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☆ 2 founders of a crypto mixer charged with laundering funds from the dark web
▼ + stars: | 2024-04-25 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

The cofounders of crypto mixer Samourai Wallet were charged with money laundering. The service anonymized hundreds of millions of dollars for dark web criminals, prosecutors said. AdvertisementThe cofounders of a cryptocurrency mixing service called Samourai Wallet — which rendered crypto transactions anonymous — have been arrested and charged with money laundering, according to an indictment unsealed Wednesday. Rodriguez and Hill were charged with conspiracy to commit money laundering and conspiracy to operate an unlicensed money transmitting business. Related storiesThe Samourai Wallet website has been seized.

Persons: Samourai's cofounders, —, — Keonne Rodriguez, William Lonergan Hill —, Rodriguez, Hill, James Smith, haven't Organizations: Service, Prosecutors, Southern, of, FBI Locations: of New York, Portugal, DMs

☆ Prospects for the UK economy are getting brighter, economist says
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProspects for the UK economy are getting brighter, economist saysJames Smith, developed markets economist at ING, discusses the economic recovery of the U.K., which notched 0.2% of growth in January.

Persons: James Smith Organizations: ING

☆ 19 celebrities you probably didn't know set world records
▼ + stars: | 2024-03-04 | by ( Lindsay Mack | ) www.businessinsider.com time to read: 1 min

Dwayne Johnson set two Guinness World Records. Dwayne Johnson created the largest layered dip in 2017. Christopher Polk/Getty ImagesIn January 2017, Dwayne Johnson and his team set the record for the largest layered dip. The dip, which weighed 540 pounds, was later donated to an organization for people who are experiencing homelessness. Johnson also set the record for most selfies taken in three minutes in 2015, with an impressive 105.

Persons: Dwayne Johnson, Christopher Polk, Bush's Beans, Johnson, James Smith, Akshay Kumar Organizations: World Records

☆ The ‘Doomsday Glacier’ is rapidly melting. Scientists now have evidence for when it started and why
▼ + stars: | 2024-02-26 | by ( Laura Paddison | ) edition.cnn.com time to read: +6 min

They have discovered it started retreating rapidly in the 1940s, according to a new study that provides an alarming insight into future melting. The Thwaites Glacier in West Antarctica is the world’s widest and roughly the size of Florida. “Once an ice sheet retreat is set in motion it can continue for decades, even if what started it gets no worse,” he told CNN. While similar retreats have happened much further back in the past, the ice sheet recovered and regrew, Smith said. “Further events arising more from the warming climate trend took things further, and started the widespread retreat we’re seeing today,” he told CNN.

Persons: Antarctica’s, Thwaites, Joshua Stevens, Julia Wellner, that’s, ” Wellner, you’re, James Smith, “, ”, Smith, ” Thwaites, Jeremy Harbeck, NASA Ted Scambos, Martin Truffer, Truffer, — Organizations: CNN —, National Academy of Sciences, El, West, NASA, Observatory, University of Houston, CNN, British Antarctic Survey, University of Colorado Boulder, University of Alaska Locations: West Antarctica, Florida, Pine, Antarctica, University of Alaska Fairbanks, “

The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has been hobbled by high interest rates that have been raised to reduce inflation. A recession is officially defined as two straight quarters of economic decline. Being in recession is hardly the ideal backdrop for Prime Minister Rishi Sunak as he mulls when to call the election. Higher interest rates help cool the economy by making it more expensive to borrow, thereby bearing down on spending. Though interest rates appear to have peaked, the central bank has expressed caution about cutting interest rates too soon as lower borrowing rates may bolster spending and put renewed upward pressure on prices.

Persons: Rishi Sunak, Jeremy Hunt, ”, Hunt, Rachel Reeves, James Smith Organizations: Conservative Party, National Statistics, Labour Party . Treasury, Treasury, Labour, Conservatives, Bank of England Locations: Britain

☆ Former CIA employee sentenced to 40 years in prison after carrying out largest data leak in agency’s history
▼ + stars: | 2024-02-01 | by ( Rob Frehse | Mark Morales | ) edition.cnn.com time to read: +3 min

CNN —A former CIA employee was sentenced to 40 years in prison after carrying out the largest data leak in the agency’s history, the US Attorney’s Office of the Southern District of New York announced Thursday. He was also found guilty in 2023 of receiving, possessing and transporting child pornography, according to the US Attorney’s Office. He had worked as a computer engineer within the CIA’s Center for Cyber Intelligence, and created cyber tools that could grab data undetected from computers. A year later, investigators said Schulte stole cyber tools and source code and transferred them to WikiLeaks, according to court records. Schulte, who also allegedly lied to CIA and FBI investigators to cover his tracks, was arrested in August 2017 on child pornography charges.

