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But signs of a slowdown are mounting, highlighting the BoE's dilemma as it continues to grapple with inflation. But the BoE looks set to keep on raising rates with inflation still more than three times its 2% target. Below are key readings of Britain's economy that the BoE will assess before its next scheduled announcement on interest rates on Sept. 21. But many analysts expect the lagged impact of the BoE's rate rises to hit spending soon, adding to the drag on the economy. Many economists think the delayed impact of higher interest rates and still elevated inflation will hit growth in the coming months.
Persons: Dado Ruvic, BoE, Andrew Bailey, GfK, Sumanta Sen, Devika Organizations: REUTERS, Bank, Bank of England, Brexit, P, CIPS, Nationwide, Halifax, Reuters Graphics LABOUR, Employers, European Union, Reuters, Reuters Graphics, Thomson Locations: Britain
Former U.S. President and Republican presidential candidate Donald Trump speaks during a campaign rally in Windham, New Hampshire, U.S., August 8, 2023. REUTERS/Reba Saldanha/File Photo Acquire Licensing RightsWASHINGTON, Aug 21 (Reuters) - Former President Donald Trump plans to turn himself in and be processed in Atlanta on Thursday in connection with his indictment in Georgia, he said on social media on Monday. "I'll be going to Atlanta, Georgia, on Thursday to be ARRESTED," Trump said on his Truth Social platform. CNN earlier reported that Trump planned to surrender at the Fulton County jail in Georgia on Thursday. Trump, the front-runner for the 2024 Republican presidential nomination, and his co-defendants were indicted on Aug. 14.
Persons: Donald Trump, Reba Saldanha, Trump, Fulton Country District Attorney Fani Willis, Willis, Trump's, Kanishka Singh, Jacqueline Wong, Cynthia Osterman Organizations: U.S, Republican, REUTERS, Rights, CNN, Trump, Fulton Country District Attorney, Prosecutors, Thomson Locations: Windham , New Hampshire, U.S, Atlanta, Georgia, Atlanta , Georgia, Fulton, Fulton County, Rice, Washington
[1/2] A police officer holds up crime scene tape to allow people to leave after a shooting incident at the West Edmonton Mall in Edmonton, Alberta, Canada August 21, 2023. REUTERS/Kyaw Soe Oo Acquire Licensing RightsAug 22 (Reuters) - Three people suffered serious injuries in a shooting incident at a mall in Edmonton, the capital of the Canadian province of Alberta, city police said on Monday in a post on X, formerly known as Twitter. The victims of Monday's incident at the West Edmonton mall have been taken to hospital for treatment, although the injuries are not life-threatening, the police said. Other staff asked people to gather in a safe area away from doors and windows, another mall visitor said. Reporting by Anirudh Saligrama and Kyaw Soe Oo; Editing by Christian Schmollinger and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
Persons: Anirudh Saligrama, Soe, Christian Schmollinger, Clarence Fernandez Organizations: West Edmonton Mall, REUTERS, Twitter, West, Reuters, Thomson Locations: Edmonton , Alberta, Canada, Edmonton, Canadian, Alberta, West Edmonton
Jeremy Grantham compared the post-pandemic boom in stocks to the dot-com bubble. The GMO cofounder doubts AI buzz can offset the impact of higher interest rates and tech woes. The buying frenzy was fueled by rock-bottom interest rates, stimulus checks, federal grants and loans, lockdown boredom, and other factors. The resulting surge in stocks was "in many ways about equal to the 2000 tech bubble," the veteran investor and GMO cofounder added. Grantham added that a recession could still hit this year, and forecasted moderately higher inflation and interest rates in the years to come versus the last decade.
