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☆ 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

☆ UK inflation stops falling as airfares and second-hand car prices soar
▼ + stars: | 2023-06-21 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +1 min

London CNN —UK inflation stayed stuck at 8.7% in May as prices for recreation and cultural activities rose at a faster pace than the previous month. The data released by the Office for National Statistics Wednesday defied forecasts for a slowdown in overall inflation to 8.4% compared with a year ago. Although the prices of groceries rose less sharply than in April, food inflation remained high, coming in at more than 18%. “The cost of airfares rose by more than a year ago and is at a higher level than usual for May,” said ONS chief economist Grant Fitzner. The latest figures make it more likely the Bank of England will raise interest rates again Thursday, threatening even more turmoil in the mortgage market.

Persons: ”, Grant Fitzner, Rishi Sunak Organizations: London CNN —, Office, National Statistics, UK, Bank of England Locations: Britain

☆ Robert F. Kennedy Jr.'s presidential run gets support from Wall Street veteran Omeed Malik
▼ + stars: | 2023-06-21 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

Robert F. Kennedy Jr., the anti-vaccine activist who's now running for president, has another wealthy backer in his corner: veteran Wall Street executive Omeed Malik. Representatives for Kennedy, Clinton, Pompeo, Summers and Lasry did not return requests for comment about the dinner. Kennedy is the son of former Attorney General Robert F. Kennedy, who was assassinated during his own presidential run in 1968, and the nephew of late President John F. Kennedy, who was shot dead in 1963. Billionaire Twitter owner Elon Musk hosted Kennedy in a recent Twitter Spaces. He later hosted a glitchy Twitter Spaces for the Florida Republican when he announced his run for president.

Persons: Robert F, Kennedy Jr, who's, Omeed Malik, Malik, Kennedy, Hillary Clinton, Trump, Gary Cohn, Mike Pompeo, Boris Johnson, Larry Summers, Marc Lasry, Cohn, Clinton, Pompeo, Summers, Lasry, Johnson, Joe Biden's, Biden, Donald Trump, John F, David Sacks, Chamath Palihapitiya, Sacks, Elon Musk, Musk, Ron DeSantis Organizations: Wall, Bellagio, Business, UK, Democratic, Financial, Quinnipiac, Kennedy, Venture, Republicans, Billionaire Twitter, Florida Gov, Florida Republican Locations: Las Vegas

☆ 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

☆ London's embattled hedge fund to be broken up as Wall Street banks cut ties over sexual harassment allegations
▼ + stars: | 2023-06-15 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

London-based hedge fund Odey Asset Management will break itself up, it said in a letter to investors Thursday. Its founder Crispin Odey was accused of sexual harassment by 13 women in a Financial Times investigation published last week. JPMorgan and Morgan Stanley both cut ties with the asset manager after the allegations broke. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The firm's founder Crispin Odey was accused of sexual harassment or assault by 13 women in a Financial Times investigation published last week.

Persons: Crispin Odey, Morgan Stanley, —, Odey, gilts, Liz Truss's, Liz Truss Organizations: Management, Financial, JPMorgan, Service, Investment, UBS, Authority, European Union – Locations: London, Brexit

☆ London crypto move is a sign of desperate times
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

NEW YORK/LONDON, June 12 (Reuters Breakingviews) - UK Prime Minister Rishi Sunak is eager to bring some Silicon Valley glitz to London. Now venture capital investor Andreessen Horowitz is setting up its first non-US office in the British capital, to focus on blockchain and cryptocurrencies. The then-finance minister in 2021 declared as “fantastic” the decision by Deliveroo (ROO.L) to list its shares in London. Despite Sunak’s call for the UK to “embrace new innovations” like the blockchain, Britain’s appetite for crypto remains uncertain. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Rishi Sunak, Andreessen Horowitz, Binance, Sunak, Deliveroo, “ gosh, Bobby Kotick, Anita Ramaswamy, Karen Kwok, Stellantis, Peter Thal Larsen, Streisand Neto Organizations: Reuters, U.S . Securities, Exchange Commission, Coinbase, Stanford University, Chips, Activision Blizzard, Twitter, Brookfield, Thomson Locations: London, U.S, Teck, China

Behind the US, we’re the next largest contributor to the effort to support Ukraine. US President Joe Biden and British Prime Minister Rishi Sunak hold a joint-press conference in the East Room of the White House in Washington, DC. Under former Prime Minister Boris Johnson, the UK pushed European and other Western allies to supply Ukraine with lethal defense systems and tanks. In his news conference on Thursday, Biden also said he was confident that Congress would continue providing support for Ukraine. “The fact of the matter is that I believe we’ll have the funding necessary to support Ukraine as long as it takes,” Biden said.

