The ECB raises interest rates by 0.75 basis points to the highest in more than a decade

The ECB raises interest rates by 0.75 basis points to the highest in more than a decade

FRANKFURT – The European Central Bank raised interest rates by three-quarters of a percentage point for the second time in a row, moving quickly to stem record inflation even as the euro zone teeters on the brink of recession. The bank said in a statement it would raise its key interest rate to 1.5%, the … Read more

The ECB raises interest rates by 0.75 basis points to the highest in more than a decade

The ECB raises interest rates by 0.75 basis points to the highest in more than a decade

The European Central Bank has moved less aggressively than some of its peers to raise interest rates this year. Photo: ronald wittek/Shutterstock FRANKFURT – The European Central Bank raised interest rates by three-quarters of a percentage point for the second time in a row, moving quickly to stem record inflation even as the euro zone … Read more

Europe’s economy contracts as harsh winter looms

Europe’s economy contracts as harsh winter looms

Business activity in Europe fell for a fourth straight month in October, according to new surveys, pointing to a potential slowdown in global economic growth as higher prices and interest rates dampen consumer demand. The probes come as Europe enters a crucial phase of its economic conflict with Russia, which has curbed energy supplies in … Read more

Europe has a record trade deficit. Can it return? – POLITICS

Europe has a record trade deficit.  Can it return?  – POLITICS

Press play to listen to this article Europe, the world’s largest economic bloc, has enjoyed stable trade surpluses for a decade, but the war in Ukraine and the subsequent energy crisis have tipped the continent into a widening external deficit not seen since the launch of the euro. The terms of trade shock peaked in … Read more

Truss’ nervous Tories blame bank chief for market meltdown – POLITICO

Truss’ nervous Tories blame bank chief for market meltdown – POLITICO

Press play to listen to this article As Britain’s central bank governor, tasked with managing inflation and setting interest rates, Andrew Bailey likes targets. Now he is one. Markets are dumping UK assets amid chaotic policy-making from Liz Truss’s new government – but Bailey’s rocky management of the Bank of England is getting a growing … Read more

Liz Truss panics as markets keep plunging – POLITICO

Liz Truss panics as markets keep plunging – POLITICO

Press play to listen to this article LONDON — Try as she might, Liz Truss just can’t calm the markets. Despite reversing her plan to cut taxes for the highest earners, producing a more detailed budget statement by almost a month and halting the appointment of a controversial senior official to oversee the Treasury, the … Read more

Global crypto markets face tougher rules under G20 plan – POLITICO

Global crypto markets face tougher rules under G20 plan – POLITICO

Press play to listen to this article Crypto’s Wild West era may be coming to an end. According to the Financial Stability Board (FSB), a global financial standard setter, most of the cryptocurrency market should be subject to the same tough rulebook that governs traditional finance. The FSB, which was born in the wake of … Read more

Liz Truss is u-turned. Will that be enough? – POLITICS

Liz Truss is u-turned.  Will that be enough?  – POLITICS

BIRMINGHAM, England — So finally, Liz Truss was to rotate. But the damage to her faltering administration may already be done. On Monday, Mr Truss’ chancellor Kwasi Kwarteng bowed to pressure from Conservative Party colleagues and dumped his flagship cut to top tax from 45p to 40p – a key component of last month’s so-called … Read more

Inflation in the euro area hits 10% as electricity suppliers scramble for reserves

Inflation in the euro area hits 10% as electricity suppliers scramble for reserves

Eurozone annual inflation hit double digits in September as uncertainty over the currency area’s ability to weather the winter without power cuts continued to keep energy prices high. The acceleration in the rate at which consumer prices are rising is likely to prompt the European Central Bank to raise its key interest rate again next … Read more