Author: Press Room

U.K. Chancellor Kwasi Kwarteng outside 10 Downing Street. Britain will cap the cost of electricity and gas for businesses.Rob Pinney | Getty Images News | Getty ImagesLONDON — The new U.K. government announced a sweeping program of tax cuts and investment incentives Friday, as Prime Minister Liz Truss seeks to boost the country’s faltering economic growth.Speaking to the House of Commons, Finance Minister Kwasi Kwarteng said the government wanted a “new approach for a new era focused on growth” and was targeting a medium-term 2.5% trend rate in economic growth.”We believe high taxes reduce incentives to work, deter investment and…

Sterling hit its lowest level since Jul. 1, 2020.Matt Cardy | Getty ImagesThe embattled British pound fell 3.5% against the dollar Friday, after the new U.K. government announced a radical economic plan in a bid to boost growth.Sterling had dropped as low as $1.0869, extending losses it made after the measures were unveiled in the morning in London.The pound has been on a precipitous fall against the greenback this year, hitting levels this month not seen since 1985 when it fell to $1.042.Friday’s measures were billed by the government as heralding a new era for the U.K. focused on growth,…

Researchers used multiple methods to analyze mitochondrial genetic data and identify a mitochondrial microprotein associated with the risk of Alzheimer’s disease.They discovered the SHMOOSE microprotein, which appears to have a physiological role in neurodegeneration.The mutated version of the SHMOOSE microprotein, found in over 20% of Europeans, is linked to a higher Alzheimer’s disease risk.The finding opens new avenues for detecting, preventing, and treating Alzheimer’s disease.Mitochondria are structures within the cell that convert energy from food into energy the cell can use. Each cell contains hundreds to thousands of mitochondria. Although most DNA is found inside the cell’s nucleus, mitochondria also…

For more than two and a half years, Hong Kong’s government has adhered to a version of China’s zero-COVID policy, enforcing strict coronavirus controls and mandatory quarantine for international arrivals. Quarantine, once as long as three weeks, has now been reduced to three days and the government has signalled it may soon join the rest of the world in scrapping travel curbs. Chan signalled his support for making travel and business easier. “The aspects related to the pandemic need to continue to improve in order for us to see larger investments because people are more cautious in a high interest…

“Suck in your stomach” is a mantra we’ve heard so often around achieving good posture and a good figure that it’s become automatic for many people to constantly tighten their abs.But it turns out chronic stomach gripping, as the habit is more formally called, can lead to health consequences including less efficient breathing, neck and back pain, and pelvic issues, experts said.Some have called the resulting problems hourglass syndrome, with TikTok users displaying another potential consequence of non-stop stomach gripping: dimpling at the base of the lower ribs where the upper ab muscles have apparently tightened from overuse.Julie Wiebe, a…

Metaverse technology has continued to be the rage among big-name brands that are now dolling out million-dollar paychecks to so-called “chief metaverse officers” to think up their metaverse adoption strategy. According to a Bloomberg report, brands such as Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecom carrier Telefonica SA, and wedding-registry retailer Crate & Barrel are among giants that have invested in a CMO of recent. These firms, while each having modified job descriptions for their CMO, are all making the appointment with a view not to be left behind in the adoption of the emerging technology. Hamza Khan,…

Bella Hadid’s love of vintage fashion is showing no signs of fading, with the model taking her rare bag collection with her to Milan Fashion Week. First, there was the Chanel On The Pavements graffiti messenger bag from spring 2015, which Hadid has been spotted with on a number of occasions, including during fashion month last season.Today, the vintage obsessive stepped out with her limited-edition Louis Vuitton X Richard Prince ombre monogram bag from Marc Jacobs’s spring 2008 collection, featuring jokes spray-printed onto the design. Paired with her khaki coat and autumnal knitwear, it added a flash of color to…

Oil tumbled as much as 5.7% to $78.73 a barrel on Friday — the lowest intraday level since January 11.Investors are concerned about the Federal Reserve’s campaign to get inflation under control by delivering punishing interest rate hikes designed to slow down the US economy.”They’re purposely sending this economy towards recession,” said Robert Yawger, vice president of energy futures at Mizuho Securities.Markets are betting the Fed’s rate hikes — the latest one coming earlier this week — will hurt energy demand by causing people to drive and fly less and businesses to consume less energy.”Fed rate hikes are killing demand…

Citigroup is dramatically scaling back the amount it lends to asset managers, including private equity firms, as the US bank races to meet tough new capital rules, according to people familiar with the matter.The type of lending that Citi is backing away from is known as subscription-line financing, a niche but important business for Wall Street banks that want to develop deep ties with dealmaking clients, especially private equity groups. Citi’s existing book totals roughly $65bn and the bank is preparing to slash that to about $20bn in the coming months, one of the people said. There is high demand…

Among all the headline-grabbing tax cuts and growth initiatives in Kwasi Kwarteng’s so-called mini-Budget was one small, but powerfully symbolic, deregulation for the City of London.The new chancellor, heartily applauded by prime minister Liz Truss as he delivered his debut policy package to the House of Commons, confirmed a well-trailed plan to ditch the bankers’ bonus cap — the EU rule introduced in 2014 that limits bonuses to double a banker’s salary.Cue loud heckles from Labour MPs and across social media. The prospect of higher pay for bankers — reinforced by the axing of the 45 per cent tax band…