Persons: Joe Biden, Donald Trump, Ron DeSantis, CNN’s Kaitlan Collins, Rishi Sunak, ” Sunak, Blair, Biden, “, ”, Trump, Sunak, Andrew Caballero, Reynolds, Boris Johnson, Volodymyr Zelensky, Johnson, ” Biden Organizations: CNN —, GOP, Russia, Florida Gov, CNN, NATO, British, White, Getty, Ukraine Locations: CNN — Ukraine, Ukraine, British, America, Washington , DC, AFP, United States, Kyiv, Russia, Nova

☆ Sam Altman thinks AI will be the most tremendous 'leap forward in quality of life for people' we've had
▼ + stars: | 2023-06-07 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Sam Altman thinks AI will be the "most tremendous leap forward" for people's quality of life. The OpenAI CEO made the comments in an interview with The Guardian during a trip to the UK. Sam Altman says the development of artificial intelligence will be the "most tremendous leap forward" for people's quality of life. Altman told The Guardian he thought the benefits of AI development could sometimes get "lost from the discussion." Despite playing a major role in the current hysteria around AI, Altman has been keen to show he's not ignorant of the risks.

Persons: Sam Altman, Altman, Rishi Sunak, OpenAI Organizations: Guardian, Oxford Guild, UK, Biden Administration Locations: London

☆ How US allies can mitigate Trump 2.0
▼ + stars: | 2023-05-29 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

LONDON, May 29 (Reuters Breakingviews) - A return to the White House by Donald Trump would create challenges for the world’s other rich democracies. TRUMP IN POLYCRISISBiden has painstakingly created a consensus with his core allies since Putin invaded Ukraine last year. PREPARE FOR THE WORSTThe world’s other rich democracies - call them the G6 - cannot change the outcome of the U.S. presidential election. Politicians in other rich democracies can also try to persuade Republican leaders that now is not the time to abandon Kyiv. If other rich democracies adopt a vigorous mitigation strategy now, they’ll be better prepared if Trump does return.

☆ Biden says Zelenskyy gave a 'flat assurance' that F-16s fighter jets wouldn't attack Russian territory as drastic policy shift takes shape
▼ + stars: | 2023-05-21 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +3 min

President Biden said he received "flat assurance" that Ukraine would not use F-16s to enter Russia. "Vladimir Putin will not break our resolve," Biden said at the G7 summit press conference on Sunday. It's the latest development marking a drastic shift by US President Joe Biden and US officials, who have long rejected authorizing F-16s in Ukraine. In February, Sen. Jack Reed, the top Democrat on the Senate Armed Services Committee, portrayed supplying F-16s to Ukraine as unfeasible. Earlier this week, UK Prime Minister Rishi Sunak announced the UK and the Netherlands would build an "international coalition" to help the country procure the fighter jets.

☆ G-7 aims to rein in risks from China, awaits Zelenskyy
▼ + stars: | 2023-05-20 | by ( ) www.cnbc.com time to read: +2 min

Ukrainian President Volodymyr Zelenskyy is due to arrive in Hiroshima on Saturday to drum up support for his country's defence effort. The G7 nations are looking to "de-risk, not decouple" from China, White House national security adviser Jake Sullivan told reporters in Hiroshima. In a draft of the final communique seen by Reuters, G7 leaders agreed that China's status as the world's second-largest economy meant they had to continue to cooperate. "We do not seek to thwart China's economic progress and development," the leaders said in the draft, which is subject to change. China has voiced concern that the summit would turn into a "political show" against Beijing.

CNN —At first glance, the idea of a former NFL legend and a former US Women’s National Team star wanting to bring “global eyeballs” to an English soccer club might seem an unusual ambition. Its inhabitants have also been hit particularly hard by the UK’s cost of living crisis, which hasn’t been lost on JJ Watt and his wife, Kealia. “Burnley is a special club. “All I want to do is help tell their story. “The success of the football club this year has given such a boost to Burnley and the surrounding area.

