Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US&nbsp;inflation data due later in the week.&nbsp;The US&nbsp;dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday.

US&nbsp;Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5&nbsp;per cent versus 7.1&nbsp;per cent in November.

"Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones.

"We're sensing a bit of sideways movement in the market today and probably we'll continue to get that."

The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&amp;P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-soon-gets-its-home-grown-iphone-as-tata-group-nears-takeover-says-source-551539">India to get its first homegrown iPhone maker as Tata Group nears takeover, says source</a>

While the S&amp;P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading.

The pan-European STOXX 600 index lost 0.59&nbsp;per cent and MSCI's gauge of stocks across the globe gained 0.30&nbsp;per cent while emerging market stocks rose 0.05 per cent.

Signs of slowing wage inflation from the December US&nbsp;jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes.

But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden.

"What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management.

However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/embattled-bharatpe-co-founder-ashneer-grover-aanounces-mercedes-as-bonus-for-his-new-startups-employees-551505">Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees</a>

San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next.

"Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret.

The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734.

"Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone.

The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly.

Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent.

Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows.

U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56&nbsp;per cent on the day.

In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce.

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Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week.

Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week. The US dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday. US Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5 per cent versus 7.1 per cent in November. "Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones. "We're sensing a bit of sideways movement in the market today and probably we'll continue to get that." The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63. Also read | India to get its first homegrown iPhone maker as Tata Group nears takeover, says source While the S&P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading. The pan-European STOXX 600 index lost 0.59 per cent and MSCI's gauge of stocks across the globe gained 0.30 per cent while emerging market stocks rose 0.05 per cent. Signs of slowing wage inflation from the December US jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes. But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden. "What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management. However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in. Also read | Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next. "Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret. The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734. "Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone. The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly. Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent. Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56 per cent on the day. In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US stocks rise, bond yields go up with December's upcoming price data in focus

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult".

"Let's get some work done in 2023!" he wrote.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/private-equity-firm-carlyle-buys-a-majority-stake-in-indias-vlcc-551062">Private equity firm Carlyle buys a majority stake in India's VLCC</a>

"We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people.

"5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates.

Here's the post:

<div class="ui-state-default" contenteditable="false">
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<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

He further shared an email address at which interested people can send in their job applications.&nbsp;Grover originally announced the startup on his 40th birthday in June 2022.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bharatpe-sacks-ashneer-grovers-wife-over-misappropriation-of-funds-455770">BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds'</a>

Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages.

(With inputs from agencies)

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Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm.

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult". "Let's get some work done in 2023!" he wrote. Also read | Private equity firm Carlyle buys a majority stake in India's VLCC "We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people. "5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates. Here's the post: × He further shared an email address at which interested people can send in their job applications. Grover originally announced the startup on his 40th birthday in June 2022. Also read | BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds' Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg.

This is the largest repayment batch due in the next five years.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt.

According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level.

Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/perilously-close-to-falling-into-recession-world-bank-cuts-global-growth-to-17-551183">‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7%</a>

China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market.

Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause.

And while there are some indications that the worst for bond markets may be over, uncertainty still persists.

Also read | <a href="https://www.wionews.com/business-economy/russias-budget-gap-surges-to-record-high-as-ukraine-war-weighs-on-finances-551139">Russia's budget gap surges to record high as Ukraine war weighs on finances</a>

"Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg.

China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added.

(With inputs from agencies)

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Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg. Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg. This is the largest repayment batch due in the next five years. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt. According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level. Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario. Also read | ‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7% China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market. Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause. And while there are some indications that the worst for bond markets may be over, uncertainty still persists. Also read | Russia's budget gap surges to record high as Ukraine war weighs on finances "Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg. China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Asian borrowers face a daunting $314 billion debt repayment as rates rise

The Bank of England (BoE) has raised its key interest rate from 3% to 3.5%, the ninth rate rise in a row.&nbsp;The central bank's Monetary Policy Committee (MPC) voted 6-3 in favour of the move and said that further increases in the bank rate may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages.&nbsp;

Issuing a statement on Thursday, the BoE said, "Domestic wage and price pressures are elevated. There has been limited news in other domestic and global economic data relative to the November Report projections.''

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-for-7th-time-this-year-heres-what-it-means-543234">US Federal Reserve raises interest rate for 7th time this year: Here’s what it means</a>

The BoE said that most indicators of global supply chain bottlenecks have eased, but global inflationary pressures remain elevated.&nbsp;

"Bank staff now expect UK GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in the November Report. Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," Thursday's statement said.&nbsp;

The BoE added that although labour demand began to ease, the labour market remained tight.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/banknotes-featuring-queen-elizabeths-picture-remain-legal-tender-bank-of-england-514312">Banknotes featuring Queen Elizabeth's picture remain legal tender: Bank of England</a>

The central bank further said that the employment rate rose slightly to 3.7% in the three months to October. ''Vacancies have fallen back, but the vacancies-to-unemployment ratio remains at a very elevated level,'' the statement said.&nbsp;

In November, the BoE had said that Britain was entering a long recession and predicted that the economy would shrink by 0.3% in the final quarter of 2022, a report by news agency Reuters said. However, now it expects a fall of 0.1%.&nbsp;

&nbsp;

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The Bank of England (BoE) has raised its key interest rate from 3% to 3.5%, the ninth rate rise in a row. The central bank's Monetary Policy Committee (MPC) voted 6-3 in favour of the move and said that further increases in the bank rate may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages.

The Bank of England (BoE) has raised its key interest rate from 3% to 3.5%, the ninth rate rise in a row. The central bank's Monetary Policy Committee (MPC) voted 6-3 in favour of the move and said that further increases in the bank rate may be required to tackle what it fears may be persistent domestic inflation pressures from prices and wages. Issuing a statement on Thursday, the BoE said, "Domestic wage and price pressures are elevated. There has been limited news in other domestic and global economic data relative to the November Report projections.'' ALSO READ | US Federal Reserve raises interest rate for 7th time this year: Here’s what it means The BoE said that most indicators of global supply chain bottlenecks have eased, but global inflationary pressures remain elevated. "Bank staff now expect UK GDP to decline by 0.1% in 2022 Q4, 0.2 percentage points stronger than expected in the November Report. Household consumption remains weak and most housing market indicators have continued to soften. Surveys of investment intentions have also weakened further," Thursday's statement said. The BoE added that although labour demand began to ease, the labour market remained tight. ALSO READ | Banknotes featuring Queen Elizabeth's picture remain legal tender: Bank of England The central bank further said that the employment rate rose slightly to 3.7% in the three months to October. ''Vacancies have fallen back, but the vacancies-to-unemployment ratio remains at a very elevated level,'' the statement said. In November, the BoE had said that Britain was entering a long recession and predicted that the economy would shrink by 0.3% in the final quarter of 2022, a report by news agency Reuters said. However, now it expects a fall of 0.1%. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bank of England raises key interest rate from 3% to 3.5% in bid to tackle domestic inflation

Qatar on Tuesday announced its first major deal to send liquefied natural gas to Germany as Europe scrambles to find alternatives to Russian energy sources.

