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☆ From Washington to Warsaw, a ‘greenlash’ is picking up steam despite extreme heat
▼ + stars: | 2023-08-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

A pushback against climate policies is not just a U.S. issue. Reprisals over climate policies come at a time of record-breaking extreme heat across the globe, with July poised to be the hottest month in human history. Ruling party leader Jarosław Kaczyński described the bloc's green policies as "madness" and akin to "green communism." "At the moment, it looks like green parties are not doing going fantastically well. "The IRA is called an IRA, it is not called a climate act because there's no way that you could get Democrats and Republicans to agree on something called climate," Tocci said.

Persons: Henry Nicholls, Ron DeSantis, DeSantis, ESG, —, Kevin McCarthy, Drew Angerer, Nathalie Tocci, Tocci, U.N, António, Sadiq Khan's, Jarosław Kaczyński, Emmanuel Macron, Alexander De Croo, Ursula von der, Kenzo Tribouillard, Joe Biden's, Mark Rutte's, …, Jan Willem Erisman, Mateusz Morawiecki, Michal Hetmanski Organizations: Afp, Getty, Republican Gov, House, Biden, U.S, Capitol, Istituto, CNBC, Farmer, Movement, Internazionali, Belgian, Belgium's, IRA, BBB, Farmers, Anadolu Agency, Getty Images, Leiden University Locations: London, Marble, U.S, Europe, Florida, Washington ,, Italian, Poland, Ostend, European, Netherlands, The Hague, Polish, Warsaw

☆ Britain's banks told to justify low savings rates by end of August
▼ + stars: | 2023-07-31 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File PhotoLONDON, July 31 (Reuters) - Britain's banks and building societies have until the end of August to justify to regulators why some of their savings rates are low or face sanctions, the markets watchdog said on Monday, as Bank of England rates look set to rise to their highest since 2008. Smaller lenders offer higher savings rates than their bigger rivals, the FCA added. "Firms offering the lowest savings rates will be required to justify by the end of August how those rates offer fair value, according to the consumer duty that enters into force today," the FCA said in a statement. Banks and building societies offering the lowest rates have to complete a "fair value" assessment for the regulator by the end of August. The FCA will also review the timing of changes to savings rates each time BoE rates move, publish an analysis every six months of easy-access rates, analyse how savings products contribute to profitability and, by the end of March 2024, review how firms engage with customers.

Persons: Henry Nicholls, Banks, BoE, Huw Jones, Kevin Liffey Organizations: REUTERS, Bank of, Financial Conduct Authority, Lloyds, HSBC, NatWest, Santander UK, Barclays, Nationwide Building Society, TSB Bank, Virgin Money, Bank, FCA, Thomson Locations: London, Britain

☆ UK unions suspend London Underground strikes next week
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] People stand outside Victoria Underground station that is closed while London Underground workers strike over pay and terms, in London, Britain, August 19, 2022. REUTERS/Henry NichollsLONDON, July 21 (Reuters) - Two British trade unions on Friday called off strikes on London's underground train network which had been planned to take place next week, citing progress in talks on pensions and working conditions. The National Union of Rail, Maritime and Transport Workers (RMT) union had been planning to take industrial action between July 23 and 28. "After a week of intense negotiations, we have made real progress in making sure our members’ working conditions and pensions are protected," Finn Brennan, ASLEF organiser, said in a statement. "Our campaign to defend jobs, conditions and our members pensions will continue in the coming weeks and months," Lynch said.

Persons: Henry Nicholls LONDON, Finn Brennan, Mick Lynch, Lynch, William James, Farouq Suleiman, Jason Neely Organizations: London Underground, REUTERS, National Union of Rail, Transport Workers, Associated Society of Locomotive Engineers, Firemen, Thomson Locations: London, Britain, British, Maritime

☆ China drives Burberry first-quarter sales jump
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry NichollsLONDON, July 14 (Reuters) - British luxury fashion brand Burberry (BRBY.L) on Friday reported an 18% rise in its first-quarter comparable store sales, in line with market expectations thank to continued recovery in China. CEO Jonathan Akeroyd said outerwear and leather goods were performing well and he was excited about new products from designer Daniel Lee arriving in stores in September. Lee, who joined in September, unveiled his debut collection at London Fashion Week in February. Like-for-like leather goods sales increased 13%, with women's bags, especially the Frances shapes and vintage Burberry check performing well, the company said.

