18 July

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British supermarkets may shift supply chains to EU if N.Ireland trade not addressed By Reuters

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LONDON (Reuters) - British supermarket groups, including Tesco (LON:TSCO), Sainsbury's and Asda, said on Sunday they may shift some supply chains from the UK to the European Union unless the future of Britain-Northern Ireland trade is addressed urgently. Current post-Brexit trading arrangements between Britain and Northern Ireland are governed by the Northern Ireland protocol. This was designed to strike a balance between keeping open the province's border with EU member Ireland to protect the 1998 Good Friday peace deal, while stopping goods entering the EU's single market unchecked across that frontier. The protocol keeps...

18 July

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Powell Defends Fed Stance on Temporary Inflation, Watching Risks By Bloomberg

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(Bloomberg) -- For a second day, Federal Reserve Chairman Jerome Powell defended the central bank’s stance to keep providing support to the U.S. economy even as inflation runs at uncomfortable levels. “This is a shock going through the system associated with the reopening of the economy and it’s driven inflation well above 2%, and of course we’re not comfortable with that,” Powell told the Senate Banking Committee Thursday. The Fed chair called the price developments “unique” in history and said the central bank is closely watching to see whether its expectation that the high inflation will...

18 July

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Pound recoups early losses on signs of hawkish turn at BOE By Reuters

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By Sujata Rao LONDON (Reuters) - Sterling reversed earlier losses on Thursday and moved higher after Bank of England policymaker Michael Saunders said the central bank could decide to halt its bond-buying programme early because of an unexpectedly sharp rise in inflation. Money markets repriced interest rate expectations after his comments to price some 18 basis points of policy tightening by June 2022, compared to just 10 bps before, while two-year gilt yields rose to the highest since April 2020. The pound rose 0.2% against the dollar at $1.389 after Saunders' comments, having earlier...

18 July

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Germany’s floods cover livelihoods in sludge By Reuters

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By Hakan Erdem and Frank Simon BAD NEUENAHR-AHRWEILER, Germany (Reuters) - Business owners in a town badly hit by the record flooding in Germany struggled on Saturday to pick up the pieces after their livelihoods - from old books to wine - were swept away or caked in sludge. Mud still filled the streets of Bad Neuenahr-Ahrweiler, nestled in the Ahrweiler district where at least 98 people were killed. "Everything is completely destroyed. You don't recognise the scenery," said Michael Lang, owner of the Ahrweindepot wine shop, fighting back tears. "You cannot imagine the change that...

17 July

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Basic material, luxury stocks drive European shares to a third day of losses By Reuters

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By Sruthi Shankar and Susan Mathew (Reuters) - European stocks fell on Friday as a slide in Rio Tinto (LON:RIO)'s iron ore exports hammered mining majors, while strong earnings from luxury brands were overshadowed by concerns about their sustainability amid surging COVID-19 cases. The pan-European STOXX 600 index reversed early gains to end lower for a third straight session, down 0.3%, taking weekly losses to 0.6%. The mining index slumped 2.8% as Rio Tinto slipped 3.4% after reporting a 12% fall in quarterly iron ore shipments ahead of earnings, and dragging other...

17 July

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Two hundred flights cancelled at Lisbon airport at start of strike By Reuters

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By Sergio Goncalves LISBON (Reuters) - Two hundred flights were cancelled at Lisbon airport on Saturday at the start of a two-day strike by Groundforce handling company workers, with more cancellations likely before the action ends on Sunday evening, the company that manages Portugal's airports (ANA) said. A spokesman for the Union of Airport Handling Technicians, which called the strike, told local news agency Lusa that around 100% of workers had taken part in the strike in Lisbon on Saturday, the busiest airport in the country. The strike has had a huge impact on the Portuguese...

17 July

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Ocado expects ‘some disruption’ from warehouse fire caused by robot malfunction By Reuters

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(Reuters) - Britain's Ocado Group Plc (LON:OCDO) said on Saturday that the online grocer expected "some disruption to operations" from a fire caused by a robot malfunction in a warehouse. "While we expect some disruption to operations, we are working to restore normal service as soon as possible", the company said in a statement, adding it expected the facility to begin operating within the coming week. The fire on July 16 appeared to have been caused by the collision of three robots on the grid, the company said https:// No one was injured and...

17 July

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SALT Relief May Win Inclusion in Senate Democrats Budget Package By Bloomberg

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(Bloomberg) -- Democrats may include at least a partial expansion of the state and local income tax deduction in the $3.5 trillion budget outline that Senate Democrats agreed upon earlier this week, according to one of the lead senators fighting to restore the full deduction. The so-called SALT deduction was capped at $10,000 in the Republican tax cut act of 2017, and lawmakers from high-tax states have been battling to include an expansion in the longer-term fiscal packages being debated in Congress this year. A spokesperson for Senator Bob Menendez of New Jersey confirmed a...

17 July

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Bank of England addicted to bond-buying – UK lawmaker panel chair By Reuters

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LONDON (Reuters) - The Bank of England is "addicted" to the nearly 900 billion-pound ($1.25 trillion) bond-buying programme which it has used to steer Britain's economy through the crises of the past decade, the chair of a parliamentary committee said. The BoE must spell out more clearly why it is not reining in its huge stimulus in the face of rising inflation, the Economic Affairs Committee in the House of Lords, parliament's unelected upper house, said in a report published on Friday. Like other central banks, the BoE resorted to quantitative easing (QE) in the depths...

17 July

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British PM Johnson backs new tax to transform social care -media By Reuters

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(Reuters) - British Prime Minister Boris Johnson is backing proposals for a new tax to pay for reforms to Britain's social care system under plans that could be agreed within weeks, the Times newspaper reported on Friday, citing a source. Downing Street was "comfortable with some sort of tax" to fund universal social care, the newspaper said. The prime minister, Health Secretary Sajid Javid and Finance Minister Rishi Sunak are understood to be pushing to agree the terms of a package by as early as next Thursday, the Telegraph reported separately. The announcement is expected...

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News

British supermarkets may shift supply chains to EU if N.Ireland trade not addressed By Reuters

Powell Defends Fed Stance on Temporary Inflation, Watching Risks By Bloomberg

Pound recoups early losses on signs of hawkish turn at BOE By Reuters

Germany’s floods cover livelihoods in sludge By Reuters

Basic material, luxury stocks drive European shares to a third day of losses By Reuters

Two hundred flights cancelled at Lisbon airport at start of strike By Reuters

Ocado expects ‘some disruption’ from warehouse fire caused by robot malfunction By Reuters

SALT Relief May Win Inclusion in Senate Democrats Budget Package By Bloomberg

Bank of England addicted to bond-buying – UK lawmaker panel chair By Reuters

British PM Johnson backs new tax to transform social care -media By Reuters

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