Author: Andrew Rogers

Former members of the Bank of England’s monetary policy committee (MPC) have called on Andrew Bailey to ease pressure on government borrowing costs by scaling back or halting the central bank’s bond-selling programme. They argue that slowing “quantitative tightening” (QT) could save the Treasury up to £10bn a year. Britain’s long-term borrowing costs have reached their highest level in 27 years, adding to the challenges facing chancellor Rachel Reeves ahead of her 26 November autumn budget. While the Bank has blamed global factors such as Donald Trump’s trade war, it has also acknowledged that its £100bn bond sales programme is…

France’s creditworthiness has taken a hit after Fitch Ratings downgraded the country from “AA-” to “A+”, citing deepening political instability and uncertainty over how the government will bring soaring debt under control. The move, announced Friday, piles pressure on President Emmanuel Macron and newly appointed Prime Minister Sébastien Lecornu, who took office following the ousting of François Bayrou after his controversial budget plan triggered a parliamentary confidence vote. Fitch warned that France’s debt, already among the highest in the eurozone, is expected to rise from 113.2% of GDP in 2024 to 121% in 2027, with little prospect of stabilisation. The…

AstraZeneca has halted a planned £200m expansion of its Cambridge research hub, part of a wider £650m UK package.The project was expected to create 1,000 jobs, but follows January’s scrapped £450m investment in a Merseyside facility.A spokesperson confirmed the pause, stressing the company constantly reassesses its investment needs.The UK setback contrasts with AstraZeneca’s July pledge to invest $50bn in the US by 2030.That programme funds new manufacturing in Virginia and expands laboratories in Maryland, Massachusetts, California, Indiana and Texas.This week also brought fresh blows for UK pharma, with Merck cancelling a £1bn London centre and cutting 125 jobs.Sir John Bell…

The European Central Bank left its key deposit rate unchanged at 2% during Thursday’s monetary policy meeting.Analysts widely expected the decision, as eurozone inflation remains close to the 2% target and growth shows resilience.The deposit facility rate, the main monetary policy tool, has stood at 2% since June after a 25-basis-point cut.The ECB has lowered rates eight times since June 2024, down from a record 4%.Rates for refinancing operations and the marginal lending facility also stayed unchanged at 2.15% and 2.40%.President Christine Lagarde said the medium-term inflation outlook remains stable around the 2% target.Eurozone inflation was 2% in June and…

Oracle co-founder Larry Ellison has overtaken Elon Musk as the world’s richest person after Oracle shares soared 40%.Ellison’s 41% stake is now worth $393bn, edging past Musk’s $384bn fortune, Bloomberg reported.Oracle’s value rose to $958bn, marking its biggest single-day increase and Ellison’s largest wealth jump on record.Musk and Ellison remain far ahead of Mark Zuckerberg and Jeff Bezos in the global rankings.Ellison, 81, also holds wealth through Tesla shares, a sailing team, the Indian Wells Open, and a Hawaiian island.He invested $1bn in Musk’s Twitter takeover and served on Tesla’s board from 2018 to 2022.Ellison supports Donald Trump and joined…

Hong Kong’s government has confirmed it lacks the “necessary conditions” to start the Lantau reclamation project, a multi-billion-dollar plan to build three artificial islands off Kau Yi Chau. The announcement marks a rare pause in the environmental assessment process. Secretary for Development Bernadette Linn Hon-ho said the project is currently a lower priority compared with the Northern Metropolis mega-development along the city’s northern border. “The government has not yet formulated a timetable for the Kau Yi Chau project. We do not have the necessary conditions for the reclamation to proceed within this term of government,” Linn stated in a written…

Apple will debut its thinnest iPhone at Tuesday’s “awe-dropping” showcase in Cupertino’s Steve Jobs Theater.The iPhone 17 series will include standard, Pro, Pro Max, and the new iPhone Air, Apple’s lightest flagship yet.Apple will also unveil the Apple Watch series 11 and refreshed AirPods with possible live translation capabilities.Updates for iOS 26 and macOS Tahoe are expected alongside the hardware announcements. Tariffs and AI Developments Shape Apple’s Outlook Trump’s proposed tariffs may raise iPhone prices, but Apple shifted production to India to avoid severe impacts.CEO Tim Cook dismissed fears of a $2,000 iPhone while ensuring stock arrives before tariffs take…

Volkswagen says it is close to securing a trade deal with the US after Donald Trump’s tariffs on European cars cost the group “several billions”. CEO Oliver Blume confirmed the company is in talks with Washington to cut import levies, which currently stand at 27.5% and are due to fall to 15%. Even at the reduced rate, Blume said tariffs remain “a burden” for Europe’s largest carmaker, which owns Audi, Seat and Porsche. Volkswagen is offering “massive” US investment in return for further tariff relief. Blume added that the group may localise Audi production and expand exports from America if…

This Sunday, September 7, Europe will witness a striking total lunar eclipse, known as a blood moon, lasting around 82 minutes—the longest since 2022. The phenomenon occurs when the Earth passes directly between the sun and the moon, casting its shadow across the lunar surface. Only red light, refracted through Earth’s atmosphere, reaches the moon, giving it its eerie glow. For centuries, blood moons have been interpreted through vastly different lenses. In ancient Babylon, China, and Central America, they were ominous signs of death, war, or disaster. In contrast, some African traditions, such as those of the Batammaliba people in…

Max Verstappen delivered a stunning performance at Monza to take pole position for the Italian Grand Prix, edging out McLaren’s Lando Norris and Oscar Piastri in a fiercely contested qualifying session. The Dutchman’s final lap of 1:18.792 seconds set a new Formula 1 record for the fastest average speed, surpassing Lewis Hamilton’s 2020 benchmark. It marked a major turnaround for Red Bull, who struggled at Monza last year and have been trailing McLaren for much of the season. Ferrari also showed promise at their home race, with Lewis Hamilton and Charles Leclerc securing fourth and fifth. Hamilton, making his debut…