Tag Archives: Britains

Elton John addresses Britain’s Parliament, urging lawmakers to do more to fight HIV/AIDS – AOL

  1. Elton John addresses Britain’s Parliament, urging lawmakers to do more to fight HIV/AIDS AOL
  2. Elton John makes urgent Aids plea as he addresses Parliament The Independent
  3. Government expanding HIV opt-out testing to dozens more sites PinkNews
  4. Elton John addresses Parliament urging leaders to do more to end Aids epidemic Evening Standard
  5. Elton John welcomes expansion of opt-out testing for HIV to 46 Accident & Emergency sites across England and calls on all political leaders to do more to end AIDS in a speech at Speaker’s House News-Medical.Net
  6. View Full Coverage on Google News

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Suella Braverman, Britain’s hardline home secretary, fired as ex-PM David Cameron makes surprise return to government – CNN

  1. Suella Braverman, Britain’s hardline home secretary, fired as ex-PM David Cameron makes surprise return to government CNN
  2. BREAKING: Former British PM David Cameron returns to government MSNBC
  3. Ex-PM David Cameron, of Brexit fame, returns as UK foreign secretary | DW News DW News
  4. When the solution to your problem is David Cameron, you know you’re in deep trouble The Guardian
  5. Rishi Sunak’s radical reshuffle: Why sacking Suella Braverman and bringing David Cameron back may not be enough The Indian Express
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Former NHL player Adam Johnson dies after ‘freak accident’ during hockey game in Britain’s top league – The Athletic

  1. Former NHL player Adam Johnson dies after ‘freak accident’ during hockey game in Britain’s top league The Athletic
  2. Former NHL player Adam Johnson dead after suffering severe cut to neck in ‘freak accident’ during game New York Post
  3. MN native Adam Johnson involved in ‘major medical emergency’ on ice Sports Illustrated
  4. What happened to Adam Johnson? All we know about scary on-ice injury of former Penguins prospect Sportskeeda
  5. MN native involved in ‘major medical emergency’ while playing hockey in England KARE11.com
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Great Britain’s World Baseball Classic team mocked over uniform lettering – Fox News

  1. Great Britain’s World Baseball Classic team mocked over uniform lettering Fox News
  2. Team USA World Baseball Classic score: Kyle Schwarber, Nolan Arenado power past Great Britain in WBC Game 1 CBS Sports
  3. Kyle Schwarber hits big home run for Team USA, José Alvarado gets final 3 outs in Venezuela win over the Dominican Republic – Phillies Nation Phillies Nation
  4. Great Britain – USA: World Baseball Classic British jerseys were bland For The Win
  5. WATCH: Kyle Tucker Gives Team USA Lead Over Great Britain Sports Illustrated
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Kyle Schwarber and USA spoil Great Britain’s World Baseball Classic debut – The Guardian

  1. Kyle Schwarber and USA spoil Great Britain’s World Baseball Classic debut The Guardian
  2. Kyle Schwarber hits big home run for Team USA, José Alvarado gets final 3 outs in Venezuela win over the Dominican Republic – Phillies Nation Phillies Nation
  3. World Baseball Classic score: Kyle Schwarber, Nolan Arenado power Team USA past Great Britain in WBC Game 1 CBS Sports
  4. Royal family at Britain-USA game? There was a crown MLB.com
  5. WATCH: Kyle Schwarber Hits Massive Three-Run Home Run For Team USA Sports Illustrated
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Rishi Sunak is clear front-runner to be Britain’s new prime minister after Boris Johnson drops out


London
CNN
 — 

Britain’s former Chancellor of the Exchequer Rishi Sunak emerged Sunday as the clear front-runner to be the country’s next prime minister, after Boris Johnson dramatically dropped out of the race to be Conservative Party leader.

The current PM Liz Truss resigned last week after just six disastrous weeks in office. Graham Brady, the Conservative official responsible for the leadership contest, said a new prime minister will be in place by Friday.

