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LONDON — U.K. inflation picked up sharply to a higher-than-expected 2.3% in October, data from the British Office for National Statistics showed Wednesday. The hike marks a sharp increase from the 1.7% rise recorded in September and exceeds the 2.2% forecast of economists polled by Reuters. The latest print once again brings inflation above the Bank of England's 2% target, potentially dampening the prospects of a final interest rate cut this year. Core inflation, which excludes energy, food, alcohol and tobacco, came in at 3.3% for the month, up slightly from 3.2% in September. The uptick was anticipated in part due to an increase in the regulator-set energy price cap that took effect in October, which is expected to lead to higher energy price inflation over the colder winter months.
Persons: Price Organizations: British Office, National Statistics, Reuters, Bank of England's, Institute of Chartered Accountants Locations: England, Wales
A higher economic growth rate could theoretically boost the government's tax take without the need to raise taxes further, because overall revenues would be higher. The OBR now expects U.K. real GDP growth of 1.1% in 2024, followed by expansion of 2% in 2025, before falling to 1.5%. The Labour government did not immediately respond to CNBC's request for comment on further possible tax changes. 'Desperate' growth ratesThe U.K. economy barely grew in the third quarter, eking out a less-than-expected 0.1% expansion, data from the Office for National Statistics showed Friday. We've had 1% growth, or around 1% growth now since the Financial Crisis.
Persons: Rachel Reeves, James Smith, CNBC's, John Grieve, Reeves, Gieve, , Labour's, ING's Smith, We've Organizations: Treasury, Getty, Labour, Finance, ING, of, CNBC, National Insurance, Office, National Statistics, Gross Locations: London, England
Bank of England in the City of London on 6th November 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. Gross domestic product came in at 0.1% in the three months to September compared to the previous quarter. That's below the 0.2% growth expected by economists polled by Reuters and follows an expansion of 0.5% in the second quarter of the year.
Persons: Mike Kemp, Rachel Reeves, Thiru, Donald Trump, Trump's, Andrew Bailey, I'm Organizations: of England, Getty, Gross, Reuters, National Statistics, Bank of England's, Bank of England, Labour, Finance, Institute of Chartered Accountants, U.S Locations: City of London, London, United Kingdom, The City, U.K, That's, Britain, England, Wales
Yen under pressure as BOJ keeps rates steady
  + stars: | 2024-10-31 | by ( ) www.cnbc.com   time to read: +4 min
Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. The yen remained under pressure on Thursday as the Bank of Japan kept ultra-low interest rates steady, while the U.S. dollar consolidated ahead of jobs data later this week and the U.S. presidential election next week. The BOJ kept interest rates steady on Thursday and roughly maintained its forecast that inflation will hover near its 2% inflation target in coming years, signaling its readiness to continue rolling back its massive monetary stimulus. Analysts are divided over the prospect of additional interest rate hikes by year-end, putting the focus on BOJ Governor Kazuo Ueda's post-meeting briefing for clues on the pace and timing of further increases. "Any strengthening of the yen at present would likely result from a general weakening of the U.S. dollar if interest rates begin to align," said Sean Teo, a sales trader at Saxo.
Persons: Yen, Kazuo Ueda's, Sean Teo, payrolls, Donald Trump, Kamala Harris, Sterling Organizations: Bank of Japan, U.S ., U.S, Treasury, Saxo, National Statistics, PMI, Westpac, European Central Bank, Australian, Analysts, New Zealand Locations: China, U.S
U.K. net borrowing rose to £16.6 billion ($21.59 billion) in September, the Office for National Statistics said Tuesday , up £2.1 billion from the year before. Chancellor Rachel Reeves gives a speech at the Treasury on July 8, 2024 in London, England. Reports suggest she may use the budget to change the way debt is calculated by the Treasury in order to create more room for capital expenditure. The latest borrowing figures "highlight the limited scope the [Finance Minister] has to increase day-to-day spending without raising taxes," Alex Kerr, U.K. economist at Capital Economics, said in a note. A change in debt rules would allow for borrowing for public investment by an additional £53 billion, Kerr added.
