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☆ EV batteries remain major challenge for insurers - UK's Thatcham
▼ + stars: | 2023-07-04 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters) - A lack of data on electric vehicle (EV) batteries continues to challenge insurers who are forced to scrap EVs after mild accidents, potentially undermining EV adoption, Thatcham Research said on Wednesday. Adrian Watson, Thatcham's head of engineering research, said in an ideal world insurers could make informed decisions about whether to repair EVs or write it off based on access to data on its state of health after an accident. "The diagnostics we have do not enable you to really know what the status of the battery is." Due to their potential fire risk, damaged EVs awaiting repair must be stored outside at least 15 metres (49 ft) from other objects. An outside facility for 100 fossil-fuel cars today would have space to safely quarantine just two EVs, Thatcham said.

Persons: BEV, Thatcham, Adrian Watson, Thatcham's, Nick Carey, Josie Kao Organizations: Reuters, Thomson

☆ Sainsbury's says UK food inflation falling as sales rise
▼ + stars: | 2023-07-04 | by ( James Davey | ) www.reuters.com time to read: +2 min

SummarySummary Companies Q1 like-for-like sales up 9.8%Says has returned to volume growthKeeps profit guidance for full yearLONDON, July 4 (Reuters) - Sainsbury's (SBRY.L), Britain's second largest supermarket group, said on Tuesday food inflation was starting to fall as a return to volume growth helped power a 9.8% rise in quarterly underlying sales. The group, which has a 15% share of Britain's grocery market, also maintained guidance for a 2023-24 underlying pretax profit of 640-700 million pounds ($812-$888 million) versus 690 million pounds in 2022-23. "Food inflation is starting to fall and we are fully committed to passing on savings to our customers," Sainsbury's CEO Simon Roberts said, pointing to 60 million pounds in lower prices since March. Last month, market leader Tesco (TSCO.L), reported a 9% rise in first-quarter underlying UK sales and said food inflation had peaked. While the UK government has raised concerns about the surge in food prices it says it is not considering imposing price caps.

Persons: Simon Roberts, James Davey, Sarah Young, Paul Sandle, Jason Neely Organizations: Aldi, Tesco, Thomson Locations: Britain, Sainsbury's, Europe

[1/3] A memorial to Lord Kitchener, who died when the HMS Hampshire hit a German mine on June 5, 1916, is seen at Marwick Head on the Orkney Islands, Scotland May 3, 2014. REUTERS/Nigel Roddis/File PhotoLONDON, July 3 (Reuters) - Britain's Orkney Islands, an archipelago about 10 miles off the north coast of Scotland, is considering "alternative forms of governance" which could include becoming part of Norway, its council leader said on Monday. Orkney's historic Nordic connections give it options, Stockan believes. A row over funding for new ferries between the islands and Scotland has brought Orkney's situation to a head. Stockan wasn't clear about how Orkney's return to Norway, 250 miles across the North Sea, would work.

Persons: Lord Kitchener, Nigel Roddis, James Stockan, Stockan, Orcadians, Christian I, King of, Scotland's James III, Victoria Klesty, David Holmes Organizations: HMS Hampshire, REUTERS, Scottish, BBC Radio, Channel, England, Thomson Locations: Orkney Islands, Scotland, Orkney, Norway, Faroe Islands, Denmark, British, King of Denmark, Sweden, United Kingdom, Oslo

☆ UK government plan to deport migrants to Rwanda is unlawful, court rules
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: 1 min

