Barclays hit by $361 million U.S. penalty for ‘staggering’ blunder

Sept 30 (Reuters) – British lender Barclays (BARC.L) agreed a $361 million penalty with U.S. regulators on Thursday for “staggering” failures that led it to oversell $17.7 billion of structured products, racking up further costs for an error that has blighted CEO C.S. Venkatakrishnan’s first year in charge. The bank said after London market close … Read more

Exclusive: Europe braces for mobile network blackouts

PARIS/STOCKHOLM/MILAN, Sept 29 (Reuters) – Once unthinkable, mobile phones could go dark around Europe this winter if power cuts or energy rationing knocks out parts of the mobile networks across the region. Russia’s decision to halt gas supplies via Europe’s key supply route in the wake of the Ukraine conflict has increased the chances of … Read more

UK’s Truss sticks to policy plan as she breaks silence after market rout

Truss says will not change course on UK policy Bond markets calmer after BoE intervention Investors warn of loss of faith in government LONDON, Sept 29 (Reuters) – British Prime Minister Liz Truss said she would stick to her controversial plan to reignite economic growth as she broke her silence on Thursday following nearly a … Read more

U.S. says it has agreed Pacific Islands partnership, offering ‘big dollar’ aid

WASHINGTON, Sept 28 (Reuters) – The United States said at a summit with Pacific island leaders on Wednesday that it had agreed on a partnership for the future with them and held out the prospect of “big dollar” help to a region where it hopes to stem China’s expanding influence. The Washington Post quoted U.S. … Read more

Sterling, euro rally against dollar after BoE buys UK bonds

NEW YORK/LONDON, Sept 28 (Reuters) – After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England’s (BOE) purchase of UK government bonds, letting some air out of the greenback’s progress broadly after it had touched a fresh 20-year high. The BoE said it received 2.587 billion pounds’ ($2.78 billion) worth … Read more

Oil prices jump after U.S. crude, fuel stocks drop, dollar weakens

NEW YORK, Sept 28 (Reuters) – Oil prices rose on Wednesday for a second day, rebounding from recent losses as the U.S. dollar eased off recent gains and U.S. fuel inventory figures showed larger-than-expected drawdowns and a rebound in consumer demand. Brent crude futures settled up $3.05, or 3.5%, at $89.32 per barrel. U.S. West … Read more

Bank of England moves to calm bond market rout after tax cut storm

BoE starts buying bonds, delays gilt sales IMF does ‘not recommend’ policies like UK growth plan Fin min Kwarteng and PM Truss under fire for policy Pound trading down 0.7% to $1.065 Kwarteng meets banking bosses again LONDON, Sept 28 (Reuters) – The Bank of England sought to quell the fire-storm in Britain’s bond markets, … Read more

UK lenders pull mortgages at record rate as market chaos worsens

LONDON, Sept 28 (Reuters) – A record 935 mortgage products were pulled in Britain overnight, financial services provider Moneyfacts said on Wednesday, as deepening turmoil in financial markets pushed more lenders to temporarily withdraw products for new customers. The volatility comes after the new UK government announced huge tax cuts funded by borrowing, leading to … Read more

Cubans approve gay marriage by large margin in referendum

Register now for FREE unlimited access to Reuters.com Register HAVANA, Sept 26 (Reuters) – Cubans approved gay marriage and adoption overwhelmingly in a Sunday referendum backed by the government that also boosted rights for women, the national election commission said on Monday. More than 3.9 million voters voted to ratify the code (66.9%), while 1.95 … Read more

Market chaos forces UK lenders to pull mortgage products

Property estate agent sales and letting signs are seen attached to railings outside an apartment building in south London, Britain, September 23, 2021. REUTERS/Hannah McKay Register now for FREE unlimited access to Reuters.com Register LONDON, Sept 26 (Reuters) – Turmoil in British financial markets forced mortgage lenders to temporarily withdraw and reprice products for new … Read more