Persons: Chancellor Rachel Reeves, Rachel Reeves, Alex Kerr, Kerr, Reeves, — Jenni Reid Organizations: National Statistics, Treasury, Labour, Finance, Capital Economics Locations: London, England
HAVANA — Millions remain without power in Cuba for a third consecutive day as slow progress is made in restoring electricity following multiple major grid failures. Hurricane Oscar, a Category 1 storm, made landfall on eastern Cuba's northern coast Sunday evening with sustained winds of 80 mph. Levi blamed the U.S.'s “brutal blockade” for the financial difficulties in acquiring fuel and spare parts for Cuba's power plants, as well as for the current electric power crisis. Cuban police and military stand next to debris used to block a street during a protest against a blackout, after opening the street up to traffic, in Havana, Cuba on Saturday. Cuba’s economic crisis has spurred massive migration.
Persons: Vicente de la O Levi, Levi, Miguel Díaz, Norlys Perez, , , ” Levi, Donald Trump’s, Orlando Matos, Carmen Sesin Organizations: U.S, Cuban, U.S . State Department, NBC News, Reuters Locations: HAVANA, Cuba, U.S, Colombia, Mexico, Venezuela, Russia, Havana, States, Miami
A woman boils water while another lights her with a mobile phone during a nationwide blackout in Matanzas, Cuba, on Oct. 18, 2024. Cars drive through a dark street, in Havana, on Oct. 18, 2024. He blamed the U.S. embargo on Cuba for the lack of fuel and hard currency it needs. Over one million people, or 10% of Cuba’s population, have fled the island between 2022 and 2023, according to the country’s national statistics office. Orlando Matos reported from Havana and Carmen Sesin reported from Miami.
Persons: Antonio Levi, Nick Kaiser, Miguel Díaz, Canel, Bruno Rodríguez, Adalberto Roque, Donald Trump’s, Orlando Matos, Carmen Sesin Organizations: Electric, Getty, Antonio Locations: Cuba, State, Havana, Matanzas , Cuba, AFP, night’s, U.S, Venezuela, Russia, Mexico, Miami
Spain's tourism is still booming, with record numbers of international visitors. A travel industry expert said mass protests are unlikely on their own to deter travelers. AdvertisementProtesters in Spain staged massive demonstrations against overtourism this year that made headlines worldwide — especially after spraying tourists in Barcelona with water guns. The tourism protests intensified in April when an estimated 20,000 to 50,000 people in the Canary Islands demanded tourism limits be enacted. The protests, however, could impact government policy in a way that may help curb or better manage tourism in the future, Eylon said.
Persons: , Amir Eylon, it's, Eylon Organizations: overtourism, Service, Spain's National Statistics Institute, Business, Longwoods Locations: Spain, Barcelona, Mallorca, Malaga, Spanish, Canary
Italy makes it illegal to seek surrogacy abroad
  + stars: | 2024-10-16 | by ( ) www.nbcnews.com   time to read: +2 min
ROME — Italy’s parliament made it illegal on Wednesday for couples to go abroad to have a baby via surrogacy — a project of Prime Minister’s Giorgia Meloni party which activists say is meant to target same-sex partners. The upper house Senate voted into law a bill proposed by Meloni’s Brothers of Italy party by 84 votes to 58. “Motherhood is absolutely unique, it absolutely cannot be surrogated, and it is the foundation of our civilization,” Brothers of Italy senator Lavinia Mennuni said during the parliamentary debate. “We want to uproot the phenomenon of surrogacy tourism.”Earlier this year, Meloni called surrogacy an "inhuman" practice that treated children as supermarket products, echoing a position expressed by the Catholic Church. Here instead you are sent to jail... if you don’t have children in the traditional way,” Franco Grillini, a long-time activist for LGBTQ rights in Italy, told Reuters at the demonstration.
Persons: ROME —, Minister’s Giorgia, Meloni, Meloni’s Brothers, , Lavinia Mennuni, ” Franco Grillini, Alessia Crocini Organizations: Catholic Church, Reuters, Rainbow Locations: Italy, United States, Canada
Rome Reuters —Italy’s parliament made it illegal on Wednesday for couples to go abroad to have a baby via surrogacy — a pet project of Prime Minister Giorgia Meloni’s party which activists say is meant to target same-sex partners. Since taking office in 2022, Meloni has pursued a highly conservative social agenda, looking to promote what she sees as traditional family values, making it progressively harder for LGBTQ couples to become legal parents. The upper house Senate voted into law a bill proposed by Meloni’s Brothers of Italy party by 84 votes to 58. “We want to uproot the phenomenon of surrogacy tourism.”Earlier this year, Meloni called surrogacy an ‘inhuman’ practice that treated children as supermarket products, echoing a position expressed by the Catholic Church. Rainbow Families President Alessia Crocini said 90% of Italians who choose surrogacy are heterosexual couples but they mostly do so in secret, meaning the new ban would de facto affect only gay couples who cannot hide it.