[1/3] Prime Minister Rishi Sunak speaking during a press conference as he gives an update on the progress made in the six months since he introduced the Illegal Migration Bill under his plans to "stop the boats", at Western Jet Foil in Dover, Britain. Picture date: Monday June 5, 2023. Yui Mok/Pool via... Read moreLONDON, June 29 (Reuters) - The British government's plan to deport asylum seekers to Rwanda is unlawful, London's Court of Appeal ruled on Thursday in a judgment that gives a blow to Prime Minister Rishi Sunak's pledge to stop migrants from arriving on small boats. The three senior appeal court judges ruled, by a majority, that Rwanda could not be treated as a safe third country. (This story has been corrected to state the ruling is a blow, not a boost, in paragraph 1)Reporting by Michael HoldenOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishi Sunak, Yui Mok, Rishi Sunak's, Michael Holden Organizations: Western Jet, Thomson Locations: Dover, Britain, British, Rwanda

London CNN —The UK government’s plan to deport some asylum-seekers to Rwanda is unlawful, the Court of Appeal ruled on Thursday, in a major blow to ministers’ controversial immigration policies that have been roundly condemned by humanitarian bodies. In a three-judge decision, the court overturned a high court decision that previously ruled that Rwanda could be considered a safe third country in which to send refugees. “By a majority, this court allows the appeal on the issue of whether Rwanda is a safe third country. The British Home Office can now appeal to the Supreme Court. The judgment summary said sending asylum-seekers to Rwanda would breach the European Convention on Human Rights.

Persons: Suella Braverman, ” Organizations: London CNN, British, Office, Supreme, Conservative, Human Rights, Refugees Locations: Rwanda, England, France, Britain, Europe

PARIS, June 29 (Reuters) - French minerals group Imerys (IMTP.PA) on Thursday announced plans to mine lithium in the UK and said the site could supply two-thirds of batteries for Britain's electric vehicles by 2030. Imerys aims to produce around 20,0000 tonnes a year of lithium carbonate equivalent by the end of the decade at its mining site in Cornwall, southwest England, in partnership with British Lithium. Imerys' UK development, and its previously announced plan to mine the metal in central France, would reduce Europe's current reliance on imported lithium for batteries, CEO Alessandro Dazza said. In its UK partnership, Imerys has taken an 80% stake and will draw on British Lithium's processing technology and existing pilot for battery-grade lithium, the French group said. In the search for battery minerals, traditional energy companies, including Exxon Mobil (XOM.N), are also looking at emerging technologies to boost lithium supply.

Persons: Imerys, Alessandro Dazza, Kemi Badenoch, Dazza, Gus Trompiz, Clara Denina, Benoit Van Overstraeten, Jason Neely, Sonali Paul, Susan Fenton Organizations: Global, Exxon Mobil, Thomson Locations: Cornwall, England, British, France, Europe, Argentina, Bolivia, Chile, Britain, Imerys, Paris, London

☆ One in seven Britons faced hunger in 2022, says food bank charity
▼ + stars: | 2023-06-28 | by ( James Davey | ) www.reuters.com time to read: +3 min

REUTERS/Peter NichollsSummarySummary Companies 11.3 mln Britons faced hunger in 20223 mln food parcels provided by Trussell Trust in 2022/23 yearIneffective social security system blamedLONDON, June 28 (Reuters) - One in seven people in the United Kingdom faced hunger last year because they did not have enough money, according to a report published on Wednesday by food bank charity the Trussell Trust. Government forecasters estimate UK households are in the midst of the biggest two-year squeeze in living standards since comparable records started in the 1950s. "This consistent upward trajectory exposes that it is weaknesses in the social security system that are driving food bank need, rather than just the pandemic or cost of living crisis," it said. The charity said that 7% of the UK population was supported by charitable food support, including food banks, yet 71% of people facing hunger had not yet accessed any form of charitable food support. Soaring food prices have contributed to the biggest squeeze on living standards in Britain since records began in the 1950s, and prompted questions about who is responsible.

