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☆ London babies abandoned over seven years belong to same parents
▼ + stars: | 2024-06-04 | by ( Robert Picheta | ) edition.cnn.com time to read: +3 min

London CNN —Police are searching for the parents of three babies who were wrapped in shopping bags and blankets, then abandoned in east London over the past seven years. A court revealed on Monday that baby Elsa, who was found left in a park in cold weather in January, is a sibling of two other newborns, PA Media reported. All three infants were found alive and were quickly cared for, with the oldest two since being adopted, according to PA Media. Like her sister Roman, she was left in very cold January temperatures. The Metropolitan Police said at the time it was “highly likely” that Elsa was born after a “concealed pregnancy,” according to PA Media.

Persons: Elsa, Harry, Roman, snowing, Simon Crick, “, ” Crick Organizations: London CNN — Police, PA Media, Police, BBC, London Ambulance Service, Metropolitan Police Locations: London, Newham

☆ UK general election: Why the economy is the key issue
▼ + stars: | 2024-06-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

Sunak will likely point to falling inflation and a strengthening economy as proof that his plan to “restore economic stability” is working. Here’s what data shows has happened to wages, living standards, the value of the pound, house prices and waiting times for medical treatment on the NHS. “Poor income growth has been an unfortunate feature of economic life in the UK over the last 15 years. On average, households now spend more than 29% of their after-tax income on rent, up from 24% in 2010, according to Zoopla, a property company. NHS waiting lists have grown steadily since the onset of the Covid-19 pandemic, contributing to worker shortages in the UK.

Persons: Rishi Sunak, Keir Starmer, Tony Blair, Sunak, YouGov, Labour Party Keir Starmer, Jeff J Mitchell, Alastair Grant, Tom Waters, “, —, Nick Ridpath, Liz Truss, “ Brexit, Clare Lombardelli, Brexit Organizations: London CNN, Conservative Party of, European Union, Labour Party, Labour, National Health Service, Conservatives, Britain's, Institute for Fiscal Studies, Conservative, Bank of England, Office, National Statistics, NHS Locations: Ukraine, United Kingdom, “, United States, Germany, Britain, England

☆ Qantas CEO: ‘We let our customers down’ on airline’s canceled flights scandal
▼ + stars: | 2024-06-04 | by ( Maisie Linford | Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —The boss of Qantas Airways has acknowledged the “anger” of thousands of customers who were sold tickets for already-canceled flights. Because not only (did) we let our customers down, we let our people down.”Last August, Australian regulators accused Qantas in a lawsuit of selling tickets for more than 8,000 flights that the airline had already canceled — affecting more than 86,000 customers. Qantas agreed last month to pay 120 million Australian dollars ($79 million) to settle the lawsuit. Of that, about 20 million Australian dollars ($13.3 million) will go to the affected customers. The remaining 100 million Australian dollars ($66.5 million) is a fine — the biggest ever for an Australian airline, according to Reuters.

Persons: Vanessa Hudson, CNN’s Richard Quest, “ It’s, ”, ” Hudson Organizations: London CNN, Qantas Airways, Qantas, Reuters, Quest Locations: Dubai, Hudson

☆ Shein IPO: London Stock Exchange is desperate for IPOs. Could Shein end the drought?
▼ + stars: | 2024-06-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

If Shein goes ahead with the listing, it is expected to try to raise more than £1 billion ($1.3 billion) from the sale of new shares, Sky News said. Bloomberg and the Financial Times have also reported that Shein is preparing a confidential filing for a London listing. Given its high profile and potential hefty valuation, an IPO by Shein would be a much-needed coup for the London Stock Exchange. In recent years, several companies have quit the exchange for other cities or chosen New York to go public. Still, even the slightest hint that Shell could ditch London will have rattled the city’s financial center.

