Bank of England Considers Shelving Plans for a Digital Pound
The BOE has been privately urging the banking industry to instead accelerate payment innovations that could result in similar benefits without the creation of a central bank digital currency — or CBDC — for consumers, according to people familiar with the matter.
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Yahoo
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Tariff, Inflation Fears Led Fed To Avoid Rate Cut In July, Meeting Minutes Show
Key Takeaways Members of the Federal Open Market Committee considered inflation driven by tariffs to be a bigger threat to the economy than joblessness, according to minutes of a July meeting released Wednesday. Tariff-related inflation concerns dominated the discussion before the FOMC's decision to keep the central bank's key interest rate steady. The thinking of FOMC members may have shifted after a shocking decline in job creation was reported days later. Behind closed doors, officials at the Federal Reserve said much the same as they've said in public: that concerns over tariffs stoking inflation led them to keep the central bank's interest rate flat in July instead of cutting it. That's according to minutes of the July meeting released Wednesday. The minutes showed members of the central bank's policy committee were divided over whether inflation or joblessness is the biggest threat to the minutes shed some light on how Fed officials are thinking about how they should use monetary policy to pursue their "dual mandate" of keeping inflation low and employment high. The minutes echoed public statements Fed officials have made recently, but are outdated since they were made before the surprise slowdown in the job market was revealed in an Aug. 1 hiring of tariffs dominated the discussion. Members of the Federal Open Market Committee debated how much the tariffs are likely to push up prices, how long it will take for those price hikes to make their way through supply chains to store shelves, and whether those higher prices will set off a self-reinforcing cycle of price hikes and wage increases."With regard to the outlook for inflation, participants generally expected inflation to increase in the near term," the minutes said. "Participants judged that considerable uncertainty remained about the timing, magnitude, and persistence of the effects of this year's increase in tariffs."At several points, the minutes referred to "a couple" of committee members who argued that the weakening job market was more worrisome than tariff-driven inflation. Although the meeting minutes did not name names, that could reference Fed governors Michelle Bowman and Christopher Waller, who voted for a rate cut but were outnumbered."Most participants judged the upside risk to inflation as the greater of these two risks, while several participants viewed the two risks as roughly balanced, and a couple of participants considered downside risk to employment as the more salient risk," Ryan Sweet, chief U.S. economist at Oxford Economics, wrote in a commentary. "It's unclear if the July employment report and the revisions to prior months, released after the July meeting, alter some views of the balance of risks."Financial markets currently are pricing in about an 81% chance the Fed will cut interest rates in September to bolster the job market, according to the CME Group's FedWatch tool, which forecasts rate movements based on fed funds futures trading data. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
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New plans for site of former pub demolished in 2011
New plans have emerged for the site of a lost community pub after it was demolished in 2011. The Boundary pub sat on the border between Huyton and Dovecot and was a popular destination, particularly during its heyday in the 1970s and 1980s. The pub was once called The Boundary Hotel and known in later years as just The Boundary. According to past reports, The Boundary was a place people would visit after work and was very busy at the weekends. Inside, a juke box could once be seen by the men's toilets and there was also a pool table that was always occupied. Attached to the pub, customers could also head to O'Neill's diner sandwich bar for something to eat. READ MORE: Man arrested after attack on bus in city centre READ MORE: Sam Walker 'remains under investigation' after armed police storm hospital Today, the land where the pub and café once stood, remains empty with only a few faded car park markings to indicate its past usage. The site has been vacant for more than 14 years and has been subject to numerous planning applications and much local speculation on what will be developed there. Those questions seem to have now been answered after a new planning application was submitted to Knowsley Council. Since The Boundary pub was demolished in 2011, proposals have included various usages for the land including a petrol station with convenience store, which would have opened between the hours of 7am and 10pm. However, the plans were subject to more than 100 objections from concerned local residents, and the application subsequently withdrawn by the planning agent. The new applicant is Breck Homes Ltd which advertises itself as a 'multi-disciplined development and investment business, with a headquarters in Preston. Breck has submitted a full planning application for the construction of 35 new homes on the Pilch Lane site, including new car parking facilities and landscaping. According to a third-party planning report, the development will consist of '100% affordable rented homes' and will benefit from rear garden access. Front gardens or verges are also included in the proposals and cited in the report. The application will now be considered by the local authority ahead of a potential planning committee assessment For the latest news and breaking news visit Get all the big headlines, pictures, analysis, opinion and video on the stories that matter to you. Follow us on Twitter @LivECHONews - the official Liverpool ECHO Twitter account - real news in real time. We're also on Facebook/theliverpoolecho - your must-see news, features, videos and pictures throughout the day from the Liverpool ECHO.