Persons: Jerald, Aryee, Daniel Kennett, Brown, Peter Nicholls, Rishi Sunak's, they've, James Davey, Aurora Ellis Organizations: Volunteers, REUTERS, Trussell Trust, LONDON, Trussell, Department for Work, Soaring, Trade, Thomson Locations: Greenwich, London, Britain, United Kingdom, Scotland

DIRTY BEACHESClean water campaign groups accuse the water companies of failing to invest in infrastructure. She was replaced by two co-chief executives, Chief Finance Officer Alastair Cochran and former Ofwat boss Cathryn Ross, who has been at Thames Water since 2021. Jefferies analysts said Britain's listed water operators Severn Trent (SVT.L), Pennon Group (PNN.L) and United Utilities (UU.L) were better capitalised than Thames Water, but the issues with the largest company meant a "heightened regulatory environment". Daily headlines about rivers and beaches polluted by sewage released by water companies look set to turn water into a major issue at the next general election, expected next year. Thames Water said in its annual report in October that it had not paid a dividend to its shareholders for the last five years.

Persons: Rishi Sunak's, Jeremy Hunt, Sarah Bentley, Alastair Cochran, Cathryn Ross, Alix, Ofwat, Australia's Macquarie, Sarah Young, Paul Sandle, Radhika Anilkumar, David Evans, Mark Potter Organizations: Company, British, Sky News, Conservatives, Thames, Times, Ontario, China Investment Corp, Water, Alix Partners, Daily Telegraph, Jefferies, Trent, Pennon, United Utilities, Environment Agency, Financial Times, Thomson Locations: England, Wales, Britain, Thames

☆ Thames Water woes could have bigger ripples
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 28 (Reuters Breakingviews) - The UK government is working on plans to nationalise Thames Water, Sky News reports. The indebted utility, which lost its chief executive on Tuesday, may be placed into a special administration regime, with ministers worrying about the company's ability to shoulder 14 billion pounds of debt. UK water companies, privatised by Margaret Thatcher in the 1980s, were supposed to be sleepy investments churning out inflation-proof dividends. Thames, owned by Macquarie (MQG.AX) until 2017, had debt equivalent to 80% of its 17.9 billion pounds regulator-defined asset value last September. Its current shareholders, which include Ontario Municipal Employees Retirement System and China Investment Corporation, last year pledged to invest 1.5 billion pounds to prop it up.

Persons: Margaret Thatcher, Neil Unmack, Eli Lilly, Aston Martin, George Hay, Streisand Neto Organizations: Reuters, Sky News, Macquarie, System, China Investment Corporation, Twitter, Thomson Locations: Thames, Yorkshire, Ontario, Canada

☆ How Jeffrey Epstein turned the US Virgin Islands into a pedophile's playground and helped elect a sitting member of Congress
▼ + stars: | 2023-06-27 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +21 min

Court filings show how Jeffrey Epstein exerted power in the US Virgin Islands, two of which he owned. A financier worth hundreds of millions of dollars, Epstein owned two islands in the US Virgin Islands (there are roughly 50 islands overall). He had donated generously to Democratic politicians from the US Virgin Islands for years. With the assistance of the US Virgin Islands' first lady, Epstein navigated the territory's political waters unscathed. The court records show that, at least in the US Virgin Islands, he exerted influence with little friction.

Persons: Jeffrey Epstein, Stacey Plaskett, —, Plaskett, Epstein, James, Lesley Groff, Scott Applewhite, Stacey, Thomas, didn't, Groff, maxed, Shawn, Michael Malone, Gabriel Lopez Albarran, Cecile de Jongh, John de Jongh Jr, de Jongh, Malone, De Jongh, Darren Indyke, Richard Kahn, Kahn, Groff didn't, Stuart McPhail, McPhail, Jeffrey Epstein's, Erika Kellerhals, Hi Jeffrey, Rick Friedman, Corbis, de, JPMorgan Chase, Ghislaine Maxwell, Epstein's, Maxwell, She's, Mary Erdoes, Jamie Dimon's, Jes Staley, Epstein's thrall, Jongh, Denise George, Albert Bryan Jr, Bryan, Jed Rakoff, Emily Michot, Bill Clinton, Donald Trump, Prince Andrew, Trump's, De, Epstein doled, John de Jongh's, Kenneth Mapp, John de Jongh, John, wasn't Organizations: Virgin Islands, Service, Democratic, US, Islands, Democratic Congressional, AP, Federal, Commission, Democratic Party, Virgin Islands Economic Development Authority, Southern Trust Co, de, Indyke, Democrat, Getty Images JPMorgan, US Virgin Islands, JPMorgan, Virgin, Hyperion, Barclays, Authorities, United States Virgin Islands, Virgin Islands Senate, Gov, New York Times, US Virgin, Deutsche Bank, U.S ., Miami Herald, Tribune, Getty, Federal Government, Mapp's PAC Locations: Virgin, Washington, Puerto Rico, Little St, Palm Beach , Florida, St, Croix, Manhattan, Islands, US Virgin, New York, U.S, U.S . Virgin Islands, Jongh, Tortola

