Page 34 - Uk

Volatile sterling surges on reports of potential UK fiscal plan U-turn

Sterling surged 1.5% to a one-week high against the dollar at $1.1267 by 1205 GMT after Sky News reported the UK government was looking at which parts of its tax-cutting package might be ditched

UK home secy and her remarks on Indian migrants: Who is Suella Braverman?

Braverman's remarks on Indians overstaying in the UK have reportedly annoyed the officials in New Delhi and the India-UK FTA is on a verge of collapse

Recession fears mount as UK GDP falls 0.3% in Aug after 0.1% growth in July

The UK's gross domestic product (GDP) declined by 0.3 per cent in August, after growth of 0.1 per cent in July, the Office for National Statistics (ONS) has said

West pledges to bolster Ukraine air defence; nuke plant loses power

Unbowed Western powers pledged to supply Ukraine with more potent air defence systems following a furious barrage of retaliatory Russian missile strikes, including one that temporarily knocked Europe's biggest nuclear plant off the invaded country's electrical grid on Wednesday. The Russian-occupied Zaporizhzhia Nuclear Power Plant suffered a blackout when a missile damaged a distant electrical substation, Ukraine's state nuclear operator said. The power loss increased the risk of a radiation emergency because the plant needs electricity to prevent its reactors from overheating. Energoatom said the external power source was repaired after about eight hours and that the plant's emergency diesel generators which rely on uncertain fuel deliveries in the war zone provided backup in the meantime, but a similarly hazardous interruption could happen at any time. Russia has seized the plant and is not taking any steps to deescalate. On the contrary, it is shelling important infrastructur

US dollar surges to new 24-year high versus yen; sterling rallies

The dollar climbed to a fresh 24-year peak versus the yen on Wednesday, holding above levels that prompted intervention by Japanese officials last month

No e-visa facility for UK travellers likely to hit business: Goa tourism

Goa tourism industry stakeholders have said their business is likely to get affected this tourist season due to the withdrawal of e-visa facility for visitors from the United Kingdom. The chartered flights which were supposed to arrive from the UK in October, when the new tourist season commences in Goa, have been postponed to November, Travel and Tourism Association of Goa (TTAG) president Nilesh Shah said on Tuesday. TTAG is an apex tourism body in the coastal state. The UK no longer falls within the over 150 countries that can access the online tourist e-visa option when travelling to India, which has caused a considerable strain for tourists. Shah said the issuance of e-visas for travellers from the UK had stopped during COVID-19 pandemic. The UK and Russia are two important destinations from where visitors arrive in Goa during the tourist season. As per figures of the Goa tourism department, before the outbreak of COVID-19, around 40,000 tourists used to arrive from the UK .

Bank of England expands emergency effort to stabilise financial markets

The Bank of England on Tuesday expanded its emergency effort to quash upheaval on financial markets unleashed by the government's plan to slash taxes, saying fluctuations in bond prices posed a material risk to Britain's fiscal stability. The UK central bank said it will now buy inflation-linked securities which offer protection from inflation as well as conventional government bonds as it seeks to restore orderly conditions in the market. Purchases will total up to 10 billion pounds (USD 11 billion) a day split evenly between both types of bonds, and the program will end Friday as originally planned, the bank said in a statement. Analysts say pension funds lobbied the central bank to extend the programme by two weeks, but Bank of England Governor Andrew Bailey stuck to the timeline in an appearance at the annual meeting of the Institute of International Finance in Washington. He said portfolio managers have three days to rebalance their positions. The bank broadened the program

Experts debate fugitive diamantaire Nirav Modi's suicide risk in UK court

Nirav Modi faces charges of fraud and money laundering, amounting to an estimated $2 bn in the Punjab National Bank loan scam case

UK needs more migrants to boost growth, says CBI business lobby survey

Three-quarters of respondents believe a lack of access to labor is threatening the UK's competitiveness as a place to employ people, the Confederation of British Industry said Tuesday.

UK PM Liz Truss hands trade minister's job to Rishi Sunak's ally

British Prime Minister Liz Truss on Monday handed a junior trade minister's job to an ally of her leadership rival Rishi Sunak, in a move seen as an attempt to rally the governing Conservative Party behind her and curb rebellious moves on the backbenches. Greg Hands, a vocal supporter of the former Indian-origin Chancellor, replaced Conor Burns as Minister of State in charge of Trade Policy in the Department for International Trade (DIT) after the latter was sacked recently following allegations of serious misconduct. Hands was one of Sunak's high-profile backers in the Conservative Party leadership contest and his inclusion was welcomed by other Sunak loyalists as a sign that Truss wants to build bridges with that faction of the party. No one is more experienced and knowledgeable than Greg Hands on trade. A welcome addition back to the Liz Truss government, tweeted former Transport Secretary Grant Shapps, also a staunch Sunak supporter. Sunak, the first British Indian candidate to

BoE expands emergency support for UK bond market to prevent a rout

The Bank of England stepped up its support for the UK bond market, aiming to prevent a rout in a $1 trillion part used by the pensions industry from spreading