Persons: Jeremy Grantham, Grantham, David Rubenstein, It's Organizations: Service, Bloomberg, Federal Locations: Wall, Silicon
I'll be going to Atlanta, Georgia, on Thursday to be ARRESTED by a Radical Left District Attorney, Fani Willis," Trump wrote on his social media platform, Truth Social. Fulton County District Attorney Fani Willis, who launched the investigation into Trump and his allies, has given the defendants until noon Friday to voluntarily surrender. Trump earlier Monday agreed to a $200,000 bond in the Georgia criminal case charging him with trying to illegally overturn the 2020 presidential election results in the state. Eastman — who's referenced but not charged as a co-conspirator in special counsel Jack Smith's federal criminal case against Trump for allegedly trying to subvert the 2020 election results — features prominently and repeatedly in the DA's indictment. Ray Smith, another Trump lawyer who was allegedly involved in the electors scheme, agreed to a $50,000 bond order, court filings show.
Persons: Donald Trump, Fani Willis, Trump, Willis, Scott McAfee, — Drew Findling, Marissa Goldberg, Jennifer Little —, Trump's, Willis —, John Eastman, McAfee, Eastman, Eastman —, Jack, Joe Biden, Harvey Silverglate, Kenneth Chesebro, Ray Smith, Scott Hall Organizations: Windham High School, Radical Left, Attorney, Trump, NBC News, Superior, Courthouse, Eastman, Hall Locations: Windham , New Hampshire, Fulton County , Georgia, Atlanta , Georgia, Fulton County, Rice, Georgia, Fulton, Coffee County
Prisoners locked in their cells for days on end report walls speckled with feces and blood. Birds have moved in, leaving droppings on the food trays and ice bags handed out to keep inmates cool. Blocked from visiting the law library, prisoners say they have missed court deadlines and jeopardized appeals. One thousand inmates incarcerated at Waupun Correctional Institution, a maximum-security prison in southeast Wisconsin, have been confined mostly to their cells for more than four months, ever since prison officials locked down the facility and halted many programs and services. The state’s Department of Corrections has offered little explanation about the lockdown or why it has lasted so long.
Organizations: Waupun Correctional, The New York Times, state’s Department of Corrections Locations: Wisconsin, Waupun
REUTERS/John Sommers II/File Photo Acquire Licensing RightsAug 18 (Reuters) - Air cargo enjoyed record demand when COVID-19 closed borders and snarled supply chains. Now, it is reeling from overcapacity and tumbling freight rates as the freight boom makes a hard landing. Passenger jets grounded during the health crisis are flying again and bringing their lower-deck cargo space, which competes with dedicated air freighters, back into play. The Florida-based carrier cited "the unyielding and rapidly mounting macro-economic headwinds that plagued the entire air cargo transportation sector starting in late 2022". In June, air cargo experienced the slowest contraction since February 2022, the International Air Transport Association said.
Persons: John Sommers, Xeneta, they're, Peter Sand, we're, Sand, planemakers, Eddy Pieniazek, expective, Pieniazek, Robert, Tim Hepher, Lisa Bartlein, Allison Lampert, Valerie Insinna, Barbara Lewis Organizations: Parcel Service, UPS, REUTERS, Air, Reuters, Western Global Airlines, Japan Airlines, Xeneta, International Air Transport Association, Ishka, Cathay, HK, Boeing, Airbus, Aeronautical Engineers, Thomson Locations: Louisville , Kentucky, Delaware, Florida, China, Asia, United States, Miami
United States and Chinese flags are set up before a meeting between U.S. Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing, China, Saturday, July 8, 2023. The U.S. economy expanded 1.2% in the second quarter, following 1.6% growth in the first three months of the year. Meanwhile, China's growth outlook continues to darken. "We may see similar growth rates between the U.S. and China, which is a concern for China because it is much poorer per capita," she added. The historic highs and lows of U.S. and Chinese economic surprises, respectively, will likely revert to mean as analysts adjust their expectations.
