DIRS.INFO The most relevant business & tech news

☆ UK's Kwarteng cuts short Washington trip, returns to London, sources say
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 13 (Reuters) - British finance minister Kwasi Kwarteng is cutting short his trip to Washington for this week's global finance minister meetings and returning to London to continue work on his government's medium-term fiscal plan, sources familiar with the matter said on Thursday. Kwarteng confirmed to reporters that he was flying back to London early without providing further details. Kwarteng is due to announce his medium-term budget plans on Oct. 31, alongside independent fiscal forecasts. Kwarteng had a "successful" two days at the International Monetary Fund and World Bank's annual meetings here, the sources said. Register now for FREE unlimited access to Reuters.com RegisterReporting By David Lawder; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ UK finance minister Kwasi Kwarteng has been fired as the government waters down tax cuts
▼ + stars: | 2022-10-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

UK finance minister Kwasi Kwarteng was fired from his role on Friday. His tax cut proposals have rattled markets for weeks, with yields on gilts soaring. Prime Minister Liz Truss is expected to announce a policy U-turn at 9AM Eastern Time. Chief finance minister Kwarteng's pledges to carry on cutting income and corporation tax have rattled markets in recent weeks, with yields on gilts – UK government bonds – soaring. Read more: Pound crashes to record low against the dollar as UK tax cut plans rattle investors

☆ UK Finance Minister Kwasi Kwarteng ousted following tax-cutting plans
▼ + stars: | 2022-10-14 | by ( Joumanna Bercetche | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Finance Minister Kwasi Kwarteng ousted following tax-cutting plansUK Finance Minister Kwasi Kwarteng has been sacked from his role following his controversial key fiscal policy pledges. CNBC's Joumanna Bercetche joins 'Squawk Box' to report.

☆ European markets rise on UK fiscal U-turn hopes; Stoxx 600 up 1%
▼ + stars: | 2022-10-14 | by ( ) www.cnbc.com time to read: +1 min

British Finance Minister Kwasi Kwarteng (left) on Monday morning confirmed that the government would be scrapping its plans to cut tax for the country's highest earners. European markets are set to jump on Friday as speculation abounds that the U.K. government could be about to U-turn on its controversial fiscal policies. Finance Minister Kwasi Kwarteng flew home early from the International Monetary Fund in Washington on Thursday night as ministers convened to address the nation's economic chaos. Markets in Asia-Pacific then rallied overnight as investors seemingly shook off the inflation report and instead focused on hopes for a U.K. fiscal U-turn and further stimulus from the Chinese government. U.S. stock futures were higher in early premarket trade on Friday as investors await a slew of corporate earnings from the country's biggest banks.

☆ Morning Bid: Mystery Dance
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike Dolan. Sudden and sometimes unexplained stock rallies are often hallmarks of prolonged bear markets. U.S. stock futures have retraced a bit - but an hour is a long time in markets these days. read moreElsewhere, China's stocks surged ahead of the Communist Party Congress and amid an expected rise in domestic inflation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ UK PM Liz Truss's news conference after finance minister sacked
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

read moreBelow are some of the key quotes from Truss's news conference:ON HER MISSION"I want to deliver a low tax, high wage, high growth economy. Register now for FREE unlimited access to Reuters.com Register"We recognise because of current market issues. ON CORPORATION TAX"We need to act now to reassure the markets of our fiscal discipline. ON NEW FINANCE MINISTER JEREMY HUNT"He's one of the most experienced and widely respected government ministers and parliamentarians and he shares my convictions and ambitions for our country. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Jeremy Hunt replaces Kwarteng as Britain's finance minister
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 14 (Reuters) - Former foreign minister Jeremy Hunt has been appointed Britain's finance minister, Prime Minister Liz Truss's office said on Friday, following Kwasi Kwarteng's resignation from the post after less than six weeks in the job. A former foreign minister, Hunt has twice been unsuccessful in running for the governing Conservative Party's leadership, once losing to Boris Johnson and then being knocked out in the first round of voting in a contest which saw Truss take the prize. Seen as on the centre-right of the party, Hunt endorsed Truss's leadership rival, former finance minister Rishi Sunak to become prime minister, and is seen by many in the party as a safe pair of hands. Hunt, who has also previously served as health minister and culture minister, becomes Britain's fourth finance minister in as many months. Truss's office also said Edward Argar had replaced Chris Philp as Chief Secretary to the Treasury, the second most important job in the department.

