UK

Russia’s Crude Shipments Hit Five-Month High Before Sanctions

Cargoes shipped from Russia rose to 3.6 million barrels a day, the highest since early June, while the less volatile four-week average was also up, reaching the most since August.The UK has followed the EU’s lead in banning its companies from providing insurance and other service to ships carrying Russian crude, unless the cargo is purchased at a price …

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Pound to Lead UK Market Suffering as BOE Flags Long Recession

The weak pound helped the FTSE 100 stock index, stacked with global exporters, to rally more than 4% this week. Still, the more domestically-focused FTSE 250 has consistently underperformed its large cap peer this year. According to Goldman Sachs Group Inc. strategists, it’s trading at the largest P/E discount against the MSCI World index since …

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Rishi Sunak to make history as Britain’s first Indian-origin PM

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Brexiteer Steve Baker Backs Sunak and Says Johnson Premiership Would ‘Implode’

Steve Baker, U.K. lawmaker, departs following a meeting of cabinet ministers at number 10 Downing Street in London, U.K., on Tuesday, Oct. 22, 2019. U.K. Prime Minister Boris Johnson will find out Tuesday evening whether he has any chance of getting his Brexit deal through Parliament — and whether he can do it ahead of …

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Rishi Sunak Announces His Bid to Be UK’s Next Prime Minister

Sunak has secured the support of Trade Secretary Kemi Badenoch as well as Tom Tugendhat and Sajid Javid — prominent Tories who didn’t back him previously. Though Sunak is loathed by some Johnson loyalists, his reputation in the broader party has been boosted, because his repeated campaign warnings that Truss’s economic policies would trigger market …

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Explainer: Why the British public is not choosing its next PM

Observers of Britain’s governing structure can be forgiven for scratching their heads in recent weeks as they watch the country reel through a succession of prime ministers without holding an election. While the opposition Labour Party is demanding an election, the governing conservatives are pushing on with choosing another prime minister from within their own …

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UK Recession Awaits Truss Successor

Escalating inflation, higher borrowing costs and a likely recession are in store for Liz Truss’s successor as Britain’s prime minister. UK consumer prices rose 10.1% last month, the first double-digit reading in four decades, and energy costs are set to soar further this winter. Euro-area inflation just managed to slip below the 10% mark, and …

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Global Housing Market Pain Has Echoes Of A Crash 30 Years Ago

(Bloomberg) — When Covid sent the UK economy into lockdown in 2020, the government jumped in to help the property market by cutting a tax on purchases. The temporary measure triggered a kind of mania among buyers, who responded by bidding up average prices by £31,000 ($35,000) — more than double the maximum tax saving.