Persons: CNN —, Joshua Schulte –, –, Schulte, “ Joshua Schulte, Damian Williams, ” Williams, Joshua Schulte, Elizabeth Williams, James Smith Organizations: CNN, CIA, US, Office, Southern, of New York, WikiLeaks, CIA’s, Cyber Intelligence, FBI, AP “, Investigators Locations: New York

☆ Pornhub’s parent company admits it profited from sex trafficking
▼ + stars: | 2023-12-22 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

Aylo, Pornhub’s parent company, will pay a $1.8 million fine and compensate the sex trafficking victims as part of a deferred prosecution agreement. The company pleaded not guilty to the government’s charge of engaging in unlawful monetary transactions involving sex trafficking proceeds, although it acknowledged the illegal material was posted on its site and said it regrets that fact. The government did not accuse Aylo itself of violating any federal sex trafficking laws, but said the company should have known it was doing business with a group that was engaging in sex trafficking. And Aylo became aware of a federal lawsuit against the production company in 2017, court documents show. In a statement, Aylo, which is under new management since the alleged incidents occurred, said it “deeply regrets” that Pornhub hosted the content.

Persons: Pornhub, Aylo, “, ”, James Smith, Solomon Friedman, ” Friedman Organizations: Washington CNN, Eastern, of, FBI, Aylo Holdings, CNN, Ethical Capital Partners Locations: Peace, of New York, Canada

☆ European Central Bank holds rates and trims its inflation forecast
▼ + stars: | 2023-12-14 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

BRUSSELS, BELGIUM - NOVEMBER 27: Christine Lagarde, President of the European Central Bank speaks during the European Parliament's Committee on Economic and Monetary Affairs (ECON) meeting in Brussels, Belgium on Nevember 27, 2023. (Photo by Dursun Aydemir/Anadolu via Getty Images)The European Central Bank on Thursday held interest rates steady for the second meeting in a row, as it revised its growth forecasts lower and announced plans to speed up the shrinking of its balance sheet. The latest staff macroeconomic projections see average real GDP expanding 0.6% in 2023, from a prior forecast of 0.7%. Headline inflation is meanwhile seen averaging 5.4% in 2023, 2.7% in 2024 and 2.1% in 2025. Members see core inflation, excluding energy and food, averaging 5% this year and 2.7% in 2024, 2.3% in 2025, and 2.1% in 2026.

Persons: Christine Lagarde, Dursun Aydemir, James Smith, CNBC's Joumanna Bercetche Organizations: European Central Bank, European Parliament's, Economic, Monetary Affairs, Getty, ECB, ING Locations: BRUSSELS, BELGIUM, Brussels, Belgium, Anadolu

☆ Former researcher alleges Harvard forced her out to preserve Facebook donations
▼ + stars: | 2023-12-05 | by ( Eamon Javers | ) www.cnbc.com time to read: +13 min

WASHINGTON — Social media researcher Joan Donovan says she knows the exact moment her career began to go off the rails. "I got called into the principal's office and was questioned about why I'm talking about Facebook," Donovan said. In a statement to CNBC, Harvard Kennedy School Director of Public Affairs James Smith disputed Donovan's account of her departure. "The narrative is full of inaccuracies and baseless insinuations, particularly the suggestion that Harvard Kennedy School allowed Facebook to dictate its approach to research." Smith told CNBC that Harvard University and the Kennedy School continue to carry out misinformation and social media research to this day.