☆ International pressure on Biden to give Ukraine F-16 fighter jets appears to be working
▼ + stars: | 2023-05-19 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

International pressure on Biden to provide Ukraine with F-16 fighter jets appears to working. Not only will the US authorize use of the US-made F-16s in Ukraine, it'll help train pilots and possibly send fighter jets from its own stockpiles. It also suggests that international pressure — Ukraine's pleas for the jets as well as NATO's desire to send them — on Biden has worked. News on the authorization of F-16 fighter jets came in a flurry. Politico reported that move opens the doors for Western allies to send Ukraine the jets, although the timeline and details are still murky.

☆ Biden told G7 allies the US will support joint F16 training effort for Ukrainians
▼ + stars: | 2023-05-19 | by ( Natasha Bertrand | ) edition.cnn.com time to read: +2 min

CNN —President Joe Biden informed G7 leaders on Friday that the US will support a joint effort with allies and partners to train Ukrainian pilots on fourth generation aircraft, including F-16s, a senior administration official tells CNN. The training is not expected to happen in the US, the official said, and will likely happen entirely in Europe. But US personnel will participate in the training alongside allies and partners in Europe, the official said. “As the training takes place over the coming months, our coalition of countries participating in this effort will decide when to actually provide jets, how many we will provide, and who will provide them,” the official said. But the US would have to approve that third-party transfer because of the jets’ sensitive US technology.

National Security Council coordinator for strategic communications John Kirby declined to comment specifically on the possibility of the US sending F-16 fighter jets to Ukraine, but said broadly that the US has been forward-looking about “future capabilities” and needs. US lawmakers and congressional staffers have joined in the F-16 lobbying campaign, urging the administration to provide the jets so that Ukraine can establish control over its skies. US allies with F-16s could conduct training for Ukrainian fighter pilots, or the aircraft’s manufacturer, Lockheed Martin, could carry out training as a private contractor. Without the jets, Ukraine is having to improvise, officials say. The Russian jets have largely been staying behind Russian defensive lines, making them difficult for Ukraine to target with shorter-range systems like NASAMs.

☆ Ukraine rebuilding would be small wager for Europe
▼ + stars: | 2023-05-16 | by ( Pierre Briancon | ) www.reuters.com time to read: +6 min

The irony is that effort had started when Russian President Vladimir Putin annexed Crimea in 2014, thus ensuring that Ukraine would firmly aspire to belong to Europe. The war inflicted severe damage on Ukraine, with GDP down 30% last year according to the International Monetary Fund. Rebuilding Ukraine will require help, expertise and guidance – and a lot of time and money. And the United States, Japan and multilateral organisations such as the IMF will continue to flank Europe in its efforts to rebuild Ukraine. Nevertheless, it is in Europe’s interest to play a major part in Ukraine’s reconstruction before the country is accepted as a formal candidate member of the EU.

London CNN —Britain and the Netherlands are working on an “international coalition” to help Ukraine procure F-16 fighter jets that Kyiv says are vital to its defense as Russia ramps up its aerial strikes, a spokesperson for UK Prime Minister Rishi Sunak said Tuesday. Ukraine, which has been saying the fighter jets are essential to defend against Russian missile and drone attacks, welcomed the announcement from the British and Dutch leaders. Britain does not have F-16s in its air force, but the Netherlands and Belgium do. Early on in the war, the US believed that supplying Ukraine with new fighter jets would risk an escalation between NATO and Russia. Any movement of F-16s to Ukraine would require US approval and US President Joe Biden said earlier this year that Kyiv did not need the fighter jets.

☆ Fact Check-Fake cover of The New European depicting UK’s Sunak, Ukraine’s Zelenskiy and the Dalai Lama shared online
▼ + stars: | 2023-04-26 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

An image of a fake cover of The New European (TNE) news outlet showing a cartoon with UK Prime Minister Rishi Sunak, Ukrainian President Volodymyr Zelenskiy and Tibetan spiritual leader the Dalai Lama is circulating online. The fabricated cover of an April Special Issue, 337, shows a cartoon of Sunak looking down at Zelenskiy, who is sitting on the Dalai Lama’s knee. Furthermore, the Issue 337 found in the archive shows a photo of Sunak and a different story headline by another writer (here ). The cartoon cover is not authentic, according to the magazine. The cover of Issue 337 can be found in online archive of The New European.

