Economy

British Steel owner reportedly asks government for urgent financial aid | British steel

The owner of British steelthe UK’s second-largest steel producer, is reportedly seeking an urgent package of financial support from the government. Jingye Group, which bought the company out of insolvency just two years ago told ministers his two blast furnaces were unlikely to remain viable unless the Scunthorpe-headquartered company received financial aid, Sky News has …

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Latest book: Bank of England steps in amid ‘serious concerns’ for major pension funds

Bank of England won’t shy away from raising interest rates amid market turmoil The bank of englandThe EU’s surprise monetary intervention came in response to “serious concerns” about the short-term financial stability of some “large pension funds”, a Treasury source said. The bank’s decision to buy government bonds – or gilts – was an attempt …

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Aldi shoppers praise ‘cheap and cheerful’ item that cuts energy costs to just 8p an hour – The Mirror

Aldi shoppers praise ‘cheap and cheerful’ item that cuts energy costs to just 8p per hour  The mirror Aldi shoppers praise £25 special buy which means they can ‘turn the heating off’  Manchester Evening News Aldi’s ‘excellent’ £24 heater shoppers use instead of central heating  Echo of Liverpool DEAL OF THE DAY: Last chance to shop Aldi’s end …

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UK in recession and further interest rate hikes likely, warns Kwarteng | Mini budget 2022

The bank of england warned Kwasi Kwarteng that the economy is in recession and will most likely have to raise interest rates after Friday’s mini-budget tax cut. On the eve of a major support package from the Chancellor designed to break what he called the economy’s ‘stagnation cycle’, Threadneedle Street said the UK economy was …

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Billionaire Patagonia founder donates company to fight climate crisis | Climate News

The billionaire owner of Patagonia has sold his company to an environmental and non-profit trust. The company will continue to produce outdoor clothing, camping supplies and other goods, but now all proceeds will go to organizations to tackle the climate crisis. Yvon Chouinard, the company’s founder and reluctant billionaire, said when the decision was announced: …

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FedEx shares plunge after earnings warning linked to sluggish economy

FedEx shares posted their biggest daily decline on record after the company warned of its outlook and said it would close offices, freeze hiring and park planes in response to a drop in shipping volumes. parcel shipping. The update, from a company seen as a gauge of global economic growth because of the wide range …

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Rising inflation raises fears of a hard landing for the US economy

Hopes that the Federal Reserve could stage a soft landing for the U.S. economy took a hit on Tuesday when a crucial measure of inflation beat forecasts and triggered a sharp sell-off on Wall Street. The consumer price index rose 0.1% in August, above economists’ expectations for a 0.1% decline. More worrying for policymakers, core …

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Aer Lingus cancels all flights from Dublin

“A UK network provider serving the cloud-based system experienced a major connectivity breakdown,” the Dublin-based carrier said in a statement. The airline later restored its IT system and said it was taking steps to bring all of its systems back online, adding that it “sincerely apologizes” to its customers. RyanAir, an Irish low-cost airline, said …

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EU seeks one-off tax trigger well below market rate

Brussels is seeking to move forward with an exceptional levy on European power companies by setting a threshold at less than half of current market rates. In draft proposals seen by the Financial Times, the European Commission recommends that governments impose a tax on revenues generated by non-gas electricity producers when market prices exceed €200/MWh. …

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When train strikes are expected in September 2022 and which UK lines will be affected

A rail disruption summer is set to continue in the fall after the announcement of new strikes in September. Rail services were severely hampered around the UK due to a series of walkouts between June and August, in long-standing disputes over wages, pensions and working conditions. Royal Mail staff, garbage collectors and lawyers are among …

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