Persons: Harvard Kennedy, Joan Donovan, Donovan, John F, Frances Haugen, Haugen, Elliot Schrage, Schrage, Nick Clegg, Clegg, didn't, Douglas Elmendorf, Dean Elmendorf, Sheryl Sandberg, Sandberg, Elmendorf, Mark Zuckerberg, Priscilla Chan –, –, Zuckerberg's, Guillermo S, Hava, Eleanor V, Wikstrom, —, Chan, Public Affairs James Smith, Smith, Kennedy, Chan Zuckerberg, Donovan's Organizations: Harvard, Media Politics, WASHINGTON — Social, Harvard University, Kennedy School of Government, Dean's Council, CNBC, Meta, Facebook, Dean's, Kennedy School, Elmendorf, Harvard's Kennedy School, Twitter, Google, Washington Post, Initiative, Technology, Research, Whistleblower, Massachusetts, U.S . Department of Education's, Civil Rights, Harvard Kennedy School, Public Affairs, School, Kennedy, Media, Politics, Public, Tech, Chan Zuckerberg Initiative Locations: Malden, Harvard, Central, Dean's, FBarchive.org

NASHVILLE, Tenn. (AP) — Tennessee's decades-old aggravated prostitution statute violates the Americans with Disabilities Act, the U.S. Department of Justice announced Friday after an investigation, warning that the state could face a lawsuit if officials don't immediately cease enforcement. LGBTQ+ and civil rights advocates have long criticized the measure as discriminatory, making it almost impossible to find housing and employment due to the restrictions for violent sex offenders. The DOJ letter details several of the struggles of those with aggravated prostitution convictions. A lifetime sex offender registration can stop people from visiting with their grandchildren, revoke job offers, and severely limit housing options. Plaintiffs who had filed a lawsuit seeking to block the aggravated prostitution law in October said the DOJ's letter only further supports their efforts.

Persons: —, ”, Bill Lee, “, Kristen Clarke, Jonathan Skrmetti, David Rausch, Steven Mulroy, it's, Mulroy, ” Brandon James Smith, Skrmetti, “ OUTMemphis, Molly Quinn, OUTMemphis, Adrian Sainz Organizations: U.S . Department of Justice, American Civil Liberties Union, Transgender Law Center, Justice Department’s Civil Rights Division, of, DOJ, Associated Press Locations: Tenn, Tennessee, United States, Shelby County, Memphis, Memphis , Tennessee

☆ UK's next government will find tax rises hard to avoid
▼ + stars: | 2023-11-20 | by ( David Milliken | ) www.reuters.com time to read: +7 min

But tax rises will be very hard to avoid for whichever party forms the next government, says James Smith, a former Bank of England economist who is research director at the Resolution Foundation, which focuses on issues affecting low and middle earners. For earlier governments, the main way to increase tax levels has been to raise the rate of national insurance - a payroll tax paid by employers and employees - and, in the Conservatives' case, higher value-added tax. Annual GDP growth averaged 2.0% from 2010-2019, compared with 3.0% from 1997-2007. Asked on Sunday about widespread reports of looming tax cuts, Hunt told Sky News: "Everything is on the table ... Higher-than-expected inflation has boosted tax revenue and overall GDP in cash terms, giving more leeway against fiscal targets as most public services' spending budgets are fixed.

Persons: Susannah Ireland, Jeremy Hunt, Rishi Sunak's, James Smith, Smith, Britain's, It's, Carl Emmerson, Hunt, Foundation's Smith, David Milliken, Mike Harrison Organizations: REUTERS, Labour Party, Bank of England, Organisation for Economic Co, Development, Britain, Conservatives, Fiscal Studies, Foundation, Reuters, Monetary Fund, Institute for Government, Sky News, British, Reuters Graphics, Thomson Locations: City, London, Britain, Ukraine

☆ UK economy flatlines as real estate activity drops
▼ + stars: | 2023-11-10 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Britain’s economy stagnated in the third quarter — its weakest performance in a year — as activity in the real estate sector fell, weighed down by high interest rates. The real estate sector — which accounts for 13% of UK economic output and is particularly sensitive to higher borrowing costs — has taken a knock this year. The data — which measures how efficiently the economy is making use of labor and capital — showed that UK productivity had barely improved since 2007. “Britain is a stagnation nation that has struggled to secure sustained economic growth since the financial crisis,” James Smith, research director at the Resolution Foundation, a think tank, wrote in a note Friday. UK finance minister Jeremy Hunt is due to outline the government’s plans to boost economic growth later this month.