Qatar's Energy Minister Saad Sherida al-Kaabi said up to two million tons of gas a year would be sent for at least 15 years from 2026, and that state-run QatarEnergy was discussing other possible deals for Europe's biggest economy.

Kaabi, who is also QatarEnergy's chief executive, said so many European and Asian countries now want natural gas that he did not have enough negotiators to cope.

The talks for the latest deal took several months as Germany has resisted the long-term contracts that Qatar normally demands to justify its massive investment in the industry.

Russia's invasion of Ukraine in February increased pressure on the German government to find new sources. And the latest deal will not help the country get through the looming winter.

Also read |&nbsp;<a href="https://www.wionews.com/world/china-willing-to-build-closer-partnership-with-russia-on-energy-issues-says-xi-jinping-538497">China willing to build closer partnership with Russia on energy issues, says Xi Jinping</a>

The gas will be bought through US firm ConocoPhillips, a long-term partner with QatarEnergy, and sent to a new terminal that Germany is hurrying to finish at Brunsbuttel.

"We are committed to contribute to the energy security of Germany and Europe at large," Kaabi told a press conference after the signing ceremony with ConocoPhillips chief executive Ryan Lance.

Lance hailed the accord as "a vital contribution to world energy security".

Qatar last week announced a 27-year agreement to ship four million tons a year to China. It said this was the longest contract agreed in the industry.

Qatari officials would not discuss prices but industry analysts have said Germany will have to pay a premium for the shorter contract and the hurried start to deliveries.

Intense demand

Kaabi again stressed the "sizeable investments" that his country has made in extracting gas for deliveries around the world.

But he also said that Qatar was negotiating with German companies to further increase the "volumes" being sent.&nbsp;

The gas will come from the North Field East and North Field South projects that Qatar is developing with ConocoPhillips and other energy multinationals. North Field contains the world's biggest natural gas reserves and extends under the Gulf into Iranian territory.

Also read |&nbsp;<a href="https://www.wionews.com/world/two-chinese-type-075-amphibious-assault-ships-are-combat-ready-says-pla-navy-538513">Two Chinese Type 075 amphibious assault ships are combat ready, says PLA Navy</a>

Through expansion in North Field, Qatar is aiming to increase its production by 60 per cent by 2027. With increases in international prices, the value of its exports has almost doubled in the past year, state media said recently. &nbsp;

Asian countries led by China, Japan and South Korea have been the main market for Qatar's gas, but it has been increasingly targeted by European countries since Russia's war on Ukraine threw supplies into doubt.

"There is very intense discussions with European buyers and with Asian buyers," Kaabi said, highlighting the "scarcity of gas coming in the next few years".

"We do not have enough teams to work with everybody, to cater for the needs" of all countries making demands.

Kaabi said the deal with China's Sinopec showed that "Asian buyers are feeling the pressure of wanting to secure long-term deals... I think we are in a good position."

The Brunsbuttel terminal supplies customers of German energy companies Uniper and RWE, and Economy and Energy Minister Robert Habeck said the two firms "have to buy on the world market.

"It is clear that the world market has different suppliers, and it is smart from the companies to buy the most favourable offers for the consumers on the world market, and that includes Qatar," he said.

Bill Farren-Price, head of macro oil and gas research at energy data analytics firm Enverus, said the deal underlines Qatar's "key role" in filling the Russian gas shortfall.

"With Qatar the subject of Western criticism over its staging of the World Cup, this deal, like the Sinopec one a few days ago, shows just how significant Qatari LNG will be in rebuilding European energy security," he told AFP.

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Qatar on Tuesday announced its first major deal to send liquefied natural gas to Germany as Europe scrambles to find alternatives to Russian energy sources. Qatar's Energy Minister Saad Sherida al-Kaabi said up to two million tons of gas a year would be sent for at least 15 years from 2026, and that state-run QatarEnergy was discussing other possible deals for Europe's biggest economy.

Qatar on Tuesday announced its first major deal to send liquefied natural gas to Germany as Europe scrambles to find alternatives to Russian energy sources. Qatar's Energy Minister Saad Sherida al-Kaabi said up to two million tons of gas a year would be sent for at least 15 years from 2026, and that state-run QatarEnergy was discussing other possible deals for Europe's biggest economy. Kaabi, who is also QatarEnergy's chief executive, said so many European and Asian countries now want natural gas that he did not have enough negotiators to cope. The talks for the latest deal took several months as Germany has resisted the long-term contracts that Qatar normally demands to justify its massive investment in the industry. Russia's invasion of Ukraine in February increased pressure on the German government to find new sources. And the latest deal will not help the country get through the looming winter. Also read | China willing to build closer partnership with Russia on energy issues, says Xi Jinping The gas will be bought through US firm ConocoPhillips, a long-term partner with QatarEnergy, and sent to a new terminal that Germany is hurrying to finish at Brunsbuttel. "We are committed to contribute to the energy security of Germany and Europe at large," Kaabi told a press conference after the signing ceremony with ConocoPhillips chief executive Ryan Lance. Lance hailed the accord as "a vital contribution to world energy security". Qatar last week announced a 27-year agreement to ship four million tons a year to China. It said this was the longest contract agreed in the industry. Qatari officials would not discuss prices but industry analysts have said Germany will have to pay a premium for the shorter contract and the hurried start to deliveries. Intense demand Kaabi again stressed the "sizeable investments" that his country has made in extracting gas for deliveries around the world. But he also said that Qatar was negotiating with German companies to further increase the "volumes" being sent. The gas will come from the North Field East and North Field South projects that Qatar is developing with ConocoPhillips and other energy multinationals. North Field contains the world's biggest natural gas reserves and extends under the Gulf into Iranian territory. Also read | Two Chinese Type 075 amphibious assault ships are combat ready, says PLA Navy Through expansion in North Field, Qatar is aiming to increase its production by 60 per cent by 2027. With increases in international prices, the value of its exports has almost doubled in the past year, state media said recently. Asian countries led by China, Japan and South Korea have been the main market for Qatar's gas, but it has been increasingly targeted by European countries since Russia's war on Ukraine threw supplies into doubt. "There is very intense discussions with European buyers and with Asian buyers," Kaabi said, highlighting the "scarcity of gas coming in the next few years". "We do not have enough teams to work with everybody, to cater for the needs" of all countries making demands. Kaabi said the deal with China's Sinopec showed that "Asian buyers are feeling the pressure of wanting to secure long-term deals... I think we are in a good position." The Brunsbuttel terminal supplies customers of German energy companies Uniper and RWE, and Economy and Energy Minister Robert Habeck said the two firms "have to buy on the world market. "It is clear that the world market has different suppliers, and it is smart from the companies to buy the most favourable offers for the consumers on the world market, and that includes Qatar," he said. Bill Farren-Price, head of macro oil and gas research at energy data analytics firm Enverus, said the deal underlines Qatar's "key role" in filling the Russian gas shortfall. "With Qatar the subject of Western criticism over its staging of the World Cup, this deal, like the Sinopec one a few days ago, shows just how significant Qatari LNG will be in rebuilding European energy security," he told AFP. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Qatar announces first major gas deal for Germany

