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The Latest Breaking News from Susannah Streeter

Dell to cut 5% of global workforce as ‘uncertain future’ looms

US-based PC maker makes move in order to reduce costs as ‘market conditions continue to erode’

The Guardian - UK

Third of global economy to be in recession in 2023, IMF chief warns

A THIRD of the world economy will be in recession in 2023, the head of the International Monetary Fund (IMF) has warned.

The National (Scotland)

'Pressure on' H&M to compete with Primark and Boohoo as it cuts 1,500 jobs

H&M said the move is part of a 'global programme to reduce costs and further improve efficiency in the business'

Birmingham Post

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Central banks to shift away from ‘jumbo’ interest rate rises as outlook darkens

Economists expect smoother monetary tightening as policymakers worry about damage to growth

Financial Times

Top American news anchor brands UK a 'giant clown show' in brutal commentary

LONG-TIME economic commentator and news presenter Jim Cramer has offered a scathing view on the UK’s position in the world from America’s…

The National (Scotland)

UK inflation back at 40-year high as households struggle

Inflation in the UK has spiked back to its 40-year high of 10.1% as households and businesses continue to struggle with soaring food and energy prices. The data come "despite the Bank of England trying to turn down the heat on this bubbling pot of prices", says Susannah Streeter, Senior…

France 24

Pound, shares and UK government bonds rally after most mini-budget tax cuts ditched – as it happened

Pound holds gains and gilt yields remain lower as new chancellor rips up Trussonomics, pushing tax take to 70-year high this parliament

The Guardian - UK

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Treasury brings forward next tax update to Halloween alongside OBR forecasts

Confirmation of the date comes as the Bank of England also seeks to reassure markets on its intervention in UK debt market

Evening Standard

Pound weakens and government borrowing costs rise again after Truss speech

Sterling dipped by 1.4% to 1.1312 dollars shortly after Liz Truss said that the Government was making ‘difficult but necessary’ choices

Evening Standard

Government to push on with tax cuts as pound hits all-time low against dollar

Neither Chancellor Kwasi Kwarteng nor Liz Truss are currently expected to publicly address the major market shift, following Friday’s mini-budget

Evening Standard

Liz Truss’s energy price freeze could soften UK recession, say economists

UK retailers and pubs rise on FTSE after outline emerges of new prime minister’s plan to tackle rising bills

The Guardian - UK

‘They couldn’t even scream any more. They were just sobbing’: the amateur investors ruined by the crypto crash

Fuelled by hype and hysteria, the market in bitcoin and other cryptocurrencies went from an obscure niche to a $3tn industry. Then the house of cards collapsed

The Guardian - UK

Tesla Plays ‘Whack-A-Mole’ with Snags as Deliveries Fall for First Time in Two Years

Tesla Inc faces a series of hurdles ranging from production snags to rising inflation that may hit profits, Wall Street analysts said on Tuesday, as the electric-car maker reported a fall in deliveries for the first time in two years. Stung by China's COVID-19 lockdowns and soaring costs, Tesla said…

Asharq Al-Awsat

Cost of eating out set to rise as pubs and restaurants pass on energy price hike to diners

Nearly half of hospitality firms will raise prices in July – survey

Chronicle Live

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The Independent UK

Business leaders urge government to prevent ‘summer of discontent’ or see more firms go under

Firms face ‘inevitable’ wave of closures and job losses if strikes spill over into other sectors

The Independent UK

High streets feel heat of cost-of-living crisis as footfall plunges 20% below pre-Covid level

Shopper numbers remain well below rates seen before pandemic as inflation soars

Evening Standard

Trillions lost and lives ruined: inside crypto’s ‘Lehman Brothers’

More than a $1 trillion was wiped off the value of cryptocurrency markets in the last six months, ruining countless lives and prompting insiders to speculate that the Bitcoin bubble may finally have burst. Giulia Crouch goes inside the start of crypto’s ‘Ice Age’

The Independent UK

Tough sanctions on Russia would push up energy prices and deepen UK cost of living squeeze, experts warn

Major sanctions on Russia would have serious implications for Europe, and experts question whether politicians have the resolve to follow through on their tough rhetoric

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