Persons: —, Paul Dales, ”, ” James Smith, Jeremy Hunt Organizations: London CNN, National Statistics, Bank of England, Capital Economics Locations: Halifax, Britain

☆ British fiscal headroom an 'illusion' that will not leave room for tax cuts, report says
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Hannah McKay/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - Extra fiscal headroom as a result of higher inflation is illusory and will not give any space for tax cuts when British Finance Minister Jeremy Hunt gives a fiscal update later this month, a think tank report said on Monday. The Resolution Foundation's analysis said that higher tax receipts and lower borrowing - both a result of sticky inflation - would increase Britain's fiscal headroom by 13 billion pounds ($16.09 billion), but added this was based on "implausible" public spending plans. That higher inflation is affecting public spending. Public spending will also have to increase more than is currently forecast to protect the budgets of some ministries in real terms in the coming years, the think-tank said. "It's increasingly clear that spending plans pencilled in for after the next election cannot be delivered," Smith said.

Persons: Jeremy Hunt, James, Suella Braverman, Hannah McKay, Hunt, James Smith, Smith, Alistair Smout, Sharon Singleton Organizations: Conservative, REUTERS, British, The Bank of England, Foundation, Thomson Locations: Manchester, Britain

☆ Expect first rate cut from the Bank of England from the middle of next year, economist says
▼ + stars: | 2023-11-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect first rate cut from the Bank of England from the middle of next year, economist saysJames Smith, developed markets economist at ING, discusses the outlook for interest rates in the U.K.

Persons: James Smith Organizations: Bank of England, ING

☆ BoE likely to keep high rates on hold even as signs of slowdown mount
▼ + stars: | 2023-10-25 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

The last Monetary Policy Committee meeting in September resulted in five members voting to pause, just outnumbering the four who sought another increase. So far, investors are not challenging the BoE's message that interest rates will stay high for a considerable period. BOE Chief Economist Huw Pill likened the outlook for monetary policy to the lofty, flat and long profile of Table Mountain during a visit to South Africa in late August. But economists expected little change in the BoE's previous forecasts that inflation will fall to 2% in two years' time. "Recent geopolitical events will probably induce a modicum of monetary policy caution, reinforcing the likelihood of unaltered policy settings," analysts at NatWest Markets said.

Persons: Hollie Adams, BoE, Andrew Bailey, James Smith, Smith, BOE, Huw Pill, Pill, Bailey, Rishi Sunak, Price, William Schomberg, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, Reuters, ING, Investors, U.S . Federal, Monetary Fund, NatWest Markets, Thomson Locations: City, City of London, Britain, South Africa

☆ Bank of England rate has peaked, to stay at 5.25% through Q2
▼ + stars: | 2023-10-24 | by ( Jonathan Cable | ) www.reuters.com time to read: +3 min

LONDON, Oct 24 (Reuters) - The Bank of England is likely done with policy tightening and will leave Bank Rate at 5.25% on Nov. 2, according to the vast majority of economists polled by Reuters who did however caution the chance of another increase this year was high. Only 12 economists forecast a quarter point rise to 5.50% at the November Monetary Policy Committee meeting. Inflation was expected to gradually decline across the forecast horizon but it won't reach target until Q2 2025, the poll showed. Around one-third of economists expected the Bank to act earlier. The BoE was forecast to reduce Bank Rate by 50 basis points in the fourth quarter, putting it at 4.50% by year-end.

Persons: James Smith, Elizabeth Martins, BoE Governor Andrew Bailey, BoE, ING's Smith, Jonathan Cable, Prerana Bhat, Sujith Pai, Jonathan Oatis Organizations: Bank of England, Reuters, Bank, ING, MPC, HSBC, United States Federal Reserve, European, Thomson

It means that the U.K.'s inflation rate remains more than three times higher than the Bank of England's target rate of 2%. The bank, though, is not expected to raise interest rates at its next policy meeting in early November, opting instead to keep its main borrowing rate unchanged at the 15-year high of 5.25%. Last month, the bank brought an end to nearly two years of interest rate rises as inflation fell from multi-decade highs above 11%. Higher interest rates, which cool the economy by making it more expensive to borrow and bearing down on spending, have contributed to bringing down inflation worldwide. The U.K. has the highest inflation rate among the Group of Seven leading industrial economies — the U.S.'s rate for example is 3.7%.

