Pound Comes under New Pressure after Bank of England Fails to Raise Rates

THE GUARDIAN: Central bank stops short of emergency rate hike and instead says it will make full assessment in November

The Bank of England issued a statement in response the pound’s sharp fall on currency markets.Photograph: James Veysey/Rex/Shutterstock
The government was struggling to prevent a full-scale loss of financial market confidence in its economic strategy on Monday evening after the Bank of England’s decision to rule out an emergency rise in interest rates prompted fresh selling of the pound.

Attempts by Threadneedle Street and the Treasury failed to repair the damage caused by Kwasi Kwarteng’s mini-budget last Friday, with sterling falling to a record low against the US dollar.

Within minutes of the Bank saying that it intended to wait until November before responding to the recent turbulence, the pound had dropped two cents against the dollar and was within three cents of the record low of $1.03 hit in Far East trading overnight. » | Larry Elliott, Economics editor and Rowena Mason, Deputy political editor | Monday, September 26, 2022

Markets warn sterling slump could lead UK interest rates to triple by next year: Analysts expect Bank of England to convene meeting to raise rates with further increase in November »

Isn’t this Governor being rather lily-livered? – © Mark Alexander

Iran Protests against Mullah-regime Enter Tenth Day as Death Toll Grows | DW News

Human rights groups say protests continued for a tenth night in Iran over the death of a woman in the custody of the country's hardline Islamic morality police. They're defying authorities, who have ordered a crackdown on so-called rioters without leniency. Videos reportedly filmed on Sunday show women burning their headscarves, and large crowds of demonstrators in several cities. There have also been large pro-government rallies. The NGO Iran Human Rights says at least 57 people have died in protests in recent days. Public anger was sparked by the death of a 22-year old woman who was arrested for failing to wear her headscarf as prescribed.

Shouldn’t we be saying 'Death to the Islamic Republic of Iran'? That’s what these people have been saying about America. How many thousands of times have we heard these mullahs chant “Death to America”?

It is high time for the nonsense of Iran’s so-called “morality police” to end. Iranians deserve much, much better than this. Enough of the BS!

Wouldn’t Iranians have been far better off as subjects of the Peacock Throne, the Iranian Imperial Throne? Wouldn't they be better off today being ruled by the Shah? Should the Peacock Throne, perhaps, be reinstated?

This theocracy is brutal. Iranians have had enough of this cr**. Iranians deserve better. Power to the downtrodden Iranians! – © Mark Alexander

Den Ajatollahs bleibt nur die Gewalt: Die Proteste nach dem Tod der jungen Mahsa Amini nähern sich einer kritischen Masse. Aber das Regime ist weder zu Reformen noch zu Kompromissen bereit. »

The Dollar Is Strong. That Is Good for the U.S. but Bad for the World.

THE NEW YORK TIMES: The Federal Reserve may have no choice but to wage a relentless inflation fight, but countries rich and poor are feeling the pain of plunging currencies.

The Federal Reserve’s determination to crush inflation at home by raising interest rates is inflicting profound pain in other countries — pushing up prices, ballooning the size of debt payments and increasing the risk of a deep recession.

Those interest rate increases are pumping up the value of the dollar — the go-to currency for much of the world’s trade and transactions — and causing economic turmoil in both rich and poor nations. In Britain and across much of the European continent, the dollar’s acceleration is helping feed stinging inflation.

On Monday, the British pound touched a record low against the dollar as investors balked at a government tax cut and spending plan. And China, which tightly controls its currency, fixed the renminbi at its lowest level in two years while taking steps to manage its decline.

In Nigeria and Somalia, where the risk of starvation already lurks, the strong dollar is pushing up the price of imported food, fuel and medicine. The strong dollar is nudging debt-ridden Argentina, Egypt and Kenya closer to default and threatening to discourage foreign investment in emerging markets like India and South Korea.

“For the rest of the world, it’s a no-win situation,” said Eswar Prasad, an economics professor at Cornell and author of several books on currencies. At the same time, he said, the Fed has no choice but to act aggressively to control inflation: “Any delay in action could make things potentially even worse.” » | Patricia Cohen, Reporting from London | Monday, September 26, 2022

Youssef Al-Qaradawi, prédicateur sunnite et guide spirituel des Frères musulmans, est mort

LE MONDE : Le cheikh égyptien est mort le 26 septembre. Suivi par des millions de fidèles, il prétendait incarner un islam « du juste milieu ». Certains de ses prêches, à connotation antisémite ou légitimant la violence à l’encontre des femmes, ont fait scandale.

Youssef Al-Qaradawi, place Tahrir, au Caire, en février 2011. SUHAIB SALEM / REUTERS
Youssef Al-Qaradawi, le plus célèbre prédicateur du monde arabo-sunnite, qui anima sur la chaîne Al-Jazira une émission suivie par des millions de fidèles, est mort à Doha, au Qatar, le 26 septembre 2022, à l’âge de 96 ans. Président de l’Union internationale des oulémas (savants) musulmans et dirigeant du Conseil européen pour la fatwa et la recherche, un think tank islamique basé à Dublin, il a exercé un magistère inégalé, pendant plusieurs décennies, sur les cercles théologiques sunnites.

