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WATCH LIVE: Bank of England Press Conference with Governor Bailey By Investing.com

Key Points Bank of England votes 8-0 to keep Bank Rate unchanged at 0.1% Bank of England votes 7-1 to maintain asset purchases; Saunders dissents Saunders preferred lowering target for stock of assets to £830 billion To begin to reduce stock of purchased assets by ceasing to reinvest maturing assets when Bank Rate has risen to 0.5% Sees CPI at 4.0% in 2021 (Prev. saw 2.50%); inflation expected to come back near 2% objective in the medium term Monetary Policy Summary and Minutes here Monetary Policy Report here Watch the press conference with Bank of England...

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Britain to invest 5 million pound in climate resilience research By Reuters

LONDON (Reuters) - Britain has launched a 5 million pound ($7 million) research programme to help better prepare for risks posed by climate change such as heatwaves and floods, the government said on Friday. The move comes a week after scientists warned Britain’s weather is already being hit by climate change and following catastrophic floods across northwest Europe last month and wildfires in several Mediterranean countries this month. “From flooding to wildfires – the extreme weather events we’ve recently witnessed show how crucial it is for communities to build resilience and protect their futures,” Alok...

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U.S. business groups call on President Biden to restart trade talks with China – WSJ By Reuters

(Refiles to correct typo in first paragraph) (Reuters) - Nearly three dozen of the United States' most influential business groups have asked President Joe Biden's administration to restart trade talks with China and cut tariffs on imports, the Wall Street Journal reported https://www.wsj.com/articles/business-groups-call-on-biden-to-restart-trade-talks-with-china-11628212436?mod=latest_headlines on Thursday. The tariffs on Chinese products paid by U.S. importers were imposed to ensure that Beijing fulfills its obligations under its 2020 Phase One trade pact with the United States. In a letter to U.S. Trade Representative Katherine Tai and Treasury Secretary Janet Yellen on Thursday, the business groups said that...

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Festivals for Britain as events get $1 billion COVID reinsurance cover By Reuters

By Carolyn Cohn LONDON (Reuters) - Britain launched a government-backed reinsurance scheme totalling more than 750 million pounds ($1 billion) on Thursday to cover live events against cancellation risk due to the COVID-19 pandemic, after intense industry lobbying. Insurers stripped coronavirus cover from event cancellation policies after the pandemic took hold last year, prompting top entertainment industry figures such as Andrew Lloyd-Webber to demand a government-backed scheme to enable events to go ahead. Festivals, concerts and exhibitions have already suffered cancellations due to the lack of insurance during the pandemic, despite intensive efforts to limit...

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Biden seeks to make half of new U.S. auto fleet electric by 2030 By Reuters

By David Shepardson and Jeff Mason WASHINGTON (Reuters) -President Joe Biden took a step toward his goal of slashing greenhouse gas emissions on Thursday with an executive order aimed at making half of all new vehicles sold in 2030 electric, a move made with backing from the biggest U.S. automakers. The administration also proposed new vehicle emissions standards that would cut pollution through 2026, starting with a 10% stringency increase in the 2023 model year. The actions are part of Biden's broader plan to fight climate change, in this case by targeting emissions from cars and...

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U.S. FTC says Facebook misused privacy decree to shut down ad research By Reuters

WASHINGTON (Reuters) - The U.S. Federal Trade Commission criticized Facebook Inc (NASDAQ:FB) on Thursday for making "misleading claims" to explain why it had disabled the accounts of researchers studying political ads on the social media platform. Facebook said on Tuesday it had cut off the personal accounts and access of the New York University researchers because of concerns about other users' privacy. Facebook had initially said that the decision was made out of a need for the social media giant to live up to a consent agreement with the Federal Trade Commission. But Facebook...

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Analysis: Democrats see chance to reset Wall St. oversight when top Fed official steps down By Reuters

By Pete Schroeder and Howard Schneider WASHINGTON (Reuters) - The looming exit of the Federal Reserve's top regulatory official will give Democrats an opportunity to reverse the central bank's Wall Street-friendly course without ditching Chair Jerome Powell when his term expires next year. Randal Quarles, who was appointed to the Fed board by former Republican President Donald Trump, will end his term as vice chair for supervision - a powerful role overseeing the country's largest lenders - in October. Powell, who was appointed chair by Trump, ends his term in February and the White House...

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Analysis: Stagflation? Recession? Bond market messages puzzle investors By Reuters

By Yoruk Bahceli (Reuters) - If bond markets are taken at their word, the world post-pandemic will be defined by stagflation, a toxic scenario that appears at odds with the bounceback indicated by robust economic data and record-high equities. The flagging of stagflation - high-inflation coupled with low growth - is puzzling, and according to many investors, not trustworthy. Instead, they say, it is a reflection of how central banks' grip over bond markets has distorted markets' signalling power. Bond yields, nominal as well as "real" ones, which strip out expected inflation, have plunged in...

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Bipartisan U.S. infrastructure bill does not pay for itself- review By Reuters

By Richard Cowan and David Lawder WASHINGTON (Reuters) -The U.S. Senate's $1 trillion bipartisan infrastructure bill does not pay for itself and would increase federal budget deficits by $256 billion over 10 years, the nonpartisan Congressional Budget Office said on Thursday. The CBO "score" arrived as Senate Majority Leader Chuck Schumer was steering the measure, which includes $550 billion in new spending and $450 billion in previously approved spending, toward passage. It was not immediately clear whether the CBO's analysis of the bill would prompt any Republicans who have been supportive of the measure to abandon...

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