Candidates to replace Truss have until 2 p.m. (9 a.m. ET) on Monday to secure the support of 100 Conservative Party lawmakers to enter the race to become the party – and the country’s – new leader. Johnson’s decision to withdraw from the contest leaves Sunak competing against Leader of the House of Commons Penny Mordaunt.

If both candidates secure the backing of 100 MPs, it will then be up to the roughly 172,000 members of the Conservative Party to pick the new leader in online voting.

As of Sunday evening, Sunak was the only one of the pair to have met the necessary threshold of 100 nominations.

If he remains the only one to have reached this number of backers, he will automatically become the Conservative Party’s new leader. The party’s parliamentary majority ensures he will also become the country’s next prime minister.

After days of speculation, Sunak officially declared he’d be standing in the contest on Sunday, writing on Twitter: “The United Kingdom is a great country but we face a profound economic crisis. That’s why I am standing to be Leader of the Conservative Party and your next Prime Minister. I want to fix our economy, unite our Party and deliver for our country.

“There will be integrity, professionalism and accountability at every level of the government I lead and I will work day in and day out to get the job done.”

Many of Johnson’s supporters have blamed Sunak for helping to oust Johnson from power in July in the wake of a series of scandals, but on Sunday evening he paid tribute to the former PM after he pulled out of the race. “Boris Johnson delivered Brexit and the great vaccine roll-out. He led our country through some of the toughest challenges we have ever faced, and then took on Putin and his barbaric war in Ukraine. We will always be grateful to him for that,” Sunak tweeted.

“Although he has decided not to run for PM again, I truly hope he continues to contribute to public life at home and abroad.”

Keir Starmer, leader of the main opposition Labour Party, renewed calls for a general election on Sunday, after claiming people are “fed up to the back teeth” with the Conservative leadership and the consequences of their government’s decisions.

“There is a choice to be made. We need a general election! Let the public decide… Do they want to continue with this utter chaos, or do they want stability under a Labour government?” Starmer asked during a BBC interview.

Mordaunt was the first to declare her candidacy on Friday. She promised a “fresh start” for the UK, aiming “to unite our country, deliver our pledges and win the next general election.” She is also running under a catchy hashtag: “PM4PM.”

Mordaunt came third in the last leadership election, narrowly missing out on being put before the members. With 105 votes from MPs in the last election, she too is expected to clear the new threshold, and to perform well among the party membership, in part due to her military credentials. Mordaunt is a reservist of the Royal Navy and served a short spell as Secretary of State for Defense.

The last time the Conservatives held a leadership race – following the demise of Johnson’s government – Truss came first, Sunak second and Mordaunt third. Johnson did not run.

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Britain’s shadow banking system is raising serious concerns after bond market storm

Analysts are concerned about a knock-on effect to the U.K.’s shadow banking sector in the event of a sudden rise in interest rates.

Photo by Richard Baker | In Pictures | Getty Images

LONDON — After last week’s chaos in British bond markets following the government’s Sep. 23 “mini-budget,” analysts are sounding the alarm on the country’s shadow banking sector.

The Bank of England was forced to intervene in the long-dated bond market after a steep sell-off of U.K. government bonds — known as “gilts” — threatened the country’s financial stability.

The panic was focused in particular on pension funds, which hold substantial amounts of gilts, while a sudden rise in interest rate expectations also caused chaos in the mortgage market.

While the central bank’s intervention offered some fragile stability to the British pound and bond markets, analysts have flagged lingering stability risks in the country’s shadow banking sector — financial institutions acting as lenders or intermediaries outside the traditional banking sector.

Former British Prime Minister Gordon Brown, whose administration introduced a rescue package for Britain’s banks during the 2008 financial crisis, told BBC Radio Wednesday that U.K. regulators would need to tighten their supervision of the shadow banks.

“I do fear that as inflation hits and interest rates rise, there will be a number of companies, a number of organizations that will be in grave difficulty, so I don’t think this crisis is over because the pension funds have been rescued last week,” Brown said.

