Bank of England readies another rate hike even as recession hits

Newsletter Dec 15, 2022 [ International Business Times]( [Bank of England readies another rate hike even as recession hits]( A ninth interest rate hike in a row by the Bank of England looks to be a foregone conclusion on Thursday and investors will be looking for clues on how many more will be needed with the economy sliding into recession but inflation still above 10%. [Four dead after migrant boat capsizes off English coast]( A small boat loaded with migrants heading for British shores from France capsized in the freezing waters of the English Channel early on Wednesday, resulting in four deaths, the British government said. [Learn more about Jeeng]( [UK inflation slows, remains close to 11 percent]( British inflation slowed more than expected in November but remained near the highest level in more than 40 years, official data showed Wednesday, as a cost-of-living crisis sparks fresh UK strikes. [Global stocks gain, dollar drops ahead of Fed rate decision]( Global stocks eked out small gains and the dollar slipped on Wednesday on hopes that central banks will stop raising interest rates in early 2023 following the latest U.S. [EU agrees €20 bln boost for energy funding to quit Russian gas]( The European Union will raise an extra 20 billion euros from its carbon market for investments to help end more swiftly the bloc's reliance on Russian fossil fuels, under a political deal reached on Wednesday. [EU should loosen green tech state aid rules - von der Leyen]( European Commission President Ursula von der Leyen proposed to EU leaders on Wednesday a loosening of state aid rules in renewable energy and clean-tech as a response to high energy prices and a U.S. [EU vows investment in push to boost SE Asia ties]( The EU vowed billions of dollars of investment in southeast Asia Wednesday, as leaders looked to bolster ties at a summit in the face of the Ukraine war and challenges from China. [Climate change will fuel humanitarian crises in 2023 -study]( Climate change will accelerate humanitarian crises around the world in 2023, adding to the issues created by armed conflict and economic downturns. [Meta accused in lawsuit of allowing posts that inflamed Ethiopia conflict]( Meta Platforms was accused in a lawsuit filed in Kenya on Wednesday of letting violent and hateful posts from Ethiopia flourish on Facebook, inflaming the Ethiopian civil war. [Dollar falters as investors challenge Fed's hawkishness]( The dollar was on the back foot on Thursday, even as the Federal Reserve kept to its hawkish rhetoric after raising rates by half a percentage point, as investors were doubtful over how much the central bank would commit to putting the brakes on growth to curb inflation. [Tesla shares fall as investors bash Musk's Twitter focus]( Tesla shares extended declines to hit their lowest level in more than two years on Wednesday, as investors including a "fanboy" of CEO Elon Musk lashed out at Musk's distraction from the electric car company following his buy of Twitter. [FTX fights Bahamas demand for data access]( Lawyers for the bankrupt crypto exchange FTX will square off in court on Wednesday to fight a demand for internal records from an insolvent affiliate based in the Bahamas as the two wrestle over scraps of the once high-flying business. [GM recalls 825,000 trucks, SUVs over headlight issue]( General Motors said on Wednesday it was recalling 825,000 trucks and SUVs in North America because daytime running lights may not deactivate when the headlights are on, potentially causing excess glare. [WHO eyes end to Covid emergency in 2023]( Nearly 650 million confirmed Covid cases and more than 6.6 million deaths have been reported to the WHO [Paris celebrates win after high-stakes World Cup clash with Morocco]( Supporters poured into Paris's freezing Champs-Elysees boulevard on Wednesday after a World Cup semi-final between France and Morocco which for millions tugged at the heartstrings, as "Les Bleus" won 2-0 to reach the final for a second time in a row. You Might Like [Learn more about Jeeng]( [IBTimes]( IBTimes will always protect your security and privacy. Please read our detailed [Privacy Policy.]( Please do not reply to this email. [Click here]( to adjust your notification preferences or unsubscribe. © Copyright 2022 IBTimes LLC. All Rights Reserved. IBTimes LLC, 33 Whitehall ST FL 7, New York, NY 10004 U.S.A, New York, New York 10004, United States You may [unsubscribe]( or [change your contact details]( at any time.