Persons: Henry Nicholls LONDON, Jonathan Akeroyd, Daniel Lee, Lee, Frances, Suban Abdulla, Paul Sandle, David Goodman Organizations: Burberry, New, REUTERS, London Fashion, Thomson Locations: London, Britain, China, Europe, Americas

[1/2] People walk outside the Bank of England in the City of London financial district in London, Britain May 11, 2023. REUTERS/Henry Nicholls//File PhotoLONDON, July 12 (Reuters) - Britain's economy is so far proving resilient to a surge in interest rates over the past year and a half, but it will take time for the full impact to feed through, the Bank of England said on Wednesday. "The UK economy has so far been resilient to interest rate risk, though it will take time for the full impact of higher interest rates to come through," it said. It said British banks were less exposed than households to the adverse effects of higher interest rates, especially compared with financial institutions in other countries, while the corporate sector remained "broadly resilient". "Nevertheless, higher financing costs are likely to put pressure on some smaller or highly leveraged firms," it added.

Persons: Henry Nicholls, BoE, BoE Governor Andrew Bailey, David Milliken, Huw Jones, William Schomberg, Kevin Liffey Organizations: Bank of England, REUTERS, The Bank, Bank, Silicon Valley Bank, Thomson Locations: City, London, Britain, Silicon

Sweden, Switzerland and the European Central Bank also tightened policy, taking the total monthly tally of hikes to 225 basis points last month. The latest G10 moves bring the total 2023 rate hike tally among G10 central banks to 950 bps across 28 hikes. "The last leg of inflation reduction to central bank targets may be the most challenging, in our view." Thirteen out of 18 central banks in the Reuters sample of developing economies had interest rate setting meetings last month. This was the second biggest rate hike in recent times since Russia was forced to deliver an emergency 1,050 bps rate hike following its invasion of Ukraine.

Persons: Henry Nicholls, Tiffany Wilding, Hafize Gaye Erkan, Karin Strohecker, Vincent Flasseur, William Maclean Organizations: Bank of England, REUTERS, Australia, European Central Bank, Reuters, U.S, Vanguard, Thomson Locations: City, London, Britain, Norway, Canada, Sweden, Switzerland, U.S . Federal, Turkey's, Russia, Ukraine, China's

☆ UK economic growth unrevised at 0.1% in first quarter of 2023
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File PhotoLONDON, June 30 (Reuters) - Britain's economy grew 0.1% in the first quarter of this year, unrevised from an initial estimate published last month, figures from the Office for National Statistics (ONS) showed on Friday. "The final Q1 2023 GDP data confirms that the economy steered clear of a recession at the start of 2023. Friday's figures showed that households' real disposable income was 0.8% smaller than the previous quarter, reflecting higher costs for electricity, gas and food. There were also signs that people were saving less in response to the increased cost of living, as the savings ratio fell to 8.7% in the first quarter from 9.4% in the quarter before, its lowest level since the second quarter of 2022 though well above its pre-pandemic average. Stripping out volatile trade in precious metals, the ONS's preferred measure, the underlying current account deficit narrowed to 2.6% of GDP from 3.3% of GDP in the final quarter of 2022.

Persons: Henry Nicholls, Ashley Webb, David Milliken, Andy Bruce, Sarah Young Organizations: REUTERS, Office, National Statistics, ONS, Capital Economics, Thomson Locations: London, Britain, Germany, Ukraine

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

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

☆ King Charles III rides on horseback in first official birthday parade
▼ + stars: | 2023-06-17 | by ( Lauren Said-Moorhouse | ) edition.cnn.com time to read: +4 min

London CNN —King Charles III revived a royal tradition by riding on horseback in the first Trooping the Colour of his reign, which marks the British sovereign’s official birthday. The traditional military spectacle on Saturday is a staple in the royal diary drawing huge crowds to central London. Henry Nicholls/AFP/Getty ImagesA horse-drawn carriage carrying the Queen, the Princess of Wales and her children - Prince George, Princess Charlotte and Prince Louis - followed. The King's grandchildren, Princes George and Louis and their sister, Princess Charlotte, ride in a horse-drawn carriage to the parade ground. After the parade, the royal party will return to Buckingham Palace and watch an extended military flypast.