Persons: Shein, ”, “, Marco Rubio, Susannah Streeter, Hargreaves Lansdown, Wael Sawan, Sawan, Shell Organizations: London CNN, Authority, Sky News, Bloomberg, Financial Times, UK’s Labour Party, CNN, Shein, London Stock Exchange, Nasdaq, Shell Locations: China, United Kingdom, Britain, Singapore, New York, United States, While New York, London

☆ Nigel Farage enters UK election race, in more bad news for Sunak’s Conservatives
▼ + stars: | 2024-06-03 | by ( Christian Edwards | Luke Mcgee | ) edition.cnn.com time to read: +5 min

While that might not be enough to win Reform more than a few seats, it could contribute to the Conservatives losing dozens more seats to Labour. The Conservatives’ Farage problem will not fade soon. As well as becoming leader, Farage announced he is “coming back for the next five years.”“We already know that the Conservative Party will be in opposition. The weaker the Conservative Party is after the election, the more heat Farage can put on them. There are as many in the Conservative Party who find Farage appalling as there are who’d like to see him join the party.

Persons: Nigel Farage, ”, Farage, Rishi Sunak, Donald Trump, “, I’ve, It’s, Farage’s, Sunak Organizations: London CNN, Conservative Party, European Union, Reform, Independence Party, UKIP, Conservatives, Labour Party, Labour, Tories, Conservative Locations: Clacton, Manhattan, London, Rwanda

☆ Letter from Franz Kafka complaining of writer’s block up for auction
▼ + stars: | 2024-06-03 | by ( Amarachi Orie | ) edition.cnn.com time to read: +3 min

London CNN —A letter giving a rare insight into Franz Kafka’s struggle with writer’s block is going up for auction. This means it would have been written while Kafka was undergoing treatment for tuberculosis, with which he was diagnosed three years earlier. Ehrenstein made the request after seeing a newly published work by Kafka – probably the 1919 short story collection “Ein Landarzt” (“A Country Doctor”). We can also all be thankful that Kafka would continue to pick up his pen despite his crippling writer’s block,” he added. At the time the letter was written, Kafka had also begun an intense love affair with Czech journalist and writer Milena Jesenská.

Persons: Franz Kafka’s, Franz Kafka, Kafka, Sotheby's, what’s, ” Kafka, Albert Ehrenstein, “, Sotheby’s, Ehrenstein, Kafka –, Landarzt, Gabriel Heaton, Milena Jesenská, – Organizations: London CNN, Pictorial Press Locations: Prague, Bohemia, Sotheby’s, London, Vienna, Austrian, Czech, ”, Germany, Austria

☆ GameStop shares surge 73% after Roaring Kitty reveals $116 million bet
▼ + stars: | 2024-06-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Shares in GameStop shot up almost 73% in pre-market trade Monday as the renewed frenzy around meme stocks shows little sign of abating. The video game retailer’s stock soared hours after a Reddit post by stocks influencer Keith Gill — also known as “Roaring Kitty” — revealed that he had bought nearly $116 million worth of the stock. The post was the first on Gill’s Reddit account in more than three years, when social media-fueled hype around GameStop (GME) shares was in full swing. Meme stocks are shares that swing wildly in value based on their popularity among trader communities on social media rather than the companies’ fundamental characteristics. He also said he did not set out to help stoke the GameStop frenzy and instead believed the stock offered an attractive opportunity for investors.

Persons: Keith Gill —, ” —, Gill Organizations: London CNN —, GameStop, AMC Entertainment, stoke

☆ David Beckham bonds with King Charles over beekeeping as he is named charity ambassador
▼ + stars: | 2024-06-02 | by ( Catherine Nicholls | ) edition.cnn.com time to read: +2 min

London CNN —Soccer icon David Beckham exchanged beekeeping tips with King Charles, he said, when the pair met ahead of the former England captain being named ambassador for The King’s Foundation. Beckham met the King at Highgrove Gardens in the Cotswolds, England, where he also met students of the King’s Foundation, who practice skills such as woodworking and embroidery in specialized workshops on site. In his work with The King’s Foundation, Beckham will be hoping to spread awareness of the charity’s mission. The King’s Foundation was originally called The Prince’s Foundation, and came into existence after a number of Charles’ charitable projects merged into one group in 2018. Beckham visited students at the Snowdon School of Furniture, one of The King's Foundation's specialist workshops.

