FT News Briefing Beijing fears social unrest from property crisis
Aug 1, 2022
The Bank of England may implement its largest interest rate hike in over 25 years. Western nations are easing oil restrictions to curb inflation and avoid energy spikes. Meanwhile, a revival in the crypto market sees investors returning after a slump. In China, there's growing social unrest linked to a property crisis, prompting officials to propose a $148 billion bailout fund. This situation raises concerns about the effectiveness of the initiative amidst ongoing protests from frustrated homeowners.
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Bank of England Rate Hike
- The Bank of England is considering a half-point rate increase to combat inflation.
- Governor Andrew Bailey says the increase is being considered, but not guaranteed.
Easing Oil Restrictions
- The UK and EU are delaying restrictions on Russian oil trading due to fears of price spikes.
- They aim to implement a price cap mechanism before imposing a ban to minimize economic pain.
EU Oil Amendment
- The EU amended restrictions, allowing European companies to deal with Rosneft for oil exports outside the EU.
- This aims to balance economic pain for Russia with minimizing global price increases.