Persons: London CNN — King Charles III, Charles ’, Queen Elizabeth II, Prince William, Princess Anne, Prince Edward, British Sovereign, Henry Nicholls, Princess, Wales, Prince George , Princess Charlotte, Prince Louis, Bidisha Mamata, ”, King Charles, Princes George, Louis, Princess Charlotte, Alastair Grant, Queen Camilla, Richard Knighton Organizations: London CNN, Horse Guards, Welsh Guards, Blues and Royals, London Guards, Getty, Sovereign’s, Guards, Blues, Royals, CNN, Marines, RAF, 1st Battalion Welsh Guards, Royal Navy, British Army, Royal Air Force, Ministry of Defence, RAF Red Arrows, Air Staff, Air, Commonwealth, Honourable Artillery Company, of London’s Army Reserves Locations: London, Buckingham Palace, St James’s, British, AFP, King, Kensington, United Kingdom, Green

☆ Bank of England set to raise rates to 4.75% as inflation slow to fall
▼ + stars: | 2023-06-16 | by ( David Milliken | ) www.reuters.com time to read: +5 min

However, Neiss thinks the BoE is unlikely to raise interest rates as much as markets have priced in. In a Reuters poll this week, economists predicted the BoE would raise interest rates just twice more, taking rates to a peak of 5% by August or September. The BoE faces three big challenges when assessing how much more rate tightening it needs to do. Fewer households have mortgages and more are on fixed rates - so a key channel for higher interest rates to affect the economy now operates with a delay. "If the Bank of England accelerated policy tightening now, that would smack of panic or a loss of control," McGuire said.

Persons: Henry Nicholls, BoE, BoE Governor Andrew Bailey, Bailey, Katharine Neiss, Neiss, Christine Lagarde, Richard McGuire, Swati Dhingra, Silvana Tenreyro, Megan Greene, Tenreyro, McGuire, Yoruk Bahceli, David Milliken, Toby Chopra Organizations: Bank of England, REUTERS, of, U.S . Federal Reserve, European Central Bank, Italy, Fed, ECB, Reuters, homebuyers, Rabobank, MPC, Thomson Locations: City, London, Britain, of England

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

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

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

☆ Prince Harry to Appear in U.K. Court in Phone-Hacking Case
▼ + stars: | 2023-06-06 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

Prince Harry is one of more than 100 people in the lawsuit. Photo: HENRY NICHOLLS/REUTERSLONDON— Prince Harry on Tuesday is set to become the first high-ranking British royal to give evidence in court in over a century, as he appears before a judge here to accuse journalists at Mirror Group Newspapers of hacking his cellphone to get scoops, the latest broadside by the disaffected duke against Britain’s tabloid newspapers.

Persons: Prince Harry, HENRY NICHOLLS Organizations: REUTERS LONDON, British, Mirror Group Newspapers

☆ UK government challenge to COVID inquiry to be heard around end-June - lawyer
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Henry NichollsLONDON, June 6 (Reuters) - The British government's legal challenge to the COVID-19 public inquiry will likely be heard on June 30 or shortly afterwards, the counsel to the inquiry said on Tuesday. The government has refused to hand over internal WhatsApp messages it has described as "unambiguously irrelevant" to the inquiry, and has sought a judicial review at London's High Court against the demand. A judicial review is a legal challenge to the lawfulness of a decision by a public body, including a public inquiry. Johnson has offered to hand over his WhatsApp messages to the inquiry directly, rather than through the government, which has withheld some messages and has redacted others. Keith said that the inquiry had liaised with Johnson over the inspection of his unredacted messages.

