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"HSBC is Europe's largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them," Britain's finance minister Jeremy Hunt said. The Bank of England said it had organised the sale to underpin confidence in the financial system and minimise any fallout for British technology firms. "This acquisition makes excellent strategic sense for our business in the UK," HSBC CEO Noel Quinn said in a statement. The Bank of England said SVB UK had a total balance sheet size of around 8.8 billion pounds. Other potential buyers for SVB UK had included Bank of London, which said on Sunday it had submitted a formal proposal.

☆ Investors bet more on the Bank of England pausing rate hikes
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

LONDON, March 13 (Reuters) - Investors bet more heavily on Monday on the possibility that the Bank of England will halt its run of interest rate increases at its March meeting next week after the failure of U.S. lender Silicon Valley Bank (SVB). Interest rate futures put the chance of no change in Bank Rate on March 23 at about 40%, up from 25% earlier on Monday and around 10% last week. Bets on a quarter-percentage point rate hike fell to about 60%. The move followed a similar drop in expectations about a rate hike by the Federal Reserve this month after U.S. authorities announced plans to limit the fallout from the collapse of SVB. Writing by William Schomberg, editing by Andy BruceOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON/SINGAPORE, March 13 (Reuters) - U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis. Silicon Valley Bank (SVB), a mainstay for the startup economy, was a product of the decades-long era of cheap money, with unique risks that made it especially vulnerable. With the Fed poised to continue raising interest rates, investors said the financial system may not be fully out of the woods just yet. Goldman Sachs' analysts said they no longer expect it to raise rates at that meeting, amid the stress in the banking sector. A senior U.S. Treasury official said the actions taken would protect depositors, while providing additional support to the broader banking system, but officials and regulators were continuing to monitor financial system stability.

[1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. "Silicon Valley Bank cannot be allowed to fail given the vital community it serves," Bank of London co-founder and CEO Anthony Watson said. But an executive at a major UK bank said it was unlikely a high street lender would buy SVB UK because its credit products would not be a good fit for a mainstream bank. EXISTENTIAL THREATMore than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday calling for government intervention and warned of an "existential threat" to the UK tech sector, a copy seen by Reuters shows. Sunak has said he wants to turn Britain into the "next Silicon Valley".

☆ UK races to minimise SVB fallout amid reports of potential buyers
▼ + stars: | 2023-03-12 | by ( Andrew Macaskill | ) www.reuters.com time to read: +6 min

[1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. SoftBank-owned lender OakNorth Bank is weighing a bid to buy Silicon Valley Bank UK Ltd, a person with knowledge of the talks told Reuters, confirming a Sky News report. EXISTENTIAL THREATMore than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday calling for government intervention and warned of an "existential threat" to the UK tech sector, a copy seen by Reuters shows. Hunt reiterated comments by the BoE that overall, Silicon Valley Bank had a limited presence in Britain and did not perform functions critical to the financial system. Sunak has said he wants to turn Britain into the "next Silicon Valley".

The Treasury said late on Saturday that Hunt would offer financial incentives for parents with young children, disabled people and others to rejoin the workforce in his tax and spending budget plan on Wednesday. The government said it hopes the announcements this week will get hundreds of thousands of people into work. Hunt also plans to allow disabled people and those with long-term health conditions to work without removing their supplementary financial support, the Treasury said. "A Conservative government will always cut taxes when we can, but we won't run out of money. We will be responsible with the public finances," he told Sky News.

☆ UK government should focus on younger workers, not just over-50s, employers say
▼ + stars: | 2023-03-12 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Unlike in most other rich countries, Britain's labour force is still notably smaller than it was before the COVID-19 pandemic. But the CIPD pointed to the high number of younger people who were outside the labour market. "It's important that the current focus on addressing the decline of over-50s in employment doesn't obscure the need and opportunity to get more young people into work," CIPD economist Jon Boys said. In January he urged those who had retired early to do more than just play golf. However, many people who have retired early are not under financial pressure to go back to work, while those who are unwell can face long waits for medical treatment.

