆ U.K. Inflation Rate Slips Lower for Third Straight Month
▼ + stars: | 2023-09-20 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +3 min

Deeper Into the Numbers: Core inflation slowed faster than expected. A key gauge of domestic price pressures is core inflation, which strips out energy and food costs. Last month, the annual rate of core inflation fell to 6.2 percent, from 6.9 percent in July, a faster decline than economists predicted. Rising energy prices pushed up inflation in the United States last month and added to inflation pressures in other European countries. Wednesday’s inflation data was lower than the central bank forecast last month, a positive surprise, that is likely to increase expectations that the bank will pause this week.

Persons: Rishi Sunak, Jeremy Hunt Organizations: Government, Bank of England Locations: Britain, United States

☆ Hollywood Strikes Send a Chill Through Britain’s Film Industry
▼ + stars: | 2023-09-19 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

What do “Barbie,” “Mission: Impossible — Dead Reckoning” and “Indiana Jones and the Dial of Destiny” have in common? Besides being the summer’s big-budget movies, they were made in Britain, filmed in part at some of the country’s most esteemed studios. Big Hollywood productions are a critical part of Britain’s film and television industry. For years, they have brought in money, jobs and prestige, and helped make the sector a bright spot in Britain’s economy. Throughout the late summer months, when the industry would be at its busiest to take advantage of the long days, soundstages at Pinewood, Britain’s largest studios, were instead nearly empty.

Persons: Barbie, Indiana Jones, ”, “ Organizations: Big Hollywood, “ Locations: Britain, United States, Hollywood, Pinewood

☆ European Central Bank Raises Rates for a 10th Time
▼ + stars: | 2023-09-14 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

The European Central Bank on Thursday raised interest rates for a 10th consecutive time in an effort to force inflation down. The bank lifted its three key interest rates by a quarter of a percentage point, raising the deposit rate to 4 percent, the highest in the central bank’s two-decade history. “Inflation continues to decline but is still expected to remain too high for too long,” the central bank said in a statement. This week, analysts were evenly split on whether policymakers would raise interest rates again or pause. As the meeting approached, bets by investors in financial markets tilted toward a slightly higher chance that the bank would raise rates.

Organizations: European Central Bank

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