Persons: David Beckham, King Charles, Beckham, King, ” Beckham, Beckham ”, Charles ’, Courtney Louise, Michael Fawcett, Mahfouz Marei Mubarak bin Mahfouz, Charles, Prince, Wales Organizations: London CNN — Soccer, The King’s Foundation, King’s Foundation, CNN’s Royal, Foundation, Netflix, Snowdon School of Furniture, King's, British Empire, ”, London’s Metropolitan Police Locations: England, Highgrove, Cotswolds, British

☆ The true stories behind iconic Diana photos, according to the man who took them
▼ + stars: | 2024-05-31 | by ( Billy Stockwell | ) edition.cnn.com time to read: +5 min

It displays a carefully curated selection of work by renowned royal photographer Anwar Hussein, 85, who started snapping Diana when she was 19. “At first, some told me ‘you can’t do pictures of royals,’” Anwar told CNN ahead of the exhibition’s launch. Diana, the late Princess of Wales attends a Vanity Fair party at the Serpentine Gallery in Nov 1994. Anwar HusseinOver the years, Anwar and his sons have taken hundreds of thousands of photos of the royal family. Would they recreate the picture of Diana there?” Zak said.

Persons: Princess Diana, Anwar Hussein, Diana, “, ’ ” Anwar, Bob Marley, Elton John, Anwar’s, Samir, Zak, “ Diana, Kate, Meghan, ”, Charles, of Wales, Prince Charles, Anwar Hussein “, ‘ I’m, I’m, ’ ” Zak, Anwar, it’s, Diana cradling, ” Anwar, Imran, “ We’ve, ’ we’ve, Catherine Walker, Taj, Prince William, Catherine, ” Zak, ” Samir, “ He’s Organizations: CNN’s Royal, London CNN —, CNN, Imran Khan's Cancer Locations: London, London’s, Lahore, Pakistan, India, Agra

☆ Donn Delson on documenting the world from 12,000 feet
▼ + stars: | 2024-05-31 | by ( Leah Dolan | ) edition.cnn.com time to read: +5 min

London CNN —“This is not daredevil stuff,” says 75-year-old fine art photographer Donn Delson as we sit in a helicopter with no door, almost 2,000 feet above London. Donn DelsonDelson, who is based in Los Angeles, began his career as an aerial photographer almost a decade ago. On a trip flying 3,200 feet over Molokai, Hawaii, Delson was captured inside a rare double circular rainbow. Courtesy Donn DelsonEven if he returns empty-handed, Delson believes there is more to be gained from the experience than simply making new work. “The world from above, it’s just so different from the world we know,” said Delson.

Persons: ”, Donn Delson, Ben, Delson —, It’s, we’re, —, Donn Delson Delson, “ I’ve, ” Delson, BandMerch, Rihanna, Billy Joel, — Delson, Delson, Donn Delson “, “, “ I’m Organizations: London CNN, CNN Locations: London, Los Angeles, Japan, Molokai, Hawaii, New Zealand, ”, Delson, Israel

☆ Uptick in European inflation clouds outlook for interest rate cuts
▼ + stars: | 2024-05-31 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Inflation in Europe has ticked up for the first time in five months, casting doubt on the possibility of a steady stream of interest rate cuts by the European Central Bank over the next few months. The European Central Bank began hiking rates in July 2022 to curb runaway inflation sparked by the reopening of the world’s economies following the pandemic as well as Russia’s full-scale invasion of Ukraine. “May’s increases (in inflation) won’t stop the ECB from cutting interest rates next week. All 82 economists polled by Reuters ahead of Friday’s inflation data expected the ECB to cut rates by a quarter of a percentage point next week. Over two-thirds, 55 of 82, expected two more cuts this year, in September and December.