☆ Fact Check-Unedited video shows Biden greeting Sunak on UK visit
▼ + stars: | 2023-04-18 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Unclipped footage of U.S. President Joe Biden landing in Belfast shows him interacting with British Prime Minister Rishi Sunak. A condensed version of the video showing Biden exiting a plane and moving past Sunak is circulating online alongside claims Biden misidentified or dismissed Sunak (here and here). Biden arrived in Northern Ireland to mark the Good Friday Agreement peace deal’s 25th anniversary (here). The full video also shows Sunak and Biden talking and greeting each other. Full footage of U.S. President Joe Biden arriving in Northern Ireland shows him interacting with British Prime Minister Rishi Sunak.

☆ Disappointment for King Charles as first overseas visit as monarch is postponed
▼ + stars: | 2023-03-24 | by ( Michael Holden | ) www.reuters.com time to read: +4 min

LONDON, March 24 (Reuters) - King Charles' first state visit to France as British monarch, postponed on Friday because of widespread social unrest, was supposed to be an occasion celebrating a new chapter of harmony in relations between London and Paris. "The king and queen consort were of course very much looking forward to the visit," a Buckingham Palace source said. On the first state visits of his reign, the new monarch and his wife Camilla, the Queen Consort, were going first to France before heading on to Germany. Now it jars with the angry mood in France," Peter Ricketts, a former British ambassador to France, told Sky News. Both the palace and Macron said they looked forward to the postponed trip going ahead in the future when dates can be found.

Traders currently see a 50% chance of no rate hike at that meeting, with rate cuts priced in for the second half of the year. Shares of First Republic Bank (FRC.N) tumbled more than 60% as news of fresh financing failed to reassure investors, and so did Western Alliance Bancorp (WAL.N) and PacWest Bancorp (PACW.O). U.S. bank regulators sought to reassure nervous customers on Monday who lined up outside SVB's Santa Clara, California, headquarters, offering coffee and donuts. Regulators also moved swiftly to close New York's Signature Bank SBNY.O, which had come under pressure in recent days. In China, where SVB was the main go-to foreign bank for the majority of start-ups, entrepreneurs and venture funds were also scrambling for alternative funding.

And it's little surprise the International Monetary Fund forecast Britain would be the only economy of the G7 to contract this year. But certainly the potential for improved trade relations with the UK's biggest trading partner is clear. Unicredit this month cited estimates that the UK economy would underperform by 5-7% over 10 years if it remains outside the EU single market and customs union. It may even have been a key spur to this week's breakthrough given the frayed geopolitical backdrop. President Joe Biden has long insisted there would be no progress on a U.S. deal with Britain until the Northern Irish conundrum was resolved.

☆ Brexit slammed the UK economy. The Northern Ireland deal gives it hope
▼ + stars: | 2023-02-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +8 min

It delivers “long-lasting solutions” that will work for the people and businesses of Northern Ireland, she added. It also allows the UK government to determine sales tax rates for businesses in Northern Ireland and gives the Northern Ireland government emergency powers to oppose new EU rules on some goods. A boost to BritainBeyond its importance to Northern Ireland, the deal eases the uncertainty Brexit created for Britain. The new Northern Ireland deal opens the door to closer UK-EU cooperation on financial services, energy, immigration and scientific research, according to experts. “You need to address the Protocol before you do anything else,” said Anna Jerzewska, the founder of international trade consultancy Trade & Borders.

☆ Morning Bid: Long March ahead
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +5 min

"If it goes down that road it will come at real costs to China," White House national security adviser Jake Sullivan told CNN. China said on Monday it sought dialogue and peace for Ukraine despite the U.S. warnings. European stocks and U.S. futures recaptured some ground on Monday but the DXY dollar index briefly hit its highest since Jan. 6. The new U.S. interest rate horizon remains jarring, however. Meanwhile, Warren Buffett's Berkshire Hathaway (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter.

☆ Bill Gates told an AI chatbot he was 'overly intense' and 'didn't believe in weekends' in Microsoft's early days
▼ + stars: | 2023-02-18 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Bill Gates said he was "overly intense" and "didn't believe in weekends" early on in his career. He made the comments in an interview with an AI chatbot with UK prime minister Rishi Sunak. I didn't believe in weekends, I didn't believe in vacation. The Microsoft cofounder made the comments in an interview with questions posed by an AI chatbot along with UK prime minister Rishi Sunak. The AI chatbot has been put to a wide range of uses since its launch, including writing code, cover letters and passing university exams.

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