The ECB leaves rates at their lowest with an inflation surge of 2%; Rising jobless claims in the United States – as it happened

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The ECB leaves rates at their lowest with an inflation surge of 2%; Rising jobless claims in the United States – as it happened


It’s time to recap.

The European Central Bank has pledged to keep interest rates historically low until eurozone inflation firmly hits its new 2% target. At its first meeting since its strategy review, the ECB said it would maintain “an always accommodative monetary policy” to meet its targets.

ECB President Christine Lagarde also warned that the delta variant of Covid-19 could hamper the recovery, with some restrictions expected to remain in place for the rest of the year.

More and more Americans have filed new claims for unemployment assistance, raising concerns that the US recovery is being affected by the rise in delta cases. There were 419,000 “initial claims” for unemployment assistance last week, an increase of over 50,000.

The British government has announced its intention to reduce its majority stake in NatWest bank.

The trading plan, also known as “trickle-down” selling, means the Treasury could end up selling up to 15% of the average amount of NatWest shares usually traded over 12 months. This could earn the government a maximum of £ 1.2bn based on the current share price, which would be on top of any additional bulk share sales the government chooses to initiate during the next year.

However, the Treasury stressed that it would only sell shares at a price that represents good value for taxpayers. The government is expected to take a loss on any sale, having paid 502p per share as part of the bank’s bailout in 2008.

Consumer goods giant Unilever warned that rising costs for raw materials, packaging and transportation are weighing on its profit margins, causing its shares to fall nearly 6% today.

UK factories have reported increased orders and production, and escalating fears that shortages of parts and labor are hurting growth.

Bank of England Deputy Governor Ben Broadbent has weighed in on the heated UK inflation debate, arguing that many of the factors driving prices up this year are temporary and unlikely to put pressure on them long-term inflationary.

Bankers and advisers are on hold for a salary of £ 275million thanks to the planned takeover of UK supermarket Morrisons, according to recently released documents.

British Gas more than doubled profits for the first half of the year after cold weather prompted home-based customers to increase their heating, and small businesses began to reopen after Covid-19 lockdowns ‘last year.

A Chinese billionaire has been granted a building permit to build an eight-story, 5,760-square-meter (62,000-square-foot) private palace overlooking Hyde Park in central London.

Good evening. GW

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