Persons: Rome, Giorgia, Meloni, Meloni’s Brothers, , Lavinia Mennuni, ” Franco Grillini, Alessia Crocini Organizations: Rome Reuters —, Catholic Church, Reuters, Rainbow Locations: Italy, United States, Canada
The Canary Wharf business district is seen in the distance behind autumnal leaves on October 09, 2024 in London, United Kingdom. LONDON — Inflation in the U.K. dropped sharply to 1.7% in September, the Office for National Statistics said Wednesday. Economists polled by Reuters had expected the headline rate to come in at a higher 1.9% for the month, in the first dip of the print below the Bank of England's 2% target since April 2021. Inflation has been hovering around that level for the last four months, and came in at 2.2% in August. Core and services inflation are key watch points for Bank of England policymakers as they mull whether to cut interest rates again at their November meeting.
Persons: Price Organizations: National Statistics, Reuters, Bank of England's, Bank of England Locations: Wharf, London, United Kingdom
On July 6, thousands of anti-tourism protesters marched through the streets of Barcelona, shouting: "Tourists go home!" Tourists caught in the crossfire of Barcelona's July protest — some of whom endured water guns and confrontations caught on tape — may not be inclined to return. And the top three most popular destinations were the very spots where protesters staged marches this year. A spokesperson for Barcelona's City Council told CNBC Travel that managing the city's tourism is one its main priorities since it is "reaching a limit with 17 million visitors per year." 'Winning the struggle'Despite claims that an influx of summer tourists humiliated protesters, Rivacoba said they are enthusiastic.
Persons: , Skift, Booking.com, Daniel Pardo Rivacoba, Josep Lago, Rivacoba, Clara Margais, touristification, Marc Asensio, overtourism, Paco Freire Organizations: Spain's National Statistics Institute, Mallorca —, Catalonia —, CNBC, Mallorca, Neighbourhoods, Tourism Degrowth, Afp, Getty, CNBC Travel, Management, Barcelona's City Council, America's, Nurphoto Locations: Barcelona, Spain, Catalonia, Andalusia, Mallorca, Barcelona's, Spanish
LONDON — The U.K. economy grew 0.2% in August on a month-on-month basis, flash figures published by the Office for National Statistics showed Friday. Gross domestic product (GDP) came in line with the expectations of economists polled by Reuters, who had forecast growth of 0.2%. Britain's economic growth was up 0.2% in the three months to August, compared with the 0.5% recorded in the three months to July. Finance Minister Rachel Reeves welcomed the data, saying returning the economy to growth is the government's "number one priority." "With interest rates beginning to fall, the responsibility has shifted from the Bank of England to Rachel Reeves, who must now make critical fiscal decisions.
Persons: Rachel Reeves, Reeves, Lindsay James Organizations: Office, National Statistics, Gross, Reuters, Labour, Conservative, Quilter Investors, Bank of Locations: Britain
British economic output grew by 0.5% in the second quarter, slightly slower than previously thought, figures from the Office for National Statistics showed on Monday. A preliminary ONS estimate for the second quarter had shown domestic product growth at 0.6%. Economists polled by Reuters did not expect the quarterly growth pace to be revised in Monday's updated data. Compared with the second quarter of 2023, the economy grew by 0.7%, the ONS said, slower than economists' forecasts of a 0.9% rise. Prime Minister Keir Starmer, whose Labour Party won power in July, is seeking to speed up economic growth.
Persons: Sterling, Keir Starmer Organizations: Office, National Statistics, Reuters, U.S, Labour Party won
Anadolu | Getty ImagesLONDON — U.K. inflation held steady during the month of August, data from the Office for National Statistics showed Wednesday, and matched analyst expectations. Headline CPI had come in at 2% in May and June, in line with the Bank of England's target rate. Services inflation — which is closely watched by the BOE, given its dominance within the U.K. economy and its reflection of domestically-generated price rises — rose to 5.6% in August from 5.2% in July. Core inflation, excluding energy, food, alcohol and tobacco, came in at 3.6%, up from the 3.3% recorded in July. "Despite recent data showing a stagnation in UK economic output and easing wage growth, core inflation remains sticky, with services inflation rising from 5.2% to 5.6% which will weigh heavily on the BOE's decision-making," Carter said in a note.