Persons: Janet Yellen, Mark Schiefelbein, That's, Goldman Sachs, Desmond Lachman, Dirk Willer, Jamie McGeever, Kirsten Donovan Organizations: Treasury, Rights, Atlanta Fed's, Barclays, Goldman, American Enterprise Institute, Reuters, Center for Strategic, International Studies, U.S, World Bank, Citi, Thomson Locations: United States, Diaoyutai, Beijing, China, Rights ORLANDO , Florida, U.S
Amazon is inviting sellers to use its own in-house shipping service, called Amazon Shipping. Amazon is significantly expanding its own shipping service that competes with FedEx and UPS. Earlier this week, Amazon invited some sellers to use Amazon Shipping, its own in-house delivery service, according to an email invite seen by Insider. If the merchant used Amazon's fulfillment service, Amazon would decide which delivery service their packages would go through, whether it's UPS or Amazon's own shipping service. However, with Amazon Shipping, sellers now have the choice to use Amazon Shipping directly, even if they are shipping from their own warehouse.
Persons: It's, Pitney Bowes, That's, Olivia Connors Organizations: Amazon, Amazon Shipping, FedEx, UPS, US Postal Service, Pitney, Amazon's, eBay, Bloomberg Locations: United States, France, Italy, Spain, India, Los Angeles, London
Shares of Estee Lauder (EL) fell nearly 3% on Friday after the cosmetics company delivered weaker-than-expected guidance for the coming year. The midpoint of management's guidance for full year net sales growth is 6%, implying about $16.86 billion. Management expects first-quarter sales to decline 11% at the midpoint, implying sales of $3.5 billion, well below the $3.94 billion estimate. Analysts were looking for Estee Lauder to make a combined total of $3.58 per share in that time frame. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.
Persons: Estee Lauder, reaccelerate, Jim Cramer's, Jim Cramer, Jim Organizations: Refinitiv, Management, CNBC, daimaru, Getty Locations: Asia, Pacific, China, Hong Kong, Hainan, Americas, America, Brazil, Mexico, United States, Nanjing, Shanghai
“Tonight, at least, the fire has behaved and the weather has behaved normally,” Fernando Clavijo, the regional president for the Canary Islands, told reporters on Friday, adding that firefighters had worked intensely to stop the fire’s progress after it moved in an unpredictable manner earlier in the week. Mr. Clavijo said he was hopeful that the forecast would improve, but added that the blaze still was not under control. At least eight municipalities have been affected by the fire, though local authorities on Friday lifted the lockdown order on La Esperanza, a village northeast of Teide National Park, where 3,820 residents had been ordered earlier in the week to shelter in place. The priority on Friday, Mr. Clavijo said, was to confine the fire to an area near the village. For residents closest to the fire, the past few days have been marked by streams of choking smoke and an overcast sky with an orange glow that has been filled with falling ash.
Persons: ” Fernando Clavijo, Clavijo, I’ve, , María Luisa Pacheco, La Orotava Organizations: El Locations: Canary, La Esperanza, Teide, La, Spanish
Whether mandatory return-to-office policies will make the climate crisis worse is an important question, especially as scientists predict that 2023 will be the hottest year on record. But determining whether working from an office is worse for the planet isn't that simple. Failing to find a balance between boosting productivity at the office and protecting the planet risks making the crisis worse. Even though the study only covered the early part of the pandemic, it illustrated how a shift away from office work can have some positive effects for the planet. "There was no clear answer to whether work from home was better or worse for the environment in general terms."
Persons: Rachel, it's, JPMorgan Chase, James Elfer, Elfer, It's, Ty Colman, Colman, Ralf Martin, Martin, teleworking, Megan Litke, We've, Litke, Efler, Operta's Colman, JPMorgan Chase —, Apple, Tony Johnson, Schneider, Johnson, That's, she's, Catherine Boudreau Organizations: Amazon, Google, JPMorgan, Fortune, Employees, Greenhouse, International Energy Agency, IEA, Imperial College Business School, American University, Energy, Target, Dell, Apple, Schneider Locations: , Maryland, Greater London, London, Washington , DC, Williams, Sonoma, North America
A sign of China's e-commerce company JD.com is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 16 (Reuters) - Chinese e-commerce firm JD.com (9618.HK), beat Wall Street estimates for second-quarter revenue on Wednesday, as its focus on lower-priced products to attract customers amid an economic slowdown paid off. Revenue grew 7.6% to 287.9 billion yuan ($39.7 billion), compared with analysts' average estimate of 278.85 billion yuan, Refinitiv Eikon data showed. After China abandoned its stringent COVID-19 lockdown policies, consumption failed to rebound immediately amid a slowdown in the country's overall economy. Recent official economic data has also been gloomy, with consumer price index tipping into deflation in July.
