{"id":4563,"date":"2023-11-27T09:10:22","date_gmt":"2023-11-27T09:10:22","guid":{"rendered":"https:\/\/hcfx.sofyma.com\/?p=4563"},"modified":"2023-11-27T09:10:23","modified_gmt":"2023-11-27T09:10:23","slug":"cop28-black-friday-and-house-of-lords-report","status":"publish","type":"post","link":"https:\/\/hamiltoncourtfx.com\/it\/cop28-black-friday-and-house-of-lords-report\/","title":{"rendered":"COP28, Black Friday, and House of Lords Report"},"content":{"rendered":"
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COP28<\/h2>\n <\/div>\n
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The Conflict of Petroleum 28 (COP 28 for short) gets underway on Thursday in the UAE. The event, which is designed to be a forum in which world leaders gather to plan and implement agendas to tackle climate change, had already drawn criticism for being hosted by a petrostate, but now the BBC has seen confidential documents in which the UAE are using the event to make oil and gas deals! The meetings, between state oil company Adnoc and at least 27 foreign governments, are set to discuss things such as supporting Colombia develop their fossil fuel resources and co-investing with China to develop assets in Mozambique, Canada and Australia. COP works on a rotating basis, so the UAE are currently presiding over the global climate change agenda, as mandated by the UN \u2013 which means that whilst they\u2019re in charge of trying to save the world, they\u2019re doing side deals which will make things worse! The BBC has the article, click here to read.<\/a><\/p>\n

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Black Friday<\/h2>\n <\/div>\n
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Millions of consumers are expected to go online today in search of Cyber Monday deals, just days after people around the world flocked to stores and websites for Black Friday. According to Mastercard\u2019s SpendingPulse data, US consumers saw their spending increase 2.5% from last year\u2019s Black Friday to $9.8b. This included e-commerce sales which soared 8.5%, with over half of online sales being made from a smart phone. In-store sales rose more marginally 1.1% with health, beauty and clothing stores seeing particular increases.<\/p>\n

While the rise in sales in absolute terms has caught a number of headlines, its important to note that these figures are not adjusted for inflation. Hence with annualised CPI inflation at 3.2%, analysing the data in real terms indicates that the US retail sector is not immune to the economic headwinds which has resulted in many households adjusting their discretionary spending.<\/p>\n

Indeed, this was a similar situation in the UK, which according to preliminary data saw footfall decrease by 5% from last year across the country (though London saw a 1.5% uptick). This came against a sluggish week in retail sector in the run up to Black Friday with Barclaycard saying that the volume of members\u2019 transactions rose by just 1.4% over the week. While Nationwide said that its clients\u2019 spending had risen 3% by 17:00 on Friday, the jury is out on the how Black Friday will have impacted the UK\u2019s retail sector. Of course, last Friday\u2019s shopping figures come in the wake of October\u2019s retail sales figures which came in considerably lower-than-expected, marking the fourth contraction this year as households continue to grapple with the rising cost of living. The data, released earlier this month showed retail sales dropping 0.3% between September and October, missing forecasts of a 0.3% rise.<\/p>\n

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Lords\u2019 Report Calls for BoE to be More Accountable<\/h2>\n <\/div>\n
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A report from the House of Lords\u2019 Economic Affairs Committee has called for a number of reforms in the Bank of England after it said that the central bank was complacent in addressing the inflation threat. The committee suggested that Threadneedle Street were overly reliant on inadequate forecasting models, and it should strengthen its accountability to Parliament. Here, the report stated that \u201cThe Bank must do more to foster a diversity of views and strengthen a culture that encourages challenge. Areas that need attention include governance, hiring practices and appointments, especially to the Monetary Policy Committee\u201d.<\/p>\n

Another key recommendation included how Parliament should be able to better express its views on the BoE\u2019s performance and leadership. This came as the committee found that their \u201ccontinued deployment [of QE] has blurred the lines between monetary and fiscal policy.\u201d The BoE responded in saying that We\u2019d like to thank the Lords EAC for this report and will be giving the recommendations careful consideration. We\u2019ll respond formally in due course.\u201d<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Thursday sees the start of COP28 in the UAE, and reports from the House of Lords calls reforms in the BoE.<\/p>","protected":false},"author":15,"featured_media":2694,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"rp-language":[16],"class_list":["post-4563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-updates","rp-language-en_gb"],"_links":{"self":[{"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/posts\/4563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/comments?post=4563"}],"version-history":[{"count":8,"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/posts\/4563\/revisions"}],"predecessor-version":[{"id":4571,"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/posts\/4563\/revisions\/4571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/media\/2694"}],"wp:attachment":[{"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/media?parent=4563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/categories?post=4563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/tags?post=4563"},{"taxonomy":"rp-language","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/it\/wp-json\/wp\/v2\/rp-language?post=4563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}