Issu des Frères musulmans égyptiens mais installé au Qatar depuis les années 1960, le « global mufti » – titre d’une étude qui lui est consacrée (Global Mufti. The Phenomenon of Yusuf al-Qaradawi, par Jakob Skovgaard-Petersen et Bettina Gräf, Hurst, 2009) – fut aussi l’un des atouts maîtres du petit émirat gazier, dont il a accompagné la montée en puissance diplomatique, notamment son implication controversée dans les printemps arabes. » | Par Benjamin Barthe | lundi September 26, 2022

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British Pound Touches Record Low as Investors Dump U.K. Assets

THE NEW YORK TIMES: The market’s resounding rejection of the new British government’s plans for tax cuts and borrowing continued Monday as the pound briefly fell to its weakest level against the U.S. dollar on record.

After a historically bad day on Friday, the British currency plunged as low as $1.035 in the early hours of Monday morning, before recovering to about $1.08, down 0.5 percent for the day. It also weakened slightly against the euro.

On Monday, prices for British government bonds plummeted, and yields surged, sending borrowing costs to new highs. The 10-year yield, which influences mortgages, business loans and other types of debt, hit its highest level in more than a decade. It traded at around 4.15 percent on Monday, double where it was a month and a half ago.

As traders dumped British assets, analysts have said the government’s plan to quickly grow the economy through deregulation and tax cuts, which will require tens of billions of pounds in additional borrowing at a time of rising interest rates and high inflation, was a gamble. » | Eshe Nelson | Monday, September 26, 2022

Clearly, Kwarteng’s voodoo economics has failed to impress the markets! – © Mark Alexander

Législatives en Italie : une ombre sur le projet européen

LE MONDE – ÉDITORIAL : Editorial du « Monde ». Pour la première fois depuis cent ans, l’Italie s’apprête à expérimenter un gouvernement dominé par l’extrême droite. Une menace pour l’Europe, après les succès des Démocrates de Suède et du RN aux élections législatives.

Si le triomphe de Fratelli d’Italia aux élections législatives italiennes, dimanche 25 septembre, n’est pas une surprise au regard des sondages qui, ces dernières semaines, lui donnaient une large avance, la victoire d’un mouvement postfasciste dans un pays membre fondateur de l’Union européenne (UE), troisième économie de la zone euro, n’en constitue pas moins un séisme politique.

Avec un quart des suffrages, le parti de Giorgia Meloni est désormais en position de force pour former un gouvernement de coalition avec la Ligue de Matteo Salvini et Forza Italia de Silvio Berlusconi. Pour la première fois depuis l’accession au pouvoir de Benito Mussolini, à l’issue de la Marche sur Rome, il y a pile cent ans, l’Italie s’apprête à expérimenter un gouvernement dominé par l’extrême droite. Certes, Fratelli d’Italia a jusqu’à présent tenté de rassurer en gardant ses distances avec le fascisme historique. Mais ses ambiguïtés et ses références douteuses contribuent à entretenir l’inquiétude sur ses intentions véritables et incitent à la plus grande vigilance. » | Éditorial « du Monde » | lundi 26 septembre 2022

Brown Sugar Meringue Roulade with Burnt Honey Apples | Ottolenghi Test Kitchen

It's roulade week in the Ottolenghi Test Kitchen - brown sugar meringue roulade to be exact. Paired here by Yotam with sharp, sweet and caramelly burnt honey apples. It's a forgiving recipe and so much easier than you think. The result is a stunning autumnal showstopper!

Stay tuned to see Jens making a roulade with hazelnut and gianduja cream roulade for an extra good option.

Fascism Returns in Italy: Giorgia Meloni Claims Victory, Allied with Right-wing Parties

Italy's first far-right leader since Benito Mussolini, Giorgia Meloni, has declared victory. Her Brothers of Italy party is allied with Spain's far-right Vox party, Poland's ruling nationalist Law and Justice party and the Sweden Democrats party, which emerged out of its neo-Nazi movement. We look at "the return of fascism in Italy" with professor Ruth Ben-Ghiat, author of "Strongmen: Mussolini to the Present," who says that Meloni, a self-declared conservative, "really sees her party as carrying the heritage of fascism into today." Ben-Ghiat also describes why Meloni is part of a "transnational design" to create a far-right political culture across Europe.

Exclusive Interview with Ukraine's Heroic First Lady | 60 Minutes Australia

In what's likely an indication he knows he's losing, last Wednesday Russian dictator Vladimir Putin drastically upped his rhetoric in the war he started against Ukraine. He announced he was mobilising three hundred thousand reservists to join the fight and threatened he was prepared to use nuclear weapons. Putin's desperate actions have been condemned around the world. For Ukrainians, despite being battered by seven months of fighting, their resolve to boot the Russian forces out remains as strong as ever. It's largely thanks to inspirational leader, President Volodymr Zelensky, but now we want to introduce you to his inspiration - his wife, the equally heroic First Lady Olena Zelenska.