New analysis shows that Paris has overtaken London to become Europe's biggest stock market.&nbsp;As per a Bloomberg report amid recession jitters in Britain, the French market has gained a marginal edge on the London stock market.

Five years back when Britain voted to leave the European Union its stocks were worth $1.5 trillion more than France's now it is a little behind. Paris now has a combined value of $2.823 trillion while the UK market is worth $2.821 trillion altogether.

Watch |&nbsp;London loses EU's stock market crown to Paris

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Plummeting pound, Brexit and France's high-end shares have also contributed to the change.&nbsp;

Speaking to Bloomberg, Michal Saunders, a policymaker at the Bank of England said that Brexit has "permanently damaged' the UK economy by reducing the country's potential output, which has led to a plunge in investments to businesses.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/stocks-pound-up-as-sunak-to-become-new-british-pm-528020">Stocks, pound up as Sunak to become new British PM</a>

The major victims of this economic downturn have been small ad consumer-focused firms, who have also taken the hit from the energy crisis, inflation and market volatility.

Dropping 13 per cent in value against the US Dollar, Pound this year has taken a major hammering. In comparison, Euro has only seen a 9.2 per cent fall.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/global-debt-grew-considerably-in-2021-warns-world-bank-president-report-533752" hreflang="en">Global debt grew considerably in 2021, China leading lender: World Bank president</a>

In September, as per Reuters, consumer price inflation in Britain saw a 40- year high of 10.1 per cent, this figure is only expected to rise as last month also saw regulated energy prices jump in spite of the subsidies.

As per an AFP report in spite of the ongoing recession and the cost-of-living crisis, Britain will hike taxes and slash public spending in its government budget which will be unveiled on Thursday (November 17). This is meant to signal "a return to austerity".

(With inputs from agencies)

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New analysis shows that Paris has overtaken London to become Europe's biggest stock market. As per a Bloomberg report amid recession jitters in Britain, the French market has gained a marginal edge on the London stock market.

New analysis shows that Paris has overtaken London to become Europe's biggest stock market. As per a Bloomberg report amid recession jitters in Britain, the French market has gained a marginal edge on the London stock market. Five years back when Britain voted to leave the European Union its stocks were worth $1.5 trillion more than France's now it is a little behind. Paris now has a combined value of $2.823 trillion while the UK market is worth $2.821 trillion altogether. Watch | London loses EU's stock market crown to Paris Plummeting pound, Brexit and France's high-end shares have also contributed to the change. Speaking to Bloomberg, Michal Saunders, a policymaker at the Bank of England said that Brexit has "permanently damaged' the UK economy by reducing the country's potential output, which has led to a plunge in investments to businesses. Also read | Stocks, pound up as Sunak to become new British PM The major victims of this economic downturn have been small ad consumer-focused firms, who have also taken the hit from the energy crisis, inflation and market volatility. Dropping 13 per cent in value against the US Dollar, Pound this year has taken a major hammering. In comparison, Euro has only seen a 9.2 per cent fall. Also read | Global debt grew considerably in 2021, China leading lender: World Bank president In September, as per Reuters, consumer price inflation in Britain saw a 40- year high of 10.1 per cent, this figure is only expected to rise as last month also saw regulated energy prices jump in spite of the subsidies. As per an AFP report in spite of the ongoing recession and the cost-of-living crisis, Britain will hike taxes and slash public spending in its government budget which will be unveiled on Thursday (November 17). This is meant to signal "a return to austerity". (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Britain is no longer Europe's biggest stock market; Paris takes the crown

Bank of England (BoE) raised interest rates on Thursday (November 3), the most since 1989, to counteract the sky-high inflation. According to BoE, inflation is driving Britain into a recession that will endure until mid-2024.&nbsp;

The BoE announced after a meeting that it was raising borrowing costs by 0.75 percentage points to three per cent, the highest level since the global financial crisis of 2008. The decision to an interest rate hike is taken to curb UK inflation, which it predicts will soon reach a four-decade high of close to 11 per cent.&nbsp;

BoE governor Andrew Bailey told a press conference: "It is a tough road ahead. The sharp increase in energy prices caused by Russia's invasion of Ukraine has made us poorer as a nation. The level of economic activity is likely to be flat and even fall for some time."&nbsp;

With rising food and energy prices, the most recent rate increase is a reflection of aggressive rate tightening by central banks around the world. The US Federal Reserve abruptly raised interest rates by 0.75 percentage points on Wednesday, and its chairman, Jerome Powell, hinted that rates will rise more than anticipated.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/climate-minister-stuart-concedes-language-used-by-braverman-unfortunate-530959">UK climate minister Stuart concedes language used by Braverman 'unfortunate'&nbsp;</a>

WATCH |&nbsp;US Fed hikes interest rates by 0.75%&nbsp;

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The BoE predicted that British inflation would reach a top of 10.9 percent this year, but because the rate is so high, analysts believe it may reach as high as five percent in the near future.&nbsp;

Millions of Britons are expected to experience a worsening cost-of-living problem as a result of the BoE rate increase, as increases by central banks cause retail lenders to raise interest rates on their own loans.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/liz-truss-effigy-to-go-up-in-flames-in-britains-annual-bonfire-celebrations-530896">Liz Truss effigy to go up in flames in Britain’s annual bonfire celebrations</a>&nbsp;

Bailey also agreed to it as he said that these are "big changes" and they have a real impact on people's lives. He said they are increasing bank rate at the time when so many people are already struggling with higher energy and food prices and other bills, because inflation is too high and it is the bank's job to "bring it down".&nbsp;

Meanwhile, Craig Erlam, an analyst at trading platform OANDA, said: "The central bank has had the unenviable job of fighting soaring inflation amid enormous economic and political uncertainty."&nbsp;

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Bank of England (BoE) raised interest rates on Thursday (November 3), the most since 1989, to counteract the sky-high inflation. According to BoE, inflation is driving Britain into a recession that will endure until mid-2024.

