The Bank of England has kept its main interest rate unchanged at 5% despite a big cut from the US Federal Reserve, its first since the onset of the coronavirus pandemic more than four years ago.
The decision Thursday was widely expected amid ongoing concerns about inflation within the bank's monetary policy committee, particularly the elevated levels in the crucial services sector, which accounts for around 80% of the British economy.
Figures on Wednesday showed that inflation overall in the UK held steady at an annual rate of 2.2% in August, still above the bank's goal.
The bank, which last month cut interest rates for the first time since the pandemic, is widely expected to reduce borrowing costs again at its next meeting in November, especially as it will have details of the government's budget on Oct 30.
On Wednesday, the Fed cut its main interest by half of a percentage point to roughly 4.8% from a two-decade high of 5.3%, where it had stood for 14 months. It also signalled th

Bank of England, England

The European Union said Thursday it will outline steps to compel Apple to open up its iPhone and iPad operating systems to competing technologies under the bloc's tough new digital rulebook, which threatens hefty fines for breaches.
The EU's executive branch, the European Commission, said it has opened two specification proceedings that will spell out what Apple needs to do under the 27-nation bloc's Digital Markets Act.
The DMA is designed to prevent Big Tech gatekeepers from dominating digital markets, including by breaking up closed tech ecosystems. It requires tech companies to make their systems operate with rivals, allowing consumers to switch more easily between platforms.
One proceeding will focus on how connected devices like smartwatches and headphones will have effective interoperability with Apple's operating system. The other will look at how Apple deals with interoperability requests from software developers for iOS and IPadOS, which should be done in a "transparent, .

European Union flag

US FTC report analysed how Meta platforms, ByteDance's TikTok, Amazon's Twitch, and others manage user data

Social media

The budget airline owes payments to airports, has placed staff on leave without pay and withheld mandatory social security payments since January 2022

Spicejet

The government on Thursday approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese corporation Konoike Transport Co Ltd for Rs 320 crore.
Under the Steel Ministry, FSNL is a 100 per cent subsidiary of MSTC Ltd. The government had received two technically qualified financial bids for the company.
The Alternative Mechanism, comprising Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Steel Minister H. D. Kumaraswamy, have approved the highest bid amounting to Rs 320 crore of Konoike Transport Co Ltd for sale of 100 per cent equity shareholding of MSTC Ltd in FSNL along with transfer of management control, a finance ministry statement said.
The 320 crore bid was higher than the reserve price of Rs 262 crore set by the government on the basis of valuation carried out by the Transaction Adviser and Asset Valuer.
The strategic sale of FSNL received two technically qualified financial bids.
The bid submitted by Konoike Transport Co. Ltd at Rs 320 cr

For sale

Over the past few months, IDFC First Bank has consistently maintained a strong support level between Rs 70-71, despite several challenges from downward market trends.

share market stock market trading

Stock Market Highlights: Despite a choppy session, the day ended in favor of bulls, as many as 30 stocks of the Nifty50 index ended in the green with gains led by NTPC, Titan, and Nestle India

Stock Market, BSE, Nifty, Capital

If the US Federal Reserve (US Fed) rate cut is combined with a weaker dollar then the EMs (ex-China) should do well

CHRISTOPHER WOOD, , Jefferies

US Fed rate cut: Policymakers, according to reports, expect the Fed's benchmark to fall another half of a percentage point by 2024-end, and another one per cent in 2025

Imaging: Ajay Mohanty

Tata Electronics and ADI intend to explore opportunities to manufacture ADI's products in Tata Electronics' fab in Gujarat

Tata

On the 14th day of Shukla Paksha in the month of Bhadrapada, Ganesh Visarjan is celebrated to bring the 10-day Ganesh Utsav festival to an end. So, give your loved ones your best wishes and greetings

Anant Chaturdashi 2024

Here is the best of Business Standard's opinion pieces for today

caste inequality

Stock market trading strategy: The NIFTY PSU Bank Index is currently showing a downtrend in the near term, indicating a temporary pullback within its overall long-term bullish trend

equity trading volumes, share market

The FOMC meeting is widely expected to see policy rates reduced by 25 or 50 bps, but investors will also be looking at the Fed's commentary to determine the frequency and quantum of future rate cuts

US Fed Rate Cut News,Jerome powell

Accepting the bulk of the five-point charter of demand placed by the agitating junior doctors, West Bengal Chief Minister Mamata Banerjee announced her decision to transfer a section of Kolkata Police and the state health department top brass, including CP Vineet Goyal, from their respective positions.
Banerjee also announced the removal of the Director of Medical Education (DME) and the Director of Health Services (DHS) besides the Deputy Commissioner (North Division) who allegedly offered money to the parents of the RG Kar victim.
We will announce the name of the new police commissioner after 4 pm on Tuesday after the scheduled hearing in Supreme Court gets over, the chief minister said at the stroke of midnight after concluding her meeting with the agitating junior doctors at her Kalighat residence, barely hours ahead of the scheduled Supreme Court hearing on the RG Kar hospital matter.
The decisions were formalised in the minutes of the meeting which was signed by Chief Secretar

West Bengal Chief Minister Mamata Banerjee interacts with junior doctors delegation, at her Kalighat residence in Kolkata on Saturday. (PHOTO: PTI)

LIC has appointed Boston Consulting Group as a consultant

Here are the benefits and step-by-step guide to create ATO orders on Zerodha's Kite platform.

Zerodha

Victims first receive an SMS, supposedly from India Post, about undeliverable parcels due to incorrect addresses, with a link to update details. Soon after, a scammer calls, urging quick action

scam

"Legacy" planes have been part of Air India's fleet before the Tata Group, after privatisation, took control of the airline in January 2022

Air India

Bajaj Housing Finance shares were listed at Rs 150 on the BSE, and NSE, surging 114.28 per cent above the IPO issue price of Rs 70

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Bank of England keeps main rate on hold at 5% in wake of US Fed cut

EU moves to compel Apple to open up operating system to rival tech

Social media users lack control over data used by AI, US FTC says

SpiceJet's share sale likely to lure Tata Mutual Fund among others

Govt approves sale of FSNL to Japan's Konoike Transport for Rs 320 cr

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