New York Times
an hour ago
- New York Times
Sir Jim Ratcliffe's INEOS counter-suing Tottenham relating to Harry Kane's Bayern Munich move
Sir Jim Ratcliffe's car company INEOS Automotive is counter-suing Tottenham Hotspur for more than £1million. In legal documents filed to the High Court earlier this month, INEOS' lawyers have disputed Tottenham's claim from June, in which the Premier League club sued the company for £11million ($14.8m). Advertisement The legal dispute centres on the 'Official Partnership Agreement' between Tottenham and INEOS that was signed in December 2022. This agreement was intended to grant INEOS commercial sponsorship rights for almost five years, specifically relating to the 'INEOS Grenadier' brand in exchange for almost £17.5m in sponsorship fees, not including indexation. That sponsorship deal has now collapsed. Tottenham argued in their 'Particulars of Claim', filed to the High Court in June and seen by The Athletic, that they terminated the agreement on March 11 this year. They cited INEOS' failure to pay an indexation payment of almost £480,000, which was due by 16 August 2024, and a sponsorship fee of £5.1m, which was due by 1 December 2024, as well as another interest charge of almost £300,000. Tottenham's claim describes the failure to pay as a 'material breach of the agreement'. Tottenham have also claimed damages of more than £5.2m for breach of contract. INEOS has always maintained their right to terminate the agreement. In INEOS' 'Defence and Counterclaim', also seen by The Athletic, they argue that the company wrote to terminate the agreement in a letter dated December 6 2024, in effect from 30 June 2025. Their argument is that neither the indexation payment of almost £480,000 nor the sponsorship fee of £5.1m are therefore payable. INEOS further argue that Tottenham were 'not entitled to terminate the Agreement'. INEOS' counterclaim argues that Tottenham 'failed to grant' INEOS rights from 11 March 2025, when they wrote to INEOS to terminate the agreement, until 30 June 2025, 'when the Agreement terminated pursuant to the INEOS Termination Letter'. For these 112 days, INEOS has claimed damages of £1,073,972.60. The INEOS' counterclaim also makes reference to discussions between Tottenham and German car giant Audi at the time that Harry Kane was transferred from Tottenham to Bayern Munich in the summer of 2023. The 'Defence and Counterclaim' starts by referring to a 'highly significant series of events' in which Tottenham 'started negotiating with a major competitor to INEOS'. The counterclaim argues that the club 'was not entitled to have discussions with a Competitor in connection with any rights which were the same as, or substantially similar to, the Rights granted to INEOS'. Advertisement The document states that, on August 3 2023, Tottenham's then-chief commercial officer Todd Kline told INEOS chairman Ashley Reed he 'had been in discussions' with Audi: 'According to Mr Kline, the discussions and/or negotiations related to a proposed transfer of the Club's player Harry Kane to the German club FC Bayern Munich.' According to the document, this led to discussions which brought about a new agreement between Tottenham and INEOS, under the terms of which INEOS had the right to terminate the agreement after its third year, provided that INEOS provided the Club with no less than six months' written notice. Tottenham Hotspur declined to comment. Spot the pattern. Connect the terms Find the hidden link between sports terms Play today's puzzle