☆ Sterling clings to bulk of U-turn-driven gains as dollar firms
▼ + stars: | 2022-10-14 | by ( Alun John | ) www.reuters.com time to read: +2 min

LONDON, Oct 14 (Reuters) - Sterling fell against a strengthening dollar on Friday, though held on to most of its gains from the previous day on reports the British government will reverse more of its controversial mini-budget. That plan triggered turmoil in financial markets, sending yields on British government bonds soaring and the pound to a record low of $1.0327. Register now for FREE unlimited access to Reuters.com RegisterTruss is due to hold a press conference at 1300 GMT. The dollar rebounded on Friday after sliding against most other major currencies on Thursday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Alun John; Editing by Frank Jack Daniel, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Can Liz Truss outlast a lettuce, UK tabloid asks in Twitter post
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 14 (Reuters) - A British newspaper on Friday pitted Liz Truss in a race against a lettuce, asking readers if they thought the under-fire prime minister would lose her job before the vegetable decayed. loadingThe tabloid Daily Star set up a live feed of an unrefrigerated iceberg next to a photo of Truss. Register now for FREE unlimited access to Reuters.com RegisterThe stunt echoed a comment at the other end of Britain's journalistic spectrum. Truss's political role model, 1980s prime minister Margaret Thatcher, was widely known as the Iron Lady. Register now for FREE unlimited access to Reuters.com RegisterReporting by John Stonestreet; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ UK corporation tax set to rise to 25% -Daily Telegraph
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 14 (Reuters) - Britain's corporation tax will rise to 25% this April, the Daily Telegraph reported on Friday, in a second humiliating government u-turn on economic policy and amid a report that finance minister Kwasi Kwarteng is set to be sacked. The rise to the tax scraps Kwarteng's plan to freeze it at 19%, announced in his Sept. 23 "mini-budget" plan, an economic plan which now appears to be falling apart. The Times newspaper has reported that she is set to u-turn on the mini-budget and sack Kwarteng. Register now for FREE unlimited access to Reuters.com RegisterEarlier in October, Kwarteng's cut to the highest rate of income tax was reversed. Abandoning the corporation tax freeze will boost the public finances by almost 19 billion pounds ($21 billion).

☆ Factbox: How could British PM Truss be removed, and how would she be replaced?
▼ + stars: | 2022-10-14 | by ( Alistair Smout | ) www.reuters.com time to read: +4 min

LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss is clinging on to her job after a political crisis and market turmoil sparked by her fiscal plans that has seen her fire her finance minister and reverse major parts of her flagship tax-cutting agenda. CONFIDENCE VOTE AMONG CONSERVATIVE LAWMAKERSA vote of confidence among Conservative lawmakers is one mechanism to remove their party leader. However, as Truss only became leader last month, current rules say such a vote cannot be held until September 2023. CONFIDENCE VOTE AMONG ALL LAWMAKERS IN PARLIAMENTA vote of no confidence in the government could be put forward by opposition parties. - If Truss resigns or loses a vote of confidence among Conservative lawmakers in her leadership, there is a process to select a new leader, overseen by the 1922 Committee.

The battered pound and government bonds rallied on Thursday as Prime Minister Liz Truss's government began re-examining a package for unfunded tax cuts that has sent borrowing costs surging and forced the Bank of England to intervene. Asked if the government was preparing to change course, he told Sky News: "I saw the prime minister yesterday. The prime minister and the chancellor are absolutely determined to deliver on the growth plan. The sense of chaos at the heart of government has fuelled speculation as to whether Truss and Kwarteng can survive. Truss was elected by the members of the party, and not the broader electorate, as the fourth prime minister in six politically turbulent years in Britain.

