Sterling rises after UK economy beats expectations and exits recession
The British economy grew by 0.6 per cent in the first quarter of the year, beating expectations and leaving behind a mild recession in 2023.
euro
HTFX becomes gold sponsor for Tziortzis
HTFX has become the gold sponsor of Cypriot EuroNASCAR driver Vladimiros Tziortzis, who is competing in the Nascar Whelen Euro Series Championship with Italian Academy Motorsports driving a Ford Mustang V8.
Bank of England moves closer to first rate cut since 2020
The Bank of England’s Monetary Policy Committee voted 7-2 to keep interest rates at 5.25 per cent, with Deputy Governor Dave Ramsden and Swati Dhingra voting for a cut to 5 per cent. The BoE hinted at a potential rate cut in June and emphasized the importance of upcoming economic data releases. Governor Andrew Bailey expressed optimism about the direction of inflation.
Google fights $17 bln UK lawsuit over adtech practices
Google parent Alphabet is facing a mass lawsuit in London accusing it of abusing its dominance in the online advertising market. The lawsuit seeks damages of up to 13.6 billion pounds on behalf of UK-based publishers who claim they have suffered losses due to Google’s allegedly anticompetitive behavior.
ECB can cut rates and should rethink how it sets policy, Wunsch says
Fact: Belgian policymaker Pierre Wunsch stated that the European Central Bank can proceed with interest rate cuts this year but needs to reconsider how it forecasts inflation and sets policy based on those projections.
Polish MEP from Elam, ’s Euro group meets Tatar
Fact: Polish member of the European Parliament Tomasz Poreba met with Turkish Cypriot leader Ersin Tatar at Tatar’s official residence in northern Nicosia.
The ordeal of little Konstantinos in the state of irresponsibility
Konstantinos-Efraim, a 10-month-old boy in Cyprus, is fighting for his life due to a rare condition called spinal muscular atrophy type 1. Despite his urgent need for a home nurse, the government and authorities have been unresponsive and ineffective for four months. The boy’s father publicly shared their ordeal, highlighting the lack of action and responsibility from the government. The family faces financial struggles and challenges in accessing specialized nursing care. The government’s failure to implement early detection tests for such conditions is also criticized.
Weak demand, new model ramp up hit Europe, ’s top automakers
European car giants Volkswagen, Mercedes-Benz, and Stellantis all posted lower sales and first-quarter revenue due to higher costs, weaker demand for new cars, and the upcoming launch of new models.
USD weakens on poor NFP data, slower wage growth
The USD weakened on Friday as the U.S. Bureau of Labor Statistics reported weak labor demand and slowing wage growth in April.
OECD upgrades global growth outlook as US outperforms
The global economy is growing faster than expected, with the US activity being resilient and inflation converging quickly with central banks’ targets, according to the OECD.