High inflation troubling UK?

Kwasi Kwarteng, Business Secretary of United Kingdom, has reiterated today that he believes that the inflation is troubling. Yet, he also stated that he trusts that the Bank of England will do a good job in maintaining it at an adequate level. He also said that higher wages might be solution to increasing inflation.

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Israel CB significantly hiking rates

Interest rate hikes by central banks can be seen all over the world. The Israel central bank is yet another institution that has decided to tackle the inflation by hiking the interest rates. The monetary committee of the country decided half a percentage point rate hike, from 0.75 % to 1.25 %, which is the biggest move since 2011.

Credit card interest rates on a rise

Matt Schulz, chief credit analyst for LendingTree, has recently stated that the average annual percentage rates (APR) for new credit cards reached record levels. The borrowing rate rose to 20 % as of June, more than 6% increase from the pre-pandemic levels. Schulz also stated that he believes that this is nowhere near the top.

Double digit inflation in Spain

The current inflation numbers in Spain showed that the inflation in the country jumped from 8.7 % to about 10.2 %. With double digit inflation in one of the biggest countries in the Europe, the European Central Bank will need to speed up its monetary tightening efforts and become more hawkish, if it wants to stop this metric from growing.

G7 establishing a new “Climate Club”

During the current G7 meeting, the leaders of the most advanced economies agreed on establishing "Climate Club," an effort that will follow joint rules and standards in the fight against global warming, without the spats over green tariffs. Its main goal should be establishing transparent climate mitigation policies to reduce emissions intensities.

Ukraine with more support

Ukraine will receive more support in its war against the Russian invasion. British Prime Minister Boris Johnson and French President Emmanuel Macron said that this is the critical moment for the course of conflict. They believe that with their support there is an opportunity to turn the tide in the war, thus they agreed to step up their work.

Norway with the biggest rate hike since 2002

The central bank of Norway has increased the benchmark deposit rate by 0.5% to 1.25%, the biggest rate hike since 2002. Until now, the Norges Bank was rather careful with the hiking. The Norges Bank was one of the first central banks to start hiking last year, however, the more aggressive approach came just now.

More market movers

AstraZeneca buying TeneoTwo

Just moments ago, AstraZeneca has stated that it will buy a biotechnology firm TeneoTwo for 1.27 billion dollars. The move should help with the "cancer portfolio" of AstraZeneca, since the U.S.-based TeneoTwo has been testing some experimental treatments such as T-cell engager, which are used to fight the cancerous cells.

EU trying to lure IPO investments

The EU Listing Act, which is supposed to be put forward by the end of this year, should help incentivize mainly deep technology companies to open up and raise funds in Europe. The main reason behind attracting an expected 47 billion dollars is the ease with which the founders will be able to keep the control over the firm once it goes public.

New luxury crypto card released

Bitcoinblack has just released a new crypto card in cooperation with Visa. The card should have no spending limit policy and will be issued only to 10 000 people. It will offer different benefits and perks for the high-net-worth individuals in the cryptospace from access to luxury mansions, airport lounges, private jets any much more.

Israel CB significantly hiking rates

Interest rate hikes by central banks can be seen all over the world. The Israel central bank is yet another institution that has decided to tackle the inflation by hiking the interest rates. The monetary committee of the country decided half a percentage point rate hike, from 0.75 % to 1.25 %, which is the biggest move since 2011.

Duke Energy exploring Bitcoin mining

Duke Energy, the second largest power company in the United States, is reportedly studying Bitcoin mining. The results of this research should help the company with onboarding of the miners on the grid. Before that, the company is going to test its findings on micro-grid with different energy sources.

Almost 60 000 Teslas with a glitch?

According to Germany's road traffic agency, almost 60 000 Teslas model Y and 3 may have a glitch. The software flaw can cause a breakdown of the eCall, which are designed to contact emergency responders in the event of a serious accident. KBA, the German watchdog that specified found this glitch, stated that 59 129 vehicles can have this problem.

News

SAS files for bankruptcy protection in the US

SAS had to file for bankruptcy protection in order to reduce its debts and restructure. This was after a strike by more than 1,000 pilots.

EUR/USD collapses as German economy faces implosion

The Euro continues in its downtrend as everything points to further losses amid an incoming severe economic depression.

Grain from the Ukrainian war zone will be exported

In Ukraine's Zaporizhzhya region, which is partly under Russian control, an agreement has been reached to allow grain to be sold abroad.

Uniper shares weaken significantly after negative news

German gas giant Uniper SE is reportedly in talks with the government over a possible rescue package of up to 9 billion euros ($9.4 billion).