Persons: Henry Nicholls LONDON, Hugo Keith, Keith, Boris Johnson, Rishi Sunak, Johnson, Alistair Smout, Sarah Young, William Maclean Organizations: REUTERS, British, London's, Britain, Thomson Locations: United Kingdom, London, Britain

☆ Morning Bid: Rehash on rates ahead as ECB, BOE and Fed speak
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Flowers are seen outside the Bank of England in the City of London financial district in London, Britain May 11, 2023. REUTERS/Henry NichollsA look at the day ahead in European and global markets from Vidya RanganathanSeveral key central bankers, including Fed Chair Jerome Powell, appear at a variety of events today, ensuring investors have plenty of commentary, and nearly similar synopses. The messaging from the BOE after last week's 12th rate rise has been consistent: It isn't done, the labour market is tight, quantitative tightening might even pick up pace. Wall Street, Treasury yields, implied U.S. interest rates and the dollar all rose on Thursday. G7 leaders kicked off a three-day summit in Hiroshima on Friday, and the focus there is on fresh sanctions against Russia and what they say about China.

☆ Bank of England set for 12th straight interest rate hike, but the outlook remains murky
▼ + stars: | 2023-05-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. "All this, and updated projections, should be consistent with our call for a final 25bp hike at the June meeting to a terminal rate of 4.75%." Updated forecasts Alongside the rate decision, the MPC will update its forecasts on Thursday. "Thus, while our base case remains for a final hike in June, we see risks that they skip this meeting and deliver the final hike in August," Ardagno's team said. Deutsche Bank Senior Economist Sanjay Raja echoed the projections for a 7-2 split in favor of a 25 basis point hike on Thursday, followed by another quarter-point in June.

☆ Opinion: Vladimir Putin’s anxious time
▼ + stars: | 2023-05-07 | by ( Richard Galant | ) edition.cnn.com time to read: +15 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. He imagines a boy sitting “upon the high and giddy mast” of a ship tossed by wind and waves. “Uneasy lies the head that wears a crown,” concludes the king in Shakespeare’s play. Russia said that President Vladimir Putin was the intended target of a foiled Ukrainian drone attack on the Kremlin, an allegation Ukraine denied. The unfortunate monarch who was the last to own the original St. Edward’s Crown, King Charles I, was convicted of treason and beheaded on January 30, 1649.

☆ 'Mind the gap,' King Charles to remind train travellers during coronation weekend
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] People wearing protective face masks walk along a platform on the London Underground, amid the coronavirus disease (COVID-19) outbreak, in London, Britain, July 25, 2021. REUTERS/Henry NichollsLONDON, May 5 (Reuters) - Passengers travelling on British trains during the weekend of King Charles' coronation will hear a special message recorded by the monarch himself, including a reminder to "mind the gap," officials said on Friday. The announcement, by Charles and his wife Camilla, will be heard by anyone travelling by train or the London underground "tube" network between Friday and Monday. "My wife and I wish you and your families a wonderful coronation weekend," passengers will hear Charles say, followed by wishes for a happy journey from Camilla: "Wherever you are travelling, we hope you have a safe and pleasant journey." "And remember, please mind the gap," Charles will add.

Lenders wasted little time in charging more for loans when interest rates rapidly rose from an almost 15-year slumber around zero last year, but most have dragged their feet on boosting deposit rates paid to millions of their customers. Money market funds are proving popular among savers seeking bigger returns on their cash as high levels of inflation persist. Data from Refinitiv Lipper showed more than 34 billion euros ($37.6 billion) of net flows into European money market funds in March, the best-selling asset type that month. Fidelity International also reported an 8% year-on-year uplift in flows into money market funds on its investment platform between Jan. 1 and April 26. Some lawmakers have criticised banks for the mismatch between what they charge borrowers and the interest rates offered to savers.

☆ UK security in 'no way complacent' ahead of coronation - minister
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 3 (Reuters) - British security forces are prepared for King Charles' coronation, security minister Tom Tugendhat said on Wednesday, hours after a man was arrested outside Buckingham Palace for throwing shotgun cartridges. "We're in no way complacent" Tugendhat told Sky News. [1/2] Police members and security forces guard at the gates of Buckingham Palace after British police arrested a man outside Buckingham Palace for throwing what they believe were shotgun cartridges, in London, Britain May 2, 2023. Tugendhat told Times Radio the event was "one of the most important security operations that the country has put into plan." "The police are, to put it mildly, all over it, and our intelligence and other security forces are extremely aware of the challenge that we face," he said.

