The US tech firm that dominates the market for chips used in artificial intelligence (AI) has delighted investors with a doubling in quarterly revenue, promising more of the same in future. Nvidia shares gained almost 10% in after-hours trading in New York on Wednesday night when it revealed a string of numbers that beat analysts’ […]
View PostUK economy grows by 0.2%
The UK economy grew slightly in the three months to June, according to official estimates. Gross domestic product (GDP) increased by 0.2% in the second quarter of the year, the Office for National Statistics (ONS) said. In June alone it rose by 0.5%. It comes after a rate of 0.1% was recorded in the first […]
View PostBank of England increases interest rate for 14th time
The Bank of England has raised interest rates for the 14th successive time, lifting its official rate to 5.25%. The quarter percentage point increase was somewhat smaller than some economists had expected, following the release of lower-than-anticipated inflation data last month. “Inflation is falling and that’s good news,” said the Bank’s governor Andrew Bailey. “We […]
View PostEurozone interest rates return to all-time high
The interest rate in the 20 Eurozone countries has been returned to the highest ever level. Not since October 2000, when the euro was newly launched, have rates been this high. On Thursday, the European Central Bank (ECB) increased its benchmark rate to 3.75%, up 0.25 percentage points, making borrowing more expensive as inflation stood […]
View PostApple becomes first public company to be valued at $3trn
Apple has surpassed Microsoft, which is valued at $2.5trn, while oil giant Saudi Aramco is worth $2.08trn. Google parent company Alphabet, Amazon and software giant Nvidia, a world leader in AI technology, have market values of more than $1trn each. Apple has entered the history books as the first public company to be valued at […]
View PostUK Interest rate hits ‘shock’ 5% after 0.5 percentage point increase
The Bank of England has shocked economists and investors by raising interest rates half a percentage point to 5% – the highest level since 2008. Economists had expected the Monetary Policy Committee to raise interest rates by only a quarter percentage point, but the MPC voted 7-2 for the surprise increase, explaining that it was […]
View PostEurozone interest rate at more than 20-year high
The interest rate in the 20 Eurozone countries has been hiked to a more than 20-year high. The European Central Bank has increased its benchmark rate to 3.5%, up 0.25 percentage points, making borrowing more expensive as it said inflation has been “too high for too long”. Rates will continue to increased, the ECB signalled. […]
View PostUK growth confirms recession avoided in 2022
The UK economy performed better than previously estimated at the end of last year, revised official figures show. It was previously thought the economy had not grown in the last three months of 2022, but new Office for National Statistics data shows it grew by 0.1%. The latest figures confirm that the UK economy avoided […]
View PostUK accepted into Indo-Pacific trade bloc in biggest trade deal since Brexit
The UK has been accepted into an Indo-Pacific trade bloc in what the government says is its biggest trade deal since Brexit. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement between 11 countries across the Indo-Pacific, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and […]
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