“I do think there’s got to be eternal vigilance about what has happened to what is called the shadow banking sector, and I do fear that there could be further crises to come.”

Global markets took heart in recent sessions from weakening economic data, which is seen as reducing the likelihood that central banks will be forced to tighten monetary policy more aggressively in order to rein in sky-high inflation.

Edmund Harriss, chief investment officer at Guinness Global Investors, told CNBC Wednesday that while inflation will be tempered by the decline in demand and impact of higher interest rates on household incomes and spending power, the danger is a “grinding and extension of weakening demand.”

The U.S. Federal Reserve has reiterated that it will continue raising interest rates until inflation is under control, and Harriss suggested that month-on-month inflation prints of more than 0.2% will be viewed negatively by the central bank, driving more aggressive monetary policy tightening.

Harriss suggested that sudden, unexpected changes to rates where leverage has built up in “darker corners of the market” during the previous period of ultra-low rates could expose areas of “fundamental instability.”

“When going back to the pension funds issue in the U.K., it was the requirement of pension funds to meet long-term liabilities through their holdings of gilts, to get the cash flows coming through, but ultra-low rates meant they weren’t getting the returns, and so they applied swaps over the top — that’s the leverage to get those returns,” he said.

“Non-bank financial institutions, the issue there is likely to be access to funding. If your business is built upon short-term funding and one step back, the lending institutions are having to tighten their belts, tighten credit conditions and so forth, and start to move towards a preservation of capital, then the people that are going to be starved are those that require the most from short-term funding.”

Harriss suggested that the U.K. is not there yet, however, for there is still ample liquidity in the system for now.

“Money will become more expensive, but it is the availability of money that is when you find sort of a crunch point,” he added.

The greater the debt held by non-banking institutions, such as hedge funds, insurers and pension funds, the higher the risk of a ripple effect through the financial system. The capital requirements of shadow banks is often set by counterparties they deal with, rather than regulators, as is the case with traditional banks.

This means that when rates are low and there is an abundance of liquidity in the system, these collateral requirements are often set quite low, meaning non-banks need to post substantial collateral very suddenly when markets head south.

Pension funds triggered the Bank of England’s action last week, with some beginning to receive margin calls due to the plunge in gilt values. A margin call is a demand from brokers to increase equity in an account when its value falls below the broker’s required amount.

Sean Corrigan, director of Cantillon Consulting, told CNBC Friday that pension funds themselves were in fairly strong capital positions due to higher interest rates.

“They’re actually now ahead of funding on the actuarial basis for the first time in I think five or six years. They clearly had a margin problem, but who is the one who’s thinly margined?” he said.

“It’s the counterparties who’ve passed it on and shuffled it around themselves. If there is an issue, maybe we’re not looking at the right part of the building that’s in danger of falling down.”

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Britain’s tax backdown bounces stocks and sterling

  • Britain scraps small part of tax plan; markets relieved
  • Reserve Bank of Australia surprises with a small hike
  • High VIX; Credit Suisse stock slide point to nerves beneath

SYDNEY, Oct 4 (Reuters) – Asian stocks bounced on Tuesday after Britain scrapped bits of a controversial tax cut plan, tentatively improving global market sentiment and rallying bonds and the pound.

Australia’s central bank added to that sense of relief in markets, surprising investors by lifting interest rates by a smaller-than-expected 25 basis points, saying they had already risen substantially. .

That pushed the Aussie dollar down, lifted the S&P/ASX 200 index (.AXJO) by 3.6% and spurred benchmark 3-year bonds for their best day in 13 years.

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In trade thinned by holidays in China and Hong Kong, MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.7%, led by gains in Australia.

UK stocks seemed set for a bounce, with FTSE futures up 0.8%.

“It feels short term it’s a little bit oversold,” said Geoff Wilson, chief investment officer at Wilson Asset Management in Sydney.

