Author: Daniel snow

UK April inflation overstated because of car tax error, ONS says

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Shoppers and visitors out on Oxford Street on 4th May 2025 in London, United Kingdom. Mike Kemp | In Pictures | Getty ImagesA car tax data calculation error caused the U.K.’s inflation rate to be overstated by 0.1 percentage points for the year to April, the Office for National Statistics (ONS) said on Thursday.The ONS had initially said last month that the U.K.’s annual rate hit 3.5% in April, coming in above analyst expectations. On Thursday, the statistics body released revised data, showing the country’s consumer price index rose instead by a lower 3.4% in the 12 months to April.The…

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As Germany’s Merz meets Trump, these topics are top of his agenda

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The flags of the U.S. and Germany are on the table at a bilateral meeting between German Economics Minister Habeck and U.S. Secretary of State Blinken at a hotel on the Gendarmenmarkt. Photo: Christoph Soeder/dpa (Photo by Christoph Soeder/picture alliance via Getty Images)Christoph Soeder/dpa | Picture Alliance | Getty ImagesGerman Chancellor Friedrich Merz is set to meet U.S. President Donald Trump on Thursday, with much to discuss at a time of trade disputes and ongoing war in Europe.During both of his presidential terms, Trump has triggered tensions between long-standing allies U.S. and the European Union.”The tone is as rough as…

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Citi plans to slash 3,500 tech roles in China as global banks cut costs

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HONG KONG, CHINA – 2024/06/07: Pedestrians walk past the American multinational investment bank, Citibank or Citi, branch in Hong Kong.  Sebastian Ng | Lightrocket | Getty ImagesCitigroup said Thursday it plans to cut around 3,500 technology positions in China, in the latest move by a major U.S. bank aimed at streamlining global operations and reduce costs.The reduction of staff at the China Citi Solution Centers in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, Citi said in a statement.The jobs affected are mostly in the information technology services unit, providing software technology…

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Involution or evolution? China wants to stop the EV price war, but analysts are doubtful

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A worker checks a finished vehicle on the production line for electric vehicle maker Zeekr at its factory on May 29, 2025 in Ningbo, China. Kevin Frayer | Getty Images News | Getty ImagesBEIJING — As China’s electric vehicle price war intensifies, its top leaders have sounded the alarm with high-profile calls to halt excessive competition, known colloquially as “neijuan” or involution.While the buzzword has taken on various meanings in China to imply a race to the bottom, the term was mentioned in Chinese Premier Li Qiang’s annual work report in March. The market regulator’s meeting last month also called…

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Serena Williams reflects on winning the Australian Open while pregnant

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Serena Williams of the US hits a return against Venus Williams of the US during the women’s singles final on day 13 of the Australian Open tennis tournament in Melbourne on January 28, 2017. Greg Wood | Afp | Getty ImagesBERLIN — It was an impressive enough sporting feat when Serena Williams won a record 23rd Grand Slam singles title at the 2017 Australian Open, beating her sister Venus in the final. Soon after came a revelation: she had been pregnant at the time.”I don’t know how I did that, honestly,” Williams said at an event Wednesday, selecting the moment…

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