Persons: “, Jack Allen, Reynolds, Claus Vistesen, ” Organizations: London CNN, European Central Bank, Reuters, ECB, Capital Economics, Pantheon Locations: Europe, Ukraine

☆ Kate, Princess of Wales to miss major military display next month amid cancer treatment
▼ + stars: | 2024-05-30 | by ( Max Foster | Lauren Said-Moorhouse | ) edition.cnn.com time to read: +2 min

London CNN —Catherine, Princess of Wales, will not be returning to royal duties with an appearance at the Colonel’s Review, a military parade in London in early June, as she continues her treatment for cancer. It is not yet clear if Kate will also miss that annual military spectacle – a highlight of the royal calendar full of pomp and pageantry – at Horse Guards Parade in the British capital. Following the announcement, a royal source told CNN that she would not be returning to frontline royal duties until she has been cleared to do so by her medical team. There had also been speculation over whether King Charles would participate in next month’s Trooping the Colour as he continues his own cancer treatment. Charles announced his own cancer battle in February but recently resumed public-facing royal engagements as he continues his treatment.

Persons: London CNN — Catherine, Princess of Wales, Kate, James Bucknall, King Charles III, Chris Jackson, King Charles, Ascot Landau, Queen Camilla, Charles Organizations: London CNN, Horse Guards Parade, Irish Guards, Rapid, Corps, Coldstream Guards, CNN Locations: London, Wales, Buckingham, Ascot

☆ ConocoPhillips is buying Marathon Oil in $22.5 billion deal
▼ + stars: | 2024-05-29 | by ( Mark Thompson | ) edition.cnn.com time to read: +2 min

ConocoPhillips said Wednesday it had agreed to buy Marathon Oil in an all-stock deal worth $22.5 billion, including about $5.4 billion of debt. Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon share they own, representing a 14.7% premium to the closing price on Tuesday. Shares of Marathon (MRO) were up more than 10% in premarket trade, while Conoco (COP) stock was down about 2%. “This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low cost of supply inventory,” Ryan Lance, ConocoPhillips CEO, said in a statement. Until 1962, Marathon Oil was called The Ohio Oil Company, which was founded in 1887 and was bought two years later by John D. Rockefeller’s Standard Oil.

Persons: Hess, ” Ryan Lance, John D, Lee Tillman, ” Tillman Organizations: London CNN, Big Oil, ConocoPhillips, Oil, Marathon Oil, Occidental, Diamondback Energy, Endeavor Energy Partners, Marathon, Financial Times, Devon Energy, Ohio Oil Company Locations: Conoco, Houston, multibillion

☆ Britain’s Royal Mail has been bought by Czech billionaire Daniel Křetínský for $4.5 billion
▼ + stars: | 2024-05-29 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The owner of Royal Mail has accepted a £3.5 billion ($4.5 billion) takeover bid from Czech billionaire Daniel Křetínský, paving the way for the sale of one of Britain’s oldest and most iconic institutions to a foreign owner for the first time. The deal follows a torrid few years for Royal Mail, which was privatized in 2013. “Royal Mail is as British as it gets, and Labour will take the necessary steps to safeguard its undeniable identity and place in public life,” he wrote in the letter, which he posted on X. A low-profile Czech national, Křetínský made his fortune through a sprawling empire of European energy companies, retailers and football clubs. He is worth an estimated $7.7 billion, according to the Bloomberg Billionaires Index, and owns a 27% stake in West Ham United Football Club.

Persons: Daniel Křetínský, Křetínský’s, Jonathan Reynolds, ”, Křetínský Organizations: London CNN, Royal Mail, Distribution Services, Labour Party, Conservative, Labour, Royal, Bloomberg, West Ham United Football Club Locations: Czech, United Kingdom, West

☆ Elon Musk’s xAI firm valued at $24 billion as investors pledge more money
▼ + stars: | 2024-05-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The AI firm founded by Elon Musk has raised another $6 billion from investors, including Silicon Valley venture capitalists and a Saudi prince, boosting its valuation to $24 billion. Investors providing the second-round funding included Sequoia Capital, Andreesen Horowitz, and Saudi Prince Alwaleed Bin Talal, xAI announced in a blog post on Sunday. Investors, lured by the potential for AI to revolutionize the way people live and work, have thrown huge sums of money at AI companies in recent years. Microsoft (MSFT) is OpenAI’s biggest stakeholder, with a $13 billion investment in the firm. Last year, Amazon (AMZN) announced it would invest up to $4 billion in Anthropic AI in exchange for partial ownership of the company.