“Is this the bottom? It’s nearly impossible to pick the bottom, but I don’t think so,” he said, referring broadly to markets.

Japan’s Nikkei (.N225) rose 2.8%. Sterling drifted up to an almost two-week high of $1.1343, making for a bounce now of almost 10% from a record low hit last week after plans for unfunded tax cuts unleashed chaos on British assets.

“The about-face … will not have a huge impact on the overall UK fiscal situation in our view,” said NatWest Markets’ head of economics and markets strategy John Briggs.

“(But) investors took it as a signal that the UK government could and is at least partially willing to walk back from its intentions that so disrupted markets over the past week.”

Investors also took heart from stability at the long end of the gilt market, even though emergency purchases from the Bank of England were only relatively modest.

S&P 500 futures rose 1%, following a 2.6% bounce for the index (.SPX) overnight.

British Finance Minister Kwasi Kwarteng released a statement reversing planned tax cuts for top earners. It makes up only 2 billion out of a planned 45 billion pounds of unfunded tax cuts that had sent the gilt market into a tailspin last week.

South Korea’s Kospi (.KS11) bounced 2.5%, lifting away from last week’s two-year low, despite North Korea’s firing a missile over Japan for the first time in five years.

STERLING BOUNCE

The recovery for sterling has settled some nerves in the currency market, though the persistent strength of the dollar still holds a lot of major currencies near milestone lows and has authorities throughout Asia on edge.

Japan’s yen hit 145 to the dollar on Monday – a level that prompted official intervention last week – and was last at 144.71. The euro was at $0.9838, about three cents stronger than last week’s 20-year trough.

Chinese authorities have rolled out manoeuvres to support the yuan ranging from unusually strong signals to the market to administrative measures that raise the cost of shorting it.

“More volatility is almost certainly assured as FX markets re-focus on U.S. recession risks, which continue to build,” said ANZ senior economist Miles Workman, with U.S. jobs data on Friday the next major data point on the horizon.

The Australian dollar fell to $0.6451 after the central bank meeting. The Reserve Bank of New Zealand meets on Wednesday and the kiwi held just above $0.57.

Treasuries rallied in sympathy with gilts overnight and the benchmark 10-year yield dropped 15 basis points. It was steady in Asia at 3.62%, having briefly poked above 4% last week.

Other indicators of market stress abound. The CBOE Volatility Index (.VIX) remains elevated and above 30. Shares (CSGN.S) and bonds of Credit Suisse hit record lows on Monday as worry about the bank’s restructuring plans swept markets.

Oil held overnight gains on news of possible production cuts, and Brent futures were last up 43 cents to $89.29 a barrel.

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Editing by Sam Holmes

Our Standards: The Thomson Reuters Trust Principles.

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Britain’s lurch to Reaganomics gets thumbs down from markets

Truss has now put the country on an economic road completely at odds with most, if not all, major global economies.

Hannah Mckay | Reuters

LONDON — New U.K. Prime Minister Liz Truss may have talked big on “trickle-down economics” during her campaign trail this summer, but no-one could have predicted the swathe of tax cuts unleashed just weeks into her Downing Street tenure.

Billed as a “mini-budget” by her Finance Minister Kwasi Kwarteng, Friday’s fiscal announcement was anything but with a volume of tax cuts not seen in Britain since 1972.

Truss — whose “Trussonomics” policy stance has been likened to that of her political idols Ronald Reagan and Margaret Thatcher — has now put the country on an economic road completely at odds with most, if not all, major global economies as inflation boils over and a cost-of-living crisis barrels into Europe.

It’s been seen, even by some of her advocates, as a political and economic gamble with Truss yet to face the wider British electorate in a nationwide vote — unlike her predecessor Boris Johnson.

Market players immediately predicted that Britain would have to scale up its bond issuance and significantly increase its debt load to pay for the cuts — not typical of the low-tax Conservative governments of the past.

