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☆ Harvard’s Taylor Swift Scholars Have Thoughts on ‘Tortured Poets’
▼ + stars: | 2024-04-19 | by ( Madison Malone Kircher | ) www.nytimes.com time to read: +1 min

Fans of Taylor Swift often study up for a new album, revisiting the singer’s older works to prepare to analyze lyrics and song titles for secret messages and meanings. “The Tortured Poets Department” is getting much the same treatment, and perhaps no group of listeners was better prepared than the students at Harvard University currently studying Ms. Swift’s works in an English class devoted entirely to the artist. The undergraduate course, “Taylor Swift and Her World,” is taught by Stephanie Burt, who has her students comparing Ms. Swift’s songs to works by poets and writers including Willa Cather, Samuel Taylor Coleridge and William Wordsworth. On Thursday night, about 50 students from the class gathered in a lecture hall on campus to listen to Ms. Swift’s new album. Mary Pankowski, a 22-year-old senior studying history of art and architecture, wore a cream sweatshirt she bought at Ms. Swift’s Eras tour last year.

Persons: Taylor Swift, Department ”, Swift’s, “ Taylor Swift, ”, Stephanie Burt, Willa Cather, Samuel Taylor Coleridge, William Wordsworth, Mary Pankowski Organizations: Department, Harvard University

☆ Opinion: These three Oscar-nominated films couldn’t be more different. Together, they represent the change we need
▼ + stars: | 2024-03-07 | by ( Opinion Noah Berlatsky | ) edition.cnn.com time to read: +7 min

All three films question male conventions and genres in ways that show exactly why we need more films by, and more nominations for, women-directed films. Les Films PelléasTriet’s “Anatomy of a Fall” is about a German novelist, Sandra (Sandra Hüller), accused of murdering her husband Samuel (Samuel Theis). Director Celine Song talks to lead actress Greta Lee on the set of "Past Lives." That doesn’t mean that women directors are less interesting or less original than male directors. Triet, Song and Gerwig have proved that women directors are uniquely positioned to question and rethink old genres, old stories and old ideas.

Persons: Noah Berlatsky, — Justine Triet’s “, Celine Song’s “, Greta Gerwig’s “, ” —, Noah Berlatsky Noah Berlatsky, it’s, Randa Haines, ”, —, Sandra Hüller, Justine Triet's, Pelléas, Sandra, Samuel, Samuel Theis, Billy Wilder’s, David Fincher’s, Triet, Nora Moon, Greta Lee, Hae Sung, Teo Yoo, Nora, Arthur, John Magaro, Celine Song, doesn’t, Gerwig, “ Barbie, “ Barbie ”, Barbie, Ken, Greta Gerwig, Margot Robbie, Jaap Buitendijk, Barbie ”, Bradley Cooper’s, Maestro ”, Christopher Nolan’s “ Oppenheimer, clichés, Alexander Payne’s “, Kelly Reichardt’s, Nida Organizations: CNN, USC, Initiative, Academy, New York Times, Everett, Warner Bros ., Warner Bros, Entertainment, ” Locations: Chicago, German, South Korea

☆ Go Behind the Scenes of All 10 Best Picture Oscar Nominees
▼ + stars: | 2024-03-05 | by ( Mekado Murphy | More About Mekado Murphy | ) www.nytimes.com time to read: +4 min

“Hello, I’m Justine Triet, and I’m the co-writer and the director of ‘Anatomy of a Fall.’” “You took the book’s best idea. Even when it comes to language, I am the one meeting you on your turf. We needed to deliver a certain amount of information and to get to know the character of the dead husband. Often, very dramatic intimate scenes are used to be filmed at night, as if intimacy were separate from the rest of life. I know you know I’m right.