Bank of England (BoE) raised interest rates on Thursday (November 3), the most since 1989, to counteract the sky-high inflation. According to BoE, inflation is driving Britain into a recession that will endure until mid-2024. The BoE announced after a meeting that it was raising borrowing costs by 0.75 percentage points to three per cent, the highest level since the global financial crisis of 2008. The decision to an interest rate hike is taken to curb UK inflation, which it predicts will soon reach a four-decade high of close to 11 per cent. BoE governor Andrew Bailey told a press conference: "It is a tough road ahead. The sharp increase in energy prices caused by Russia's invasion of Ukraine has made us poorer as a nation. The level of economic activity is likely to be flat and even fall for some time." With rising food and energy prices, the most recent rate increase is a reflection of aggressive rate tightening by central banks around the world. The US Federal Reserve abruptly raised interest rates by 0.75 percentage points on Wednesday, and its chairman, Jerome Powell, hinted that rates will rise more than anticipated. ALSO READ | UK climate minister Stuart concedes language used by Braverman 'unfortunate' WATCH | US Fed hikes interest rates by 0.75% × The BoE predicted that British inflation would reach a top of 10.9 percent this year, but because the rate is so high, analysts believe it may reach as high as five percent in the near future. Millions of Britons are expected to experience a worsening cost-of-living problem as a result of the BoE rate increase, as increases by central banks cause retail lenders to raise interest rates on their own loans. ALSO READ | Liz Truss effigy to go up in flames in Britain’s annual bonfire celebrations Bailey also agreed to it as he said that these are "big changes" and they have a real impact on people's lives. He said they are increasing bank rate at the time when so many people are already struggling with higher energy and food prices and other bills, because inflation is too high and it is the bank's job to "bring it down". Meanwhile, Craig Erlam, an analyst at trading platform OANDA, said: "The central bank has had the unenviable job of fighting soaring inflation amid enormous economic and political uncertainty." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amid cost-of-living crisis, Bank of England hikes interest rates and warns UK faces two-year recession

The Bank of England is expected to announce its biggest interest rate increase in three decades on Thursday. Analysts predict an increase of up to 0.75 percentage points.

UK braces for likely highest rate hike in 3 decades

The Bank of England said it was launching a temporary facility aimed at easing liquidity pressures that arose after the UK government's budget shocked markets.

UK: BoE intervenes in bond markets again; unemployment dips to 3.5%

World Business Watch: Bank of England announces more market support measures

The Bank of England (BoE) will buy more government bonds to try and stabilise market conditions, it said after issuing a fresh warning of a "material risk" to financial stability. Notably, markets went into a frenzy, driving up borrowing costs after the emergency scheme started following September's mini-budget.&nbsp;

The week had already seen action taken by the BoE and UK government, aimed at bringing calm to bond markets in particular as state borrowing soars.

Also Read |&nbsp;<a href="https://www.wionews.com/world/liz-truss-preparing-for-another-u-turn-this-time-on-welfare-payments-524207">Liz Truss preparing for another U-turn; this time on welfare payments</a>

Prime Minister Liz Truss's government had unveiled debt-fuelled tax cuts in a mini-budget last month. The budget led to the pound falling to a record low.

In a statement, the BoE said the latest action would "act as a further backstop to restore orderly market conditions".

Government borrowing costs rose again sharply after the Bank said the scheme would end as planned on Friday. The dramatic market movements also put some pension funds at risk of collapse, leading to the Bank of England &nbsp;stepping in to take emergency action.&nbsp;

The Bank warned of a fresh downturn in markets after government bonds saw a "significant repricing" at the start of the week. It will buy a wider range of bonds as well as continue to buy bonds as part of the September 28 emergency measures.&nbsp;

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&nbsp;

Finance minister Kwasi Kwarteng is set to unveil debt-reduction plans and independent economic predictions on October 31. The move comes after Chancellor of the Exchequer Kwarteng was forced to axe a tax cut for the rich due to an outrage in the country over it. Millions of Britons are facing a cost-of-living crisis with UK inflation around 10 per cent.

(With inputs from agencies)

&nbsp;

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The Bank of England (BoE) will buy more government bonds to try and stabilise market conditions, it said after issuing a fresh warning of a "material risk" to financial stability.

The Bank of England (BoE) will buy more government bonds to try and stabilise market conditions, it said after issuing a fresh warning of a "material risk" to financial stability. Notably, markets went into a frenzy, driving up borrowing costs after the emergency scheme started following September's mini-budget. The week had already seen action taken by the BoE and UK government, aimed at bringing calm to bond markets in particular as state borrowing soars. Also Read | Liz Truss preparing for another U-turn; this time on welfare payments Prime Minister Liz Truss's government had unveiled debt-fuelled tax cuts in a mini-budget last month. The budget led to the pound falling to a record low. In a statement, the BoE said the latest action would "act as a further backstop to restore orderly market conditions". Government borrowing costs rose again sharply after the Bank said the scheme would end as planned on Friday. The dramatic market movements also put some pension funds at risk of collapse, leading to the Bank of England stepping in to take emergency action. The Bank warned of a fresh downturn in markets after government bonds saw a "significant repricing" at the start of the week. It will buy a wider range of bonds as well as continue to buy bonds as part of the September 28 emergency measures. × Finance minister Kwasi Kwarteng is set to unveil debt-reduction plans and independent economic predictions on October 31. The move comes after Chancellor of the Exchequer Kwarteng was forced to axe a tax cut for the rich due to an outrage in the country over it. Millions of Britons are facing a cost-of-living crisis with UK inflation around 10 per cent. (With inputs from agencies)

Bank of England intervenes again amid warning of 'material risk' to financial stability

The Bank of England is in crisis mode. It has decided to buy government bonds to stabilise the UK's financial system. But UK PM Liz Truss has refused to change course. Priyanka Sharma tells you more.

