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ExxonMobil’s chief executive predicted a resurgence of investment in fossil fuel production as he blamed soaring oil and gas prices on an “optimistic view” about how quickly the energy transition can happen. Darren Woods, the head of the biggest western oil and gas supermajor, said pressure to reduce emissions by cutting production before addressing demand
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The UK government is collaborating with Boston-based Moderna to build the country’s first manufacturing centre for messenger RNA vaccines in a deal worth £1bn as it seeks a lead in responding to the current and future pandemics. The government is aiming to secure homegrown supplies of a technology that has proved a crucial weapon in
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Rishi Sunak has been accused of squandering £11bn of taxpayers money by paying too much interest servicing the government’s debt. Calculations by the National Institute of Economic and Social Research, the oldest non-partisan economic research institute in the UK, show the losses stem from the chancellor’s failure to take out insurance against interest rate rises
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The Crazy Bear in Stadhampton, an hour’s drive from London, was the perfect setting to celebrate Britain’s most successful investment company launch. Garish chandeliers hung between wooden beams as guests jostled for space among the ice buckets filled with magnums of champagne. At the centre of the bar was Neil Woodford, the UK’s best-known stockpicker.
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The UK and EU have agreed a co-ordinated ban on insuring ships carrying Russian oil, shutting Moscow out of the vital Lloyd’s of London insurance market and sharply curbing its ability to export crude, according to British and European officials. Lloyd’s has been the heart of the marine insurance industry for centuries and blocking its
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Emerging market bonds are suffering their worst losses in almost three decades, hit by rising global interest rates, slowing growth and the war in Ukraine. The benchmark index of dollar-denominated EM sovereign bonds, the JPMorgan EMBI Global Diversified, has delivered total returns of around minus 15 per cent so far in 2022, its worst start
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This week, the global elite will convene once again in Davos, Switzerland, after a two-year pandemic break, for the World Economic Forum. The conversation will revolve around deglobalisation and its discontents. I expect the headlines will be that decoupling between China and the US is untenable, free trade always works just as David Ricardo thought
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British retail sales unexpectedly rose in April as shoppers bought more alcohol from supermarkets, suggesting people are reacting to rising prices by staying at home rather than going out. The quantity of goods bought in Great Britain rose 1.4 per cent between March and April, partially reversing declines in the previous two months, according to
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Good morning. Yesterday, Rob landed in London just in time to hear that UK inflation there had hit 9 per cent. This turned out to be the best news of the day. Soon thereafter, markets descended into the worst session since the grim early weeks of the pandemic. A few days ago we wrote this:
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