The owner of British Steel is said to be asking for urgent financial help from the government | British steel

Owner British steelthe UK’s second largest steel producer, is understood to be asking for an urgent financial support package from the government. Jingye Group which bought the company out of insolvency told ministers just two years ago that his two blast furnaces were unlikely to be viable unless the Scunthorpe-based company received financial help, Sky…

Pound recovers as ONS admits its recession forecast was wrong

Pound recovers as ONS admits its recession forecast was wrong

Ggood morning. The pound is recovering as its early rally on Friday erased all the losses it suffered since Kwasi Kwarteng opened his speech last Friday. It comes as the new government yesterday sought to calm markets after the mini-budget caused turmoil. Liz Truss and Chancellor Kwasi Kwarteng will meet the chair of the Office…

European shares fall as Bank of England tightening fades;  Stoxx 600 down 1.6%

European shares fall as Bank of England tightening fades; Stoxx 600 down 1.6%

Economic sentiment in the Eurozone continues to deteriorate The European Commission’s economic sentiment indicator, which aggregates business and consumer confidence surveys, fell to 93.7 in September from 97.3 in August, the lowest reading since November 2020. Confidence plunged across economic sectors amid a broad-based rise in inflation expectations European central banka determination to raise interest…

Royal Mail workers strike for 19 days in dispute over pay

Royal Mail workers strike for 19 days in dispute over pay

royal mail workers are due to strike for a further 19 days in October and November in a long-running dispute over pay and conditions. The Department of Communication Workers (CWU) said action by its members would have a “dramatic impact” on peak post periods such as Black Friday, Cyber ​​Monday and the run-up to Christmas….

Live News 26 September: Sterling falls to record low, S&P 500 closes at 21-month low

Live News 26 September: Sterling falls to record low, S&P 500 closes at 21-month low

On Monday, we’ll be picking up the fallout from Italy’s lurch to the right after the conclusion of a badly-tuned election campaign. The Financial Times came in early with a big read what does a far right administration mean for the rest of Europe. This week we also have elections in Latvia, Bulgaria, Kuwait and…

City braces for more volatility after mini-budget rocks pound | Sterling

City investors are bracing for more volatility after a bonanza of tax cuts and spending measures in Kwasi Kwarteng’s mini-budget threatened to undermine their confidence in the UK. The prospect of the pound hitting parity with the US dollar for the first time ever jumped after the pound fell below $1.09 on Friday as traders…