LONDON, June 28 (Reuters) - UK law can accommodate crypto assets by creating a new category of personal property that would include digital assets, independent body the Law Commission said on Wednesday. The group also said the government should create a panel of experts to advise courts on legal issues involving digital assets. These steps would support the UK government's aim of becoming a global hub for crypto assets, the Law Commission said in a statement. “The use and importance of digital assets has grown significantly in the last few years," said Sarah Green, law commissioner for commercial and common law. He asked the Law Commission to review whether current laws can accommodate digital assets.

Persons: Sarah Green, Rishi Sunak, Adam Sanitt, Norton Rose Fulbright, Sanitt, Elizabeth Howcroft, Mark Potter Organizations: Commission, Norton Rose, Thomson Locations: England, Wales

☆ Racism, sexism and class-based discrimination ‘widespread’ in English cricket, independent report finds
▼ + stars: | 2023-06-27 | by ( Matt Foster | ) edition.cnn.com time to read: +5 min

CNN —An independent report into the culture of cricket in England and Wales has found racism, class-based discrimination, elitism and sexism to be “widespread” and “deep rooted” in the sport. The “Holding a Mirror Up to Cricket” report was written by the Independent Commission for Equity in Cricket (ICEC) and received more than 4,400 responses to its call for evidence between oral and written submissions. … The decline in Black cricket in England and Wales has been well documented and subject to much public debate for many years. Regarding sexism, the report said: “Women are still seen as an ‘add on’ to the men’s game. “The apology should acknowledge that racism, sexism, elitism and class-based discrimination have existed, and still exist, in the game, and recognise the impact on victims of discrimination.

Persons: George Floyd, ”, Cindy Butts, Azeem Rafiq, Butts, Rafiq, Ben Stokes, Joe Root, Heather Knight, …, Richard Thompson Organizations: CNN, Cricket, Independent Commission, Equity, Wales Cricket Board, Culture, Media, Sport Committee, England men’s, ECB, ”, England Women, England Locations: England, Wales, “

☆ Bank of England to take Bank Rate to 5.50% over next two meetings: Reuters poll
▼ + stars: | 2023-06-26 | by ( Jonathan Cable | ) www.reuters.com time to read: +3 min

Last week, the central bank surprised investors by raising interest rates half a percentage point, taking Bank Rate to 5.00%, and said there had been "significant" news suggesting persistently high inflation in Britain would take longer to fall. Bank Rate is now expected to peak at 5.50% next quarter following 25 basis point hikes at the BoE's August and September meetings, medians in the poll taken after the Bank's Thursday move showed. In a June 14 poll, policymakers were expected to draw a halt at 5.00% next quarter. "Are they going to be happy with just one more 25 basis points in August? Forty of 52 poll participants said the Bank would dial down the pace to 25 basis points on August 3 but gave a high median 40% chance of another 50 basis point lift.

