Yahoo News Japan’s benchmark Nikkei 225 index tumbles nearly 5% after its ruling party chose Ishiba as the next prime minister
TOKYO (AP) — Japan’s benchmark Nikkei 225 index tumbles nearly 5% after its ruling party chose Ishiba as the next prime minister.
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The Telegraph£1bn blow to Starmer’s push for growth
Labour’s push for growth has been dealt an embarrassing blow by the owner of P&O Ferries, which shelved a £1bn port expansion after the Transport Secretary branded it a “rogue operator”.
- The Guardian
Pressure mounts on Rachel Reeves to drop ‘dangerous’ £1.3bn cut to benefits for disabled
Thousands could lose up to £4,900 a year if the plan is retained in the forthcoming budget
- The Guardian
How Labour promises have left Rachel Reeves with a giant budget headache
Frustration grows with chancellor locked away in Treasury and facing competing challenges for her historic speech
- The Telegraph
Sickness handouts to be cut for mentally ill under Labour proposal
People with mild mental health conditions could lose some of their benefits under plans being considered by ministers to cut welfare spending.
- The Telegraph
Civil servants with £100k pensions surge five-fold after pay rises
The number of civil servants pocketing annual pensions worth more than £100,000 has risen five-fold following a series of inflation-busting rises.
- The Guardian
Eton among elite private schools set to cash in on windfall from new VAT rules
VAT-registered schools will be able to claim refunds for tax paid on capital projects over past 10 years
- Lancashire Telegraph
Refugee demand surge sparks housing crisis in East Lancs borough
Blackburn with Darwen had a summer surge in the number of former asylum seekers seeking emergency housing, causing a crisis in supply.
- Evening Standard
Which taxes will Chancellor Rachel Reeves raise in the Budget?
National Insurance for employers, inheritance tax, capital gains tax and pension tax relief are among the Chancellor's options
- The Telegraph
Private school exodus could be twice as bad as predicted
The VAT raid on private schools threatens to force twice as many pupils into state education as claimed by official estimates, the author of a crucial report has admitted.
- The Guardian
Labour considers up to £3bn tax raid on gambling firms
Treasury weighing proposals as chancellor attempts to plug £22bn hole in public finances
- The Guardian
Private equity barons lean on Rachel Reeves to water down proposals for higher taxes
With the budget and Starmer’s investment summit approaching, the industry’s lobbyists are in full cry over ‘carried interest’
- PA Media: UK News
Nations and regions talks moved UK ‘down the road’ in boosting growth – Starmer
The Prime Minister faced questions about why his former chief of staff – now the envoy to the nations and regions – was not at the meeting.
- Bloomberg
China Leaves Economists Wanting More Action to Defeat Deflation
(Bloomberg) -- China moved to further ramp up support for the economy, promising more aid for the slumping property sector and indebted local governments. But officials still haven’t convinced economists that they’re doing enough to defeat deflation.Most Read from BloombergThe Master Plan That Shaped Pakistan’s Capital Is No Longer WorkingThe Cablebus Transformed Commutes in Mexico City’s Populous OutskirtsAs Brussels Booms, an Old Boogeyman Returns: BrusselizationChicago Marathon to Honor Kenya
- Yahoo Finance UK
Traders ramp up bets on Bank of England interest rate cut amid GDP growth
BoE expected to bring rates down to 4.75% in November.
- Yahoo Finance UK
Pound, gold and oil prices in focus: commodity and currency check, 11 October
Pound slips as traders ramp up bets on Bank of England interest rate cut.
- Bloomberg
China’s Deflation Problem Worsens on Weak Consumer Prices
(Bloomberg) -- China’s deflationary problems became more entrenched in September, with consumer prices still weak and factory gate prices continuing to fall.Most Read from BloombergThe Master Plan That Shaped Pakistan’s Capital Is No Longer WorkingThe Cablebus Transformed Commutes in Mexico City’s Populous OutskirtsAs Brussels Booms, an Old Boogeyman Returns: BrusselizationChicago Marathon to Honor Kenyan Who Died After His World RecordSan Francisco to Shut 9% of Public Schools Amid Budget WoesT
- The Conversation
If you think grocery prices take a big bite out of your paycheck in the US, check out the rest of the world
Here’s some food for thought: Groceries are actually pretty cheap in the US, comparatively speaking.
- Reuters
Surging US repo activity likely exacerbating funding pressure
A sharp steady rise in overnight repurchase agreements is overwhelming banks that serve as middlemen for such short-term borrowings in U.S. government securities, threatening to fuel major funding pressure at the end of every quarter and year. The market for so-called repos allows banks to borrow money quickly and cheaply when they need cash, and lend with little risk. Hedge funds and Wall Street financial firms rely on the roughly $4 trillion repo market to finance daily trades, and any disruption could force them to cut holdings of bonds, stocks and other securities.
- CityAM
Brewdog founder James Watt on Britain’s ‘existential’ debt crisis
Founder of beer chain Brewdog has warned Britain’s political system faces an “existential crisis”, and has offered a solution to get on top of it. James Watt took to LinkedIn to vent his frustration at the levels of debt being serviced in the UK economy at the moment, which makes it “impossible for us to
- AFP
China tees up fresh spending to boost ailing economy
China said Saturday it would issue special bonds to help its sputtering economy, signalling a spending spree to bolster banks, shore up the property market and ease local government debt as part of one of its biggest support packages in years.On top of that, Beijing also plans to "issue special government bonds to support large state-owned commercial banks," Lan said, although he did not say how much.