☆ UK finance minister Kwarteng to be sacked - Times
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 14 (Reuters) - Britain's finance minister Kwasi Kwarteng is to be sacked, The Times reported on Friday. "I'm told that Kwasi Kwarteng is being sacked as Chancellor as Liz Truss prepares to reverse the mini-Budget," Steven Swinford, Political Editor of The Times, said on Twitter. "Not clear who will be replacing him." The Treasury did not comment on the report. Register now for FREE unlimited access to Reuters.com RegisterReporting by William James, writing by Muvija M; editing by Sarah YoungOur Standards: The Thomson Reuters Trust Principles.

Other media said Truss would allow corporation tax to rise in April, reversing a decision to freeze it that was part of Kwarteng's "mini-budget" announced last month. Yields for index-linked gilts also fell sharply. Bets on a peak for rates to hit 5.5% next year were no longer fully priced in. They have gathered pace as investors offered more bonds to the central bank with the scheme nearing its end. LDI funds had been hit hard by the record slump in long-dated gilt prices after Kwarteng's mini-budget.

☆ Asian shares track Wall Street higher as jitters abound
▼ + stars: | 2022-10-14 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.6% in early Asia trade. Offshore, risk appetite is already softening, with U.S. S&P 500 futures sliding 0.1% while the Nasdaq futures falling 0.2%. Wall Street had a volatile session, after initial sell-off on the data proved short-lived with technical support and short-position covering helping stocks stage a strong rebound. Futures have also suggested that rates would now peak at 5%, bringing them to levels not seen since 2007. read moreOil prices fell in early Asian trade.

☆ UK cliff edge arrives as Bank of England prepares to end its emergency bond buying
▼ + stars: | 2022-10-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

The Bank's Financial Stability Committee on Sep. 28 announced a two-week emergency purchase program for long-dated U.K. government bonds. Bloomberg | Bloomberg | Getty ImagesLONDON — The Bank of England's emergency bond-buying program draws to a close on Friday, with traders remaining on edge as volatility in the U.K. bond market looks set to continue. The central bank initially announced the two-week intervention in the long-dated bond market on Sep. 28, having been informed that a number of liability driven investment (LDI) funds — held by pension plans — were hours from collapse as U.K. government bond prices plunged. The BOE's Pill also highlighted that recent actions taken to ensure orderly market function and financial stability sought to preserve the effectiveness of monetary policy, but should not be considered monetary policy actions in themselves. Chris Lupoli, U.K. rates and inflation strategist at BNP Paribas , told CNBC Thursday that the Bank of England remained focused on the temporary purchases serving as a "backstop."

☆ Shaken but not stirred
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

The trading floor is seen at the end of a trading day at the German stock exchange (Deutsche Boerse) in Frankfurt, Germany, February 12, 2019. REUTERS/Kai Pfaffenbach/A look at the day ahead in European and global markets from Anshuman DagaRed-hot U.S. inflation data briefly rattled global markets before Wall Street made a dramatic recovery on Thursday. U.S. stocks surged to finish more than 2% higher, reversing sharp falls as traders gave excuses of a "technical support" and "short covering". read moreKwarteng confirmed to reporters in Washington that he was flying back to London early, without providing further details. Sources familiar with the matter said he planned to meet with colleagues to work on his medium-term budget plan.