Persons: James Smith, Stefan Koopman, Jonathan Cable, Aditi Verma, Anitta Sunil, Christina Fincher Organizations: Bank of England, Reuters, ING, Bank, Rabobank, Thomson Locations: Britain

☆ Britain is facing a mortgage crisis. There are no easy answers
▼ + stars: | 2023-06-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Mortgage painThe announcement comes a day after the Bank of England raised interest rates by half a percentage point to help bring down stubborn inflation. More than 2 million UK mortgage holders paying a fixed interest rate are facing an increase of hundreds of pounds in monthly repayments when they are forced to refinance this year and next. Many borrowers bought their homes when mortgage rates were closer to 1% or 2%. That sets the country apart from other major economies, including the United States, where on both measures inflation has started to ease. After the latest rise in interest rates Thursday, Hunt said the government would “stick to [its] guns” on keeping rates high to tame high prices.

Persons: Rishi Sunak, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Matt Hammerstein, David Duffy, Debbie Crosby, James Manning, ” Max Mosley, Jake Berry, Sunak, Liz Truss, Brexit, Mark Carney, Charlie Bean, Hunt, ” — Hanna Ziady Organizations: London CNN, UK Treasury, HSBC, Lloyds Banking Group, Barclays, BCS, CNN, Bank of England, National Institute of Economic, Social Research, Virgin Money, Conservative Party, Institute for Fiscal Studies, European Union, Bank of, Daily Telegraph, BBC Radio Locations: United Kingdom, United States, Britain

FALLING STARWhen Odey set up Odey Asset Management, it was in the afterglow of then British Prime Minister Margaret Thatcher's deregulation of the stock market in London's 1986 "Big Bang". Privately educated at the elite Harrow school, Odey left Oxford University and began his career in traditional asset management before launching Odey Asset Management. But fund performance at Odey Asset Management has been a rollercoaster, with Odey renowned for taking risks. He liked to say leverage was like a drug - once you experienced it, you could never live without it, one hedge fund manager said. Lawmakers on Britain's Treasury Select Committee have written to the FCA to question the regulator's supervision of Odey Asset Management and Odey.

Persons: Crispin Odey, Odey, Banks, Robert Sears, CIOs, Don Steinbrugge, Margaret Thatcher's, Egerton Capital, Marshall Wace, Winton, Kwasi Kwarteng, Maiya Keidan, Nell Mackenzie, Iain Withers, Lawrence White, Dhara Ranasinghe, Elisa Martinuzzi, Alex Richardson Organizations: TORONTO, Reuters, Odey Asset Management, FT, Tortoise Media, Odey, Management, Britain's Financial, Authority, Generation Partners, Odey's, HSBC, Inc, Wall Street, Agecroft Partners, British, Harrow, Oxford University, Conservative Party, Barclays, Peugeot, Hong Kong, Lawmakers, FCA, Thomson Locations: LONDON, City, London, Toronto

One year after the US Supreme Court struck down Roe v Wade and reignited a worldwide protest movement against restricting abortion access, pro-choice advocates in the UK say little progress has been made to increase access to reproductive health services. Proudman said the decision of the US Supreme Court last year to overturn the landmark Roe v Wade ruling had made her reflect on the state of abortion laws in the UK. So, we’re effectively asking that politicians do the same,” O’Brien told CNN. The recent criminal conviction in Stoke-On-Trent has only highlighted how “restrictive” and “draconian” UK abortion laws are, O’Brien said. ‘Ready to take action’Charities such as BPAS which provide abortion care to women on behalf of the UK’s National Health Service (NHS) maintain that the current abortion laws are making life “more difficult” for providers, clinicians and women themselves.