Persons: James Smith Organizations: Office, National Statistics, Bank of, Bank of England, Conservative Party, European Union Locations: Ukraine, U.S, Britain

☆ UK regular pay growth slows for first time since January
▼ + stars: | 2023-10-17 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Private-sector regular pay - the component looked at most closely by the BoE - saw annual growth slow to 8.0% in the three months to August, from 8.1%. Regular pay, adjusted for CPI inflation, grew by an annual 0.7% in the three months to August. Reuters GraphicsSLUGGISH ECONOMYBank of England Chief Economist Huw Pill said on Monday that fast rates of nominal pay growth stood at odds with most other labour market measures, which have pointed to a slowing economy. The number of job vacancies in the three months to September fell to a two-year low of 988,000, Tuesday's data showed. Unemployment figures and other related labour market data will not be published until Oct. 24, after the ONS said on Friday it needed more time to take account of low response rates.

Persons: Kevin Coombs, BoE, James Smith, Jeremy Hunt, Rishi Sunak, Huw Pill, payrolls, Ashley Webb, Webb, Sachin Ravikumar, William Schomberg, Bernadette Baum Organizations: REUTERS, LONDON, Bank of England, Britain's, National Statistics, Reuters, U.S, Bank, England's, ING, Private, of England, International Monetary, Capital Economics, Thomson Locations: Canary Wharf, London, Britain

☆ Bank of England to leave rates on hold through mid-2024, cut in Q3
▼ + stars: | 2023-09-26 | by ( Shaloo Shrivastava | ) www.reuters.com time to read: +4 min

A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. Last week, the Bank surprised markets by not raising rates, sending sterling to a six-month low, but signalled rates would remain higher for longer. Still, over 40% of economists, 15 of 37, who answered an extra question said the BoE should hike rates again this year. Sixteen economists predicted Bank Rate at 5.00% in the third quarter, 10 forecast 4.75%, six said 4.50%, one expected 4.25% and one 3.75%. The European Central Bank was predicted to cut rates in the third quarter next year but the Federal Reserve might start in the second quarter, separate Reuters polls showed.

Persons: Hollie Adams, The BoE, BoE, James Smith, James Rossiter, Shaloo Shrivastava, Anitta Sunil, Purujit Arun, Jonathan Cable, Bernadette Baum Organizations: Bank of England, City of, REUTERS, Rights, Bank, Monetary, The, ING Financial Markets, TD Securities, European Central Bank, Federal Reserve, Thomson Locations: City, City of London, Britain

LONDON (AP) — The British economy shrank by 0.5% in July amid a series of strikes, particularly by doctors at the start of their careers, and unseasonably wet weather, official figures showed Wednesday. The Office for National Statistics said the strikes by so-called junior doctors weighed on health sector activity, while the sixth wettest July on record hit retailers after a buoyant June, when business was brisk as a result of warm weather. Most economists downplayed the prospect that the British economy would fall into recession as monthly growth figures have been yo-yoing up and down as of late. Still, growth is expected to stay tepid. Political Cartoons View All 1154 ImagesMost economists think the bank will raise its main rate by a further quarter of a percentage point to a fresh 15-year high of 5.5%.

Persons: James Smith Organizations: National Statistics, ING, Bank of England

☆ UK economy shrinks at fastest pace in seven months, hit by strikes and wet weather
▼ + stars: | 2023-09-13 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The Office for National Statistics are due to release the latest UK CPI Inflation data on Wednesday. The economy put in a better-than-expected performance for the second quarter as a whole, with the ONS reiterating its reading of 0.2% growth. July's surprise dip meant the economy shrank at its fastest pace since December, according to ONS figures. On Tuesday, figures showed U.K. mortgages in arrears jumped to a seven-year high in the three months to June. Major investment banks trimmed their U.K. growth expectations following the reading.

Persons: Jose Sarmento Matos, Goldman Sachs, JP Morgan, James Smith, Paul Dales Organizations: National Statistics, Bloomberg, Getty, ING, Capital Economics Locations: Italian, London

Despite that, the latest Reuters poll narrowly showed Bank Rate peaking at 5.50%, down from 5.75% predicted in July. All but one of 62 economists in the Aug. 16-23 poll expected Bank Rate to go up 25 basis points to 5.50% next month. The medians showed Bank Rate remaining on hold after September's hike until Q3 next year, though a significant minority - 47% or 29 of 62 economists - estimated a higher peak. That is a flip from a July poll when a slim majority, 51% or 31 of 61 participants, predicted Bank Rate at 5.75% or more by year-end. The wider poll showed inflation averaging 6.8% and 4.7% this quarter and next.

