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The Bank of England raised its base rate to 4%, the first increase in over three years. Most mortgage holders on fixed rates are unaffected, but tracker and variable rate borrowers face immediate payment increases.
Developing countries’ debt reached a record $9.4 trillion last year, with the poorest nations facing interest rates at their highest since the late 1980s, according to World Bank data.
BT has eliminated nearly 8,000 jobs since March as part of a major cost-reduction initiative, bringing its workforce to 90,000 and boosting pre-tax profits by 12% to £1.1bn.
European carmakers facing crisis from Chinese competition are pivoting toward military vehicle production as defense budgets surge across the continent amid geopolitical tensions.
Democrats won control of Congress partly on voter anger over fuel prices driven by the Iran war, but experts say lower prices are unlikely soon without a deal to end the conflict.
Poundland’s US owner Gordon Brothers faces pressure from suppliers over restructuring plans, with thousands of jobs at stake across the retail chain and its supply network.