Persons: BOE, Richard Carter, Cheviot, Carter Organizations: Anadolu, Getty, Office, National Statistics, Headline CPI, Bank of, U.S . Federal Reserve
Italy's FTSE MIB meanwhile was set to fall by around 39 points to 33,784. LONDON — European markets were headed for a lower open on Wednesday as investors considered key data from the region and looked to the U.S. Federal Reserve interest rate decision. In Europe, U.K. inflation figures for August were published Wednesday, coming in at 2.2% according to data from the Office for National Statistics. The data comes ahead of the Bank of England meeting and interest rate policy decision scheduled for later this week. The Fed is all but guaranteed to announce an interest rate cut on Wednesday, which would be its first since it started hiking rates in March 2022.
Persons: Germany's DAX Organizations: CAC, LONDON, U.S . Federal, Office, National Statistics, Bank of England, Bank of Japan, U.S . Federal Reserve, Traders Locations: Europe, Asia, Pacific
UK economy flatlines again in July, below expectations
  + stars: | 2024-09-11 | by ( Karen Gilchrist | ) www.cnbc.com   time to read: +3 min
LONDON — The U.K. economy continued to flatline in July on a month-on-month basis, flash figures published from the Office for National Statistics showed Wednesday. Britain's economic growth was up 0.5% in the three month to July, slightly below economist expectations and the 0.6% recorded in the second quarter ending in June. The U.K. economy had recorded modest but steady expansion almost every month so far this year, having emerged from a shallow recession at the start of the year. Finance Minister Rachel Reeves said the print left her "under no illusion" of the challenges faced by the U.K. economy. But she added that further movement in interest rates anticipated from the Bank of England could help ease wider growth pressures.
Persons: Liz McKeown, Keir Starmer's, Rachel Reeves, Reeves, Jeremy Hunt, Lindsay James, James Organizations: Office, National Statistics, Gross, Reuters, Labour, Conservative, Quilter Investors, Treasury, Bank of England Locations: flatline, U.K
The U.K. economy grew by 0.6% in the second quarter of the year, the Office for National Statistics said Thursday, continuing the country's cautious recession rebound. The British economy has recorded slight but steady growth almost every month so far this year, as the U.K. exits a shallow recession. On an annual basis the economy was 0.9% bigger in the second quarter, against a forecast of 0.8%. The pace of growth is unlikely to continue into the second half amid weaker wage growth, high interest rates and supply challenges, Thiru added. Over the April-June period, U.K. wage growth excluding bonuses cooled to a two-year low, but remained relatively hot at 5.4%.
Persons: Richard Carter, Cheviot Organizations: National Statistics, Reuters, Institute of Chartered Accountants, ONS, Bank of England's, U.S . Locations: York, U.K, England, Wales, London
U.K. inflation rose to 2.2% in July, coming in slightly below expectations but inching back above the Bank of England's 2% target, data from the Office for National Statistics showed Wednesday. The headline inflation had come in at 2% in both May and June, in line with the Bank of England's target rate. So-called core-CPI — which excludes food, energy, alcohol and tobacco prices — came in at 3.3% in July, down from the 3.5% print of July, the statistics office said. The data comes after the Bank of England earlier this month cut interest rates for the first time in over four years, taking the key bank rate to 5%. Uncertainty remains about when the central bank will cut rates again, and whether another cut will even take place this year.
Persons: BOE Organizations: Bank of England's, Office, National Statistics, Reuters, Bank of, Bank of England
LONDON — European stocks are expected to open higher Tuesday, regaining some positive momentum after last week's volatility. The U.K.'s FTSE index is seen opening 26 points higher at 8,233, Germany's DAX up 18 points at 17,288, France's CAC 40 up 14 points at 7,259 and Italy's FTSE MIB 62 points higher at 32,084, according to data from IG. European stocks closed mixed on Monday as forthcoming U.S. and U.K. inflation data dominated investor attention. U.K. wage data released by the Office for National Statistics on Tuesday showed that pay excluding bonuses grew 5.4% year-on-year between April and June — the lowest rate in two years. U.K. inflation data, due on Wednesday, will be the first print since the BOE cut interest rates by 25 basis points.