Persons: Roe, Wade, “, ” Nadia Hirsi, Jennifer Dean, ’, Jenny Wickham, ”, Charlotte Proudman, didn’t, Nadia Hirsi, Ella Valentine, Sana Noor Haq, CNN Jennifer Dean, CNN Proudman, Stella Creasy, Proudman, Katherine O’Brien, we’re, ” O’Brien, O’Brien, Annabel Sowemimo, ” Sowemimo, White Organizations: London CNN, US Supreme, CNN, Trent Crown, Public Prosecutions, Wales, US, Charity, British Pregnancy Advisory, Proudman, Trent, US Centers for Disease Control, National Health Service Locations: UK’s, London, England, Wales, British, Stoke, Trent, USA, Scotland, Northern Ireland, Canada, Poland, Texas, Netherlands

☆ Wife of submersible pilot descendant of famous Titanic couple
▼ + stars: | 2023-06-22 | by ( Lisa Respers France | ) edition.cnn.com time to read: +2 min

CNN —Wendy Rush, the wife the executive who piloted the submersible that has been the subject of a desperate search after it went missing during a dive to the Titanic wreckage, has a personal connection to the ship. The couple were fictionalized by Lew Palter as Isidor and Elsa Raven as Ida in the Oscar-winning 1997 film “Titanic,” directed by James Cameron. Wendy Rush, born Wendy Hollings Weil, is the great granddaughter of the couple’s daughter, Minnie Straus Weil. Isidor Straus was a co-owner of Macy’s and the story of how they perished captured the attention of those interested in the story of the Titanic. “On the night of 14 April, after Titanic had hit the iceberg, Isidor and Ida were directed to lifeboat eight.

Persons: Wendy Rush, Isidor Straus, Ida, Lew Palter, Isidor, Elsa Raven, ”, James Cameron, Wendy Hollings Weil, Minnie Straus Weil, Rush, acccording, Stockton Rush, “ Ida, Ellen, ” Isidor Straus’s, Ida’s Organizations: CNN, New York Times, Paramount Pictures, National Archives, Titanic, UK National Archives Locations: United States, Germany, New, Woodlawn

☆ Windrush Day: Manchester United great Andy Cole opens up about Jamaican roots and racism
▼ + stars: | 2023-06-22 | by ( Darren Lewis | James Oware | ) edition.cnn.com time to read: +8 min

On one of the first voyages, 492 Caribbean islanders onboard the HMT Empire Windrush arrived in the UK on June 22, 1948. That generation of immigrants became the namesake of that ship, and their arrival date is now celebrated as Windrush Day. However, Cole says racist abuse and a lack of acknowledgement for his achievements meant that in adulthood, he recognized his father was right. Speaking on the inevitability of racist abuse that Black footballers face when missing penalties Andy outlined, “I think we’re just waiting, okay, what’s happening on social media? A clinical striker in his playing career, maybe one day Andy can transfer his wealth of knowledge to the boardroom.

Persons: Andy Cole, “, Darren Lewis, Cole reminisced, ” Andy, Windrush, Cole’s, Cole, Douglas Miller, ” Cole, Norma Gregory, Lincoln, ”, Caribbeans, Mark Leech, Andy, Devante, George Wood, Jadon Sancho, Marcus Rashford, Vinícius, Romelu, Tom Jenkins, Vinicius Organizations: CNN, League, Champions League, CNN’s, Commonwealth, Caribbean, Hulton, Coal Miners, Heritage, English League, Barnsley, English, England, Inter Milan, FIFA, UEFA, Italy, Real Locations: Britain, Nottingham, Jamaica, Commonwealth, Runnymede, British, England, Real Madrid, Italian, Brazil, European

☆ Microsoft faces off against US government over Activision deal, with top execs set to testify
▼ + stars: | 2023-06-22 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

It will also impact enormously popular gaming franchises such as “Call of Duty” and “World of Warcraft,” which Activision owns and would be transferred to Microsoft under the deal. Also testifying will be the top financial executives from both companies; senior leaders from Microsoft’s Xbox division; the CEO of Microsoft Gaming, Phil Spencer; and a vocal critic of the deal, Sony gaming CEO Jim Ryan. The clash comes as Microsoft and Activision face down a contractual July 18 deadline to consummate the deal. A crucial moment for Microsoft and the FTCThe FTC lawsuit has put Microsoft under the harshest antitrust scrutiny in the US in more than two decades. Microsoft CEO Satya Nadella, Activision CEO Bobby Kotick and Sony Gaming CEO Jim Ryan are all expected to testify.