Gravitas: Trussonomics gets a thumbs down

After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high.

The BoE said it received 2.587 billion pounds' ($2.78 billion) worth of offers in its first bond buyback operation aimed at stabilizing the market, and had accepted only 1.025 billion pounds' worth. The central bank had committed to buying as many long-dated government bonds, know as gilts, as needed between Wednesday and Oct. 14.

As markets tried to digest what the move meant for the pound, the currency whipsawed during Wednesday's session, jumping as high as $1.09165 and falling as low as $1.05390. It was last up 1.51% at $1.08921. [GBP/]

The BoE intervention was driving currency trading broadly, according to Erik Nelson, macro strategist at Wells Fargo.

"You had financial stress everywhere. The yields were rising and the dollar was rising. It was sort of feeding on itself. We needed something or someone to stop the financial stress and financial panic that was happening. The BoE stepped in there," said Nelson. "The easing of the financial stress has helped sterling and other currencies rally against the dollar."

But the relief for sterling may be temporary as the UK still has to deal with macro trends such as high inflation.

"It's a currency-negative policy. You're offering to limit the increase of yields at a time of high inflation," said Nelson. "The dollar will continue to go up over the next few months. ... The U.S. is growing at a much more solid pace, at least for now, versus the UK and Europe, and the U.S. doesn't have the same kind of energy crisis as the UK and Europe."

Currency investors have also been monitoring Russia's war against Ukraine and energy uncertainty in Europe after leaks on Nord Stream pipelines between Russia and Europe spewed gas into the Baltic Sea, said Brad Bechtel, global head of FX at Jefferies in New York. NATO Secretary-General Jens Stoltenberg and others have attributed the leaks to acts of sabotage.

The dollar index, which measures the greenback against a group of major currencies, was last at 112.660 after hitting a fresh 20-year high of 114.78.

While the dollar initially had broad-based gains, the greenback eased sharply as the U.S. trading session progressed, with the euro last up 1.52% at $0.9739 after falling as low as $0.95355.

The dollar was last down 0.61% against Japan's yen at 143.955 after touching a high of 144.860.

The Australian dollar, which is particularly sensitive to swings in investor sentiment, was last up 1.410%.

Elsewhere in Asia, the offshore yuan hit a record low, pressured by expectations of further U.S. rate hikes.

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&nbsp;

After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high.

After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high. The BoE said it received 2.587 billion pounds' ($2.78 billion) worth of offers in its first bond buyback operation aimed at stabilizing the market, and had accepted only 1.025 billion pounds' worth. The central bank had committed to buying as many long-dated government bonds, know as gilts, as needed between Wednesday and Oct. 14. As markets tried to digest what the move meant for the pound, the currency whipsawed during Wednesday's session, jumping as high as $1.09165 and falling as low as $1.05390. It was last up 1.51% at $1.08921. [GBP/] The BoE intervention was driving currency trading broadly, according to Erik Nelson, macro strategist at Wells Fargo. "You had financial stress everywhere. The yields were rising and the dollar was rising. It was sort of feeding on itself. We needed something or someone to stop the financial stress and financial panic that was happening. The BoE stepped in there," said Nelson. "The easing of the financial stress has helped sterling and other currencies rally against the dollar." But the relief for sterling may be temporary as the UK still has to deal with macro trends such as high inflation. "It's a currency-negative policy. You're offering to limit the increase of yields at a time of high inflation," said Nelson. "The dollar will continue to go up over the next few months. ... The U.S. is growing at a much more solid pace, at least for now, versus the UK and Europe, and the U.S. doesn't have the same kind of energy crisis as the UK and Europe." Currency investors have also been monitoring Russia's war against Ukraine and energy uncertainty in Europe after leaks on Nord Stream pipelines between Russia and Europe spewed gas into the Baltic Sea, said Brad Bechtel, global head of FX at Jefferies in New York. NATO Secretary-General Jens Stoltenberg and others have attributed the leaks to acts of sabotage. The dollar index, which measures the greenback against a group of major currencies, was last at 112.660 after hitting a fresh 20-year high of 114.78. While the dollar initially had broad-based gains, the greenback eased sharply as the U.S. trading session progressed, with the euro last up 1.52% at $0.9739 after falling as low as $0.95355. The dollar was last down 0.61% against Japan's yen at 143.955 after touching a high of 144.860. The Australian dollar, which is particularly sensitive to swings in investor sentiment, was last up 1.410%. Elsewhere in Asia, the offshore yuan hit a record low, pressured by expectations of further U.S. rate hikes. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Sterling, euro rally against dollar after BoE buys UK bonds

The Bank of England has said it will step in to calm markets after the government's tax-cutting plans sparked a fall in the pound and caused borrowing costs to surge.

Bank of England steps in to calm markets with emergency bond

The Bank of England has said that it “will not hesitate” to increase interest rates in order to meet the two per cent inflation target. The announcement came after the pound fell to a record low against the US dollar and the BoE said that they are currently scanning the financial markets "very closely".

The pound fell sharply after British finance minister Kwasi Kwarteng announced major tax cuts in the mini budget. The currency lost almost five per cent to reach $1.0327 – the lowest since 1971.

Also read |&nbsp;<a href="https://www.wionews.com/science/nasas-defense-test-is-successful-spacecraft-crashes-into-asteroid-519957" hreflang="en">NASA's DART spacecraft strikes asteroid in key planetary defence test</a>

"The Bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets," Bank of England Governor Andrew Bailey said in the official statement.

"The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit," he added according to Reuters.

Also read |&nbsp;<a href="https://www.wionews.com/world/annexation-polls-in-four-regions-of-ukraine-denounced-as-sham-by-kyivs-allies-close-today-519970" hreflang="en">Annexation polls in four regions of Ukraine, denounced as 'sham' by Kyiv's allies, close today</a>

The Bank of England raised the interest rates to 2.25 per cent from 1.75 per cent on Monday and experts believe that it can increase further in the coming days. Most banks around the world are following the same strategy with the US Federal Reserve increasing the rates to the highest in more than 14 years.

While there has been quite a bit of public uproar, Kwarteng maintained that the government is concentrating on long term gains rather than short term goals. He also announced that the medium-term budget will be published on November 23 by the Office for Budget Responsibility.

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The Bank of England has said that it “will not hesitate” to increase interest rates in order to meet the two per cent inflation target. The announcement came after the pound fell to a record low against the US dollar and the BoE said that they are currently scanning the financial markets "very closely".

