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The rocketing US dollar is draining global liquidity and tightening conditions violently for large parts of the international financial system, and for the interlinked nexus of credit contracts and derivatives. The Federal Reserve’s broad dollar index is the highest in real terms since modern data began. The market dollar index (DXY) is the highest since the end of the dotcom bubble two decades ago - when the US was the unchallenged global hegemon, at the peak of its post-Cold War strategic and technological ascendancy. CrossBorderCapital says global liquidity has been contracting at a rate of 24pc (annualised) in dollar terms over the last three months. This is chiefly a US story. The US monetary base has fallen from a peak of $6.47 trillion to $5.57 trillion since mid-December as the Fed winds down quantitative easing , and the US Treasury rebuilds its cash reserve at the Fed - which takes money out of the economy. Something was bound to snap, and snap it has over the … [Read more...] about The Great Dollar Squeeze of 2022 is causing global havoc

Never let a good opportunity to bash Britain go to waste: that, it would seem, remains the EU’s guiding foreign policy principle. In a staggeringly ill-timed act of revanchism from apparatchiks still seething from the humiliation meted upon them in 2016, Brussels is about to force Britain to tear up the Northern Ireland Protocol , potentially triggering a vicious trade war and, in extremis, a complete breakdown in diplomatic relations. Why such self-destructive stupidity, such demented short-termism, at a time when the war in Ukraine, rampant inflation and the global economic calamity ought to be the only priority? Emmanuel Macron’s latest European vision, which includes a provision for Britain to join a new EU-lite outer circle, provides us with a helpful clue. It sometimes feels as if the French president, his Napoleonesque delusions reawakened by his election victory , harks back to the days of the Expédition d’Irlande, when revolutionary France sent 12,000 troops to the aid … [Read more...] about Brexit Britain can defeat the EU’s vicious attempt at trade war blackmail

Liz Truss has insisted that the UK "will not shy away" from taking action on the Northern Ireland Protocol. The Foreign Secretary last night told Brussels its proposed solutions would make the situation worse after EU leaders threatened a trade war . She is preparing to announce that the UK will unilaterally change parts of the protocol – which defines post-Brexit trading terms between mainland Britain and Northern Ireland – as early as next week. Ministers are expected to point to the impasse over power-sharing in Northern Ireland in the wake of last week's elections as proof that the protocol is unsustainable. There were warnings from the Continent about potential economic consequences if the UK reneges on promises it made in the 2019 Brexit withdrawal agreement. But, as political editor Ben Riley-Smith reports, Ms Truss issued a retort . Meanwhile, Boris Johnson used yesterday's Queen's Speech to say that helping families with the cost of living crunch and … [Read more...] about Wednesday morning news briefing: UK’s retort to EU trade war threat

Civil service union leaders are on a direct collision course with ministers. As Whitehall opened a new front in their homeworking battle by seeking the right to work from abroad, Boris Johnson unveiled plans to cut 91,000 civil service jobs . The Prime Minister said the savings made from cutting "swollen" departments would be ploughed into helping people with the cost of living crisis – hinting it may be used to fund future tax cuts. At a Cabinet away day in Stoke-on-Trent, he gave each member of his top team one month to come up with plans for slimming down their own department as part of a drive to cut the overall number of officials by a fifth. Gordon Rayner and Nick Gutteridge explain how the bosses of Whitehall departments will insist that staff are allowed to work overseas "for personal reasons" rather than having to take annual leave. A series of motions passed by the FDA union's conference amounted to a manifesto for home working, in direct contradiction of … [Read more...] about Friday morning news briefing: Mass cull of Whitehall jobs

Alesha Dixon opens up about starting her new business Sign up for FREE for the latest news from the world of showbiz 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 Britain's Got Talent ’s Alesha Dixon left viewers less than impressed last night after wearing a “bra” to the auditions. Outraged viewers took to Twitter to comment on her appearance as some instructed her to “put a top on”. Related articles Jane Seymour, 71, spills 'secret' to ageless skin amid surgery rumours Spain leaves little to imagination with bare bum cheeks at Eurovision For last night’s edition of the talent show, Alesha chose to wear a sparkly triangle top and black trousers with diamanté embellishments. She accessorised the look … [Read more...] about ‘Put a top on!’ Britain’s Got Talent’s Alesha Dixon blasted for baring bra in racy outfit