Persons: Aly, JD.com, Yuvraj Malik, Sophie Yu, Vinay Dwivedi, Jason Neely Organizations: CES, REUTERS, HK, Wall, Revenue, Analysts, Thomson Locations: Asia, Shanghai, China, U.S, JD.com, Bengaluru, Beijing
For Wendy's, Cheerios is now as much of a rival for breakfast customers as other restaurants, its CMO says. It just reported record quarterly breakfast sales. The chain reported record quarterly US breakfast sales volumes in the quarter to July 2, with year-over-year sales growth in the mid-single digits. And Wendy's is eyeing "outsized" growth for its breakfast sales in the future, executives said at its earnings call last week. Wendy's breakfast menu includes French toast sticks, sandwiches in croissant and biscuit buns, and hot and iced coffee.
Persons: Wendy's, Carl Loredo, Josh Kobza, Tim Hortons, Todd Penegor, We're, Penegor, We've Organizations: Service, Cheerios Locations: Wall, Silicon, QSR
CNN —Gold coins dating back more than 2,000 years have been found by metal detectorists in Wales, making them the first hoard of Iron Age gold coins to have been discovered in the country. The precious metals were unearthed by three metal detectorists in a field between July 2021 and March 2022. ‘Rich archaeological landscape’The gold coins’ elaborate design derives from those of Philip II, who ruled the ancient kingdom of Macedonia from 359 BC to 336 BC. The gold coins' elaborate design derives from those of Philip II. The staters could also have been used as “offerings to the gods” to fulfill a vow, according to National Museum Wales.
Persons: Lloyd Roberts, , Museum Wales Roberts, Peter Cockton, Tim Watson, , ” Watson, Watson, , Philip II, Sean Derby Organizations: CNN, National Museum Wales, Amgueddfa Cymru, Museum Wales, Museum Wales Another, Gwynedd Archaeological, Environment, Oriel Locations: Wales, Anglesey, East Midlands, Macedonia, Gwynedd, North, West Wales
Treasury Secretary Janet Yellen said China's economic snags pose some risks to the US. "China's slowdown will have the largest impact on its Asian neighbors, but there will be some spillovers to the United States." She maintained that the US labor market remains strong while inflation trends downward after the Federal Reserve's 11 interest rate hikes. "When Americans are asked about their own personal financial situation, 70% or more say they feel very good," Yellen said. The Treasury chief's comments follow President Joe Biden's remarks that China's economy is a "ticking time bomb," given its growth and demographic issues.
Persons: Janet Yellen, Yellen, they're, Joe Biden's, They've, Biden, David Dollar Organizations: Service, Bloomberg, Federal, Reuters, Brookings Institution Locations: United States, Wall, Silicon, Las Vegas, Utah, Beijing, China
REUTERS/David Dee Delgado/File PhotoNEW YORK, Aug 14 (Reuters) - Sam Bankman-Fried will prepare for his fraud trial from a Brooklyn jail where inmates ranging from convicted sex trafficker Ghislaine Maxwell to Honduras' former president have complained of subpar conditions. In recent years, MDC has been plagued by persistent staffing shortages, power outages and maggots in inmates' food. Earlier this year, a guard pleaded guilty to accepting bribes to smuggle in drugs. It is now the jail housing detainees awaiting federal trials in New York City, after the Manhattan Correctional Center closed in 2021 for improvements. Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.