The Bank of England has said that it “will not hesitate” to increase interest rates in order to meet the two per cent inflation target. The announcement came after the pound fell to a record low against the US dollar and the BoE said that they are currently scanning the financial markets "very closely". The pound fell sharply after British finance minister Kwasi Kwarteng announced major tax cuts in the mini budget. The currency lost almost five per cent to reach $1.0327 – the lowest since 1971. Also read | NASA's DART spacecraft strikes asteroid in key planetary defence test "The Bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets," Bank of England Governor Andrew Bailey said in the official statement. "The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit," he added according to Reuters. Also read | Annexation polls in four regions of Ukraine, denounced as 'sham' by Kyiv's allies, close today The Bank of England raised the interest rates to 2.25 per cent from 1.75 per cent on Monday and experts believe that it can increase further in the coming days. Most banks around the world are following the same strategy with the US Federal Reserve increasing the rates to the highest in more than 14 years. While there has been quite a bit of public uproar, Kwarteng maintained that the government is concentrating on long term gains rather than short term goals. He also announced that the medium-term budget will be published on November 23 by the Office for Budget Responsibility.

Bank of England says it 'will not hesitate' to raise rates as pound struggles

The Bank of England has said it "will not hesitate" to change interest rates in order to get inflation under control. The Bank released a statement on Monday after the pound plummeted to a record low of $1.03.

Pound hit record low against dollar, impact of weakening currency on common folks

New banknotes featuring portrait of newly crowned King Charles III will come into circulation by mid-2024, the Bank of England (BOE) informed on Tuesday.&nbsp;

Reportedly, UK's Central bank will soon reveal the image of the monarch that will be put up on the&nbsp;&nbsp;£5, £10, £20 and £50 notes.&nbsp;

"His Majesty’s portrait will appear on existing designs of all four polymer banknotes&nbsp;(£5, £10, £20 and £50). This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made,"&nbsp;the British central bank said in a statement.

"New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes," it clarified.&nbsp;

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The announcement comes nearly&nbsp;three weeks after Queen Elizabeth II's death. The Queen reigned for 70 years and had her image on the UK notes since 1960 with the £1 note being the first paper currency to have her face.&nbsp;

While King Charles III will come up on the new polymer notes, the&nbsp;BOE has also announced that by September 30, about £6 billion in old £50 notes and more than £5 billion in old £20 notes will no longer be recognised by UK businesses. There are more than 360 million notes in all that will be taken out of circulation.

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There's 1 week left to use your paper £20 and £50 banknotes. All polymer notes carrying a portrait of Her Majesty Queen Elizabeth II can continue to be used as normal after 30 September. <a href="https://t.co/0wA5voBkiJ">https://t.co/0wA5voBkiJ</a> <a href="https://t.co/4srSheSdUa">pic.twitter.com/4srSheSdUa</a>
— Bank of England (@bankofengland) <a href="https://twitter.com/bankofengland/status/1573250823030771712?ref_src=twsrc%5Etfw">September 23, 2022</a></blockquote>
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The decision to transition to polymer notes was made to increase the notes' resistance to damage and fight illegal counterfeiting.

In future, the synthetic notes will also be replaced to enable the distribution of notes carrying the image of King Charles III and to gradually phase out notes bearing the image of the late Queen.

Read more:&nbsp;<a href="https://www.wionews.com/world/britons-have-less-than-a-week-to-spend-old-banknotes-worth-ps11-billion-519506">Britons have less than a week to spend old paper banknotes worth £11 billion</a>

Hence, people only have a small window to make use of their cash. The paper notes will be replaced by polymer £20 and £50 notes which have&nbsp;been in circulation for more than two years (since February 2020).

So far,&nbsp;£100 million&nbsp;worth of the notes have been deposited at Post Office branches. However, with the deadline fast approaching, the Britons worry that there isn't sufficient time to replace the paper notes.&nbsp;

(With inputs from agencies)

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New banknotes featuring portrait of newly crowned King Charles III will come into circulation by mid-2024, the Bank of England (BOE) informed on Tuesday. Reportedly, UK's Central bank will soon reveal the image of the monarch that will be put up on the £5, £10, £20 and £50 notes.

New banknotes featuring portrait of newly crowned King Charles III will come into circulation by mid-2024, the Bank of England (BOE) informed on Tuesday. Reportedly, UK's Central bank will soon reveal the image of the monarch that will be put up on the £5, £10, £20 and £50 notes. "His Majesty’s portrait will appear on existing designs of all four polymer banknotes (£5, £10, £20 and £50). This will be a continuation of the current polymer series and no additional changes to the banknote designs will be made," the British central bank said in a statement. "New notes will only be printed to replace worn banknotes and to meet any overall increase in demand for banknotes," it clarified. Watch | UK PM Liz Truss plans to cut down stamp duty in mini-budget, focus on reviving British economy × The announcement comes nearly three weeks after Queen Elizabeth II's death. The Queen reigned for 70 years and had her image on the UK notes since 1960 with the £1 note being the first paper currency to have her face. While King Charles III will come up on the new polymer notes, the BOE has also announced that by September 30, about £6 billion in old £50 notes and more than £5 billion in old £20 notes will no longer be recognised by UK businesses. There are more than 360 million notes in all that will be taken out of circulation. There's 1 week left to use your paper £20 and £50 banknotes. All polymer notes carrying a portrait of Her Majesty Queen Elizabeth II can continue to be used as normal after 30 September. https://t.co/0wA5voBkiJ pic.twitter.com/4srSheSdUa — Bank of England (@bankofengland) September 23, 2022 × The decision to transition to polymer notes was made to increase the notes' resistance to damage and fight illegal counterfeiting. In future, the synthetic notes will also be replaced to enable the distribution of notes carrying the image of King Charles III and to gradually phase out notes bearing the image of the late Queen. Read more: Britons have less than a week to spend old paper banknotes worth £11 billion Hence, people only have a small window to make use of their cash. The paper notes will be replaced by polymer £20 and £50 notes which have been in circulation for more than two years (since February 2020). So far, £100 million worth of the notes have been deposited at Post Office branches. However, with the deadline fast approaching, the Britons worry that there isn't sufficient time to replace the paper notes. (With inputs from agencies) WATCH WION LIVE HERE:

Start of new era: King Charles III to appear on banknotes by mid-2024, confirms Bank of England

'Won't hesitate to raise interest rates after pound's fall', says Bank of England

In an economic agenda that floored financial markets, Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday.

