Spell out taipeis proximity to chinese expansionism

T he pound is facing an “existential crisis” and is likely to weaken further during this year, one of Wall Street’s top banks has warned. Bank of America says sterling “finds itself in an increasingly invidious position” for reasons including “increasingly challenging” Bank of England communication. Kamal Sharma, a London-based foreign exchange strategist for the lender, said the outlook for the pound was “grim”. The warnings came as the price of oil breached $120 (£95) a barrel on Monday, hitting a two-month high amid tightness in the market and concern over supplies. Oil prices have risen amid tight supply driven by the fallout from Russia’s war in Ukraine, as well as increased demand as more economies return from Covid-related restrictions. China announced easing of its restrictions, while the European Union worked on a plan to ban imports of Russian crude. The pound has fallen about 6.6pc this year in dollar terms, leaving it as one of the worst performers among the … [Read more...] about Pound faces ‘existential crisis’, Bank of America warns

Shanghai is scrambling to avert an economic disaster with an attempt to reboot the battered city in June after two months of brutal lockdowns to preserve China's zero-Covid strategy. The authorities are ramping up spending on physical infrastructure and construction, as well as encouraging banks to lend more money to businesses and promoting the return of international trade as they seek to kick-start the country’s biggest port. The vital commercial city of more than 25m people has been hammered by the Communist regime’s latest attempts to completely suppress Covid in the face of the extremely transmissible omicron variant of coronavirus. Taxes on car sales are being cut, after an entire month in which not a single vehicle was sold in the city owing to the intensity of the lockdowns. More shops and factories will be allowed to open, residents are tentatively being allowed to leave their homes with less frequent tests, and online deliveries are being encouraged to promote … [Read more...] about Shanghai scrambles to avoid zero-Covid economic catastrophe

Tui cancels quarter of flights from Manchester Airport FTSE 100 adds 0.1pc S&P 500 little changed, Nasdaq up 0.5pc Matthew Lynn: Businesses must go on strike over Sunak’s disgraceful tax raid Sign up here for our daily business briefing newsletter ​ M ortgage lending fell by more than a third in April, stoking fears of a slowdown in house prices. Total lending for house purchases slumped to £4.1bn, from £6.4bn in March, as the impact of higher interest rates kicked in. Data from the Bank of England showed mortgage approvals fell to around 66,000 over the month, compared with 70,700 in March. The number of loans granted was well beneath economists’ expectations, and below the average for the half-decade before the pandemic. 6:07PM Wrapping up T hat's all from us today, thank you for following! Before you go, have a look at the latest stories from our business reporters: Bank of England to take over collapsed … [Read more...] about Housing market slump feared as mortgage lending plunges by a third

T he American owners of Boots may revive plans for stock market float next year after scrapping the sale of Britain’s biggest chemist to a Wall Street buyout fund and Indian billionaire Mukesh Ambani. Walgreens, which merged with Boots in 2014 in a deal worth £9bn, said none of the offers for the “adequately reflects the high potential value of Boots and No7 Beauty Company”. The Illinois-headquartered company said bidders had struggled to arrange bank loans to buy Boots after financial markets “suffered unexpected and dramatic change”. Private equity fund Apollo and Mr Ambani had been in pole position to acquire Boots after Walgreens chairman Stefano Pessina put the business up for sale in January. But a £5bn approach — considerably lower than the £7bn Mr Pessina is said to have wanted — fell through. Ornella Barra, Boots operating chief, wrote to the company’s 56,000 staff saying she was “happy to confirm that it has been decided that Boots and No7 Beauty Company will … [Read more...] about Boots stock market float back on the table as £5bn sale collapses

British sports car maker Lotus is to phase out all new petrol models from next year as it shifts to a fully electrified line-up of vehicles. The 74-year-old business said it will be the first established sports car maker to drop petrol models after it announced the Emira will be the last to be powered by a combustion engine. Matt Windle, managing director at Lotus Cars, said: “All new mainstream vehicles from Lotus from 2023 will be fully electric. It means Lotus will become the first established sports car maker in the world to have a fully electrified product range.” It comes ahead of a looming Government ban on the sale of all new petrol and diesel cars from 2030 as Boris Johnson races to meet the UK’s net zero targets. Lord Grimstone, the investment minister, said: “It is brilliant to see Lotus, a truly iconic UK car brand, leading on the transition to cleaner transport. “I look forward to seeing Lotus continue to innovate and combine electrification with high … [Read more...] about Lotus to stop making new petrol car models from next year