Persons: Luke MacGregor, BoE, James Smith, Simon Wells, Shaloo Shrivastava, Jonathan Cable, Mumal Rathore, Rahul Trivedi, Purujit Arun, Ross Finley, John Stonestreet Organizations: of, REUTERS, Bank of England, Reuters, ING, Reserve, European Central Bank, HSBC, Thomson Locations: of England, London, BRITAIN, BENGALURU, LONDON, Western Europe

☆ Factory slump and cost-of-living squeeze puts UK economy on course to shrink
▼ + stars: | 2023-08-23 | by ( David Milliken | ) www.reuters.com time to read: +4 min

The BoE said earlier this month it only saw inflation falling below 4% from the second quarter of 2024. The PMI survey recorded the slowest growth in output prices since February 2021. Manufacturers - who make up 10% of Britain's economy - reported the biggest fall in output prices since February 2016, echoing wider weakness in the sector. "Companies are reporting reduced orders for goods and services as demand is increasingly hit by the cost-of-living crisis, higher interest rates, export losses and concerns about the economic outlook," Williamson said. Manufacturers said this fall appeared to be an attempt to reduce the need for working capital at a time of rising interest rates.

Persons: Carl Recine, BoE, Queen, Chris Williamson, Sterling, James Smith, P's Williamson, Williamson, David Milliken, William Schomberg, Hugh Lawson Organizations: REUTERS, PMI, P, P Global Market Intelligence, Bank of England, ING, Manufacturers, Thomson Locations: Altrincham, Britain

☆ Tornado Cash founders charged with laundering more than $1 billion, including millions for North Korea
▼ + stars: | 2023-08-23 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

Two founders of Tornado Cash, the widely known Russian cryptocurrency mixer, have been charged with laundering more than $1 billion in criminal proceeds. Charges in the indictment include conspiring to commit money laundering, conspiracy to commit sanctions violations and conspiracy to operate an unlicensed money transmitting business. The third co-founder, Alexey Pertsev, who is not mentioned in this action, faces trial in Amsterdam over his involvement with Tornado Cash. Tornado Cash is used by some people as a legitimate way to protect their privacy in the still-nascent crypto market. Using a crypto mixing service like Tornado Cash masks those details by anonymizing the funds and concealing the identity of the buyer.

Persons: Roman, Semenov, Storm, James Smith, Alexey Pertsev, Roman Semenov, Damian Williams, Brian Klein, Waymaker, Klein, Lazarus Organizations: Tornado, Lazarus, Justice Department, CNBC, Tornado Cash, Storm, Federal Bureau of Investigation, Foreign Assets, Lazarus Group, U.S . Treasury, Treasury Department Locations: Russian, Korean, Washington, York, Amsterdam, U.S, Harmony

☆ Bank of England set to raise rates for 14th time in a row
▼ + stars: | 2023-08-02 | by ( David Milliken | ) www.reuters.com time to read: +4 min

A pedestrian carrying an umbrella walks near the Bank of England in the City of London, Britain, July 30, 2023. Market expectations for peak Bank Rate reached 6.5% on July 11 after data showed record wage growth before falling back to 5.75% after a sharp decline in consumer price inflation. Investors see a two-in-three chance of the BoE raising Bank Rate to 5.25% on Thursday but for most economists polled by Reuters the BoE's decision is finely balanced. However, some BoE critics argue it risks causing an unnecessary downturn, and that higher rates are a poor tool to tackle inflation caused by higher food and energy prices. "The main winners are banks, whose profits have flourished thanks to higher rates," said Fran Boait, co-executive director of campaign group Positive Money.

Persons: Hollie Adams, Bailey, BoE, Rishi Sunak, James Smith, Smith, Andrew Bailey, Dave Ramsden, Swati Dhingra, Silvana Tenreyro, Megan Greene, Fran Boait, ING's Smith, David Milliken, William Schomberg, Giles Elgood Organizations: Bank of England, City of, REUTERS, U.S . Federal Reserve, European Central Bank, Mortgage, Investors, Reuters, ING, Kroll Institute, Monetary, Thomson Locations: City, City of London, Britain, Germany

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