The UK banking system would be able to withstand a severe economic turbulence, deeper than the 2008 financial crisis, a report by the Bank of England (BoE) has showed. The stress test performed by the BoE would likely appease British businesses and households who are concerned with the rising interest rates and high inflation. The…
UK Banks Can Withstand Deep Recession: Bank of England
The UK banking system would be able to withstand a severe economic turbulence, deeper than the 2008 financial crisis, a report by the Bank of England (BoE) has claimed. The stress test performed by the BoE will likely appease British businesses and households who are concerned with the rising interest rates and high inflation. The…
MPs Warned Rising Mortgage Rates Will Cause ‘Financial Stress’
While mortgage holders are still managing to cope, more financial stress is expected in the coming months, a committee of MPs heard as mortgage costs hit a 15-year-high. MPs on the Treasury Committee were also told that there may be a shortage of landlords amid rising costs and housing shortages. Figures published on Tuesday by…
Another Australian Telco Signs With Elon Musk’s SpaceX
Australia’s second-largest telco will expand its mobile coverage to 100 percent of the country after signing a deal with Elon Musk’s SpaceX venture, Starlink. The deal, announced on Wednesday, will see Optus use low-Earth orbit satellites to deliver voice calls, data and SMS messages in an Australian first when services launch in the next two…
National Grid Says to Accelerate Uptake of Heat Pumps
The UK’s electricity system operator has said that there needs to be greater adoption of heat pumps to reach net zero. According to its Future Energy Scenarios report released on Tuesday (pdf), National Grid ESO, the UK’s system operator said that current installation rates won’t meet the government’s heat pump target as well as a…
Australian Neurosurgeon Charlie Teo Found Guilty of Unsatisfactory Professional Conduct
High-profile Australian neurosurgeon Charlie Teo has been found guilty of unsatisfactory professional conduct by the Health Care Complaints Commission and accused of having a “substantially experimental” attitude doing his surgery on two patients. Dr. Teo was facing allegations from the families of two different women—referred to as Patient A and Patient B—who say they were…
Pilfered Palm Tree Leads Dutch Police to Arrest Belgian Fugitive Who Has 18-year Sentence to Serve
THE HAGUE, Netherlands—A pilfered palm tree led to Dutch police detaining a homeless man who was sentenced to 18 years in neighboring Belgium in the death of a man seven years ago. Police in the southern town of Geldrop said in a statement Tuesday that officers stopped the man Saturday night for questioning when they…
Masked Men Burn Market in Mexican City Plagued by Gang Violence, Killing 9 People
TOLUCA, Mexico—Masked gunmen set fire to a public market in the central Mexican city of Toluca on Monday, killing nine people, authorities said. Prosecutors said the attackers arrived, opened fire, and then doused part of the market with a flammable substance before setting it on fire and fleeing. They said three of the dead appeared…
Thailand Prime Minister Prayuth Retires From Politics, 9 Years After His Coup
BANGKOK—Thailand’s Prime Minister Prayuth Chan-ocha announced on Tuesday his retirement from politics, nine years after he took power in a military coup, and promised to stay in charge only temporarily. His announcement was widely expected after his military-backed United Thai Nation party was thumped in a May 14 election, in which it won just 36…
Businesses at Risk as Record High Default Rates Raise Alarm Bells
More and more Australian businesses are facing insolvency risk as trade payment defaults reached a record high in June due to the impacts of inflation and interest rate hikes. According to a new report by CreditorWatch, a credit reporting agency, business-to-business trade payment defaults rose to 1,586 cases in June, up 52 percent from a…
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