Persons: Justine Triet, ’, ” “ I’m, Sandra, Samuel, — Sandra Hüller, Samuel Theis, It’s, ”, it’s, You’re, Daniel, We’ll Locations: France

☆ Tex McIver — an Atlanta attorney sentenced to life — may walk out of prison after admitting he killed his wife
▼ + stars: | 2024-02-04 | by ( Christina Maxouris | ) edition.cnn.com time to read: +14 min

Behind Diane sat her husband, Claud Lee “Tex” McIver, an attorney with powerful political connections, with a gun in his lap. Claud "Tex" McIver enters the courtroom holding a bible filled with papers before his sentencing at the Fulton County courthouse in Atlanta in May 2018. A family photo of Tex McIver and his wife, Diane. “There is no doubt that Tex McIver depended on his wife’s money,” defense attorney Bruce Harvey said in trial. Tex McIver pleaded guilty to involuntary manslaughter in the death of his wife, Diane, on Friday, January 26, 2024.

Persons: Dani Jo Carter, Carter, Diane McIver, Diane, Claud Lee “ Tex ” McIver, “ Tex, ” Diane muttered, Claud, Tex, McIver, Alyssa Pointer, Fani Willis, retry McIver, Robert McBurney, McIver’s, –, he’s, Don Samuel, Diane chatted, Tex McIver, ” McIver, Seleta Griffin, Tex McIver’s, Griffin, Diane McIver's, Hyosub Shin, Zuma, ”, Clint Rucker, “, ” Prosecutors, ” Griffin, Bruce Harvey, Prosecutors, court’s, codicil, Adam Abbate, Samuel, Amanda Clark Palmer, CNN’s Jamiel Lynch Organizations: CNN, Ford Expedition, Georgia Supreme, WSB, Atlanta, TNS, ”, Prosecutors Locations: Atlanta, Fulton, Georgia, Fulton County, ” Fulton County, Putnam County, Buckhead, “, –

Samuel called one Eagles cornerback “trash” and blistered Philly as his “most-hated” team in the NFL. Brock Purdy threw for 314 yards and four touchdowns, Samuel scored three TDs and Eagles quarterback Jalen Hurts was checked for a concussion in San Francisco's 42-19 win over Philadelphia. “Talking trash, it’s part of the game,” Samuel said. Purdy put the finishing touches on the win with a 46-yard TD to Samuel. Much like in the NFC championship game, Purdy was pressured early.

Persons: — Deebo Samuel, Samuel, Philly, Brock Purdy, Jalen, Kyle Shanahan, Purdy, — Samuel, James Bradberry, ” Samuel, DeVonta Smith, Dre Greenlaw, Dom DiSandro, Greenlaw, Smith, ” Shanahan, ” Purdy, “, Deebo, pesky, Shanahan, A.J . Brown, Brown, Jake Elliott, ”, we've, Brandon Aiyuk, Christian McCaffrey, “ It's, ___ Organizations: PHILADELPHIA, NFC, 49ers, Eagles, NFL, Philadelphia, ” 49ers, ”, Philly, The Eagles, “, Kansas City —, Shanahan, NEXT San Francisco, Seattle, Sunday Locations: Francisco's, Philly, Purdy, A.J, Dallas

☆ The Electoral College Is ‘the Exploding Cigar of American Politics’ - The New York Times
▼ + stars: | 2023-11-29 | by ( Gail Collins | ) www.nytimes.com time to read: +2 min

Or it’s possible the founders just had a lot on their minds and threw the system together at the last minute. Confession: I was hoping to blame the whole Electoral College thing on Thomas Jefferson, who’s possibly my least favorite founding father. Anyway, no matter how it originally came together, we’ve now put the loser of the popular vote in office five times. One involved the Republican Rutherford B. Hayes, who won in 1876 even though the electoral vote was virtually tied and Samuel Tilden easily won the popular vote. George W. Bush lost the popular vote to Al Gore in 2000 — many of you will remember the manic counting and recounting in Florida, which was the tipping point state.

Persons: Waldman, George Washington, Thomas Jefferson, who’s, Sally Hemings, Jefferson, it’s, we’ve, Republican Rutherford B, Hayes, Samuel Tilden, George W, Bush, Al Gore, Gore, Ralph Nader’s, Robert Kennedy Jr Organizations: Republican, Republicans, Southern Democrats, Black, White Locations: France, Florida

☆ A former Vice exec is launching an AI platform that can visualize entire stories, scripts, or poems from the text
▼ + stars: | 2023-11-16 | by ( Marta Biino | ) www.businessinsider.com time to read: +4 min

He started Lore Machine with Moises Sanabria, the company's chief prompt officer, and Kutlu Mizrak, who is in charge of natural-language processing. Lore Machine turns text stories into images, ensuring consistency in style for the different characters, locations, and recurring elements. Stable Diffusion vs Midjourney) depending on their preferences and their values. Lore Machine is currently in beta, and being used by screenwriters, artists, novelists, graphic novelists, and animators, with a waitlist of over 12,000, the company said. Campion said he expects Lore Machine to be publicly available in early 2024.