UK, Ireland signal new hope of deal to end grinding Brexit trade feud

Britain and Ireland hailed a new spirit of compromise on Friday in a grinding feud over post-Brexit trade rules, expressing hope of making enough progress in the next three weeks to avoid a destabilising new election in Northern Ireland. It comes as new British Prime Minister Liz Truss seeks to improve relations with the UK's neighbours after the country's long, acrimonious divorce from the European Union. UK Northern Ireland Secretary Chris Heaton-Harris said Britain and the EU were negotiating in good faith and good humour a marked contrast from the bitter tone that has marred relations since the UK voted for Brexit in 2016. Speaking to reporters in London after a meeting of the British-Irish Intergovernmental Conference, he said he was very positive about the chances of getting a negotiated solution. Irish Foreign Minister Simon Coveney said political leadership is about making things happen and sometimes surprising people, and I think that's what we need to do over the next fe

UK offers licensing round for North Sea oil & gas exploration despite oppn

The British government opened a new licensing round for North Sea oil and gas exploration Friday despite criticism from environmentalists and scientists who say the move undermines the country's commitment to fighting climate change. The Conservative government argues that extracting more fossil fuels from the North Sea will create jobs and strengthen UK energy security, and is less environmentally harmful than importing gas and oil from abroad. I know it sounds contradictory but it's actually good for the environment, Climate Minister Graham Stuart said. When we burn our own gas, it's got lower emissions around its production than foreign gas as well as supporting British jobs, he told the BBC. Russia's invasion of Ukraine has pushed gas and electricity prices higher and squeezed energy supplies across Europe, prompting countries to focus urgently on securing new sources. The organisation that oversees the UK's electricity grid has said that planned blackouts might be needed th

Yogi, UK-India business council chairperson discuss investment plans in UP

Chairperson of UK-India Business Council Richard Heald met Uttar Pradesh Chief Minister Yogi Adityanath on Thursday, during which the two discussed avenues for British investment in the state. During the meeting at the chief minister's official residence, Adityanath highlighted that the state provided ample opportunities for British companies to invest in any sector, including defence, electronics, information technology, and dairy. He said the government was planning to organise "Uttar Pradesh Global Investors' Summit" next year, and investment-oriented policies were being prepared for various sectors. "Uttar Pradesh is fast emerging as an attractive investment destination for the world," he said. Heald assured the United Kingdom's participation in the investors' summit as a country partner, according to an official release. The UKIBC chairperson invited Adityanath to London and requested him to meet representatives of various British companies, the release said. Heald said a be

UK nurses' union to go on strikes as cost of living, energy crisis worsen

Britain's biggest nurses' union asked its 300,000 members Thursday whether they want to go on strike in a dispute over pay, and the UK's electricity system operator warned of potential winter blackouts, in the latest evidence of the UK's worsening energy and cost-of-living squeeze. Members of the Royal College of Nursing are voting through Nov. 2 on whether to stage the biggest strike in the organisation's 106-year history. General Secretary Pat Cullen said nurses are struggling to provide safe care for their patients because of staff shortages. The union is seeking a pay raise of 5% above the rate of inflation, which is currently at a 40-year high of almost 10%. The only way that we're going to address those vacancies and ensure that we recruit nurses into our health services and hold on to the brilliant services that we've got is if we pay them a decent wage, she said. Cullen said nurses would continue to provide critical care during a strike. The potential for a strike by nurs

UK debt outlook cut by Fitch after Liz Truss's mini-Budget debacle

A top US credit rating agency has lowered its outlook for British government debt from "stable" to "negative" amid the fallout from Prime Minister Liz Truss's mini-budget fiasco

India, US, UK, France condemn North Korea's ballistic missile launch

India, joining the US, UK and France, has strongly condemned North Korea's ballistic missile launch which overflew Japan, with New Delhi underlining that these launches affect the peace and security of the region and beyond. The missile fired on Tuesday was the first from North Korea to fly over Japan in five years. The launch mark the 24th time this year that North Korea has conducted missile tests. We have noted with concern the reports of ballistic missile launches by the DPRK (Democratic People's Republic of Korea), India's Permanent Representative to the UN Ambassador Ruchira Kamboj said at a UN Security Council meeting on DPRK on Wednesday. "These follow the launch of the intercontinental ballistic missile by the DPRK in March this year, which was discussed in this Council, as well as other successive launches, she said. Later, US Ambassador to the UN Linda Thomas-Greenfield delivered a joint statement on behalf of Albania, Brazil, France, India, Ireland, Japan, Norway, South

UK pension funds almost collapsed amid market meltdown: Bank of England

Pension funds managing vast sums on behalf of retirees across Britain came close to collapse amid an "unprecedented" meltdown in UK government bond markets

UK Opposition Labour leader Keir Starmer vows to combat 'Hinduphobia'

In its first direct reference to the term "Hinduphobia", the UK's Opposition Labour Party committed itself to fight against hate crimes of all kinds following communal clashes in Leicester and Birmingham in the wake of an India-Pakistan cricket match. Addressing one of Europe's largest Navratri celebrations here on Wednesday evening, Labour Leader Keir Starmer told a gathering of hundreds of British Indians that he was determined to put an end to divisive politics and extremist elements exploiting social media to spread hatred within communities. Some diaspora organisations in the UK have claimed the disorder in Leicester last month reflected Hinduphobia, or hate crimes targeted at Hindus, intensified by social media disinformation. "Hinduphobia has absolutely no place in our society anywhere and we must all fight this together," said Starmer, amid cheers. "I know that many people are targeted based on their religion and there's been a rise in hate crimes in recent years. I'm so tir

King Charles III's coronation ceremony to be held in June next year: Report

King Charles III's coronation ceremony is set to take place on June 3, 2023, according to Page Six