Persons: Elon Musk, Andreesen Horowitz, Saudi Prince Alwaleed Bin Talal, xAI, Musk, Grok Organizations: London CNN, Elon, Sequoia Capital, xAI, London . Investors, Microsoft, Google Locations: Silicon, Saudi, OpenAI, Palo Alto, San Francisco, London

☆ Why UK Prime Minister Rishi Sunak called an election he’s expected to lose
▼ + stars: | 2024-05-24 | by ( Luke Mcgee | ) edition.cnn.com time to read: +6 min

London CNN —When British Prime Minister Rishi Sunak announced on Wednesday that the United Kingdom would hold a general election on July 4, many observers wondered: why now? British Prime Minister Rishi Sunak delivers a speech calling for a general election, outside 10 Downing Street, in London on May 22. Their time in office didn’t begin formidably. In 2010, after 13 years of Labour rule, David Cameron won the general election but didn’t win a majority in parliament. Eventually, the Conservative Party had enough of the chaos and put Sunak in charge as a safe pair of hands.

Persons: Rishi Sunak, Keir Starmer, Sunak, Maja Smiejkowska, he’s, we’ve, ’ ” Sunak, didn’t, David Cameron, Cameron, Theresa May, Boris Johnson, Johnson, Henry Nicholls, Liz Truss, –, Starmer Organizations: London CNN, British, Conservative Party, Labour Party, Labour, International Monetary Fund, CNN, IMF, Liberal Democrats, Conservative, Vale, Glamorgan Brewery, Getty Locations: United Kingdom, London, Downing, Glamorgan, Barry, Wales, AFP, Rwanda, Sunak

☆ Kabosu: The dog who inspired Dogecoin has died
▼ + stars: | 2024-05-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Kabosu, the dog that launched a thousand “doge” memes, has died, her owner announced Friday. The Japanese shiba inu “fell into a deep sleep” on Friday morning at 18 years of age, Atsuko Sato wrote in a blogpost. As I was touching her, she gently passed away,” wrote Sato, a kindergarten teacher in the Japanese city of Sakura. The popularity of “doge” memes was cemented in December 2013, when Kabosu became the face of alternative cryptocurrency Dogecoin — a tongue-in-cheek response to Bitcoin that reflected the internet’s love of animal memes. An X post by Dogecoin Friday called Kabosu the community’s “inspiration.” “The impact this one dog has made across the world is immeasurable,” the post read.

Persons: London CNN — Kabosu, shiba inu “, Atsuko Sato, ”, Sato, ” Kabosu, Kabosu, shiba, Tesla, cryptocurrencies, Mai Nishiyama Organizations: London CNN, Elon, Twitter, Dogecoin Locations: “, Sakura

☆ The West is tapping Russian money to arm Ukraine. Much more could follow
▼ + stars: | 2024-05-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —Money generated by Russian financial assets frozen in Europe will soon start flowing to Ukraine, giving Kyiv a boost as it struggles to counter an advance by Moscow’s troops. The plan “would essentially bring forward that flow of interest proceeds from the assets… (through a loan) given to Ukraine,” Yellen told broadcaster Sky News in an interview this week. “Ukraine has substantial needs, and being able to marshal significant resources to help Ukraine is important,” she said. Most of the frozen Russian money is held in Europe, and the euro is the world’s second-most important currency after the US dollar. This would give Kyiv access to a much larger amount of money than using future or current windfall profits from Russian assets.

Persons: Janet Yellen, ” Yellen, Gabriel Bouys, Joe Biden, ” Lee Buccheit, Trade Valdis Dombrovskis, Yellen, there’s, —, Buchheit, Putin, ” Organizations: London CNN, Union, Sky News, “, US, Getty, University of Edinburgh Law School, CNN, EU, Trade, Reuters, Russia, Ukraine, World Bank Locations: Europe, Ukraine, West, Italy, Russia, Ukraine’s, Kharkiv, Frankfurt, Germany, “ Ukraine, Stresa, AFP, EU, Belgium, Kyiv