Persons: Thobey Campion, Campion, Moises Sanabria, Kutlu Mizrak, Machine's, it's, Phil Gelatt, Lore Machine's, Lore, Samuel T Organizations: Business, Machine, Hollywood, Lore Machine

“I hear the screaming, I hear the bikes, and I hear the gunshots.”Aliza Samuel, 24, returned to the site of the deadly Nova festival attack by Hamas militants, in southern Israel, on October 7. “Enjoy,” the Hamas militants said in English, as they laughed, before shooting the three men and one woman at point-blank range, she said. Israel subsequently announced a war against Hamas, the militant group that governs Gaza and launched the coordinated assault. Rebecca Wright/CNNPanicking, the pair sprinted across the open farmland surrounding the festival site and dived into a ditch behind a line of large trees. Rebecca Wright/CNNNow, as Israel wages war across the border, Gensler is following the unfolding humanitarian disaster.

Persons: Israel CNN — Aliza Samuel, ” Samuel, “, ”, ” Aliza Samuel, Rebecca Wright, partygoers, festivalgoers, ‘, Samuel, didn’t, Shlomo Gensler, CNN Panicking, ” “, Dr, ” Gensler, Gensler, you’re, Aliza Organizations: Israel CNN, Nova Music, “, CNN, Hamas, Israel Defense Forces, Palestinian Ministry of Health Locations: Re'im, Israel, Re’im, Gaza, Ramallah, Gensler

NEW YORK (AP) — Since Justine Triet’s “Anatomy of a Fall” premiered at the Cannes Film Festival where it won the Palme d’Or, Sandra Hüller has been dogged by a question: Did she do it? In “Anatomy of a Fall,” Hüller plays a well-known novelist, also named Sandra, whose husband (Samuel Theis) is found dead outside their chalet in the French Alps after plunging from a top-floor window. Political Cartoons View All 1207 Images“She should be a dangerous person, in a way,” Hüller added. She also stars this fall in Jonathan Glazer’s acclaimed Holocaust drama “The Zone of Interest” as Hedwig Höss, wife of the Nazi commandant Rudolf Höss. It’s kind of a psychological but dangerous thing.”In the case of “Anatomy of a Fall,” Hüller knew immediately after reading the script that she wanted to play Sandra.

Persons: Justine Triet’s “, Palme, Sandra Hüller, ” Hüller, Sandra, Samuel Theis, Snoop, —, “, ”, Triet, Arthur Harari, ” Triet, it’s, doesn’t, Trần Anh Hùng’s, Emmanuel Macron, Anh, Maren Ade’s, Toni Erdmann, Jonathan Glazer’s, Hedwig Höss, Rudolf Höss, Hüller, Queen, Hedwig, Rudolf, it's Organizations: Cannes, France, New York Film, Nazi Locations: French, Cannes, France, “ The, The

☆ Liberia: Citizens vote in crucial polls amid flaring tensions
▼ + stars: | 2023-10-10 | by ( Nimi Princewill | ) edition.cnn.com time to read: +9 min

‘Correcting a mistake’Boakai told CNN that his young supporters are now desperate for change. Weah’s campaign manager told CNN no Liberian law prevents them from running from office, adding that the government was awaiting evidence from US to enable prosecutions. A unique electionOscar Bloh, head of ECC, Liberia’s largest election observation group, told CNN this election is different from previous polls in the country. A spokesman for the electoral commission, Henry Flomo, told CNN, “Everything is in schedule,” as dictated by law. “It’s unlikely that any of the candidates will win outright during the first round,” he told CNN.