On Saturday night, 2021 Eurovision winners Maneskin returned to the stage to perform their new song Supermodel, rocking their stage as we knew they would. However, some viewers of the 2022 competition expressed concern over lead singer Damiano David, after spotting that he appeared to be in considerable pain with a leg injury. Following their performance, Damiano looked like he was limping as he spoke about working on Baz Luhrmann upcoming Elvis Presley biopic. As the group walked off stage after performing one more song, Damiano leant on one of his bandmates for support. Several people on Twitter speculated what could be wrong, with one person claiming that the musician injured his leg during a photoshoot earlier in the day, and is said to have not wanted to go on stage with crutches. A number of Eurovision fans dubbed the singer ‘poor Damiano’, with one tweeting: ‘I hope his leg recovers.’ ‘Poor Damiano’s really struggling on that leg, bless him, looks … [Read more...] about Eurovision 2022 viewers concerned for Maneskin’s Damiano David over leg injury: ‘Looks really painful’

By Shaimaa Khalil Published 2 days ago Share close Share page Copy link About sharing Related Topics Australia election 2022 The pandemic - and PM Scott Morrison's handling of it - was once expected to be a central element of his campaign to be re-elected. But with the election just a week away, Covid seems to have taken a backseat in Australian politics. Mr Morrison took credit for saving thousands of lives in his first campaign video - a reminder of 2020 when infections first gripped Europe and the US, but life in much of Australia largely went on as usual. The country was sealed off from the world, but it began to cautiously open up to itself. "Finally made it all the way to the Sunshine Coast in Queensland," I remember telling my friend. Australia was hailed as a Covid success story as days went by with zero cases. But as the pandemic has worn on, that theory has … [Read more...] about Is Australia still a Covid success – and does it matter to the election?

By Nicola Gilroy & Jennifer Harby Published 8 hours ago Share close Share page Copy link About sharing Plans to connect the eastern leg of HS2 to the East Coast Mainline are being considered by the government. The scheme, set out in a government-commissioned document, would see high-speed trains routed from Nottingham to Newark en route to the north. The option is one of four being considered following plans, announced in November , to terminate the eastern leg at East Midlands Parkway. Rail bodies are exploring which option would deliver the most benefits. 'High-speed bypass' The document, named Strategic Alternatives to High Speed 2, was commissioned by the Department for Transport (DfT). It outlined four options, one of which involves routing trains from Nottingham to Newark and up the East Coast Mainline corridor. Under the plans, a new line - or … [Read more...] about HS2 plan to join East Coast Mainline at Newark

Published 20 July 2011 Share close Share page Copy link About sharing The United Nations has declared a famine in two regions of southern Somalia, as it suffers the worst drought in more than half a century. When does mass starvation turn into a famine? Aid agencies and international organisations call it the f-word. Famine is an emotive word, and while in the strict sense it means people are starving on a massive scale, aid organisations do not use it lightly to describe a humanitarian crisis. "It is a very strong word, with a strong impact," the DEC's Brendan Paddy told the BBC. "We have to be precise about how we use it. We have to raise the alarm before it's too late, but we also don't want to be accused of crying wolf." Most major aid agencies - the FAO, the WFP, the Famine Early Warning Systems Network, Save the Children UK, CARE International, the European Commission Joint … [Read more...] about Who, what, why: What is a famine?

Deborah James has been honoured with a damehood after she inspired the nation and raised more than £4 million for her cancer research fundraising initiative in less than a week. Ms James, renowned for her BBC podcast, You, Me and the Big C, revealed on Monday that she had started end-of-life care for bowel cancer. The 40-year-old, known online as Bowel Babe after campaigning to raise awareness of the disease, has raised more than 16 times her original £250,000 goal for Cancer Research UK. Her JustGiving page reached the milestone after donations from more than 220,000 supporters, including high-profile figures such as the Duke and Duchess of Cambridge. “I don’t know what to say. I’m blown away and feel incredibly honoured", the 41-year-old mother of two said of her damehood on Thursday night. “I don’t feel like I deserve this. I can’t tell you what this means to my family, it’s so much to take in," she told The Sun. No 10 confirmed that Ms James is to be made a dame, … [Read more...] about Deborah James honoured with damehood after inspiring nation to raise £4m for cancer charities in a week