Persons: Germany's DAX, Jack Kennedy, BOE Organizations: LONDON, CAC, IG, Office, National Statistics, Reuters, Bank of England, U.S Locations: France, Spain, Italy
Like many cities around Britain shaken by anti-immigrant riots over the past week, Hartlepool, a seaside town on the northeast coast, has partly recovered from the devastating waves of industrial decline that began washing over the country in the 1980s. Disposable income is below the national average, and more people are out of the work force, according to the Office for National Statistics. There are fewer active businesses, healthy life expectancy is lower and the crime rate is 89 percent higher. In Britain, as well as throughout Europe and in the United States, economic problems — like stagnant wages, roaring inequality and declining public services — have been linked to the rise of anti-immigrant attitudes. Even though research shows that immigration is an overall plus for most economies, far-right politicians have been able to exploit those frustrations to energize supporters and gain political power.
Persons: energize Organizations: Hartlepool, Office, National Statistics Locations: Britain, Europe, United States
CNN —The United Kingdom was left shaken after three children were stabbed to death and eight others were injured in a knife attack in Southport, in one of the worst assaults against children in the country in decades. The attack took place at a Taylor Swift themed event at a dance school in the seaside town in northwest England, sparking disbelief over why would anyone target children having fun during the summer holiday. Worst mass stabbing attack against kidsThe incident on Monday is the worst mass stabbing attack targeting children in the UK in decades – and possibly ever. And 16 children aged between 5 and 6 were murdered in a school shooting in the Scottish town of Dunblane in 1996. Police officers near the scene of a knife attack in Hart Street, Southport on Tuesday, July 30, 2024.
Persons: Taylor Swift, Keir Starmer, , King Charles III, , Taylor, Yvette Cooper, James Speakman, , Constable Serena Kennedy, Ariana Grande, Colin Parry, ” Parry, ” Swift Organizations: CNN, Merseyside Police, Southport, Merseyside Police’s, Office, National Statistics, Police, PA Media Locations: United Kingdom, Southport, England, Merseyside, Banks, Lancashire, Cardiff, Wales, London, Manchester, Scottish, Dunblane, Britain, Hart Street, America, Instagram
39% of Americans worry they can’t pay the bills
  + stars: | 2024-07-23 | by ( Matt Egan | ) edition.cnn.com   time to read: +6 min
New York CNN —Many Americans regularly worry they won’t be able to make ends meet. Even higher percentages of Latino (52%) and Black (46%) Americans said they’re worried most or all of the time about making ends meet, according to the poll. More than half (55%) of those making less than $50,000 a year similarly worry about having enough money to meet expenses. Even higher percentages of Latinos (52%), Black Americans (44%) and those under the age of 45 (47%) say they’ve taken extra work. Others say they’ve cut back on driving (41%) and they are taking on credit card debt to afford necessities (37%).
Persons: they’re, it’s, , Angela Russell, Russell, – they’re, Greg McBride, they’ve, McBride, who’ve, “ I’ve, Joe Biden, CNN’s Ariel Edwards, Levy, Dana Elobaid Organizations: New, New York CNN, CNN, Centers for Disease Control, Prevention, Bureau of Labor Statistics, Bankrate, Ohio, Walmart, SSRS Locations: New York, Ohio, Cincinnati
CNN —Thousands of people took to the streets to protest against mass tourism on the island of Mallorca on Sunday as pushback against holidaymakers in Spain continued. ET) according to organizers Menys Turisme, Mas Vida (Less Tourism, More Life), although police put the figure at around 12,000, RTVE reported. Juan Medina/ReutersThe demonstration included around 110 groups and social movements, according to Spanish public broadcaster RTVE. It came amid growing tensions over the impact of tourism on local areas in Spain. In April, a hunger strike was called by locals in the Spanish Canary Islands, protesting against excessive tourism, which protesters said is pricing out locals and leading to environmental damage.
Persons: Jaime Reina, Menys, Mas, RTVE, , Juan Medina Organizations: CNN, Palma de Mallorca, AFP, Getty, Tourists, Reuters, RTVE, Spanish National Statistics Institute, Islands Locations: Mallorca, Spain, Palma de, Tourism, El Arenal, Balearic, Menorca, Ibiza, Formentera, Barcelona, Canary Islands
Inflation in Britain held steady in June as the Bank of England inches toward its first interest rate cut in years and economists pondered whether a global pop star helped keep services prices higher. Food inflation also slowed, with prices rising just 1.5 percent compared with a year ago. But the June inflation data came in slightly higher than expected. Core inflation, which excludes energy and food prices, was expected to dip but remained at 3.5 percent in June. Traders reduced their bets on an August rate cut, giving it about a 35 percent chance.
Organizations: Bank of England, National Statistics, Traders Locations: Britain
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