Top World News

Mar 20, 2023 - World

Suella Braverman’s claims of ‘constructive’ talks regarding Strasbourg’s injunctions disputed by legal scholarsLegal experts have cast doubt on the UK’s claims of “possible reforms” to European court of human rights procedures that stopped an asylum seeker from being deported to Rwanda last year.During a two-day visit to the country’s capital, Kigali, Suella Braverman told a selected group of government-friendly papers that she was “encouraged” by the government’s “constructive” talks with Strasbourg to reform court injunctions. An ECHR injunction last June prevented an Iraqi national from being deported from the UK to the east African country. Continue reading...

Mar 20, 2023 - World

European Union foreign ministers agreed Monday on a two-billion-euro plan to raid their own arsenals and jointly purchase desperately needed artillery shells for Ukraine, diplomats said.

Mar 20, 2023 - World

Former prime minister has submitted dossier defending his behaviour before televised grilling on WednesdayDowning Street has rejected a claim that government announcements are being held back this week because of all the media attention that the Boris Johnson privileges hearing will get. Asked about the claim (see 11.36am), the PM’s spokesperson said:There is a large number of announcements being made this week, whether that’s on support for low-income households on energy, and obviously the vote on the Stormont brake on Wednesday so it is a significant week for government.It’s wrong to suggest government business changes as a result of this committee hearing. Continue reading...

Mar 20, 2023 - World

FTSE 100 rises and European banking shares are up after early jitters over what UBS takeover deal means for bondholdersWhat are AT1 bank bonds – and why are Credit Suisse’s wiped out?First Republic’s shares drop after downgraded credit ratingNils Pratley: Swiss solve one problem at Credit Suisse, but create another for bondholdersComment: Bonds were seen as a safe haven – but they are central to this bank crisisStocks climbed on Monday in London and New York after central bankers and politicians sought to soothe jitters triggered by the emergency rescue of Credit Suisse during the weekend.Central banks in the UK and eurozone issued statements aimed at reassuring investors that – unlike the controversial approach taken by the Swiss authorities in the Credit Suisse deal – their jurisdictions would follow a hierarchy in which equity holders would lose out before bond holders.“The UK’s bank resolution framework has a clear statutory order in which shareholders and creditors would bear losses in a resolution or insolvency scenario,” the Bank of England said. The prime minister’s official spokesperson also sought to offer reassurance, telling reporters the British banking system “remains safe and well capitalised”. Continue reading...

Mar 20, 2023 - World

The chain’s mutual model was once hailed as a template, but now it needs cash amid hefty lossesCould breaking the staff-ownership model be the answer for the owner of John Lewis and Waitrose, which is considering bringing in outside investment of up to £2bn as a way to secure its future after reporting hefty losses?The John Lewis Partnership has been owned by its employees since the 1920s, meaning they receive an annual bonus based on profits in a set-up that motivated staff and helped it expand into a stalwart of the British high street. Continue reading...