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(Bloomberg) -- Subscribe to Merryn Talks Money on Apple PodcastsSubscribe to Merryn Talks Money on SpotifyThe reckoning for markets is picking up speed, according to GMO Co-Founder Jeremy Grantham. On this week's special aftershow episode, Somerset Webb and senior reporter John Stepek unpack Grantham's predictions. [Extracted from the article]

(Bloomberg) -- Subscribe to Merryn Talks Money on Apple PodcastsSubscribe to Merryn Talks Money on SpotifyWill global profit margins ever revert to mean? In conversation, panelists assert that the years since the financial crisis have seen the state step in to socialize almost all risk - with the result being that populations expect them to continue. [Extracted from the article]

(Bloomberg) -- Subscribe to Merryn Talks Money on Apple PodcastsSubscribe to Merryn Talks Money on Spotify Is it time to get out of passive funds and switch to their active brethren? And, just to ask, how angry should UK investors be with the Bank of England for forcing them to think about all of this?. [Extracted from the article]

Host Stephanie Flanders talks with Bloomberg Economist Alexander Isakov, who estimates that Ukraine's economy would lose $20 billion a year, or about 10% of its pre-war GDP, should none of them return. (Bloomberg) -- Subscribe to Stephanomics on Apple PodcastsSubscribe to Stephanomics on Spotify Seventeen months after Russia invaded Ukraine, millions of Ukrainians remain scattered around the world, with no end to the war in sight. [Extracted from the article]

Host Stephanie Flanders talks with Bloomberg Economist Alexander Isakov, who estimates that Ukraine's economy would lose $20 billion a year, or about 10% of its pre-war GDP, should none of them return. (Bloomberg) -- Subscribe to Stephanomics on Apple PodcastsSubscribe to Stephanomics on Spotify Seventeen months after Russia invaded Ukraine, millions of Ukrainians remain scattered around the world, with no end to the war in sight. [Extracted from the article]

Transcript: Mervyn King Says the Bank of England Is Making a "Big Mistake" And therefore we could see it over the rest of this year, you know, a significant fall in inflation, which might change people's perceptions about whether or not the Bank of England can regain control of inflation. The idea that you can, you can always create inflation if you print enough money and you can always get rid of inflation if you come down on it hard enough, which brings us to the next bit, which was because of that original mistake, the Bank of England, like other central banks, failed to take action soon enough. Well, if you have a central bank saying we assume that inflation will always come back to 2%, what you've done is to replace Milton Friedman's maxim that inflation is always and everywhere a monetary phenomenon by a new maxim that says inflation is always and everywhere a transitory phenomenon. [Extracted from the article]

(Bloomberg) -- The Bank of England risks triggering a recession in the UK by tightening interest rates too much in a bid to stamp out inflation, its former Governor Mervyn King warned. "The risk is that having ignored money when inflation was rising, they're now ignoring money when inflation is actually about to fall", King said in the interview. [Extracted from the article]

Mervyn King Says the Bank of England Is Making a "Big Mistake" (Bloomberg) -- Subscribe to Merryn Talks Money on Apple PodcastsSubscribe to Merryn Talks Money on Spotify Former Governor of the Bank of England Mervyn King says the central bank hasn't been covering itself in glory of late, and that's partly thanks to it falling victim to groupthink. According to King, it's likely that - despite all money supply indicators signaling the consumer price index will soon be falling fast - the BOE will keep raising rates and the UK will end up in a recession. [Extracted from the article]

Pelligrini contends signs of the decline can be seen in inventory levels, factory prices in China and the labor market. (Bloomberg) -- Subscribe to Merryn Talks Money on Apple PodcastsSubscribe to Merryn Talks Money on Spotify Inflation in the US is going to continue falling, says founder of Intertemporal Economics Brian Pelligrini, and much faster than one might think. [Extracted from the article]