[1/2] Florida Governor Ron DeSantis walks outside the Treasury during his visit in London, Britain April 28, 2023. The bill is one of the furthest-reaching efforts yet by U.S. Republicans against sustainable investing efforts, and a clear political message from DeSantis, a likely presidential candidate. We do not want them engaged on these ideological joyrides," said DeSantis just before he signed the bill at a webcast event. Analysts said the legislation goes further than other state anti-ESG bills, even as business groups worry the efforts pose financial risks. There are climate and weather risks that are highly relevant, especially in a state like Florida, and would be captured in our assessment of credit risk," Torgerson said.

☆ King Charles' coronation will be an economic boost, Buckingham Palace says
▼ + stars: | 2023-05-02 | by ( Michael Holden | ) www.reuters.com time to read: +3 min

[1/3] A souvenir King Charles flag hangs inside a shop ahead of the Coronation of King Charles and Camilla, Queen Consort in London, Britain, April 30, 2023. REUTERS/Henry NichollsLONDON, May 3 (Reuters) - The coronation ceremony for King Charles on Saturday will be the most glorious display of pageantry seen in Britain for a generation and will provide an economic boost to the nation, its organiser and Buckingham Palace have said. The royals will, as is traditional, wave to the crowds from the balcony of Buckingham Palace afterwards, and there will be a flypast by military aircraft. As the palace has previously acknowledged, the service itself will be different to that of Queen Elizabeth seven decades ago, reflecting the different eras. ($1 = 0.8015 pounds)Reporting by Michael Holden; Additional reporting by David Milliken; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

[1/4] Security forces stand guard after British police arrested a man outside Buckingham Palace for throwing what they believe were shotgun cartridges, in London, Britain May 2, 2023. REUTERS/Henry NichollsLONDON, May 2 (Reuters) - Police arrested a man outside Buckingham Palace on Tuesday for throwing what they believe were shotgun cartridges and officers also carried out a controlled explosion in the area, days before King Charles' coronation ceremony. Police said the man had approached Buckingham Palace gates and thrown items, suspected to be shotgun cartridges, into the palace grounds before being detained by officers at around 1800 GMT. Buckingham Palace said neither the king nor his wife Camilla were at the palace at the time of Tuesday's incident. In 2016, an unarmed man was arrested in the grounds of Buckingham Palace after scaling a perimeter wall.

☆ Here are the top 10 Wall Street research firms of the past decade, according to TipRanks
▼ + stars: | 2023-04-30 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +4 min

Henry Nicholls | ReutersAfter identifying the 10 best analysts on Wall Street of the past decade, here is a list of the 10 top research firms. To create this list, TipRanks analyzed every stock recommendation made by investment research firms in the past decade. This explains why some research firms may have a higher success rate and average return yet rank lower. TipRanks has leveraged its Experts Center tool to identify the top 10 research firms. Top 10 Wall Street Research FirmsThe image below shows the most successful Wall Street research firms in descending order.

☆ BBC Chairman Resigns Over Offer to Facilitate Loan to Boris Johnson
▼ + stars: | 2023-04-28 | by ( Max Colchester | ) www.wsj.com time to read: 1 min

A screen inside the BBC’s headquarters broadcasts a statement by Richard Sharp. Photo: HENRY NICHOLLS/REUTERSLONDON—The chairman of the BBC, Richard Sharp , quit Friday after an investigation concluded he breached the U.K. government code for public appointments by failing to declare that he offered to facilitate a loan to former British Prime Minister Boris Johnson while applying for the job at the publicly funded broadcaster. The decision by Mr. Sharp, a former Goldman Sachs Group Inc. banker, to step down is the latest scandal to wash over the British Broadcasting Corp., which has been buffeted by a series of missteps that critics say has dented its image as an independent, impartial broadcaster and raised questions over whether it has bowed to pressure from the ruling Conservative government.

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