23/06/2022

Business Update – 22 June 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Raise interest rates even more, policymaker says

According to Bank of England policymaker Catherine Mann, the central bank should raise interest rates even more aggressively to shore up the weak pound.

China takes advantage of discounts on Russian oil

China is now the biggest importer of Russian oil despite weak demand for the product, as Moscow turns to Beijing amid international sanctions due to its invasion of Ukraine. This comes months after China and Russia declared their friendship “had no limits.”

5 ways US interest rate hikes will affect you

The BBC has compiled a list of ways that the recent interest rate hikes in America could affect you. It can be found here.

Rail walkouts expected to result in “total misery” for travellers

After last-ditch talks failed on Monday, the biggest rail strike in three decades is expected to go ahead. Further walkouts are expected on Thursday and Saturday.

World markets continue to fall amid recession fears

Stock markets continued to plunge all over the world last week, as investors were spooked by the US Federal Reserve raising interest rates again.

New EU regulation aims to keep big tech accountable

Large tech companies, such as Google and Meta, are now subject to huge fines of up to 6% of their global turnover if they do not take real action on deepfakes and fake accounts.

Looming job action not unique to the UK

Rising inflation rates have led to a perfect storm of conditions set to heavily affect the travel sector across Europe this summer. Union-led demands for better pay and working conditions are set to disrupt the season continent-wide.

Mountain of luggage causing massive delays at Heathrow

The airport asked all airlines to cut 10% of their flights departing from terminals 2 and 3 on Monday, as it tries to get a handle on a giant backlog of luggage.

Bank of England scraps lending rule

A rule intended to make sure borrowers did not take on more debt than they could manage has been scrapped. The Bank of England maintains that other measures will play a stronger role in guarding against household debt.

MSE founder warns BNPL regulations are taking far too long

The government announced new rules around buy now, pay later schemes on Monday, but some warn that the measures are not strong enough.

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