Persons: CNN —, George Weah, Weah, Joseph Boakai, Seif Magango, Ballon, Boakai, ’ Boakai, ’ ”, ” Boakai, Ahmed Jallanzo, Liberians, ”, Joel Cholo Brooks, Shutterstock, ” Weah, Samuel Tweah, –, they’ve, Eugene Nagbe, ” “, Nagbe, “, Brooks, Nathaniel McGill, ” McGill, Sayma Syrenius, Bill Twehway, Twehway, I’m, ” Nagbe, Oscar Bloh, Bloh, Henry Flomo, ” Flomo Organizations: CNN, UN, Bank, Coalition for Democratic, Unity Party, Facebook, UN Human Rights, Boakai, Soul Clinic, Global News Network Liberia, Coalition, Democratic, FIFA, Liberian, Liberia Anti, Corruption, Washington, Port Authority, US Treasury Department, McGill, Weah’s CDC, Transparency International, TI Locations: Liberia, Monrovia, Pipeline, “, Qatar, American, United States

The preliminary reading of the UK S&P Global Purchasing Managers' Index (PMI) for the services sector sank to its lowest since the pandemic lockdown of January 2021 and below all forecasts in a Reuters poll of economists. PMIs for the euro zone picked up a little but still suggested a recession was approaching. Official data showed retail sales rose in August, partially recovering from a rain-induced plunge in July, and a measure of consumer confidence climbed to its highest since January 2022. However, data company S&P Global said its survey was consistent with a drop in quarterly economic output of 0.4%. "The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK," said Chris Williamson, chief business economist at S&P Global.

Persons: Molly Darlington, BoE, Sterling, Martin Beck, Beck, Chris Williamson, Samuel Tombs, Andy Bruce, Toby Chopra Organizations: REUTERS, P, CBI, Bank of England, P Global, U.S, Confederation of British Industry, PMI, Pantheon, Thomson Locations: Altrincham, Britain

SANTA CLARA, Calif. (AP) — Christian McCaffrey scored a touchdown in his 12th straight game, Brock Purdy threw two TD passes and the San Francisco 49ers won their 13th straight regular season game, 30-12 over the New York Giants on Thursday night. The defense did the rest against the short-handed Giants (1-2), who fell behind by double digits at the half for the third time in three games this season. That matched Jerry Rice's franchise record with 12 straight games in the regular season or playoffs with a TD and is three shy of the NFL mark. They rallied to beat the Cardinals with a strong second half. Davidson (elbow) left in the second half.

Persons: — Christian McCaffrey, Brock Purdy, McCaffrey, Deebo Samuel, George Kittle, Saquon Barkley, Andrew Thomas, Ben Bredeson, Matt Breida's, Daniel Jones, Purdy, Ronnie Bell, Samuel, Jerry Rice's, Kittle, Bell, San Francisco, Trent Williams, York's A'Shawn Robinson, Aaron Banks, Williams, Robinson, Shaun Hochuli, Deonte Banks, Davidson, Brandon Aiyuk, Ambry Thomas, ___ Organizations: San Francisco 49ers, New York Giants, Niners, Giants, Dallas, Arizona, Cardinals, Eagles, INACTIVES Giants, UP, Seattle Locations: SANTA CLARA, Calif, New York, San, Arizona

☆ Analysis: Investors call 'peak pessimism' for beaten-up UK stocks
▼ + stars: | 2023-09-13 | by ( Naomi Rovnick | ) www.reuters.com time to read: +6 min

"It feels like we've passed the peak of pessimism about the UK," said Daniel Lockyer, senior fund manager at 7 billion-pound investment and advice group Hawksmoor Investment Management, which increased its exposure to UK companies in August. Consumer stocks are outperforming as investors bet on the UK cost of living crisis becoming less intense. Reuters Graphics Reuters GraphicsLeigh Himsworth, UK fund manager at Fidelity International, said he was "trying to pick off UK retailers we can buy", while it was also "time to pick up some of the (UK) real estate sector." But while noting good economic reasons to call an upturn for UK stocks, fund managers also stressed the need for further steps from policymakers to revive interest in British equities. Premier Miton is lobbying policymakers to introduce a new tax-efficient investment vehicle for UK stocks.

