ECB cuts rates again and warns trade war fears are hurting Europe’s economy
The European Central Bank has cut interest rates across the 20-member eurozone for the second time this year, and warned that trade war fears are hurting Europe’s economy.The Frankfurt-based rate setter cut its benchmark deposit rate by a quarter of a percentage point to 2.5%, in line with City economist expectations, as Trump prepared to impose 25% tariffs on all goods imported from the EU.The ECB president, Christine Lagarde, blamed a “high level of trade and policy uncertainty” for a downgrade in expected growth this year.There was some better news on the battle against inflation, which the ECB said was moderating
European Central Bank cuts interest rates again, by quarter point – as it happened
The European Central Bank has cut interest rates across the 20-member eurozone for the second time this year, and warned that trade war fears were hurting Europe’s economy.The Frankfurt-based rate setter cut its benchmark deposit rate by a quarter of a percentage point to 2.5%, in line with City economist expectations, as Donald Trump has threatened 25% tariffs on all goods imported from the EU, similar to levies on imports from Canada and Mexico that took effect this week.The ECB president, Christine Lagarde, blamed a “high level of trade and policy uncertainty” for a downgrade in growth this year.“We know that tariffs, and particularly if there is retaliation, are not good at all and are net negative on pretty much all accounts,” she told journalists at a press conference
UK watchdog drops competition review of Microsoft’s OpenAI partnership
The UK’s competition watchdog will not hold a formal investigation into Microsoft’s partnership with the startup behind the artificial intelligence chatbot ChatGPT, stating that while the $2.9tn (£2.3tn) tech company has “material influence” over OpenAI it does not control it.The Competition and Markets Authority (CMA) said Microsoft, OpenAI’s biggest financial backer with a $13bn investment, acquired material influence over the San Francisco-based business in 2019 but did not exercise de facto control over it – and therefore did not meet the threshold for an official inquiry.The decision follows expressions of disquiet over the appointment of the former boss of Amazon UK, Doug Gurr, as the CMA’s interim chair
Google, Microsoft, Meta and Amazon among tech companies making $27bn from Australians
The top 16 tech companies are collectively making $26.7bn in revenue each year from Australians, a Parliamentary Budget Office analysis has found, as the Greens call for a 3% tax on the biggest players that would bring in more than $11bn.The analysis, conducted on behalf of the Greens, found in 2022-23 Google made $8.7bn across advertising and cloud services, Microsoft made $2.9bn, Meta made $1
Keegan Bradley surprised ‘kick their ass’ comment was broadcast on Netflix
It transpires the viral moment of Netflix’s latest series on golf may have been as much of a surprise to the main protagonist as those looking on.The assertion of Keegan Bradley, the US Ryder Cup captain, during Full Swing that his contingent are “gonna go to Bethpage to kick their fucking ass” in September immediately looked like golden material for Europe’s locker room. Shane Lowry, likely to be an important part of the European team, was asked last week whether he was aware of Bradley’s sentiment. “Oh yeah,” said the Irishman. “We have all seen it
Ireland and France load benches with forwards to play Risk in search of reward
The board game Risk describes itself as the pursuit of diplomacy, conflict and conquest for two to six players. Rugby’s version is not a million miles removed: bigger pitch and more bodies involved but plenty of overlap on the content. For Saturday’s pivotal next step in Ireland’s grand slam bid, France have put it up to them before a ball is kicked, with a magnificent seven lumps on the bench, supported by just one back. It worked against Italy, which is not to say it will not end in tears this time out. That’s why it’s called Risk
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