☆ UK finance minister Hunt says he can't rush into tax cuts
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 11 (Reuters) - British finance minister Jeremy Hunt said he wanted to lower tax rates for individuals and especially businesses in the longer term but warned it would take time because the economy needed to grow more quickly first. Hunt, who is due to present his budget on Wednesday, said in an interview broadcast on Saturday that lower tax rates were only possible once the economy was on a sustainable path to growth. "What we're trying to do is to increase the productive capacity of the economy and a highly taxed, highly regulated economy has less productive capacity," he said. Hunt hinted that he would first look at measures to encourage business investment through incentives. Reporting by Sarah Young Editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

LONDON, March 10 (Reuters) - Children returning to school after an illness-ravaged December provided an unexpected, one-off boost to Britain's economy in January, when growth in output exceeded forecasts, data showed on Friday. The Office for National Statistics (ONS) said Britain's economy expanded 0.3% month-on-month, after a drop of 0.5% in December - a reading that is likely to further allay recession fears. ONS Director of Economic Statistics Darren Morgan said the economy had shown zero growth over the last three months and the past year. The ONS said half of the 0.3% growth rate comprised the education sector, as a result of children returning to school after a significant drop in attendance in December. Fear of contracting COVID-19 over Christmas may also have contributed to children being taken out of school early.

☆ Unemployment for Black and Hispanic women rose in February, but more workers join the labor force
▼ + stars: | 2023-03-10 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Olivier Douliery | AFP | Getty ImagesThe unemployment rate for Black and Hispanic women rose in February, but so did the number of people looking for jobs. Women aged 20 and over in the labor force tracked that move, with the unemployment rate rising slightly to 3.2% from 3.1%. Black women saw their unemployment rate jump to 5.1% from 4.7%. For Hispanic women, the labor force participation rate rose slightly to 61.3% from 61.1%, while the employment-population ratio stayed unchanged at 58.4%. In February, the U.S. economy added 311,000 payrolls, though the unemployment rate ticked up and wages rose slightly.

☆ UK's Hunt to keep tight budget with eye on 2024 election
▼ + stars: | 2023-03-08 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

He and Hunt told investors that Britain was not ripping up the economic orthodoxy after all. It's the election timetable," Resolution Foundation chief executive Torsten Bell said in a panel discussion about the budget this week. Until now, the Office for Budget Responsibility (OBR) has been less pessimistic about growth than the Bank of England (BoE). Last month, the BoE said GDP would show no growth at all over 2024 and 2025 after a 0.5% fall in 2023. Hunt has said he will lay out economic growth measures in the budget, including ways to address the fall in the size of Britain's workforce.

☆ Hitler's nephew fought in the US Navy in WWII, but he had to get special permission from the president and FBI to do it
▼ + stars: | 2023-03-06 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

Hitler's nephew fought in the US Navy in WWII but had to receive permission from the president and FBI. In a letter to FDR, William Hitler asked for the chance to fight "against tyranny and oppression." After the war, William changed his last name to Stuart-Houston and lived a quiet life in New York. In the letter, William identified himself as "the nephew and only descendant of the ill-faced Chancellor and Leader of Germany," according to Warfare History Network. After the war, William remained in service until 1947.

☆ SoftBank's Arm rebuffs London by choosing U.S. listing
▼ + stars: | 2023-03-03 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

The company did not completely rule out an eventual London listing, saying it intended to consider a subsequent IPO there in due course, without providing further details. London worked hard to get the listing, with Prime Minister Rishi Sunak and Arm Chief Executive Rene Haas meeting in Downing Street last month, according to reports. The loss follows a decision by Dublin-based building materials giant CRH on Thursday to move its primary listing from London to the United States. Arm has pushed into markets beyond smartphones, such as data center servers, where its low-power designs can cut energy use. It immediately identified New York as its preferred destination, where the company will join the likes of Intel, Qualcomm and Nvidia.

☆ Guns N' Roses and Arctic Monkeys to headline Glastonbury along with Elton John
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sumaya HishamLONDON, March 3 (Reuters) - Guns N' Roses and Arctic Monkeys will join Elton John as headliners at the Glastonbury Festival in June, organisers said on Friday, drawing attention to the largely male line-up of its biggest performers this year. The festival's official poster gave U.S. rapper Lizzo joint headline billing but she was the lone, high-profile female performer among the main acts this year. Paul McCartney, 80, played last year's Glastonbury, as the festival returned from a three-year absence due to the coronavirus pandemic. While English rock act Arctic Monkeys will be making their third appearance as headliners at Glastonbury following the release of a new album in October, it will be the first time for American rock legends Guns N' Roses, who will be touring Europe in June. Reporting by Sachin Ravikumar, Editing by Paul Sandle and William SchombergOur Standards: The Thomson Reuters Trust Principles.

☆ UK to extend energy bill help for 3 months - source
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +2 min

Government subsidies are scheduled to be scaled back from next month, meaning average annual bills would rise to 3,000 pounds ($3,600) from 2,500 pounds now. Hunt is due to deliver a budget statement on March 15, when any extension to the level of support could be announced. "The Chancellor has been clear that we will keep all our support under review... we are already doing all we can to support people struggling with high energy bills," a spokesperson for prime minister Rishi Sunak said on Friday. Hunt can count on a roughly 30-billion-pound windfall as he prepares his budget, according to the Institute for Fiscal Studies (IFS). Keeping the current level of energy subsidies would cost 2.7 billion pounds until the end of June, based on current energy price forecasts, the IFS estimated this week.