U.K. bond markets went into a tailspin Friday as investors shunned the country’s assets. Yields (which move inversely to prices) on the 5-year gilt rose by half a percentage point — which Reuters reported was the largest one-day rise since at least 1991.

And with bonds tanking, sterling was also sent into freefall after hitting 37-year lows against the dollar in recent weeks. It ended Friday down nearly 3.6% against the greenback. On the week it lost 5% and is now down 27% since just before the 2016 Brexit vote.

Wall Street banks are now seriously considering a break lower to parity with the U.S. dollar — for the first time in history — and many commentators have likened the pound to an emergency market currency.

Left-leaning The Guardian newspaper called it “a budget for the rich” on its front page Saturday, while The Times called it a “great tax gamble.” The right-wing Daily Mail newspaper called it a “true Tory budget” while Kwarteng himself said it was a “very good day for the U.K.,” declining to comment on the currency moves.

ING analysts said in a research note that investors are worried that the U.K. Treasury has now effectively committed to open-ended borrowing for these tax cuts, and that the Bank of England will have to respond with more aggressive rate hikes.

“To us, the magnitude of the jump in gilt yields has more to do with a market that has become dysfunctional,” ING’s Senior Rates Strategist Antoine Bouvet and Global Head of Markets Chris Turner said in the note.

“A number of indicators … suggest that liquidity is drying up and market functioning is impaired. A signal from the BOE that it is willing to suspend gilt sales would go a long way to restoring market confidence, especially if it wants to maximise its chances of fighting inflation with conventional tools like interest rate hikes. The QT [quantitative tightening] battle, in short, is not one worth fighting for the BOE,” they added, referencing the Bank’s move to normalize its balance sheet after years of stimulus.

ING also noted that the U.K.’s long-term sovereign outlook is currently stable with the big three ratings agencies, but the “risk of a possible shift to a negative outlook” could come when they are reviewed (Oct. 21 and Dec. 9).

Deutsche Bank analysts said, meanwhile, that the “price of easy fiscal policy was laid bare by the market” on Friday.

“[Friday’s] market moves suggest that there may be a credibility gap,” Sanjay Raja, a senior economist at Deutsche Bank, said in a research note.

“A plan to get the public finances on a sustainable footing will be necessary but not sufficient for markets to regain confidence in an economy sporting large twin deficits [the U.K.’s fiscal and current account balances],” he added.

“Crucially, with fiscal policy shifting into easier territory, the onus may now fall on the Bank of England to stabilise the economy, with the MPC [Monetary Policy Committee] having more work to do to plug the gap between expansionary fiscal policy and tightening monetary policy.”

—CNBC’s Karen Gilchrist contributed to this article.

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Bermuda, Britain’s oldest overseas territory, watches queen’s funeral

HAMILTON, Bermuda — The Bermuda Musical and Dramatic Society has screened royal weddings. The community theater here in the capital of Britain’s oldest overseas territory has celebrated Queen Elizabeth II’s jubilees, including her Platinum Jubilee in June, marking her 70 years on the throne.

And so on Monday, about two dozen of its members convened before sunrise over bacon sandwiches and mimosas, around a bar in the Daylesford Theater kitted out with Union Jack flags, to toast “To Her Majesty” on the more somber occasion of her funeral.

“We feel an affinity toward her,” said Alan Brooks, 67, a retail manager in Bermuda who served in the Royal Navy. “Whenever there have been any special occasions in her life that we felt we needed to mark, we’ve marked them. … And sadly, we’re now marking the last event in her life.”

Those gathered at the theater watched in mostly pin-drop silence. Some sang, softly, or hummed the hymns. Everyone stood for “God Save the King.”

As Elizabeth gives way to Charles, realms consider severing ties

Bermuda’s governor declared Monday a public holiday here, and many of the bars, banks, restaurants and shops on the trendy, pastel-hued waterfront promenade Front Street were closed.

