First Bank of England rate hike in 3 years
The Bank of England raised its benchmark interest rate to 4 percent on Thursday, the first increase in more than three years, as soaring energy costs push up global inflation. The central bank tightened borrowing costs by a quarter point, catching up with the US Federal Reserve and the European Central Bank in lifting rates since the start of the Middle East conflict. Along with Ukraine's strikes on Russian refineries, disruptions to Gulf energy supplies owing to the US-Iran war have caused record-high diesel prices around the world. "There is now enough inflationary pressure in the pipeline caused by the rise in energy prices, that an increase in Bank Rate is warranted," BoE governor Andrew Bailey said in a statement. "Today's increase shouldn't be seen as the first in an inevitable long sequence of hikes. "But, unless the conflict in the Middle East is resolved, neither does it seem likely to be the last increase." Despite surging inflation, the bank upgraded its forecasts for UK economic growth in 2026 and 2027. The central bank now estimates gross domestic product to hit 1.6 percent this year and 1.3 percent next year. In July, it had forecast GDP output of 1.1 percent in both years. The BoE last raised its key...
Read full articleMore News
Microsoft’s Global Outage and Fixes: What We Know
The company described “encouraging” progress on efforts to overcome a second day of disruptions to its email, messaging and other services.
Inside Microsoft’s Rush to Get Back Online After a Global Outage
A prolonged outage left many without email and other services, the most recent reminder that the world’s technological underpinnings rely on just a few companies.
Nvidia Scandal Unleashes a Flood of AI-Generated Memes
The revelations surrounding Jensen Huang, who resigned from Nvidia over extramarital affairs, inspired social media posts using the very technology his company helped develop.
Pressure grows on Trump's Commerce Secretary Lutnick in fallout from Nvidia scandal
Scott Bessent told CNBC that several government agencies "were in favour of putting Megaspeed on the entity list for months".
Wall Street Loses a Powerful Dealmaker After Nvidia’s CEO Is Ousted
The ousted Nvidia chief executive was the consummate dealmaker leading the trillion-dollar A.I. build out.
Why is Microsoft's outage lasting so long and will emails be lost?
Microsoft says it is continuing to restore services including Outlook and Teams following a global outage.
Microsoft Says Outage Disrupting Outlook Is Improving
Health services, schools, police departments and companies worldwide reported disruptions to their work. The cause was unclear, though Microsoft appeared to rule out a cyberattack.
Are board games making a comeback this Christmas?
Are board games making a comeback this Christmas?
Democrats Eye Strict New Limits on White House Budget Powers
The incoming majority is also planning aggressive oversight of the White House budget director, who appears to be working to install an ally to monitor the budget office’s handling of federal spending.
Asian Americans Share Disappointment and Fear After Jensen Huang Scandal
Many East Asians said that he had swagger and seemed like a superhero. Now there are worries that the spy scandal turns into hyper scrutiny against them.
Bessent Faults Commerce Dept. for Failing to Blacklist Megaspeed
The Treasury secretary blamed the department for not sanctioning the Singaporean firm and said that Nvidia employees should be held accountable if they sidestepped the law.
Jensen Huang’s Resignation From Nvidia Worries the A.I. Start-Up World
Mr. Huang championed start-ups, with Nvidia holding $48 billion worth of stakes in 229 private companies, including OpenAI and Anthropic, at the end of July.