UK inflation in surprise drop to 18-month low – Reports – Newstrends
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UK inflation in surprise drop to 18-month low – Reports

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UK inflation in surprise drop to 18-month low – Reports

British inflation unexpectedly slowed in August, data showed Wednesday, hitting an 18-month low and sparking hope this week’s widely-forecast interest rate hike by the Bank of England could be its last for now.

The Consumer Prices Index dropped slightly to 6.7 percent from 6.8 percent in July, the Office for National Statistics said in a statement on the eve of the BoE’s latest monetary policy decision.

That was the lowest since February 2022 and confounded expectations for an acceleration to 7.1 percent on higher energy prices.

Wednesday’s news sent the pound sliding almost 0.4 percent to $1.2347 in morning deals, with the US Federal Reserve set to hold rates later in the day.

Finance minister Jeremy Hunt said his Conservative government’s plan to lower inflation is “working” but conceded that the rate is “still too high”.

It comes one day after data showed eurozone inflation also slowed slightly in August.

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“The surprise fall in UK inflation triggered a kneejerk selloff in sterling, as today’s data cements the expectation that the Bank of England’s next rate hike could also be its last,” said Swissquote Bank analyst Ipek Ozkardeskaya.

Health workers strike

Despite the drop, British inflation remains the highest in the G7 group of rich nations, after peaking at a 41-year high of 11.1 percent in October last year.

Elevated inflation has prompted almost 18 months of regular stoppages by public and private-sector workers whose pay is failing to keep pace.

In the latest walkout, medical consultants and junior doctors working in England for the country’s National Health Service held their first ever joint strike on Wednesday.

The BoE has so far ramped up its key interest rate 14 times in a row to the current level of 5.25 percent in a bid to bring down red-hot inflation.

UK inflation in surprise drop to 18-month low – Reports

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American man arrested for beating tourist to death at Ireland hotel

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American man arrested for beating tourist to death at Ireland hotel

A 30 year old American man whose name was not given by security officials, has been arrested for beating up a 60 year old tourist to death at the Ballyfin Demesne hotel in Laois, Ireland.

The Irish police force commonly known as ‘Garda Síochána’ announced that the incident occurred in the late hours of Tuesday, November 12.

Ballyfin Demesne hotel, is a popular luxury five-star hotel located in Laois, Ireland and special guests such as Kanye West, Kim Kardashian, George Clooney e.t.c had made use of the hotel in times past.

The victim was discovered unconscious in the late hours of Tuesday, November 12 and was then rushed to the hospital were he died due to severe beating inflicted on him by the culprit.

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Independent local councilor James Kelly stated that nearby communities were ‘stunned’ upon learning about the incident at the renowned hotel.

He said, “There would be a lot of staff from the area and they’re totally shocked by what has happened here.

“It’s something we didn’t think we’d be waking up to this morning.”

The police also noted that a senior officer has been assigned to lead the investigation and an incident room has been set up at Portlaoise Garda Station, Ireland.

Furthermore, a family liaison officer will  be designated to assist the family of the deceased.

 

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FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win

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FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win

The Federal Bureau of Investigation on Wednesday carried out a raid at the home of Shayne Coplan, CEO of cryptocurrency prediction outlet Polymarket.

Authorities seized Mr Coplan’s phone during the raid, according to New York Post which first reported the incident.

Mr Coplan, 26, has been running the famous platform for bets throughout the 2024 presidential election in the United States.

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It wasn’t immediately clear why the search was conducted, but Polymarket promptly said it might be due to its activities during the election. Users on the platform had correctly predicted Donald Trump was going to defeat Kamala Harris. The company paid out a substantial amount to winners following the election.

“This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election,” a spokesperson for Polymarket said in a statement from its headquarters in New York.  “Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections.”

It was unclear whether or not the FBI would be filing charges after the raid.

 

FBI raids home of crypto platform Polymarket CEO, after accurate prediction of Trump win

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Two dead, buildings destroyed in American factory explosion

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Two dead, buildings destroyed in American factory explosion

Two employees of Givaudan sense colour, a factory known for making colourings for beverages, located in Louisville, Kentucky, United States (US) were killed in an explosion that took place at the company’s facility.

The factory reported that the incident which took place on Tuesday, November 12 in the afternoon have also destroyed buildings around the company.

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Louisville Mayor, Craig Greenberg stated that firefighters managed to rescue and evacuate numerous individuals from the site, including some who sustained life-threatening injuries.

He also confirmed that all employees present at the plant during the explosion have been accounted for.

Earlier reports indicated that at least 11 workers were hospitalized.

The cause of the explosion is still under investigation.

 

Two dead, buildings destroyed in American factory explosion

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