Persons: Toby Melville, we've, Daniel Lockyer, Morningstar, Martin Walker, Walker, Samuel Tombs, Reuters Graphics Reuters Graphics Leigh Himsworth, Spencer, Neil Birrell, Premier Miton, Miton, Savvas Savouri, Naomi Rovnick, Dhara Ranasinghe, Sharon Singleton Organizations: London Stock Exchange, REUTERS, Inflation, LONDON, Apple, FTSE, Investment Management, Global, Reuters, Bank of England, Reuters Graphics Reuters Graphics, Fidelity International, Premier, Fidelity, Thomson Locations: Canary Wharf, London, Britain, U.S, COVID, outflows

Output had risen 0.5% in June, and the economy grew 0.2% over the three months to the end of July. The data underlined signs that Britain's economy is weakening, perhaps by more than the Bank of England had expected ahead of its September interest rate meeting. "Either way, it does suggest that higher interest rates and sticky inflation are having a more significant effect on the economy." Unusually wet weather in July hurt output at retailers and in the construction sector, which fell 0.5%, the ONS said. Wednesday's data does not include recent, substantial upward revisions to the performance of Britain's economy up to the end of 2021.

Persons: Toby Melville, Sterling, BoE, Neil Birrell, Samuel Tombs, Andy Bruce, David Milliken, William James, Alison Williams Organizations: St Thomas ' Hospital, REUTERS, LONDON, National Statistics, Bank of England, Premier Miton, ONS, Thomson Locations: St, London, Britain, England

Official data showed sales volumes last month were 1.2% lower than in June. Food stores sales volumes fell by a monthly 2.6% while non-food stores sales volumes fell by 1.7%. However, July's data represented only the second time that sales volumes fell on a month-to-month basis so far in 2023, suggesting resilience in consumer demand. Market research firm GfK reported last month that consumer confidence fell in July for the first time since January. Retail sales volumes were 3.2% lower than a year earlier, the ONS said, compared with economists' forecasts for a 2.1% decline.

Persons: Sterling, Heather Bovill, Ruth Gregory, GfK, Samuel Tombs, BoE, Tombs, Spencer, James Davey, Kate Holton, Susan Fenton Organizations: Reuters, Office, National Statistics, Department, Bank of England, Capital Economics, Macroeconomics, Thomson

Annual pay growth including bonuses also accelerated, hitting 8.2%, the fastest outside the coronavirus pandemic period when government job subsidies distorted the data. Two-year British government bond yields, which are sensitive to speculation about BoE rate changes, hit their highest level in a month. Samuel Tombs, an economist with Pantheon Macroeconomics, said wage increases were set to slow in the second half of 2023. "The momentum in wage growth still is too strong for the Committee to take a break just yet," Tombs said. However, inactivity due to long-term sickness rose to a new record high, adding to the problems for employers seeking to fill job vacancies and adding to the pressure on pay growth.

Persons: BoE, Sterling, Samuel Tombs, Tombs, Andrew Bailey, Bailey, it's, Sharon Graham, Sachin Ravikumar, Sharon Singleton Organizations: Reuters, Sterling, Bank of England, Pantheon, Public, Unite, Union, Thomson Locations: Britain

A Reuters poll of economists had pointed to approvals of 49,000, after 51,143 mortgages were approved in May. The value of net mortgage lending for the second quarter as a whole fell compared with the first quarter - the first quarterly contraction since records began in 1987. The BoE is expected to raise interest rates to 5.25% on Thursday from 5.0%, which would be the highest Bank Rate since 2008. "Looking ahead, growth in households' real disposable incomes will be weighed down by mortgage refinancing," said Samuel Tombs, chief UK economist at consultancy Pantheon Macroeconomics. The BoE reported a 1.661 billion pound ($2.13 billion) monthly increase in net consumer lending June, the largest such increase since April 2018.