Chinese driver Zhou Guanyu credited the ‘halo’ for keeping him alive following his harrowing first-corner crash at Sunday’s British Grand Prix . Here we take a closer look at the Formula One’s cockpit protection device. What is the ‘halo’? A three-pronged titanium safety device which sits above the driver’s head. It is covered with carbon fibre and weighs seven kilograms. Recommended Over £130m handed to housing providers named and shamed by regulator The halo’s job is to absorb a huge impact and to protect the driver from severe head trauma. Remarkably, it can take the weight of a London double decker bus. When was it introduced? The FIA accelerated its safety programme following the deaths of Henry Surtees in a Formula Two race in 2009 and Justin Wilson at an IndyCar event in 2015. Both drivers were killed after being struck on the head by debris from other cars. The halo was first trialled in F1 in 2016 before it became mandatory … [Read more...] about What is the ‘halo’ safety device that saved Zhou Guanyu at British Grand Prix?

Zhou Guanyu is set to return to his Alfa Romeo cockpit at next weekend’s Austrian Grand Prix – just five days after he was involved in one of the most spectacular crashes in recent memory. The 23-year-old Chinese rookie revealed he is “keener than ever” to get back behind the wheel of his Formula One machine after he emerged unscathed from a horrendous opening-corner accident at Silverstone. Zhou ended up trapped between a steel barrier and metal catch fencing after he was flipped upside down and out of control at 160mph. But after he was extracted from his wrecked car, and taken to the on-track medical centre, Zhou was declared medically fit by the FIA. It is not anticipated that he will have to undergo any additional tests to prove he is ready to race next weekend. “Hi everyone and thank you for all the kind messages,” tweeted Zhou on Monday. “I want to to thank the marshals and the medical team at Silverstone – they were really fantastic. Recommended … [Read more...] about ‘See you in Austria’: Zhou Guanyu ‘keener than ever’ to resume racing after horror crash

Wimbledon: Sue Barker introduces Novak Djokovic Sign up for FREE for breaking Wimbledon news and player updates SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Novak Djokovic produced a spirited display on Sunday evening to surpass Dutch underdog Tim van Rijthoven on Centre Court and set up a mouth-watering quarter-final clash with Jannik Sinner. Van Rijthoven, who was a relative unknown before his run at SW19, levelled the match at one set apiece before Djokovic hit top gear to ruthlessly finish the job. Related articles Federer made Kyrgios 'circus' claim years before Tsitsipas dispute Roger Federer confirms plan to make Wimbledon comeback one more time The Centre Court crowd were vocal in their support of … [Read more...] about Novak Djokovic survives Wimbledon scare to set up date with Carlos Alcaraz conqueror

This week, Jessica Carroll asks the question: How sustainable is Shein? Jeans, £18.49, shein.co.uk Materials These jeans- by fast-fashion brand Shein- were made in China from a mix of cotton, elastane and polyester. None of these fabrics can be easily separated, meaning the jeans will end up in landfill. The quality is poor so these won't last long either. Packaging Unsurprisingly for a company that releases around 2,800 new pieces a week, sustainability isn't a priority for Shein. The jeans arrived in a non-recyclable plastic mailing bag and a resealable plastic garment bag. But at least most councils can recycle the plastic it's produced from. Suppliers Shein only scored 1/100 in campaign group Fashion Revolution's 2021 Fashion Transparency Index, meaning the company is seriously secretive about its business practices. After going undercover at Shein's factories last year, watchdog group Public Eye accused the company of violating Chinese labour laws. As … [Read more...] about The Green Guide: How sustainable is your wardrobe? Jessica Carroll challenges fashion’s eco credentials

Temperatures are likely to be above average next week, especially in the South, with each day becoming warmer. Forecasters have said "very warm temperatures" are expected from the weekend onwards, with high 20s and approaching 30C, with southern and eastern parts expected to see the best of the "fine and dry weather". But while rumours swirl about possible record-breaking July heat, Sky News weather producer Christopher England warned there is "considerable uncertainty" about how warm it could get and it is "currently not possible" to accurately predict the temperatures more than a week in advance. Find out the weather forecast for your area He said: "Forecasts become increasingly uncertain with time, with wide variations, so although above average temperatures seem likely next week, especially in the south, it is currently not possible to say how hot it will actually be and how long any hot spells will last. Advertisement In its long range … [Read more...] about UK weather: Above average temperatures likely next week as heat moves in for July