BoE rate-setter’s pledge on inflation won’t help the stricken pound for long | Business news

The pound’s value ebbed and flowed on Friday – bolstered by a pledge from a Bank of England deputy governor to continue fighting inflation, but later hammered as stronger-than-expected US job data lifted the dollar. Comments from Sir Dave Ramsden, a member of the monetary policy committee (MPC) that sets bank rates, helped lift the … Read more

Anger at Saudi Arabia revives calls to US to throw the book at OPEC

New York CNN Business — OPEC+’s decision to cut oil production has sparked a bipartisan anger in Washington against the Saudi Arabia-led group, calling for a tough response from the US. Within minutes of OPEC+’s announcement, the White House warned it will “consult Congress on additional tools and authorities” designed to curb OPEC’s “control” over … Read more

Megayacht tethered to sanctioned Russian magnate anchors in Hong Kong | War between Russia and Ukraine

A superyacht linked to Russian billionaire Alexey Mordashov is valued at $500 million. A superyacht linked to a Russian billionaire sanctioned for his alleged ties to Vladimir Putin has dropped anchor in Hong Kong amid attempts by Western authorities to seize assets belonging to Moscow’s elite. The Nord, a megayacht believed to be owned by … Read more

Why car sales are still falling sharply

Meanwhile, many of the pandemic’s hard-hit sectors – such as restaurants and travel – have seen robust recovery, with sales supported by the easing of public health restrictions and pent-up consumer demand. That’s not the case for car dealers, who are still waiting for their breakout moment. According to DesRosiers Automotive Consultants, approximately 130,000 light … Read more

Politicians, business titans, hear this: we don’t need your ‘disruption’ anymore | Stefan Stern

they looked a picture of respectability and restraint. But on Wednesday, when Rebecca Newsom and Ami McCarthy held up their Greenpeace banner saying “Who voted for this?” their neighbors in the Birmingham conference room were unimpressed. Conservative party members may have applauded the Prime Minister’s words about the value of disruption. But this wasn’t the … Read more

Lebanese banks close ‘indefinitely’ as congestion continues | Business and economic news

Lebanon’s banks have been in crisis for months as depositors demand access to their savings. Lebanese banks have decided to close their doors to customers indefinitely, two bankers have told Reuters, amid an unprecedented wave of delays by frustrated depositors seeking access to their savings. The two sources told the news agency on Friday that … Read more

The near-term future of gold price is linked to two upcoming reports

There is an adage when investigating a crime that says “follow the money”. Similarly, when examining where the gold price is headed in the near term, it is wise to follow upcoming reports. Two major reports will determine the near-term direction and price of gold. The first report is tomorrow’s jobs report and the … Read more

Germany bailout could lead to UK-style bond collapse

German Chancellor Olaf Scholz last week announced a package worth 200 billion euros ($198 billion) intended to help rising energy prices. The “defensive shield” includes a brake on gas prices and a cut in fuel sales tax. Steffi Loos | Swimming pool | Reuters Amid bleak forecasts of a recession in Germany and the wider … Read more