Persons: Phil Spencer, Jim Ryan, Satya Nadella, Bobby Kotick, Drew Angerer, Kevin Dietsch, Alex Wong, “, Lina Khan, Khan, Meta Organizations: CNN, Microsoft, Activision, Xbox, Microsoft Gaming, Sony, Federal Trade Commission, FTC, Sony Gaming, New, Nintendo, Nvidia, European Union, Facebook, Meta Locations: New Zealand, European, United States

☆ The Windrush generation still struggling to be compensated after Home Office failings
▼ + stars: | 2023-06-22 | by ( Caolán Magee | ) edition.cnn.com time to read: +14 min

In 2018, the Windrush Compensation Scheme was set up to provide compensation to victims of the scandal. The Home Office has not yet responded to CNN’s request for comment on these cases and its wider handling of the Windrush Compensation Scheme. The Windrush Compensation Scheme is an extension of a hostile environment for Black and Brown people.”For some people, any compensation awarded is too late. “We were told compensation was on the way so we could get a carer for my dad – but it was too late,” Abiona told CNN. He is now making a Windrush compensation claim through the Home Office to save up for a headstone for his father’s grave.

Persons: London CNN — Carl Nwazota, Nwazota, –, ”, “, I’m, it’s, Windrush, Britain’s, Theresa May, ” Nwazota, Anna Steiner, ” Steiner, Charlotte Tobierre, Charlotte Tobierre “, you’ve, Thomas Tobierre, Caroline, ” Tobierre, Thomas ’, ” Thomas Tobierre, Steiner, Zita Holbourne, ” Holbourne, Anthony Bryan, Bryan, Chris J Ratcliffe, Janet, Suella Braverman, Alex Cavendish, NurPhoto, Subira Cameron, Goppy, Brown, Ramya, Taiwo Abiona, Stella, Kemi Abiona, ” Abiona, Abiona Organizations: London CNN, Home Office, CNN, Office, British Home Office, Daily Herald, NGO Human Rights Watch, Home, “, Protesters, Windrush, Clinic, Conservative, Royal Mail Locations: London, Wembley, Jamaica, Nigeria, British, Britain, South Asia, Africa, Tilbury, Essex, –

☆ Ukraine Recovery Conferece: War-torn economy needs private investors to rebuild
▼ + stars: | 2023-06-21 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

Ukraine faces an enormous fundraising challenge, and it’s one that governments and development finance institutions won’t be able to meet without help from private investors. The Ukraine Development Fund is still in the planning stages and is not expected to launch until the conflict ends. But it faces a crucial test Wednesday, when it will canvas support from governments and investors attending the London conference. Attracting private investmentThe Ukraine Development Fund aims to raise so-called concessionary capital from governments and development finance institutions, and then use that to attract private investment. Sunak also unveiled a “war-risk insurance” framework Wednesday, backed by Group of Seven countries, which will help limit potential losses faced by private investors in Ukraine.

Persons: London CNN —, Rishi Sunak’s, Antony Blinken, Sergei Chuzavkov, Volodymyr Zelensky, Stefan Weiler, JPMorgan’s, Weiler, It’s, ”, Brandon Hall, ” Hall, Yan Dobronosov, ” Zelensky, Sunak, ” Sunak, Lenna Koszarny, — Jo Shelley Organizations: London CNN, Conference, Citi, Sanofi, Philips, Bank, World Bank, BlackRock, JPMorgan, Ukraine Development Fund, CNN, Fund, London, BlackRock’s, Group of, Private, Horizon Locations: Russia, Ukraine, London, United States, Russian, Kyiv, Ukrainian, Europe, East, Africa, Kupiansk

☆ UK has little wiggle room on mortgage aid
▼ + stars: | 2023-06-21 | by ( Francesco Guerrera | ) www.reuters.com time to read: +4 min