☆ UK finance minister Kwasi Kwarteng's resignation letter
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 14 (Reuters) - Britain's finance minister Kwasi Kwarteng said on Friday that he had resigned after Prime Minister Liz Truss asked him to stand aside as chancellor of the exchequer. Below is the full text of his letter, which he posted on Twitter:"You have asked me to stand aside as your Chancellor. "As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation - that must still change if this country is to succeed. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan; editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

London CNN Business —UK Prime Minister Liz Truss will hold a news conference Friday amid widespread speculation that she’s getting ready to ditch a big part of her economic strategy unveiled just three weeks ago. Kwarteng flew back from the IMF meeting in Washington, D.C., on Friday for discussions with Truss about the plan. Under pressure, Kwarteng has already brought forward his full budget statement to Oct. 31, more than three weeks earlier than planned. But investors may not be prepared to wait that long for reassurance about the state of Britain’s public finances. — Luke McGee and Zahid Mahmood in London, and Xiaofei Xu in Paris contributed to this article

☆ UK's Truss U-turns on tax, ditches finance minister
▼ + stars: | 2022-10-14 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsUK's Truss U-turns on tax, ditches finance ministerPostedBritish Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng on Friday and scrapped parts of their economic package in a desperate bid to stay in power and survive the market and political turmoil gripping the country. Lauren Anthony reports.

☆ FTSE rallies on hopes of fiscal plan reversal
▼ + stars: | 2022-10-14 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

The blue-chip FTSE 100 (.FTSE) gained 0.9%, while the domestically focussed FTSE 250 (.FTMC) added 0.9%. Both indexes have recouped a large part of their losses this week but remain on track to record their fourth weekly decline in five. However, futures point to a weak start for U.S. stocks on Friday, with investors nervously awaiting quarterly reports from big Wall Street banks. read moreEmerging markets-focussed investment group Ashmore (ASHM.L) dipped 2.6% after reporting an $8 billion fall in assets under management for the September quarter. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Yet he ultimately carried the can for an unwelcome fiscal plan that roiled bond markets, spooked investors and sparked a major backlash from governing Conservative Party lawmakers. Cutting his visit short, he flew back to London on Friday to "continue work at pace" for a medium-term fiscal plan due at the end of the month. Nor were further moves to re-embrace Treasury orthodoxy through the choice of Scholar's replacement and a decision to bring forward a medium-term fiscal plan and forecasts. In a reply to Kwarteng, Truss said she was deeply sorry to lose a long-standing friend from government. But a finance minister being ditched so quickly for his policies - especially when they were so closely aligned with the prime minister - is unprecedented in modern times.

After being the longest-serving health secretary in British history and stints running the foreign office and culture ministry, Hunt returns from government exile after two failed bids to become Britain's prime minister himself. "The appointment of Jeremy Hunt as Chancellor is a wise choice," Conservative lawmaker Bernard Jenkin said on Twitter. Ironically, though, while Truss has said she will press ahead with a cut to income tax, Hunt said at the time that could wait. Other critics said some of the problems that the state-run health service faced were a consequence of his role as health minister. During a trip to China in July in 2018, he mistakenly described his wife Lucia, who hails from China, as being Japanese.

☆ Jeremy Hunt is Britain's new finance minister - Times
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 14 (Reuters) - Former British foreign minister Jeremy Hunt is the country's new finance minister, the Times reported on Friday, after Kwasi Kwarteng was sacked from the role by Prime Minister Liz Truss. "Jeremy Hunt is the new chancellor," Times Political Editor Steven Swinford said on Twitter. "He'll be announced shortly at Liz Truss's press conference." Register now for FREE unlimited access to Reuters.com RegisterReporting by William James, writing by Muvija MOur Standards: The Thomson Reuters Trust Principles.

☆ UK finance minister Kwarteng confirms he has been sacked
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Chancellor of the Exchequer Kwasi Kwarteng exits a car on Downing Street in London, Britain, October 14, 2022. REUTERS/Henry NichollsLONDON, Oct 14 (Reuters) - British finance minister Kwasi Kwarteng confirmed on Friday he had been sacked by Prime Minister Liz Truss, becoming the third chancellor to leave the government this year. I have accepted," Kwarteng said in a letter to Truss, which he published on Twitter. read more"It is important now as we move forward to emphasise your government's commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches," Kwarteng said.

Search resuls for: "Kwasi"

25 mentions found