Putting a price tag on the spending plans of Prime Minister Liz Truss, Kwarteng scrapped the country's top rate of income tax.

With two-year gilts on track for their biggest one-day fall since at least 2009, investors unloaded short-dated British government bonds as fast as they could.

According to Kwarteng, support for household energy bills announced by Truss will cost 60 billion pounds for the next six months.

While Britain raised its debt issuance plans for the current financial year by 72.4 billion pounds ($81 billion), tax cuts would cost a further 45 billion pounds.

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Highlighting that the British government's plan is to expand the supply side of the economy through tax incentives and reform, Kwarteng said ''we will turn the vicious cycle of stagnation into a virtuous cycle of growth.''

Calling the plans a "desperate gamble," the opposition Labour Party said the tax cuts were the largest since the budget of 1972.

Sparking public finance concerns and mounting fear of recession, the&nbsp;British pound tumbled Friday to a 37-year low under $1.10.

At a time when it is battling inflation near a 40-year high, Truss's energy price cap would limit inflation in the short term but that government stimulus was likely to boost inflation pressures further out, according to the Bank of England.

Financial experts believe that some investors are also wary about Truss's willingness to borrow big to fund growth as the pound performing worse against the dollar than almost any other major currency.

(With inputs from agencies)

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In an economic agenda that floored financial markets, Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday.

In an economic agenda that floored financial markets, Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday. Putting a price tag on the spending plans of Prime Minister Liz Truss, Kwarteng scrapped the country's top rate of income tax. With two-year gilts on track for their biggest one-day fall since at least 2009, investors unloaded short-dated British government bonds as fast as they could. According to Kwarteng, support for household energy bills announced by Truss will cost 60 billion pounds for the next six months. While Britain raised its debt issuance plans for the current financial year by 72.4 billion pounds ($81 billion), tax cuts would cost a further 45 billion pounds. × Highlighting that the British government's plan is to expand the supply side of the economy through tax incentives and reform, Kwarteng said ''we will turn the vicious cycle of stagnation into a virtuous cycle of growth.'' Calling the plans a "desperate gamble," the opposition Labour Party said the tax cuts were the largest since the budget of 1972. Sparking public finance concerns and mounting fear of recession, the British pound tumbled Friday to a 37-year low under $1.10. At a time when it is battling inflation near a 40-year high, Truss's energy price cap would limit inflation in the short term but that government stimulus was likely to boost inflation pressures further out, according to the Bank of England. Financial experts believe that some investors are also wary about Truss's willingness to borrow big to fund growth as the pound performing worse against the dollar than almost any other major currency. (With inputs from agencies) Watch WION's live TV here: ×

Britain's new finance minister unleashes historic tax cuts, huge increases in borrowing

The US Federal Reserve announced a third consecutive interest hike of 75 basis points. Central banks around the world are risking a recession to tame inflation. Which way should India go? Molly Gambhir tells you.

Gravitas: US Federal Reserve risking recession to tame inflation

The Bank of England raised its key interest rate to 2.25% from 1.75% and said it would continue to "respond forcefully, as necessary" to inflation, despite the country entering recession.

Bank of England raises interest rate to 2.25% from 1.75% , in seventh consecutive hike

Lower fuel prices caused an unexpected fall in British consumer price inflation in August, offering some relief to households and the Bank of England after the CPI rate hit a 40-year high.

World Business Watch: UK inflation falls unexpectedly as fuel prices decline

The Bank of England (BoE) raised interest rates by the most in 25 years on August 4, despite warning that a long recession is on its way. It has raised the interest rates by 0.5 points also known as 50 basis points, highest interest rate rise since 1997 amid looming recession.

Bank of England raises rates by most in 25 years even as long recession looms

Bank of England (BoE) on Thursday (August 4) unveiled the biggest interest rate rise in 27 years and also warned that Britain will sink into a lengthy recession later this year as inflation rockets even higher. Amid a cost-of-living crisis, borrowing is becoming more expensive.&nbsp;

Notably, this is the sixth consecutive hike by BoE's Monetary Policy Committee (MPC) since December. Today, MPC voted 8-1 to lift its key rate by 0.50 percentage points from 1.25 per cent to 1.75 per cent.&nbsp;

The hike means there will be an immediate increase in mortgage bills for millions of homeowners on the tracker. Or even the variable mortgages that are in line with the BoE rate.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/time-running-out-for-archie-battersbee-as-his-parents-make-legal-bid-to-move-him-to-hospice-503588">Time running out for Archie Battersbee as his parents make legal bid to move him to hospice</a>&nbsp;

The BoE said that the "inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly" since May.&nbsp;

The bank added, "That largely reflects a near-doubling in wholesale gas prices since May, owing to Russia's restriction of gas supplies to Europe and the risk of further curbs. As this feeds through to retail energy prices, it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term."&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/nancy-pelosi-lands-in-japan-china-fires-missile-on-japan-and-cancels-bilateral-meeting-on-the-same-day-503653">Nancy Pelosi lands in Japan: China fires missile on Japan and cancels bilateral meeting on the same day</a>&nbsp;

Now, the BoE has anticipated that the UK economy would enter a period of recession at a time when the nation is facing a cost-of-living crisis. The bank said that the recession will last until late 2023. It was predicted that UK inflation will peak this year at just over 13 per cent. In June, UK inflation had already jumped to a four-decade high of 9.4 per cent.&nbsp;

The BoE added: "The latest rise in gas prices has led to another significant deterioration in the outlook for (economic) activity in the United Kingdom and the rest of Europe. The United Kingdom is now projected to enter recession from the fourth quarter of this year."&nbsp;

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Bank of England (BoE) on Thursday (August 4) unveiled the biggest interest rate rise in 27 years and also warned that Britain will sink into a lengthy recession later this year as inflation rockets even higher.