LONDON, June 21 (Reuters Breakingviews) - UK Prime Minister Rishi Sunak is under pressure to provide relief for mortgage borrowers buckling under soaring interest rates. The problem is that mortgage relief dilutes the Bank of England’s fight against inflation, which remained stubbornly high at 8.7% in May. The UK government is to meet mortgage lenders to discuss helping households struggling with their home loans, finance minister Jeremy Hunt told parliament on June 20. However, Hunt ruled out introducing state-backed support to help mortgage borrowers facing higher costs due to soaring interest rates. Hunt said that offering government mortgage relief would be inflationary.

Persons: Rishi Sunak, Liz Truss, –, Jeremy Hunt, BoE, Hunt, George Hay, Oliver Taslic Organizations: Reuters, UK Finance, Conservatives, Labour Party, Bank of England’s, Conservative Party, Bank of England, Thomson Locations: Spain, Poland

☆ Bank of England launches first sector-wide liquidity 'stress test'
▼ + stars: | 2023-06-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, June 19 (Reuters) - The Bank of England has launched its first system-wide liquidity 'stress test' to establish how big banks, insurers, clearing houses and investment funds respond collectively during extreme stresses in markets, it said on Monday. The BoE had said in December that investment funds and other non-bank financial institutions would face their first 'stress test' to apply lessons from the near-meltdown in Britain's pension fund sector in September. Liability-driven investment (LDI) funds, used by pension funds to ensure their long-term payouts, struggled to meet collateral calls after turmoil caused by the fiscal plans of Liz Truss's short-lived government in September. Money market funds also came under "dash-for-cash" pressure during market stresses following economy lockdowns to fight COVID-19 in 2020. "The exercise is not a test of the resilience of the individual firms participating.

Persons: The BoE, BoE, Jon Cunliffe, Liz Truss's, lockdowns, COVID, Huw Jones, Emma Rumney, Kirsten Donovan Organizations: Bank of England, Money, Thomson

☆ Government workers warned against sharing classified information with ChatGPT, Daily Telegraph reports
▼ + stars: | 2023-06-19 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +2 min

UK government workers were reportedly warned not to input classified information into AI chatbots. A document leaked to the Telegraph told them not to share anything "classified" or "sensitive." The guidelines also flagged the potential for bias in these AI systems, the paper reported. UK government workers have been warned not to input any classified information into AI chatbots such as ChatGPT, The Telegraph has reported. Romania has also pioneered the use of AI chatbots in government — having unveiled Ion, an AI advisor to its prime minister, in March.

Persons: Rishi Sunak, — Organizations: Telegraph, Morning, UK Civil Service, British, Tokyo Metropolitan Locations: Tokyo, Romania

☆ Factbox: Who are Crispin Odey and hedge fund Odey Asset Management?
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +5 min

Here are some key facts about Odey, London-based OAM, the allegations, and their fallout:WHO ARE CRISPIN ODEY AND ODEY ASSET MANAGEMENT? Odey, 64, founded the asset management firm which bears his name in 1991. HOW BIG IS ODEY ASSET MANAGEMENT? Schroders and Canada Life last week moved to cut back their dealings with asset management businesses with links to Odey. It is looking increasingly unlikely, even though larger funds such as Odey Asset Management Group are made up of many funds with different trading strategies.

Persons: Crispin Odey, OAM, Odey, CRISPIN ODEY, Kwasi Kwarteng, Goldman Sachs, Morgan Stanley, James Hanbury, Hanbury, Peter Martin, Carolina Mandl, Nell Mackenzie, Elisa Martinuzzi, Dhara Ranasinghe, Alexander Smith Organizations: Odey, Management, Reuters, Financial Times, WHO, Asset Management, Conservative Party, Securities and Exchange Commission, Financial, Authority, Lawmakers, JPMorgan, UBS, CAN, Odey Asset Management, Inc, Carolina, Thomson Locations: London, Schroders, New York

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