UK News
DUP leader defends MP who attended Palestine solidarity counter-demonstration
Organisers said a counter-protest in Scarva, County Down, was “racist, xenophobic, sectarian”.
Source link
Our planet does not spin on a perfectly vertical axis — it is tilted.
This tilt causes the amount of sunlight that reaches different regions of Earth to change throughout the year as it orbits the Sun.
For half the year the northern half of the Earth is tilted toward the Sun.
On the summer solstice the northern hemisphere is tilted most directly toward the Sun, and the Sun appears directly overhead at the Tropic of Cancer.
Without this tilt we would still experience weather but not distinct seasons, as the amount of daylight would remain nearly constant throughout the year.
The word solstice comes from the Latin words sol (sun) and sistere (to stand still), referring to the apparent pause in the Sun’s movement across the sky.
Despite being the longest day of the year, the summer solstice does not have the latest sunset or the earliest sunrise.
The earliest sunrises happen before the summer solstice and the latest sunsets happen after.
You can check sunrise and sunset times where you are on the BBC Weather app and website.
UK News
Japan hikes interest rates to highest since 1995 to fight inflation from Iran war; Thames Water rescue in doubt – business live | Business
Introduction: Japan hikes interest rates to highest since 1995
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
The inflationary consequences of the US-Iran war continue to ripple across the global economy, even though the US and Iran have agreed a memorandum of understanding (MOU) to end their conflict.
With price pressures rising, the Bank of Japan has raised interest rates to a 31-year high today, becoming the second G7 bank – after the European Central Bank – to hike borrowing costs since the Iran war began.
Policymakers in Tokyo raised the BoJ’s short-term policy rate to 1% from 0.75%, taking borrowing costs to levels lase seen in 1995.
The BoJ said it was taking action because companies were passing on rising oil costs to each other at a “relatively fast pace.” That could lead to a rise in consumer prices across a wide range of items, it said.
It acted despite yesterday’s 4.75% drop in the oil price.
Encouragingly, the BoJ also said the risk of Japan’s economy deteriorating sharply from the Middle East conflict has diminished. It cited the government’s relief package to help households facing high fuel costs.
The agenda
-
9.45am BST: Treasury select committee hearing on the Office for Budget Responsibility
-
10am BST: ZEW economic sentiment index
-
1.30pm BST: US housing starts and business permits data
Key events
BoJ welcomes US-Iran peace memorandum
The Bank of Japan’s deputy governor, Shinichi Uchida, has welcomed the US-Iran peace deal.
Speaking at a press conference following today’s rate hike, Uchida said the deal was a “welcome move”, explaining:
“Compared with our previous meeting in April, the U.S. and Iran have signed a memorandum. That is a welcome move. Having said that, there is uncertainty on the pace of improvement in distribution (of oil).”
Uchida also pointed to inflationary risks, saying:
Compared with the previous meeting, the risk of a sharp deterioration in the economy has diminished. On the other hand, price rises are broadening, and there is a risk that underlying inflation may deviate from our target.”
“With underlying inflation approaching 2%, it’s important to ensure we achieve our target stably.”
Uchida is standing in for BoJ governor Kazuo Ueda, who was hospitalized last week for treatment of a liver cyst infection.
Investors may be relieved that the Bank of Japan didn’t hike interest rates more sharply today, explains Susannah Streeter, chief investment strategist at Wealth Club.
The Bank of Japan has raised its key interest rate to a 31-year high as a precaution, to try and stop energy costs being embedded more deeply across the economy.
The move – increasing the short-term policy rate to 1% from 0.75% – was widely expected, but it’s a step-change in monetary policy for Japan, given it pushes borrowing costs to levels not seen since 1995. There was some relief that the move wasn’t more hawkish, with even a 50-basis-point hike having been mooted.
That’s why investors responded with relief and stocks rallied even higher
Nikkei hits record closing high
The BoJ’s interest rate hike didn’t prevent Japan’s Nikkei share index from hitting a fresh record high.
The Nikkei soared through the 70,000-point mark for the first time ever, and has ended the day at a new closing high of 69,404.5 points.
Other Asia-Pacific markets have also continued to rise today, amid ongoing optimism over the US-Iran peace deal.
Thames Water rescue at risk as government opposes ‘weak’ deal
Thames Water has moved a step closer to nationalisation after government ministers reportedly formally objected to the £10bn rescue deal proposed by its creditors.
According to The Times this morning, environment secretary Emma Reynolds has written to water regulator Ofwat this week to raise concerns about the plan for the struggling, indebted utility giant.
They explain:
Reynolds is understood to be concerned that the creditors’ offer for Thames Water is “weak”, not least after “15 years of mismanagement and failure”.
Those who support placing Thames into special administration argue that this would give the company a fresh start by forcing existing investors to write off losses and allow the company to be sold without its existing debt pile.
Under the proposed rescue deal, Thames Water’s creditors would inject £3.35bn of fresh equity, and write off a third of their debt.
They are also seeking up to 15 years’ leniency from river pollution rules, arguing that this will make it easier to upgrade the trouble company’s water network.
Reynolds’s intervention comes just days after Manchester mayor Andy Burnham told the Guardian that Thames Water should be nationalised, just days before the Makerfield by-election which – should be win – could lead to a leadership challenge against Keir Starmer.
If the government were to approve the deal with creditors, then Thames Water – which currently has aroun £20bn of debt – would be part-controlled by the billionaire Trump donor and hedge funder Paul Singer.
Introduction: Japan hikes interest rates to highest since 1995
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
The inflationary consequences of the US-Iran war continue to ripple across the global economy, even though the US and Iran have agreed a memorandum of understanding (MOU) to end their conflict.
With price pressures rising, the Bank of Japan has raised interest rates to a 31-year high today, becoming the second G7 bank – after the European Central Bank – to hike borrowing costs since the Iran war began.
Policymakers in Tokyo raised the BoJ’s short-term policy rate to 1% from 0.75%, taking borrowing costs to levels lase seen in 1995.
The BoJ said it was taking action because companies were passing on rising oil costs to each other at a “relatively fast pace.” That could lead to a rise in consumer prices across a wide range of items, it said.
It acted despite yesterday’s 4.75% drop in the oil price.
Encouragingly, the BoJ also said the risk of Japan’s economy deteriorating sharply from the Middle East conflict has diminished. It cited the government’s relief package to help households facing high fuel costs.
The agenda
-
9.45am BST: Treasury select committee hearing on the Office for Budget Responsibility
-
10am BST: ZEW economic sentiment index
-
1.30pm BST: US housing starts and business permits data
Alan Irwin fell victim to an attempted sextortion scam after a man he met through a dating app threatened to send an intimate video of him to his friends and family.
Source link
-
Crime & Safety4 weeks agoWhat happens to Halifax customers if Lloyds makes changes?
-
Oxford News4 weeks agoActor steps down from major role in new Harry Potter series
-
Crime & Safety4 weeks agoOxfordshire bridge closure comes as management ‘weaknesses’ found
-
UK News4 weeks agoBurnham seeks to calm markets by committing to fiscal rules
-
UK News4 weeks agoGlass deposit scheme 'risks major problems' for retail industry
-
Student Life4 weeks agoTommy Robinson Union invite sparks controversy across University
-
UK News4 weeks agoEx-minister Shapps quits aerospace firm over rule concerns
-
Crime & Safety4 weeks agoRyan Bridge speaks of London arrest after Oxford incident