Persons: Sam Bankman, David Dee Delgado, Fried, Ghislaine Maxwell, District Judge Lewis Kaplan, Maxwell, Jeffrey Epstein, Hannibal Lecter's, Epstein, Kaplan, Juan Orlando Hernandez, Guo Wengui, Hernandez, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: FTX, REUTERS, District, Detention, MDC, The U.S . Bureau of Prisons, Manhattan Correctional Center, MCC, Fox, U.S . State Department, Thomson Locations: Manhattan, New York City, U.S, Brooklyn, Honduras, Palo Alto , California, Brooklyn's, United States, Florida, The, Putnam County, Bahamas, Chinese, New York
Piola666 | E+ | Getty ImagesDespite inflation, Gen Z and millennials are determined to travel this summer, even if it means spending a bit more. watch nowBy opting to buy travel insurance, younger people's plans are more protected, added Droesch. Pandemic leaves travel jitters in wakeMany travel plans were canceled during the Covid-19 pandemic and many disappointed buyers got no refunds, even if they had travel insurance because unforeseen events such as the Covid-19 lockdown weren't covered. Millennials are entering their 40s, and much of Gen Z have graduated college and are starting their careers. While travel insurance sounds like a good idea, travelers should be aware of the different types of travel insurance that exist and be sure of which type they buy.
Persons: Rome, Gen Zers, , Mary Hines Droesch, Z, they're, Hopper, Hayley Berg, Berg, Millennials Organizations: Bank of America, Finance, College Locations: U.S
Deflation — the trend of prices falling throughout the economy — presents a particularly dangerous trajectory for China, which carries a massive amount of debt. The main components of GDP on the demand side — consumption, investment, net exports — they all have serious problems right now." A shaky property marketMost of China's economic troubles tie directly into its property market. Roughly a quarter of China's population works in agriculture — well above the 3% mark in the US — and that presents its own productivity limitations. From an unstable, debt-ridden property market to anti-business policies and demographic issues, Beijing has plenty to tackle if it hopes to match the same growth as decades past.
Persons: David Dollar, Biden, Dexter Roberts, Roberts, Terry Group, it's, Xi Jinping Organizations: Service, China's National Bureau of Statistics, People's Bank of, Federal Reserve, Brookings, Bloomberg, JPMorgan, Financial Times, China's, Global, US Census Bureau, Atlantic Council, Communist Party, Garden Holdings, Beike Research Institute, Terry Locations: Beijing, Wall, Silicon, China, People's Bank of China, China's US, Western, Russia, Asia, Ukraine, Mexico, China cratered, Rocky
Official data on Friday showed the economy grew 0.2% in the second quarter, against the consensus for a flat reading in a Reuters poll of economists. The strong showing bolstered bets that the BoE would keep on raising interest rates, given the central bank stressed this month that resilience in the economy was one of the factors that would underpin its judgement. The central bank itself had pencilled in growth of 0.1% for the second quarter. "With much of the drag from higher interest rates still to come, we are sticking to our below-consensus forecast that the UK is heading for a mild recession later this year," said economist Ruth Gregory from consultancy Capital Economics. Reporting by Andy Bruce and David Milliken; editing by William James, Kate Holton and Christina FincherOur Standards: The Thomson Reuters Trust Principles.
Persons: Sterling, BoE, Neil Birrell, Jeremy Hunt, Ruth Gregory, Andy Bruce, David Milliken, William James, Kate Holton, Christina Fincher Organizations: Bank of England, U.S ., Reuters, Bank of, Miton, National Statistics, Manufacturing, Reuters Graphics, Capital Economics, Thomson Locations: Bank of England, Britain, Germany, France, Italy, United States
China's economy is plagued with problems and is a "ticking time bomb," President Biden said. The president pointed to sluggish growth and high unemployment in the nation. At a Utah fundraiser on Wednesday, the president pointed to various problems plaguing China's economy, including the country's weak growth prospects and high unemployment rate. Meanwhile, China's youth unemployment rate notched a record 21% in July, due to a lack of high-skilled and high-paying jobs in the nation. That could put US-China relations on "collision course" that ends up weighing on the global economy, according to "Dr. Doom" economist Nouriel Roubini.