The world's largest and oldest metals market annulled all nickel trades in March last year after chaotic price action and suspended trading for the first time since 1988. "That the FCA has decided to investigate means it considers there are circumstances suggesting that LME may have committed serious misconduct. ACTIVE STEPSThe 146-year-old LME said it had taken active steps to enhance nickel market liquidity and transparency, including 15% daily price limits and over the counter (OTC) position reporting for all physically delivered metals. The FCA and Bank of England began a review last April into the trading halt by the LME, owned by Hong Kong Exchanges and Clearing (0388.HK). In January management consultants Oliver Wyman released an independent review of the nickel trading debacle and the exchange said it would set out an implementation plan for the report's recommendations by the end of March.

☆ Wayne Shorter, master composer of jazz, dies aged 89
▼ + stars: | 2023-03-02 | by ( William Schomberg | ) www.reuters.com time to read: +2 min

[1/3] U.S. Jazz saxophonist Wayne Shorter performs onstage during a 'tribute to Miles Davis evening' at the 45th Montreux Jazz Festival in Montreux July 13, 2011. REUTERS/Valentin FlauraudMarch 2 (Reuters) - American saxophonist Wayne Shorter, who wrote some of jazz's most acclaimed compositions and whose often plaintive playing changed the sound of jazz in the 1960s before he explored rock-fusion, died on Thursday aged 89. "The master writer to me, in that group, was Wayne Shorter," the keyboardist said. "Wayne was one of the few people who brought music to Miles that didn't get changed." Other hit records included "Native Dancer" featuring Brazilian singer Milton Nascimento which mixed jazz, rock and funk with Brazilian rhythms.

☆ UK house prices show first annual fall since 2020 - Nationwide
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

With inflation still above 10% and borrowing costs rising, the house price fall represented the first annual drop since June 2020 - early in the coronavirus pandemic - and the biggest such decrease since November 2012, Nationwide said. Economists polled by Reuters had expected prices to fall by 0.9% from a year earlier and by 0.4% in monthly terms. Nationwide said prices were now 3.7% lower than their peak in August last year. "Solid gains in nominal incomes together with weak or declining house prices will also support housing affordability, especially if mortgage rates edge lower in the coming months." Nationwide forecast in December that house prices would fall 5% in 2023.

☆ UK house prices fall by most since 2012, mortgage approvals drop
▼ + stars: | 2023-03-01 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

Analysts in a Reuters poll published on Tuesday expect house prices to fall by 2.4% in 2023, less than previously as a resilient job market and easing recession fears soften the blow of higher borrowing costs. Economists polled by Reuters had expected prices to fall by 0.9% from a year earlier and by 0.4% in monthly terms. "Solid gains in nominal incomes together with weak or declining house prices will also support housing affordability, especially if mortgage rates edge lower in the coming months." Nationwide forecast in December that house prices would fall 5% in 2023. Gabriella Dickens, an economist with consultancy Pantheon Macroeconomics, said she expected house prices would fall to about 8% below last year's peak.

"Some further increase in Bank Rate may turn out to be appropriate, but nothing is decided," Bailey added. Bailey said that the economy had developed largely as expected since the BoE raised rates on Feb. 2. "Inflation has been slightly weaker, and activity and wages slightly stronger, though I would emphasise 'slightly' in both cases," he said. Bailey also highlighted how the central bank shifted its language in February, when it said further tightening would be required if there was evidence of more persistent inflation pressures. But two MPC members - Swati Dhingra and Silvana Tenreyro - voted in February to pause the rate hikes.

☆ Meet Sandra Douglass Morgan, the only Black female president in the NFL: ‘This job is much bigger than me’
▼ + stars: | 2023-02-28 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

Growing up in Las Vegas, Sandra Douglass Morgan never dreamed about making history — she just wanted to make herself, and her parents, proud. But Douglass Morgan didn't need to eavesdrop to understand that she and her family would be treated unfairly because of the color of their skin. Douglass Morgan, now 44, made a promise to herself: No matter what she did, she would champion equity and respect. Months later — and after the abrupt departure of two presidents — Davis approached Douglass Morgan about the job. Douglass Morgan sought the counsel of friends and family, including her husband, Don Morgan, who played four years in the NFL with the Minnesota Vikings and Arizona Cardinals.