☆ EU AI act: Meta, Amazon execs say Europe’s new AI law could harm innovation
▼ + stars: | 2024-05-24 | by ( Tom Foster | ) edition.cnn.com time to read: +3 min

The first-of-its-kind law is poised to reshape how firms and other organizations in Europe use AI for everything from health care decisions to policing. For Meta’s (META) AI chief, Yann LeCun, “the big question” about the new law is “should research and development in AI be regulated?”“There are clauses in the EU AI act and various other places that do regulate research and development. I don’t think it’s a good idea,” he told CNN’s Anna Stewart at the Paris event. LeCun, widely known as one of the “godfathers of AI,” disagrees with concerns that AI could soon surpass human intelligence. “We need to make sure that innovation continues to happen and that the innovation doesn’t just come outside Europe.

Persons: Yann LeCun, ”, CNN’s Anna Stewart, “, Werner Vogels, Stewart, Vogels, “ Let’s Organizations: London CNN, Meta, CNN, EU, overregulating Locations: Paris, Europe, EU, underinvesting

☆ Paul McCartney roasts Bruce Springsteen at London awards ceremony
▼ + stars: | 2024-05-24 | by ( Rosa Rahimi | ) edition.cnn.com time to read: +2 min

London CNN —Bruce Springsteen became the first international songwriter to be awarded a fellowship of the Ivors Academy in its 80-year history – but he had to put up with some ribbing from one of his most famous peers first. At the Ivor Novello Awards ceremony at Grosvenor House in London Thursday night, Springsteen was inducted into the fellowship by Paul McCartney, who was the academy’s first-ever fellow. “He’s known as the American working man, you know?” a clip of the ceremony posted to social media showed McCartney saying. “There is no one more fitting than Bruce Springsteen to be the first international songwriter inducted into our Fellowship,” Tom Gray, chair of the academy, said in a press release. “I’m gonna sound really weird up here because I sang in the rain, all night last night,” he said in a speech.

Persons: London CNN — Bruce Springsteen, Ivor Novello, Springsteen, Paul McCartney, couldn’t, Bob Dylan …, Paul Simon, Billy Joel, Taylor Swift, he’d, “, McCartney, he’s, ”, Bruce Springsteen, ” Tom Gray, Bruce, ” Springsteen, –, Rolling Stone, Lana Del Rey, KT Organizations: London CNN, Ivors Academy, Ivor, Grosvenor House, BBC, United Kingdom’s, KT Tunstall Locations: London, American, Skepta, Raye

☆ Oreo-maker Mondelez fined $366 million for rigging European markets
▼ + stars: | 2024-05-23 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +2 min

London CNN —Mondelez, the maker of Oreo and Cadbury Dairy Milk chocolate, has been fined €337.5 million ($366 million) for hindering the trade of chocolate, cookies and coffee between European Union countries in order to keep prices high. Margrethe Vestager, the EU’s competition chief, said in a statement Thursday that Mondelez had illegally limited cross-border sales within the EU to maintain higher prices for its products. The European Commission, which started looking into the case in 2019, found that Mondelez International (MDLZ) had deliberately restricted cross-border trade and abused “its dominant position” in some national markets for the sale of chocolate bars. Mondelez made an accrual for the fine last year and no further measures will be necessary to finance it. In another case, Mondelez required a customer to charge higher prices for exports compared with domestic sales.

Persons: London CNN — Mondelez, Margrethe Vestager, Mondelez, “, Mark Thompson Organizations: London CNN, Cadbury, Union, European Commission, Mondelez International, EU Locations: Netherlands, Belgium, Germany, Austria, Bulgaria, Romania

☆ Opinion: Rishi Sunak’s election looks like a final gasp
▼ + stars: | 2024-05-23 | by ( Opinion Holly Thomas | ) edition.cnn.com time to read: +8 min

For those outside the Westminster bubble, the announcement felt less like a starting pistol than a final gasp. But unlike Sunak, who with his wife Akshata Murty is worth an estimated £651 million ($828 million), most of us can’t afford it. The British economy never fully recovered from the 2008 recession and, consciously or not, most people still feel the sting every day. As Sam Knight recently noted in the New Yorker, the average British worker is estimated to be £14,000 ($17,800) worse off per year now than they would be if earnings had risen at pre-crisis rates. Her disastrous mini-budget wiped £30 billion off the UK economy that autumn, according to independent think tank Resolution Foundation, and sent interest rates rocketing.