Persons: Banks, Liz Truss, BoE, Thomas Pugh, Samuel Tombs, Andy Bruce, David Milliken, Sarah Young, Christina Fincher Organizations: Bank of, RSM, Thomson

☆ UK borrows less than thought but Hunt pledges budget discipline
▼ + stars: | 2023-07-21 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Although borrowing remains high after the shocks of the coronavirus pandemic and last year's energy price surge, the budget deficit in June stood at 18.5 billion pounds ($23.8 billion), down by 0.4 billion pounds from June 2022. A Reuters poll of economists had pointed to higher borrowing of 22 billion pounds last month. "Now more than ever we need to maintain discipline with the public finances," Hunt said after Friday's borrowing figures. As this week's fall in inflation showed, we will start to see results if we stick to our plan to halve inflation, grow the economy and get debt falling." However, a measure of consumer confidence fell in July for the first time since January as households felt the hit from higher inflation, borrowing costs and taxes.

Persons: Hunt, Jeremy Hunt, Rishi Sunak, Samuel Tombs, Tombs, Martin Beck, Beck, David Milliken, Angus MacSwan Organizations: LONDON, Conservative Party, National Statistics, Conservatives, Pantheon, Treasury, Thomson Locations: Britain

☆ Wall Street on ice ahead of big tech earnings, UK shines
▼ + stars: | 2023-07-19 | by ( Naomi Rovnick | ) www.reuters.com time to read: +3 min

Tech stocks have been boosted by exuberance about artificial intelligence as well as hopes the Federal Reserve will soon end the aggressive interest rate rises that bludgeoned valuations of more speculative businesses in 2022. Owning big tech is also the "most crowded" trade in global markets, Bank of America strategist Michael Hartnett warned in a note to clients this week. This was just the latest downside surprise on prices for a major economy after more than 18 months of central banks cranking interest rates higher. Sterling lost 0.96% to trade at $1.291 as market bets that the Bank of England would raise interest rates as high as 6%, from the current 5%, faded out. London's blue-chip FTSE 100 (.FTSE) added 1.6% and the domestically focused FTSE 250 (.FTMC) rose 3.2%, on track for its best daily performance since February 2.

Persons: Sterling, Michael Hartnett, Hartnett, BofA, Stuart Kaiser, Eren Osman, Arbuthnot Latham, BoE, Samuel Tombs, Kenneth Broux, Germany's, Tom Westbrook, Bernadette Baum, Kim Coghill, Chizu Organizations: Stock, Wall, Tesla, Netflix, Nasdaq, Tech, Reserve, Bank of America, Citi, Bank of England, Macroeconomics, Sterling, . Federal, Societe Generale, Thomson Locations: London, Sydney

Headline British consumer price inflation fell to 7.9% year-on-year in June, against expectations for 8.2%, in the latest downside surprise for a major economy after more than 18 months of central banks cranking interest rates higher. The BoE now had "the green light" for a 25 basis point (bps) rate rise next month, Pantheon Macroeconomics chief UK economist Samuel Tombs said, after markets had previously priced a further 50 bps hike. "Profit taking in sterling should not be a surprise," added Kenneth Broux, head of FX and rates corporate research at Societe Generale in London. The 10-year yield, a benchmark for debt costs in the Euro-zone, fell 5 bps to 2.35% . Futures trading indicated Wall Street's S&P 500 and Nasdaq 100 share indices would open steady later in the day.

Persons: Sterling, BoE, Samuel Tombs, Kenneth Broux, Germany's, Klaas, Chris Weston, Sam Holmes, Bernadette Baum Organizations: LONDON, Headline, Sterling, . Federal, Bank of England, Macroeconomics, Societe Generale, European Central Bank, ECB, Pepperstone, Nasdaq, Bank of, Thomson Locations: SYDNEY, London ., disinflation, Europe, Melbourne

☆ UK wage growth matches record high, keeping BoE under pressure
▼ + stars: | 2023-07-11 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

"The labour market became less tight in May and there are some signs of momentum in wage growth slowing a bit," Ashley Webb, an economist with Capital Economics, said. "But with wage growth still well above the levels consistent with the 2% inflation target, this won't ease the Bank of England's inflation fears significantly." The BoE is monitoring pay growth closely as it assesses how much inflationary pressure remains in Britain's economy even after its 13 back-to-back interest rate increases. "But it always has taken a little time for changes in labour market slack to influence wage growth and some leading indicators remain encouraging." Annual pay growth including bonuses sped up to 6.9%, the fastest on record excluding the coronavirus pandemic period when government job subsidies distorted the data, the ONS said.

