Bloomberg UK economic growth is grinding to a halt as the cost of the living crisis escalates, a leading business lobby warned. The British Chambers of Commerce (BCC) predicted output will be barely higher in the fourth quarter than it was at the end of 2021, with consumers and businesses set to rein in spending as taxes climb and ...

  Bloomberg Nearly half of all Germans can no longer afford their lifestyle as inflation surges from one record to the next, according to a poll conducted for public broadcaster ARD. About 47% indicated they’re strongly or very strongly cutting back on spending. In low-income households, that share rises to more than three-quarters. The survey was conducted among 1,337 Germans ...

  Bloomberg New York City’s requirement that 2- to 4-year-old wear masks in schools and day care centers is coming to an end next week, Mayor Eric Adams said on Thursday. Starting Monday, June 13, masks will be optional for children under age 5 in all early childhood settings, Adams said in a statement. “I have always said that the ...

  Bloomberg Italian Premier Mario Draghi said surging inflation in Europe doesn’t reflect excess demand, and there’s still spare capacity to be found in the region’s economy. The former European Central Bank president spoke out on the day that officials led by his successor, Christine Lagarde, are set to stop bond purchases and firm up plans for interest-rate increases to ...

  Bloomberg Hungarian Prime Minister Viktor Orban used his emergency powers to publish decrees on a sweeping set of windfall taxes and to order about $6.1 billion in spending cuts for this year and next. The measures, which will hit industries from banking to energy and airlines to telecommunications, underscore the extent of the budget imbalance that has spooked investors ...

  Bloomberg European semiconductor stocks have gotten swept up in the sell-everything-tech environment even as the industry enjoys red-hot demand that’s bolstering this year’s earnings, because investors are already looking ahead to a tougher 2023. The region’s biggest chip-related companies, ASML Holding NV and Infineon Technologies AG, have lost a quarter of their value this year and are trading at ...

Bloomberg Bank stocks down under have seen about $32 billion of market capitalisation erased this week on growing concerns that faster monetary policy tightening might increase housing-market risks and pressure valuations. Shares of the country’s four largest lenders will struggle to outperform given elevated price-earnings ratios and downside risks from the macro-economy, UBS Group AG analyst John Storey wrote in ...

  Bloomberg US-listed Chinese stocks rallied for a third day after China approved a second batch of video games this year, marking a further softening in the country’s stance towards internet firms. The Nasdaq Golden Dragon China Index gained 5.7%, hitting a three-month high and extending an 8.9% rally across the previous two sessions. Tech giant Alibaba Group Holding Ltd. ...

  ABU DHABI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, affirmed that the UAE begins a new era of prosperity and growth, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. HH Sheikh Mohammed added that the vision of the UAE ...

  Bloomberg Oil extended gains from the highest close in three months as the US summer driving season ramps up and China emerges from virus lockdowns. West Texas Intermediate futures rise above $120 a barrel, trading near a three-month high. Inventories at the nation’s biggest storage hub at Cushing, Oklahoma, falls 1.59 million barrels last week, according to an Energy ...