The European Union on Wednesday called on Britain and the United States to limit litigation by agreeing how to price legacy contracts after the tarnished Libor interest rate is scrapped.
* Investors wait for Fed signals on tapering. * UK inflation shoots above BoE target. * Dollar holds near one-month high. * Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn. * Graphic: World FX rates http://tmsnrt.rs/2egbfVh. By Tommy Wilkes.
* Graphic: World FX rates http://tmsnrt.rs/2egbfVh. * Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv. By Saikat Chatterjee. Sterling rose on Wednesday after data showed British inflation unexpectedly jumped above the Bank of England's 2% target in May, sparking concerns that policymakers may start signalling a shift in policy thinking if prices shoot up again.
* Investors wait for Fed signals on tapering. * UK inflation shoots above BoE target. * Dollar holds near one-month high. * Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn. * Graphic: World FX rates http://tmsnrt.rs/2egbfVh. By Tommy Wilkes.
British inflation unexpectedly jumped above the Bank of England's target in May when it hit 2.1%, part of a post-lockdown climb in prices that is expected gather pace. The acceleration of the consumer price index from April's 1.5% largely reflected how weak inflation was in May 2020 when the economy was reeling from its first tight lockdown.
Iceland has completed its largest ever initial public offering as the state has sold off more than a third of its stake in the bank Islandsbanki in an oversubscribed offering that will value the lender at $1.3 billion. "This is the first step in reducing the state's risk in the banking sector," Finance Minister Bjarni Benediktsson said in a statement published early on Wednesday.
British inflation unexpectedly jumped above the Bank of England's target in May when it hit 2.1%, part of a post-lockdown climb in prices that is expected gather pace. The acceleration of the consumer price index from April's 1.5% largely reflected how weak inflation was in May 2020 when the economy was reeling from its first tight lockdown.
British inflation unexpectedly jumped above the Bank of England's 2.0% target in May when it hit 2.1% and looks set to rise further as the country re-opens its economy after its coronavirus lockdowns.
The British government will deliver a statement on the economy to parliament on Wednesday. Chief Secretary to the Treasury, Steve Barclay, will make the statement after the government delayed lifting most remaining COVID-19 restrictions on Monday, a blow for businesses which had hoped to fully reopen.
The Czech Republic asked the European Union's top court to impose a fine of 5 million euros per day on Poland for not halting as ordered mining operations of the Turow lignite mine located on the border between the two countries.
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