Exodus aus Russland: Männer verlassen in Scharen das Land

An vielen Grenzen stauen sich die Autos von Ausreisewilligen kilometerlang, unter anderem an den Grenzen zu Georgien und der Mongolei. In den meisten Fahrzeugen sitzen Männer im wehrfähigen Alter. © AFP

Democracy Now! Top US News & World Headlines — September 26, 2022

Pound’s Plummet Underlines Schoolboy Error by Kwasi Kwarteng

THE GUARDIAN: Chancellor added to market worries by pledging further tax cuts in full budget planned for later this year

Kwasi Kwarteng’s inexperience has been exposed. Photograph: Jeff Overs/BBC/PA
The savage sell-off in the pound in east Asia overnight was further evidence – should any be needed – that confidence in the new Liz Truss government is rapidly draining away.

Sterling fell to its lowest level against the dollar, and despite an attempt at a rally in early London trading, the likelihood is that parity against the dollar will be tested before long. September tends to be the month for a sterling crisis – and so it has proved again.

Part of the story of the pound’s weakness is a function of dollar strength but that does not explain why sterling has fallen so rapidly since the end of last week. There are three UK-related factors behind the fall.

First, once a currency hits the skids it is hard to stop it. Momentum trading took over in the aftermath of Kwasi Kwarteng’s mini-budget and it has proved hard to halt.

Second, Kwarteng committed a schoolboy error by pledging further tax cuts in a full budget planned for later this year. If the markets are worried about the state of the government’s finances and the increase in borrowing needed to fund your plans, it is not the wisest course of action to add to those concerns. Kwarteng’s inexperience has been exposed. Third,... » | Larry Elliott, Economics editor | Monday, September 26, 2022

UK Bonds Slump after Pound Plunges to Record Low against Dollar – Business Live

THE GUARDIAN: Economists suggest Bank of England may need an emergency interest rate hike, as gilts slide and sterling slumps to a record low against the US dollar

Speculation of an emergency Bank of England rate hike is giving the pound some support, agrees Matthew Ryan, head of market strategy at global financial services firm Ebury » | Graeme Wearden | Monday, September 26, 2022

Pound hits all-time low against dollar after mini-budget rocks markets: Odds of sterling hitting parity with dollar jump, as analysts say UK bond market ‘getting smoked’ by giveaway »

Jake Sullivan: US Will Act ‘Decisively’ If Russia Uses Nuclear Weapons in Ukraine

THE GUARDIAN: US national security adviser says: ‘Any use of nuclear weapons will be met with catastrophic consequences for Russia’

America and its allies will act “decisively” if Russia uses a tactical nuclear weapon in Ukraine, US national security adviser Jake Sullivan said on Sunday, reaffirming the Joe Biden White House’s previous response to mounting concerns that Vladimir Putin’s threats are in increased danger of being realized.

“We have communicated directly, privately and at very high levels to the Kremlin that any use of nuclear weapons will be met with catastrophic consequences for Russia, that the US and our allies will respond decisively, and we have been clear and specific about what that will entail,” Sullivan told CBS’s Face The Nation. » | Edward Helmore | Sunday, September 25, 2022

Pound Hits Fresh 37-year Low after Mini-budget Rocks Markets

THE GUARDIAN: Odds of sterling hitting parity with dollar jump, as analysts say UK bond market ‘getting smoked’ by giveaway

A protester outside the Houses of Parliament as the chancellor, Kwasi Kwarteng, unveiled his mini budget on Friday. Photograph: Amer Ghazzal/REX/Shutterstock
The pound has hit a new 37-year low after the bonanza of tax cuts and spending measures in Kwasi Kwarteng’s mini-budget threatened to undermine confidence in the UK.

Sterling fell to $1.077 in early trading when Asia-Pacific markets opened after the weekend, closer to parity with the US dollar.

Chris Weston, the head of research at the brokerage firm Pepperstone, said the pound was “the whipping boy” of the G10 foreign exchange market, while the UK bond market was “getting smoked” thanks to Kwarteng’s £45bn debt-financed tax-cutting package.

“The funding requirement needed to pay for the mini-budget means either we need to see far better growth or higher bond yields to incentive capital inflows,” Weston said. Targets that the pound could fall below $1.05, for the first time ever, were being “liberally thrown around”, he added. » | Graeme Wearden | Sunday, September 25, 2022

Ha! Ha! Ha!. I could say: I told you so! We deserve all the pain we get! No! I am not being unpatriotic; on the contrary, I am being extremely patriotic. The dimwits of this country need to be brought to their senses asap.

This country is a medium-ranking European nation. Britannia no longer rules the waves. And probably never will again. Are we important as a nation? Of course we are! But we are no longer an imperial power; our Empire is gone, never to be resurrected. Get over it! These days, we need Europe; and Europe needs us.

People like Nigel Farage are not patriotic; au contraire, they are unpatriotic troublemakers. In fact, where is Nigel Farage when you need him most. He belongs in the stocks! He has caused so many Brits so much unnecessary pain with his vacuous talk. He shouldn't be allowed to get away with it.

This country belongs in the European Union. The absurd policy of Brexit needs to be reversed forthwith. – © Mark Alexander

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