(Bloomberg) -- Subscribe to Merryn Talks Money on Apple PodcastsSubscribe to Merryn Talks Money on Spotify The Bank of England has a vision for the digital pound. Reporter Emily Nicolle spoke to Mutton about the BOE's plans and you can hear some of that conversation on this week's episode of Merryn Talks Money. Nicolle joins hosts Merryn Somerset Webb and Senior Reporter John Stepek to explain what a CBDC is, why the BOE sees value in developing one and what privacy concerns are being raised. [Extracted from the article]

(Bloomberg) -- Subscribe to Merryn Talks Money on Apple PodcastsSubscribe to Merryn Talks Money on Spotify Dambisa Moyo is an economist and board member of Chevron and 3M. The UK has gotten a bad rap thanks to Brexit and political uncertainty, Moyo says, but that doesn't mean it can't take advantage of its intellectual base and prime location. [Extracted from the article]

"Usually what you do, and all the textbooks say, if you raise interest rates, then inflation will come down", Malmgren says on this week's episode of Merryn Talks Money. (Bloomberg) -- Subscribe to Merryn Talks Money on Apple PodcastsSubscribe to Merryn Talks Money on Spotify Inflation isn't heading back to 2%, according to Pippa Malmgren, author and former adviser to President George W. Bush. Malmgren contends that it's because the main problem facing economies today is tied to supply and demand, and that means traditional inflation-fighting tools won't really work. [Extracted from the article]

Aside from the obvious impact - Adani's businesses lost $108 billion in a week - the crisis has shaken investor faith in India. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify This week's In the City focuses on a story that's transfixed the global finance community for weeks: the Adani-Hindenburg clash. "While those of us in Asia knew about all of these allegations against Adani over the years, a lot of the investors in New York and London have been sleeping at the wheel.". [Extracted from the article]

(Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on SpotifyThe UK retail industry is having a difficult time of it. Similar to the US and Europe, retailers across Britain are dealing with soaring borrowing costs, shrinking savings accounts and a cost-of-living crisis that's limiting consumer spending. [Extracted from the article]

On this week's In the City, Jenkins joins hosts Francine Lacqua and David Merritt to share his story of starting 10x Banking Technology, a key player in London's growing fintech scene. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on SpotifyAntony Jenkins is building technology he wanted when he ran Barclays. [Extracted from the article]

If you ask Arun Advani, the interesting part of the story is less about why Zahawi paid the wrong amount, and more how small it was when compared with the earnings he generated. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify The big story in the UK this week centers on the fate of Conservative Party Chairman Nadhim Zahawi. [Extracted from the article]

Aldrick joins hosts Francine Lacqua and David Merritt to discuss what attendees of this year's Davos conference are saying about the UK. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify The Labour leader Sir Keir Starmer and his chancellor Rachel Reeves arrived in Davos on Wednesday as they step up their business-charm offensive. [Extracted from the article]

(Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify In a conversation earlier this month, senior reporter John Stepek made a prediction: House prices in the UK will continue to fall - and fall. When it comes to the most critical factor underlying the health of the UK economy, there's a bigger threat than falling house prices, said senior reporter Philip Aldrick. [Extracted from the article]

(Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify Brexit has consequences. Also on this episode of In the City, editor Tom Metcalf discusses the darkening mood within many banks and what that means for finance jobs and bonuses. [Extracted from the article]

(Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify A new development in the UK government's efforts to deregulate the City of London may be the relaxation of bank ring-fencing, according to a person familiar with Treasury plans. The new Lord Mayor of London, Nicholas Lyons, could be considered one of those optimists. It would be a game-changer for banks, Griffiths says, if the government removed all ring-fencing rules. [Extracted from the article]

Macken fought the French lender in court for more than eight years for equal pay, and now her victory may encourage other women to come forward. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify Unequal pay in finance is no surprise to many who work in the City, but women might have a new tool for fighting it thanks to Stacey Macken, a former broker at BNP Paribas in London. "I requested the equal pay audit as part of my remedy because I became aware that there was a wider problem", Macken says. [Extracted from the article]

Paris is Gaining on London, and It May Be "Just The Start" She explains how Paris has made itself more attractive to foreign investors, the resilience of high-end luxury brands and why she wasn't surprised to hear the UK stock market is now in second place. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify London is no longer home to Europe's biggest stock market. [Extracted from the article]

(Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify It's In the City in the desert. Francine Lacqua is in Sharm El-Sheikh, Egypt, covering the COP27 climate talks. [Extracted from the article]

Former Chancellor Kwasi Kwarteng and BOE Governor Andrew Bailey were at loggerheads as the deadline for the central bank to end a bond-buying program neared. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify It may feel like a lifetime, but less than three weeks ago the UK had a different prime minister, a different Chancellor of the Exchequer and a brewing conflict between the government and the Bank of England. In this episode of In the City, senior reporter Phil Aldrick and correspondent Lizzy Burden join David Merritt in a conversation about the tension between the government and the BOE, and how Bailey navigated both the market turmoil and pressure from Westminster. [Extracted from the article]

Plus, Bloomberg finance editor Katherine Griffiths joins on what the political mess means to the City of London's reputation and whether business leaders feel the worst is over - or yet to come. In this episode of In the City, David Merritt and Francine Lacqua discuss the path to prime minister with Bloomberg reporter Ellen Milligan, and we hear insights from Wickham (like all the WhatsApp gossip), Tory MP Karl McCartney, and former Liberal Democrat leader Vince Cable. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify As soon as Liz Truss resigned as prime minister, names of possible successors starting popping up in the press. [Extracted from the article]

(Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify UK Chancellor of the Exchequer Jeremy Hunt ripped up what was left of Prime Minister Liz Truss's economic program in the hopes of restoring confidence in the UK. But to every rule, there is an exception, and to Goldstein that exception was the once in a life opportunity of buying Chelsea FC. Chelsea FC Co-Owner Calls UK "Uninvestable". [Extracted from the article]

As Bloomberg managing editor for markets Kristine Aquino puts it in this week's bonus episode of In the City, "monetary policy and fiscal policy are clashing wildly and the bond market is up in arms." Plus, Loukia Gyftopoulou, Bloomberg asset management reporter, explains the risks facing the UK pension industry and why these unprecedented moves could change the industry permanently. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify The UK gilt market is in crisis mode. [Extracted from the article]

Pointing to the Tony Blair administration, Bilimoria says "we know Labour can be business friendly." (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify Investors are turning away from the UK as a result of the last month's political chaos. [Extracted from the article]

When asked if the BOE should pull its own U-turn on gilt sales, Sentance says: "No, I think the Bank of England should stick to the job it's meant to do which is to keep on top of inflation [...] We're heading for 4 to 5 percent interest rates as being the norm for the next few years at least." (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify In this bonus episode of In the City, David Merritt and Francine Lacqua unpack the government's humiliating reversal on its signature tax cut. Plus, former Bank of England policy maker Andrew Sentance says the new government thinks it has a "magic wand" to create economic growth in the short-term but "that's just not realistic.". [Extracted from the article]

We hear from Edouard de Langlade, founder of macro hedge fund EDL Capital, who is shorting the pound and betting against UK stocks. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify This week's In The City podcast isn't for the lighthearted. Three weeks into her term, Prime Minister Liz Truss's financial plans have thrown markets into chaos, pummeled the pound and put her future in doubt. [Extracted from the article]

But, Ashworth explains, if the proposal is part of a larger package to improve the competitiveness of the City of London, then there may be broader merits, even if it's tricky to pinpoint the specific advantages of relaxing pay rules. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify It's a big week for Britain. In this week's In the City, Legal and General chief executive officer Nigel Wilson joins David Merritt and Bloomberg finance editor Katherine Griffiths to discuss what business leaders need to hear and whether any of it matters if they can't deliver. [Extracted from the article]

(Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify Even as the UK takes a moment to reflect on the reign and passing of the Queen, new Prime Minister Liz Truss isn't wasting any time in setting the tone for her administration. "This is a government in a hurry", says Allegra Stratton, author of Bloomberg's daily UK newsletter The Readout and former Downing Street press secretary. [Extracted from the article]

(Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify While Liz Truss's economic agenda has markets worried, many in the City of London are convinced the new prime minister and her cabinet will champion the financial services industry in a way that hasn't been the case for some time. Grimstone also discusses his relationship with the new chancellor, Kwasi Kwarteng, and shares his views on the importance of the City minister position and what role it plays in unlocking the industry's potential. [Extracted from the article]

(Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify The Tory leadership contest is inching closer to its end as Liz Truss and Rishi Sunak round up their campaigns in the fight for No. 10 Downing Street. That's the reality of governing economics versus campaign economics." Despite facing the same challenging outlook, Truss and Sunak have sharply divergent views on how to handle the economy and public finances. [Extracted from the article]

But after paying a record price of £9,724.54 - the highest Britain has ever paid to import electricity - homes and businesses were able to avoid going dark. He also addresses the reasons behind the worsening energy crisis and record-high energy prices, and discusses the options the government has to address it. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify London paid a record price for electricity to dodge a blackout in July. [Extracted from the article]

A string of high-profile flops and snubs has dented investor confidence, the most recent being SoftBank reconsidering whether to bring back UK chip designer Arm to the London market with a partial listing, in light of political upheaval. (Bloomberg) -- Subscribe to In The City on Apple podcastsSubscribe to In The City on Spotify London's stock market is facing the quietest period for listings since the financial crisis. [Extracted from the article]

Keywords: 8301@JP; ALLTOP; ASIA; BUSINESS; EUROPE; EURTOP; GLOBALMACR; GOV; JAPAN; UK; WORLD; WWTOP; WWTOPEU EN 8301@JP ALLTOP ASIA BUSINESS EUROPE EURTOP GLOBALMACR GOV JAPAN UK WORLD WWTOP WWTOPEU (Bloomberg) A fresh row over the Bank of England's independence is brewing. In a debate between candidates aiming to become Britain's next prime minister, Liz Truss insulted the Bank of England's inflation-fighting record and named the Bank of Japan as a model to follow. [Extracted from the article]

He tells David that the solutions to bring back quality travel include raising wages and more policies that support the UK as a travel hub. (Bloomberg) -- The UK's travel industry has been struggling to manage a post-pandemic rush of holidaymakers and business travelers, with long queues of frustrated fliers, piles of baggage, and striking workers a common scene. [Extracted from the article]

(Bloomberg) -- The immediate anger toward how the London Metal Exchange handled the nickel squeeze is not fading. Bloomberg reporter Jack Farchy joins this week's In the City podcast for a conversation with David Merritt and Francine Lacqua around the criticism facing the LME. Months later, the LME is dealing with a raft of investigations and lawsuits, and the nickel market is still reeling. [Extracted from the article]

But given Britain's economy was already in challenging circumstances, Flanders says the main thing to focus on is whether the new chancellor Nadhim Zahawi will change the approach to tax cuts and household support. But what does the commotion in UK politics mean for the economy?. [Extracted from the article]

(Bloomberg) -- Since the start of Russia's war on Ukraine, the UK government has sanctioned more than 1,000 people and 120 businesses. Knowles says that growing divide has led London to become "an experiment in the coexistence of wealth and want.". [Extracted from the article]

In addition to their conversation with Philip Hammond, David Merritt and Francine Lacqua speak with Bloomberg crypto reporter Emily Nicolle, who discusses the history of crypto regulation in the UK. (Bloomberg) -- The UK must make moves over the next couple of months or it will lose its chance to take the lead on crypto, the country's former Chancellor of the Exchequer Philip Hammond warned. Speaking to David Merritt and Francine Lacqua, Hammond said progress has been slow in setting clear regulation on the crypto industry. [Extracted from the article]

(Bloomberg) -- Tina Brown said Prince Harry and Meghan Markle's decision to leave their royal roles is a bigger headache for the British royal family compared to Prince Andrew, who has recently faced sexual assault allegations. According to Brown, Princes Charles will become a transitional monarch to "get things in shape for William." Tina Brown Says Prince Harry Is "Bigger Problem for the Monarchy" Compared to Prince Andrew. [Extracted from the article]