Persons: Sterling, Ashley Webb, BoE, Andrew Bailey, Samuel Tombs, William Schomberg, Sachin Ravikumar, Kate Holton, Christina Fincher Organizations: Reuters, of England, Sterling, Bank of England, National Statistics, Capital Economics, of, Pantheon, MPC, Thomson

☆ UK shoppers boost spending again despite inflation's squeeze
▼ + stars: | 2023-06-23 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

But Friday's retail sales figures showed that, at least for now, British consumers were weathering the cost-of-living storm. "But our view is still that the growing drag on activity from higher interest rates will eventually tip the economy into recession, generating a 0.5% peak to trough fall in real consumer spending." The statistics agency said the one-off holiday to celebrate the king's coronation was not factored into its seasonal adjustments, meaning it helped to boost the sales volumes reading. Retail sales volumes in May were 2.1% lower than a year earlier. The Reuters poll of economists had pointed to a fall of 2.6% in sales volumes on an annual basis.

Persons: Sterling, King Charles, Ruth Gregory, Samuel Tombs, Heather Bovill, William Schomberg, William James, Catherine Evans Organizations: Bank of, Bank of England, U.S ., Office, National Statistics, Capital Economics, ONS, Reuters, Thomson Locations: Britain

Economists polled by Reuters had forecast that the annual consumer price inflation rate would drop to 8.4% in May, moving further away from October's 41-year high of 11.1%. "May's CPI figures ratchet up the pressure on the Monetary Policy Committee to increase Bank Rate substantially further over the coming months," Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said. Food and drink price inflation dropped slightly to 18.3% from April's 19.0%. The BoE is widely expected to raise interest rates on Thursday to 4.75% from 4.5%. After Wednesday's data, markets fully priced in interest rates reaching 6% by December - up from around a 50% chance of such a move on Tuesday.

Persons: Henry Nicholls, Samuel Tombs, Sterling, BoE, Grant Fitzner, . Paul Dales, Rishi Sunak, Jeremy Hunt, Andrew Heavens Organizations: Bank of England, REUTERS, Bank of, Reuters, Monetary, Committee, Pantheon, U.S ., National Statistics, ., Capital Economics, Bank, Fed, ECB, Thomson Locations: City, London, Britain, Bank of England

☆ Retail and films drive modest growth in UK economy
▼ + stars: | 2023-06-14 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

Britain's economy grew by 0.2% month-on-month in April, the Office for National Statistics said, matching the consensus in a Reuters poll of economists. Over the three months to April, Britain's economy expanded just 0.1% - a "low growth trajectory" according to the British Chambers of Commerce. The ONS said the economy in April stood 0.3% above its pre-pandemic level of February 2020. Services output rose 0.3% on the month, with the wholesale and retail trade the biggest driver of growth. But manufacturing output dropped 0.3% and the construction sector contracted unexpectedly by 0.6%, the figures showed.

Persons: Samuel Tombs, Jeremy Hunt, Sumanta Sen, William James, Sarah Young, Kate Holton, Andrew Heavens Organizations: National Statistics, Financial, Bank of England, British Chambers of Commerce, Reuters, ONS, Thomson Locations: British

☆ UK homeowners brace for more mortgage pain as borrowing costs shoot up
▼ + stars: | 2023-06-14 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Existing and aspiring UK homeowners are bracing for a fresh wave of misery as a rise in benchmark borrowing costs threatens to push up monthly mortgage payments. The yield on the country’s two-year government bonds — which is used to set interest rates on mortgages — jumped to 4.87% on Tuesday. The figures have pointed to persistent inflationary pressures, increasing the chances of more interest rate hikes by the Bank of England and driving up gilt yields. “We’ve had to reflect that in our mortgage rates,” the spokesperson said. “[UK inflation] is a chronic problem, and it’s not something that you can deal with quickly.”

Persons: Liz Truss, Craig, Samuel Tombs, “ We’ve, Paul Dales, “, Truss, Henry Nicholls, ”, Ed Al Organizations: London CNN, Bank of England, Royal London Asset Management, CNN, Pantheon, UK Finance, HSBC, HSBC UK, Capital Economics, Reuters, Columbia Threadneedle Investments Locations: United Kingdom, Europe, United States

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