China’s Sinopec plans to delist ADSs from the London Stock Exchange

Oct. 3 (Reuters) – China Petroleum and Chemical Corp (0386.HK), (600028.SS), the world’s largest oil refinery by capacity, said Monday it planned to scrap its American Depositary Shares (ADSs) that are traded on the London Stock Exchange (LSE). The company, known as Sinopec, said its board had already approved the delisting of ADSs from the … Read more

Britain buys two specialist ships to protect underwater infrastructure

BIRMINGHAM, England, Oct. 2 (Reuters) – Britain will acquire two specialist vessels to protect underwater infrastructure such as cables and pipelines, Defense Secretary Ben Wallace said on Sunday, after leaks in Russia’s Nord Stream gas pipelines to Europe. “I can announce that we have recently acquired two specialist vessels capable of keeping our cables and … Read more

Stampede, Indonesia football match riots kill 174, competition suspended

East Java stadium disaster apparently worst since 1964 About 180 injured in massive stampede Indonesian Football Association suspends competition to investigate Police say they fired tear gas to contain the crowd MALANG, Indonesia, Oct. 2 (Reuters) – At least 174 people were killed and 180 injured in a stampede and rioting at a football match … Read more

Analysis: Underwater: how the Bank of England threw the markets a lifeline

Bank of England bought bonds after pension fund pleas Some UK pension funds faced problematic margin calls BoE support is seen as a window to build collateral UK government’s unfunded tax plan shocked markets LONDON/NEW YORK, Oct. 2 (Reuters) – Phone calls to the Bank of England began on Monday that some UK pension funds … Read more

Britain has ‘too many’ low-skilled migrants, Home Secretary says

LONDON, Oct. 1 (Reuters) – Britain has too many low-skilled migrant workers and very high numbers of international students, often bringing dependents with them, new Home Secretary Suella Braverman said in an interview with The Sun on the sunday newspaper. Braverman said in an interview ahead of the ruling Conservative Party’s annual conference that the … Read more

S&P downgrades UK rating outlook after tax cut plan

LONDON, Sept. 30 (Reuters) – Rating agency Standard & Poor’s on Friday lowered the outlook for its AA British sovereign debt rating from “negative” to “stable” as it judged Prime Minister Liz Truss’s tax cut plans would lead to the debt would maintain its upward trend. Finance Minister Kwasi Kwarteng announced on September 23 about … Read more

Bank of England steps in to stabilize markets – Sky News Australia

Bank of England steps in to stabilize marketsSky News Australia Panic among pension funds sparked emergency response from Bank of England: here’s what you need to knowCNBC VK Can’t Afford To Look As Ridiculous As Truss Has Kwarteng With Gilts CrisisBloomberg The problems facing the gold-plated market are not unique to the UKBloomberg BoE’s Pill: … Read more

UK economy still below pre-pandemic size, underlining the challenge for Truss

UK economy to grow 0.2% in Q2 versus previous estimate of -0.1% Exports still below pre-pandemic peak, according to new estimates The UK’s big current account gap is narrowing than predicted LONDON, Sept. 30 (Reuters) – The UK economy has remained below its pre-pandemic peak, according to data released Friday that left the country further … Read more

Morning Bid: Hawks and Hardliners

A Look at the Coming Day at Vidya Ranganathan’s European and Global Markets The third quarter of 2022 is drawing to a close with monetary and military hawks prevailing and financial markets experiencing some of the worst setbacks in decades. Russian President Vladimir Putin is set to hold a Kremlin ceremony on Friday that will … Read more

Temasek to ramp up investment once market valuations fall further, executive says

SINGAPORE, Sept. 30 (Reuters) – Singapore’s Temasek Holdings (TEM.UL) said market valuations had not yet priced into a global economic recession and the state investor was waiting for further declines before ramping up investment. “Current valuations do not reflect the risk of a downturn we see in the next 12 to 18 months,” Rohit Sipahimalani, … Read more