UK faces longest recession since records began, Bank of England says
The Bank of England warned Thursday that the U.K. is facing its longest recession since records began, with the economic downturn expected to extend well into 2024.
Financial News
World’s largest container shipping firm Maersk, a barometer for global trade, warns of ‘dark clouds on the horizon’
Maersk, the world’s largest shipping container firm, on Wednesday posted record profit for the third quarter on the back of high ocean freight rates.
Uber stock pops 15% on revenue beat, strong guidance
Uber reported a third-quarter loss but beat analysts’ estimates for revenue.
Euro zone inflation hits record high of 10.7% as growth slows sharply
Preliminary data on Monday showed headline inflation came in at an annual 10.7% this month — the highest ever on record.
Twitter is now owned by Elon Musk — here’s a brief history from the app’s founding in 2006 to the present
Here’s a timeline of Twitter’s most notable moments over the past 16 years.
Big Tech falters on dreary earnings and forecasts for Q4— Meta has worst week ever, Amazon tumbles 13%
While Apple gave Wall Street a reason to cheer, the other Big Tech companies showed how challenging the economic environment has become for their businesses.
EU official warns Musk he’ll have to ‘fly by our rules’ as he buys Twitter
After Musk indicated his takeover of Twitter was complete, the EU’s Thierry Breton tweeted: “In Europe, the bird will fly by our rules.”
ECB hikes rates by 75 basis points and scales back support for European banks
The ECB announced another 75-basis-point rate hike — its third consecutive increase this year — while also scaling back support for European banks.
France and Germany’s relationship questioned as Scholz goes alone on policy
The leaders of Germany and France are meeting Wednesday in Paris, but this encounter almost got cancelled as tensions between both sides grow.
‘Our country is facing a profound economic crisis’: Rishi Sunak pledges to fix mistakes as he becomes UK PM
The U.K.’s third prime minister of the year faces a packed in-tray including a looming recession and the European energy crisis.