The decision comes as inflation, which measures price rises over a period of time, remains above the Bank’s 2% target at 3.2%. But bank says cuts are coming. Is the 2% target still a sensible benchmark? The 2% inflation target set by central banks has been a widely adopted benchmarkRead More →
Mortgage rates are still going up due to expectations that the Bank of England might not cut borrowing costs as much as expected. Higher-than-expected inflation figures at this point, have led to increased forecasts for UK interest rates, prompting lenders to raise the cost of new mortgage deals. Those considering purchasingRead More →
Tensions between Washington and Beijing have intensified, with the U.S. ramping up trade restrictions and sanctions on China due to national security concerns. Since Ukraine’s invasion, there has been a roughly 12% drop in trade between the blocs, and foreign direct investments have decreased by 20% compared to those withinRead More →
Buy gold bars from South Korea’s convenience stores and vending machines South Korean convenience stores are now the latest attraction for gold enthusiasts. Instead of the typical snacks and beverages, customers can now buy gold bars. Convenience store gold bars GS Retail, one of South Korea’s largest convenience store chains,Read More →
The FTSE 100 soared past 8300, reaching a new record high amid busy trading as London markets reopened after the bank holiday. A catch-up trading session is evident, with mainland-listed stocks having a robust session on Monday 7th May 2024 and continuing to rise. The FTSE reached around 8335 inRead More →
Apple, renowned for its innovative consumer electronics, is reported to be branching into artificial intelligence (AI). Recent reports suggest the company is developing a project dubbed ‘Project ACDC,’ (Apple Chips in Data Centre) with the goal of creating specialized AI chips for data centres. The AI race AI applications areRead More →
The breach involved a third-party payroll system used by the MoD The compromised system contained names and bank details of both current and past members of the UK armed forces. While the full extent and consequences of the breach are still under investigation, preliminary results reportedly indicate that no data was extracted during the incident.Read More →
Forecasts indicate that the UK economy will experience sluggish growth among the largest developed nations in 2025. The Organisation for Economic Co-operation and Development (OECD) has projected a 1% increase in the UK’s gross domestic product (GDP) for 2025, which lags behind the growth rates of other G7 nations, includingRead More →
The world’s joint-largest cargo ship, the MSC Loreto, recently docked at Britain’s biggest and busiest container port. Image 400 metres for just a moment – that’s 4 trips for Usain Bolt up and down 100 metre athletics track or, about 40 double decker buses parked end to end.Read More →
The fragility of U.S. banks: A looming financial crisis or an event unlikely to unfold? Amid escalating interest rates and economic instability, an alarming report has surfaced, suggesting that a considerable number of U.S. banks are on the verge of collapse. This potential looming crisis is attributed to various elementsRead More →
Changpeng Zhao (CZ), the founder of Binance, who admitted to money laundering offences in November 2023, received a four-month prison sentence on Tuesday 30th April 2024. U.S. prosecutors had suggested a sentence of 36 months for Zhao. As part of his deal with the Justice Department, the cryptocurrency billionaire resignedRead More →
Chinese automotive giant BYD has experienced a decline in profits amid a slowdown in electric vehicle (EV) demand and a price war in the largest car market globally. The company reported earnings of $630 million (£502 million) for the first quarter, a drop of over 47% from the previous quarter.Read More →
Borge Brende, the president of the World Economic Forum (WEF), recently issued a stark warning about global debt levels. Speaking at the ‘Special Meeting on Global Collaboration, Growth and Energy for Development‘ in Riyadh, Saudi Arabia, (see WEF website), he highlighted that global debt ratios are approaching levels not seen since the 1820s. TheRead More →
Private equity firm Thoma Bravo has agreed to acquire Darktrace in a $5.32 billion (£4.25 billion) cash acquisition. This translates to roughly $7.75 (£6.20) per share, which is a 44% premium over the company’s average share price as calculated over the last three months. Darktrace, headquartered in Cambridge, focuses on cybersecurity, employingRead More →
Inflation has become a persistent challenge for the Fed The battle against inflation persists, gradually impacting the U.S. economy and presenting substantial challenges for the Federal Reserve. Despite concerted efforts to control it, inflation remains stubbornly remains, leaving policymakers in a dilemma – to stimulate economic growth or to curbRead More →
AI startup Synthesia on Thursday 25th April 2024 announced its ‘Expressive Avatars’. These are AI-generated digital avatars that can express human emotions including happiness, sadness, and frustration. Synthesia, supported by the tech giant Nvidia, reportedly secured an investment of $90 million in 2023, reaching a valuation close to $1 billion.Read More →
Powering artificial intelligence (AI) models takes a substantial toll on our planet’s energy resources. Delving deeper into AI, it becomes crucial to comprehend the environmental impact of this technological revolution. Current trends A new peer-reviewed study featured in ‘Joule‘ highlights the significant energy requirements of AI. The research, carried outRead More →
Voyager 1, launched in September 1977, holds the distinction of being the furthest human-made object from Earth. It embarked on an incredible journey, venturing beyond the boundaries of our solar system and into interstellar space. Here’s the latest update on this iconic spacecraft Communication On 14th November 2023, Voyager 1 experienced anRead More →
Bitcoin halving is a significant event in the cryptocurrency world What is Bitcoin Halving? Bitcoin halving, which happens roughly every four years, cuts the rate of new Bitcoin creation by half. This event is tied to the method of recording and generating Bitcoins. Transactions are logged on a blockchain, a ledgerRead More →
UK police have dismantled a gang that provided a technology service enabling criminals to use fraudulent text messages to defraud victims Britain’s Metropolitan Police announced on Thursday 18th April 2024 that the ‘LabHost‘ website had been utilised by 2,000 criminals to pilfer personal details from users. The police have reportedlyRead More →
Meta’s complimentary artificial intelligence (AI) assistant, known as Meta AI, is being introduced across its social media platforms, including WhatsApp, Instagram, Facebook, and Messenger. The assistant is reportedly designed to respond to queries, craft animations, and produce ‘high-quality’ images, according to Meta CEO Mark Zuckerberg in a recent video posting.Read More →
Digital assets have soared recently to unprecedented heights and then plummet just as quickly. It’s an extremely volatile financial environment. Amid this volatility, the European Union’s securities watchdog, the European Securities and Markets Authority (ESMA), has sounded a cautionary note. The Concentration Conundrum ESMA’s latest report highlights a considerable concern: theRead More →
The International Monetary Fund calculates that Russia’s economy will expand more rapidly than all advanced economies this year. According to the latest World Economic Outlook released by the IMF, Russia’s economy is projected to expand by 3.2% in 2024. This growth outpaces the anticipated growth rates for the U.S. atRead More →
The Bank of England (BoE) stands as a bastion of economic stability, guiding the United Kingdom through the ebbs and flows of financial tides. Modernising the Bank of England’s forecasting system has become a critical necessity. A recent independent review has cast a spotlight on the ‘serious deficiencies’ within itsRead More →
Record-breaking rain has inundated the United Kingdom over the past few months, leaving fields submerged and livestock at risk. The relentless downpours, likely exacerbated by climate change, are now threatening the very foundation of UK food production. Challenges faced by farmers UK farmers are facing the repercussions of extreme weatherRead More →
The company intends to reduce its global workforce by over 10%, amounting to roughly 14,000 employees As of December, Tesla had a total of 140,473 employees worldwide. This decision is believed to be a response to the obstacles Tesla is encountering with slowing growth and operational effectiveness and cheaper competition. In anRead More →