☆ Pfizer, GSK face FDA panel review in race for RSV vaccines
▼ + stars: | 2023-02-28 | by ( Manas Mishra | ) www.reuters.com time to read: +2 min

Feb 28 (Reuters) - The frontrunners in a crowded race to develop the first respiratory syncytial virus (RSV) vaccine - Pfizer Inc (PFE.N) and GSK (GSK.L) - will face scrutiny from a panel of experts to the U.S. Food and Drug Administration this week. Merck & Co Inc (MRK.N), Moderna Inc (MRNA.O), Johnson & Johnson (JNJ.N) are conducting trials of their own RSV vaccines. Pfizer and GSK grabbed a lead last year after data from separate late-stage studies showed their shots prevented respiratory disease caused by RSV. GSK's vaccine was 82.6% effective in preventing lower respiratory tract disease in people aged 60 and over, and 94.1% effective in preventing severe disease. Dr. Schaffner expects a positive vote on the vaccines when the advisory panel discusses Pfizer's vaccine on Feb. 28, and GSK's vaccine on March 1.

REUTERS/Toby MelvilleLONDON, Feb 27 (Reuters) - British energy regulator Ofgem on Monday lowered its price cap on household energy bills from April, but it will offer little relief to consumers as costs continue to rise. The cap sets a maximum price suppliers can charge consumers for each kilowatt hour (kWh) of energy they use, but it has been superseded by a government-backed energy price guarantee (EPG) that limits the maximum costs of energy. "Although wholesale prices have fallen, the price cap has not yet fallen below the planned level of the Energy Price Guarantee. If wholesale prices continue to fall, the price cap could be lowered again in July, potentially reducing bills, the regulator said. British Gas owner Centrica (CNA.L) this month posted record annual profit of 3.3 billion pounds on soaring energy prices and production.

☆ Factbox: Winners at the 29th Screen Actors Guild Awards
▼ + stars: | 2023-02-27 | by ( Danielle Broadway | ) www.reuters.com time to read: +1 min

[1/10] Chris Perfetti, Lisa Ann Walter, Quinta Brunson, Janelle James, Sheryl Lee Ralph, Tyler James Williams and William Stanford Davis accept the Outstanding Performance by an Ensemble in a Comedy Series award for "Abbott Elementary" during the 29th Screen Actors Guild Awards at the Fairmont Century Plaza Hotel in Los Angeles, California, U.S., February 26, 2023. REUTERS/Mario AnzuoniLOS ANGELES, Feb 26 (Reuters) - These are the key winners of the 29th Screen Actors Guild (SAG) Awards for the best performances in film and television in 2022, handed out at a streamed ceremony on Sunday:BEST MOVIE CAST"Everything Everywhere All At Once"BEST MALE ACTOR, MOVIEBrendan Fraser, "The Whale"BEST FEMALE ACTOR, MOVIEMichelle Yeoh, "Everything Everywhere All At Once"BEST FEMALE SUPPORTING ACTOR, MOVIEJamie Lee Curtis, “Everything Everywhere All at Once”BEST MALE SUPPORTING ACTOR, MOVIEKe Huy Quan, "Everything Everywhere All At Once"BEST FEMALE ACTOR, TV MOVIE OR LIMITED SERIESJessica Chastain, “George and Tammy”BEST MALE ACTOR, TV MOVIE OR LIMITED SERIESSam Elliot, “1883”BEST FEMALE ACTOR, TV DRAMAJennifer Coolidge, “The White Lotus”BEST MALE ACTOR, TV DRAMAJason Bateman, “Ozark”BEST FEMALE ACTOR, TV COMEDYJean Smart, “Hacks”BEST MALE ACTOR, TV COMEDYJeremy Allen White, “The Bear”BEST TV DRAMA ENSEMBLE“The White Lotus”BEST TV COMEDY ENSEMBLE“Abbott Elementary”Reporting by Danielle Broadway; Editing by Mary Milliken and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Most UK businesses optimistic about medium-term economic growth, survey shows
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 27 (Reuters) - More than 60% of British businesses are optimistic about the country's economic growth in the medium term and their own revenues in the next few years, a survey showed on Monday, challenging some of the gloomy forecasts for the UK economy. About 61% of over 1,500 business leaders expect economic growth to be "somewhat or significantly better" in 2025, according to the Boston Consulting Group Centre for Growth's inaugural business survey. Some 63% also think their revenues will grow over the next three years. "UK businesses are undoubtedly feeling squeezed, but they're still standing." Data for the survey was collected between Jan. 11 and Feb. 2, when the BoE announced its latest interest rate hike and economic forecasts.

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