Fed’s preferred measure of inflation slowed in December – how will this impact rates? January 26, 2024 US core personal consumption expenditure (PCE) inflation, the Federal Reserve’s preferred measure of inflation, fell to 2.9 per cent in December, below expectations of three per cent and down from 3.2 per cent in November. PCE inflation differs from the traditional measure of inflation, the consumer price index (CPI), by including a wider scope of [...]
UK firms asked to disclose China investments as Sunak mulls trade curbs August 21, 2023 A host of British firms have been asked by the government to hand over information on their investments in China, as the UK looks to take stock of its business ties to the state amid increasing geopolitical tensions. The government confirmed today that a survey was sent to a number of UK firms last month [...]
US Senate approves debt ceiling bill narrowly avoiding traumatic default June 2, 2023 The US Senate approved a deal to lift the debt ceiling yesterday, avoiding a traumatic federal default by a matter of days. 63 senators backed the proposals on Thursday night after the deal secured bipartisan support in the House of Representatives on Wednesday. Senate Majority Leader Chuck Schumer said ahead of voting that the Bill’s [...]
Parliament bans TikTok as its CEO is grilled by US Congress over China data security concerns March 23, 2023 TikTok is to be blocked from all parliamentary devices amid rising concerns over data security and links to the Chinese government. The social media video sharing app will be blocked from use on all phones issued by the House of Commons and the House of Lords – just weeks after the government took a similar [...]
British designed BAE nuclear subs will power up Australian navy as part of AUKUS defence deal March 14, 2023 Australia will operate a new generation of nuclear-powered submarines based on British designs as both countries modernise their armed forces as part of the AUKUS defence deal. The new boats will be in operation in the late 2030s as part of the AUKUS deal – involving Australia, the UK and US. It will follow a [...]
MI5 spies to help firms counter China tech threats, says Sunak March 13, 2023 China poses the biggest “state-based” threat to Britain’s economic security, prime minister Rishi Sunak has said, as MI5 spies are set to help firms counter tech threats. UK organisations and businesses will receive expert security advice from the new National Protective Security Authority within MI5 to help them counter risks from hackers. It comes as [...]
City law firm Gunnercooke enters US market through launch of New York offices November 1, 2022 City law firm Gunnercooke has made its first entry into the US market following the launch of new offices in New York City. The launch of Gunnercooke’s new offices, at the 36-story tall 1 Rockefeller Plaza building in Manhattan, comes as the UK firm’s first venture outside of Europe, following the launch of its German [...]
Collapse of landmark tax deal could result in trade wars, OECD tax chief warns October 31, 2022 The US and Europe risk reigniting trade wars and losing hundreds of billions in tax revenue if they fail to implement the major global tax deal agreed to last year, the OECD’s departing tax chief has warned. The landmark tax deal, which ensure major multinational corporations with annual revenues of more than €750m (£643m) are [...]
Hurricane Ian could be insurance sector’s biggest loss since Hurricane Katrina October 27, 2022 Hurricane Ian threatens to become the insurance sector’s second biggest loss since Hurricane Katrina, with cost estimates to the industry ranging from $40-60bn (£35-52bn). The Category 4 storm that hit Florida in late September was the deadliest storm to hit the sunshine state since the Labor Day Hurricane in 1935. Hurricane Ian hit Cuba within [...]
US employment market tightens as companies add 263,000 jobs October 7, 2022 US employers added 263,000 jobs in September as the country’s unemployment rate dropped to 3.5 per cent, figures from the Bureau of Labour Statistics show. Economists polled by Reuters had previously expected US employers would add 250,000 jobs in September. The figures mark both a slowdown and a tightening of the US jobs market, [...]