Governor Rena Lalgie and Premier David Burt were in London for the funeral. Tanya Davis, Lalgie’s private secretary, said officials anticipated that most Bermudians would watch the funeral at home. They were planning a service at the Cathedral of the Most Holy Trinity on Sept. 24.

But not everyone was watching the funeral. Some were apathetic or uninterested. At one open pub in Hamilton, the funeral was on the televisions, but the one couple dining there early Monday afternoon was paying it little attention.

Dylan Wilson, 25, said he caught snippets of the funeral procession on television. Wilson, who works in digital marketing, said he hasn’t given the British royal family or the queen much thought, but was happy to have a day off.

Kris Smith felt otherwise. The 25-year-old project manager did not watch the funeral, opting to spend his morning working out and planning his week instead. He said he’d take his dog for a walk in the afternoon.

“I am very upset with the holiday,” Smith said. “Lots to do and everything’s closed.”

Elizabeth came to Bermuda several times. Her first visit was with Prince Philip in 1953, during her six-month tour of the Commonwealth after her coronation.

Kim Day, the president of the Bermuda Musical and Dramatic Society’s executive committee, has fond memories of a visit in 1994, when the queen had a little conversation with local Cub Scouts. Her son was one of them.

“I was about two feet away from her,” Day recalled. “It was back in the time before cellphones, so nobody took a real close picture, which is a real shame.”

The Bermuda Musical and Dramatic Society, an amateur theater set up in 1945, planned the funeral screening late last week. Jennifer Campbell, a Canadian who has lived in Bermuda since 2001, said some of its members are like her: expats from Commonwealth realms, countries where the British monarch is head of state.

She said she was “in awe” of Elizabeth.

“She made a vow to serve her entire life when she became queen and she did it,” said Campbell, who was dressed in a shirt with a sequined Union Jack flag. “She never, ever floundered. Her commitment was to the monarchy, and she never swayed from that. … I know a lot of people have different feelings about the monarchy itself.”

Including in Bermuda. Burt said last week that Elizabeth’s “life and the constancy of her service meant that whether we warmed to the idea of monarchy or not, ‘The Queen’ was the single most immovable feature on the world stage.”

Bermuda has a crown-appointed governor, who represents the British monarch, and a parliament of elected lawmakers. As in other overseas territories, Britain is responsible for defense, security and foreign policy.

The islands were named after Juan de Bermúdez, the Spanish navigator who discovered them, uninhabited, in 1505. A century later, Sir George Somers, a British admiral, was sailing the merchant ship Sea Venture to Jamestown with a group of colonists when they were caught in a treacherous storm and shipwrecked here. (The wreck is believed to have inspired Shakespeare’s “The Tempest.”)

An Aussie republic? In queen’s namesake town, they won’t drink to that.

In 1612, King James issued a charter to the investors of the Virginia Company of London that extended the boundary of their colony to Bermuda. Several dozen British colonists arrived and established a settlement in St. George, one of the oldest in the Western Hemisphere.

The crown took over administration of the colony in 1684. Not long after settlement, colonists brought enslaved people to Bermuda, many of them transported through the Middle Passage from Africa. Slavery was abolished here in the 19th century, but Black people continued to be subjected to segregation for more than a century afterward.

Talk of independence here has long ebbed and flowed. In a 1995 referendum, about 73 percent of voters rejected a break with the crown.

Citizens Uprooting Racism in Bermuda described independence as a “natural progression” for a modern democracy, but “the death of the monarch should not in itself be a trigger for Bermudians to pursue independence.”

“We have been settled since 1612, we have our own constitution, laws, traditions, currency and culture, and frankly it is very difficult to see how being a colony or overseas territory benefits Bermuda in any tangible way,” the group told the Royal Gazette newspaper.

Sandy Amott, 64, was born and raised in Bermuda to parents from England. She admired the queen for her seven decades of service and was emotional when she learned of her death.

“In a way, I’m very sorry to be here today,” said Amott, a secretary. “I just thought that she would live forever, and I’m very sad. But rest in peace, Elizabeth, and long live the king.”

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