Persons: Biden, Joe Biden, They've, That's, Doom, Nouriel Roubini Organizations: Service, Reuters, Group Locations: China, Wall, Silicon, Utah, Beijing, Taiwan
Chinese e-commerce giant Alibaba on Thursday said revenue grew by 14% year on year in the quarter ended June 30. Here's how Alibaba did in the June quarter versus Refinitiv consensus estimates:Revenue: 234.16 billion yuan ($32.29 billion) versus 224.92 billion yuan expected, up 14 % year on year. 234.16 billion yuan ($32.29 billion) versus 224.92 billion yuan expected, up 14 year on year. Net income attributable to ordinary shareholders: 34.33 billion yuan versus 28.66 billion yuan expected, up 51% year on year. Alibaba's main business, Taobao and Tmall Group, saw revenue rise 12% year on year to 114.95 billion yuan in the June quarter.
Persons: Alibaba Organizations: Artificial Intelligence, Tmall Locations: Shanghai, China, U.S
Rent in New York City keeps hitting record highs even as migration from the city and state soars. In Manhattan, average rent in July was $5,588, up 2.2% from June and 9.3% from the previous year. People have been moving from New York State to low-tax Florida, as well as neighboring states. The surging average rental prices across New York City come despite people moving out in droves in recent years. New York City and surrounding areas like Long Island had some of the US' highest rates of negative net domestic migration between 2021 and 2022.
Persons: Miller Samuel, Douglas Elliman, It's Organizations: New York City, New York State, Service, Empire, Census Bureau, US Locations: New York, Manhattan, Florida, Wall, Silicon, New York City, Central, Brooklyn, Queens, New York County, New York State, New, Pennsylvania , Connecticut, New Jersey . New York City, Long
Reaction to China inflation data
  + stars: | 2023-08-09 | by ( ) www.reuters.com   time to read: +5 min
Below are comments from analysts on the inflation data:XING ZHAOPENG, SENIOR CHINA STRATEGIST, ANZ, SHANGHAI"Both CPI and PPI in year-on-year terms fell into negative territory and confirmed economic deflation. "With destocking and credit expansion, we expect PPI and CPI will rebound from the bottom in the fourth quarter. The CPI deflation may put more pressure on the government to consider additional fiscal stimulus to mitigate the challenge." XIA CHUN, CHIEF ECONOMIST, YINTECH INVESTMENT HOLDINGS, HONG KONG"The lower inflation data reflects weak demand on the mainland, which is biggest challenge facing China's economy. It also shows China's slower-than-expected economic rebound is not strong enough to offer the weaker global demand and lift commodity prices."
Persons: XING ZHAOPENG, CHUAN, FRANCES CHEUNG, Rather, ZHIWEI ZHANG, MARCO SUN, XIA CHUN, GARY NG, Liangping Gao, Ellen Zhang, Winni Zhou, Samuel Shen, Li Gu, Sam Holmes Organizations: ANZ, CPI, PPI, OCBC, SHANGHAI, MUFG BANK, ASIA PACIFIC, Thomson Locations: BEIJING, CHINA, SHANGHAI, China, SINGAPORE, HONG KONG, Japan, Beijing, Shanghai, Hong Kong
Pork prices are a significant driver of the consumer price index, and have fallen 26% year-on-year. Pork is the largest driver of the country's Consumer Price Index basket, comprising approximately 3% of it, per the Economist Intelligence Unit. "A rough rule of thumb is therefore that a 10% increase in the pork price will push up the CPI by 0.3%," the EIU said in a research note. The swing in pork prices over the past many years has thrown a huge challenge in front of China's hog farmers. This oversupply and resulting decline in pork prices has weighed heavily on the country's consumer price index, pushing the country into the region of deflation.
Persons: Oversupply, Xi Organizations: Service, Intelligence Unit, National Bureau, Statistics Locations: Wall, Silicon, China, Beijing
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