Bank of England (BoE) on Thursday (August 4) unveiled the biggest interest rate rise in 27 years and also warned that Britain will sink into a lengthy recession later this year as inflation rockets even higher. Amid a cost-of-living crisis, borrowing is becoming more expensive. Notably, this is the sixth consecutive hike by BoE's Monetary Policy Committee (MPC) since December. Today, MPC voted 8-1 to lift its key rate by 0.50 percentage points from 1.25 per cent to 1.75 per cent. The hike means there will be an immediate increase in mortgage bills for millions of homeowners on the tracker. Or even the variable mortgages that are in line with the BoE rate. ALSO READ | Time running out for Archie Battersbee as his parents make legal bid to move him to hospice The BoE said that the "inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly" since May. The bank added, "That largely reflects a near-doubling in wholesale gas prices since May, owing to Russia's restriction of gas supplies to Europe and the risk of further curbs. As this feeds through to retail energy prices, it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term." ALSO READ | Nancy Pelosi lands in Japan: China fires missile on Japan and cancels bilateral meeting on the same day Now, the BoE has anticipated that the UK economy would enter a period of recession at a time when the nation is facing a cost-of-living crisis. The bank said that the recession will last until late 2023. It was predicted that UK inflation will peak this year at just over 13 per cent. In June, UK inflation had already jumped to a four-decade high of 9.4 per cent. The BoE added: "The latest rise in gas prices has led to another significant deterioration in the outlook for (economic) activity in the United Kingdom and the rest of Europe. The United Kingdom is now projected to enter recession from the fourth quarter of this year." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bank of England unveils biggest interest rate hike in 27 years, warns of lengthy recession

The Bank of England (BoE) has hinted at further interest rate rises as it vows to bring inflation back down to 2%. BoE's chief economist Huw Pill said that the central bank's focus was getting prices down and making life more affordable again.

Bank of England warns of rate hike, vows to bring down inflation

The Bank of England has hiked rates amid slowdown worries for the UK economy. Inflation is soaring while the economy is contracting in England at present.

Slowdown blues for the UK economy: Bank of England hikes rates

The ongoing Russia-Ukraine conflict has impacted the global economy deeply and the Governor of the Bank of England Andrew Bailey believes that the global food prices can reach ‘apocalyptic’ levels if the war continues. The disruption in supply chain has resulted in surging inflation across the world and Bailey warned the MPs on the Treasury Select Committee of a "very big income shock".

“The [risk] I'm going to sound rather apocalyptic about I guess is food.”

Also read |&nbsp;<a href="https://www.wionews.com/world/more-than-260-ukrainian-soldiers-evacuated-from-mariupol-steel-plant-479688" hreflang="en">More than 260 Ukrainian soldiers evacuated from Mariupol steel plant</a>

“Ukraine does have food in store, but it can’t get it out at the moment. While [the finance minister] was optimistic about crop planting, he said at the moment we have no way of shipping it out as things stand, and it is getting worse.”

“That is a major worry. It is not just a major worry for this country, it is a major worry for the developing world.

“I am by no stretch of the imagination a military strategist, but whatever can be done to help Ukraine get its food out would be a huge contribution,” Bailey said according to The Telegraph.

The International Monetary Fund (IMF) has already predicted that the growth rate of Europe will be cut down by almost half because of the conflict and according to estimates, a huge number of food stock has been destroyed because of Russian blockade of the Ukrainian supply ships.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-accused-of-cyberattack-on-american-company-just-before-invading-ukraine-479733" hreflang="en">Russia accused of cyberattack on American company just before invading Ukraine</a>

Food price are already rising due to the shortage of grains in some parts of the world and when asked about the situation, Bailey said that it is 'more than uncomfortable'.

&nbsp;“It is a very very, more than uncomfortable - I am trying to think of a word that is even more severe than that - it is a very very difficult place to be.

“To forecast 10pc inflation and to say there is not a lot we can do about 80pc of it, I can tell you it is an extremely difficult place to be. We have to recognise the reality of the situation we face.”

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH |&nbsp;Ukrainian troops evacuate from Mariupol, Azovstal steel plant was symbol of Ukrainian resistance

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The ongoing Russia-Ukraine conflict has impacted the global economy deeply and the Governor of the Bank of England Andrew Bailey believes that the global food prices can reach ‘apocalyptic’ levels if the war continues.

The ongoing Russia-Ukraine conflict has impacted the global economy deeply and the Governor of the Bank of England Andrew Bailey believes that the global food prices can reach ‘apocalyptic’ levels if the war continues. The disruption in supply chain has resulted in surging inflation across the world and Bailey warned the MPs on the Treasury Select Committee of a "very big income shock". “The [risk] I'm going to sound rather apocalyptic about I guess is food.” Also read | More than 260 Ukrainian soldiers evacuated from Mariupol steel plant “Ukraine does have food in store, but it can’t get it out at the moment. While [the finance minister] was optimistic about crop planting, he said at the moment we have no way of shipping it out as things stand, and it is getting worse.” “That is a major worry. It is not just a major worry for this country, it is a major worry for the developing world. “I am by no stretch of the imagination a military strategist, but whatever can be done to help Ukraine get its food out would be a huge contribution,” Bailey said according to The Telegraph. The International Monetary Fund (IMF) has already predicted that the growth rate of Europe will be cut down by almost half because of the conflict and according to estimates, a huge number of food stock has been destroyed because of Russian blockade of the Ukrainian supply ships. Also read | Russia accused of cyberattack on American company just before invading Ukraine Food price are already rising due to the shortage of grains in some parts of the world and when asked about the situation, Bailey said that it is 'more than uncomfortable'. “It is a very very, more than uncomfortable - I am trying to think of a word that is even more severe than that - it is a very very difficult place to be. “To forecast 10pc inflation and to say there is not a lot we can do about 80pc of it, I can tell you it is an extremely difficult place to be. We have to recognise the reality of the situation we face.” You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH | Ukrainian troops evacuate from Mariupol, Azovstal steel plant was symbol of Ukrainian resistance

Bank of England warns of 'apocalyptic' food prices due to ongoing Russia-Ukraine conflict

The Bank of England’s policymakers are expected to increase interest rates from 0.75% to 1%, a level not seen since 2009. The Bank expects UK inflation to rise to roughly 10% this year as a result of the Russia-Ukraine war and lockdowns in China.

Bank Of England hikes interest rates to 13-year high

The bank of England looks poised now to raise interest rates today for the fourth time since December, it's the fastest increase in borrowing costs in a quarter of a century as it tries to quell the danger from the leap inflation.

Bank of England set to raise bank rate from 1% to 0.75%

India is debating new rules for cryptocurrencies. It isn't the only country considering laws for cryptos around the world. Central banks are mulling their options but, the bank of England has issued a dire warning. One of its governors believes bitcoins could become worthless and investors should be prepared to lose their money. Should you be worried? Our next report has the answer.

Bitcoin to become 'worthless,' A warning from Bank of England

The Deputy Governor of the Bank of England has issued a warning. Sri Jon Cunliffe has said bitcoin could be worthless, and investors should be prepared to lose everything. Palki Sharma tells you more.

Gravitas: Bitcoin could become "worthless", Bank of England Warns

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