Money Talks

In Britain, the sterling has started to recover from a volatile trading week. Investors soured on the currency after the government announced tax cuts that would saddle a struggling economy with tens of billions of dollars in additional debt. As a result, the pound, which was once at the centre of global finance, fell to its lowest value on record. Paolo Montecillo has more.

For the details, we had Professor Hilary Ingham and economist Robert Gilhooly.

#UnitedKingdom #Pound #MiniBudget

The UK economy grew in the second quarter, averting a summer recession despite the cost of living crisis. The 0.2% growth was a surprise improvement on the previous estimate of a fall of 0.1%, the Office for National Statistics said Friday. The expansion in the second quarter means the economy is not in a technical recession, as many thought.

For more on UK economy, we were joined by Craig Erlam, who is a senior market analyst at OANDA in London.

#UnitedKingdom #UKEconomy #Inflation

European stocks are heading for a higher open on Thursday after the Bank of England said it would purchase bonds to steady its financial markets and prop up the plummeting British pound. The sterling has stooped to record lows against the U.S. dollar in recent days.

For more, we were joined by Han Tan, who is the chief market analyst at Exinity Group in Abu Dhabi.

#UnitedKingdom #Pound #StockMarket

In a rare statement, the International Monetary Fund said that the new economic measures laid out by the UK government will likely increase inequality. The fiscal package, which included hefty tax cuts for Britain's highest earners, aims to help families and businesses handle the energy shock, but the IMF does "not recommend large and untargeted fiscal packages at this juncture".

#UnitedKingdom #TaxCut #Pound

Major indices in the Asia-Pacific region slumped 2% after the S&P 500 set a new 2022 low overnight on Wall Street. The offshore and onshore Chinese yuan fell to its weakest level since 2008 and the Indian rupee also marked a record low.

For more on this, we spoke to Danni Hewson, who is a financial analyst at AJ Bell in the UK.

#Yuan #Rupee #Markets

Oil steadied in early Asian trade on Tuesday as indications that producer alliance OPEC+ sought to avoid a collapse in prices, along with a slight softening in the US dollar, tempered an earlier selloff.

For more on this, we spoke to Russ Mould, who is the investment director at AJ Bell.

#OilPrices #OilMarket #OPEC

The British pound plunged to a record low on Monday morning in Asia, following last week's announcement by the new UK government that it would implement tax cuts and investment incentives to boost growth. Sterling briefly fell 4% to an all-time low of $1.03 on Monday in Asia.

For more on this, we spoke to Susannah Streeter, who is an investment analyst at Hargreaves Landsdown.

#Pound #UnitedKingdom #TaxCut

Ethereum has finally completed its highly-anticipated major software upgrade as it looks to address environmental concerns. According to the Ethereum Foundation, the merge will help its network to consume 99-point-95 percent less energy compared with the older proof of work principles. Alex de Vries is a financial economist, and he says the upgrade could draw in more environmental-focused investors to the world's second largest cryptocurrency.

#Ethereum #Merge #EnergyConsumption

Australia cuts down its trees and flattens its forests faster than any other rich nation in the world. According to the environmentalist group the Worldwide Fund for Nature, some 430,000 square kilometers of the country's forests have been destroyed since 2004. That's had a severe impact on its unique biodiversity, and contributes to global heating. As Paolo Montecillo reports, efforts to reverse that trend are gaining momentum.

#Australia #Forest #Environment

South Africa is in the throes of an energy crisis. Citizens are facing daily power outages that last upwards of six hours. And when the lights are on, utility bills are skyrocketing. The lack of electricity is forcing industries to cut output and jobs. President Cyril Ramaphosa skipped the United Nations General Assembly to hold a series of emergency meetings, to resolve the crisis.

Tayyibe Aydin reports.

For more on this, we spoke to Agnes Gitau. She's managing partner at GBS Africa, an advisory services firm where she provides political and economic risks intelligence for businesses operating in Sub Sahara Africa.

#SouthAfrica #PowerCuts #ElectricityPrices