Persons: Holly Thomas, Katie Couric, Rishi Sunak, Keir Starmer, Tony Blair, Akshata Murty, Sam Knight, Brexit, Liz Truss, It’s, there’s, —, Boris Johnson, Johnson, who’d, that’s, Blair Organizations: Katie Couric Media, CNN, London CNN —, Conservative, Westminster, Labour, British Medical Association, BMA, Commission, Yorker, Evening, Office, National Statistics, Tory, Foundation Locations: London, Westminster, England, British, Europe, Rwanda

☆ Citigroup fined for almost dumping $189 billion into European markets by accident
▼ + stars: | 2024-05-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets. Without that discount, the combined fine would have topped £88 million ($112 million). The Bank of England highlighted an incident in May 2022 when one of the bank’s “experienced” traders sold $1.4 billion worth of stocks on European exchanges in error. Citigroup’s systems blocked $255 billion of that, meaning that $189 billion was sent to its trading platform for sale “over the rest of the day.” In total, $1.4 billion worth of stocks was sold before the trader canceled the transaction. Following the incident, Citigroup has taken steps to “improve and strengthen” the security of its trading systems, the central bank said.

Persons: ”, Sam Woods Organizations: London CNN —, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, Bank of England, FCA, “ Locations: ”

☆ UK general election: PM Rishi Sunak calls surprise July vote as his party seeks to defy dire polls
▼ + stars: | 2024-05-22 | by ( Rob Picheta | ) edition.cnn.com time to read: +6 min

London CNN —UK Prime Minister Rishi Sunak announced a snap general election for July 4 in a statement outside Downing Street on Wednesday evening, as his Conservative Party faces an uphill struggle to extend its 14 years in power. But a fall in inflation rates, announced earlier Wednesday, provided the backdrop for his announcement. The move will be welcomed by the buoyant Labour Party, led by Keir Starmer, which is soaring in the opinion polls and has sought to present itself as a reformed and moderate group that is ready for power. Sunak walks back inside on Wednesday after announcing the July 4 date for the election. But Johnson’s premiership collapsed after a string of scandals, paving the way for his then-finance minister Sunak to emerge as a frontrunner for the leadership.

Persons: Rishi Sunak, Sunak, Downing, King Charles III of, “, ” Sunak, Keir Starmer, Buckingham, Queen’s, Starmer, ”, Carl Court, Liz Truss, Boris Johnson, —, Theresa May —, King Charles III Organizations: London CNN —, Conservative Party, Conservative, Labour Party, Labour, Liberal Democrats, Conservatives, Party, Scottish National Party, European Union, Tories Locations: Britain, Buckingham Palace, Ukraine, Downing, Sunak, United Kingdom, Rwanda, Britain’s

☆ Craig Mackinlay, UK lawmaker who lost four limbs to sepsis, returns to Parliament
▼ + stars: | 2024-05-22 | by ( Jack Guy | ) edition.cnn.com time to read: +3 min

London CNN —British lawmaker Craig Mackinlay has received a standing ovation in Parliament as he returned to the House of Commons after undergoing a quadruple amputation following a sepsis infection. The life-threatening condition requires urgent medical care to prevent organ damage and death. Mackinlay’s wife, Kati Mackinlay, told GB News that doctors told her he had only a 5% chance of survival, but she remained hopeful. “I always knew that Craig would pull through and he did.”The operation, in which his arms were amputated from the elbow and his legs from the knee, took around 4-5 hours, Mackinlay told GB News. “Get back into the saddle, get back into Parliament, get back doing the things I enjoy,” he told GB News.

Persons: Craig Mackinlay, Victoria Jones, ”, Mackinlay, Jessica Taylor, it’s, he’s, Kati Mackinlay, “, Craig Organizations: London CNN, Conservative, BBC, US Centers for Disease Control, Reuters Locations: South Thanet, England

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