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Morning Check: UK Prime Minister Threatens Rebellion, EU Fears US Subsidies

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Good morning! It is the 327th day of the year, Klement’s Feast, on this day in 1951 Rudolf Slansky, then a high-ranking official of the Communist Party of the Czech Republic, was arrested and charged with high treason.

Read the most important foreign news of the day.

✅EU is considering the possibility of subsidizing industry

Representatives of the EU institutions are frightened by the intention of the United States to send 369 billion dollars to the economy and want to compare this with their own form of support, Politico reports. This is mainly the production of cars, batteries or chips. The US support is part of a Biden initiative to help the United States deal with the effects of inflation, European Commissioner Thierry Breton called the US plans an “existential risk” for European industry. The European form of industry support could take the form of a European sovereign fund. With a unified approach, European politicians want to prevent separate national forms of support that would undermine the common European market.

HP lays off up to 6,000 employees

Layoffs at American technology firms have not ended. HP, known primarily as a manufacturer of computers and printers, will cut from four to six thousand employees in the next three years, in total the American company employs more than 51 thousand people. HP shares rose one percent in response to the news. The company’s sales also fell 0.8% last quarter, driven by weaker demand for consumer electronics.

✅Sunak faces rebellion

British Conservative Prime Minister Rishi Sunak has faced opposition from party members for the first time, Bloomberg reports. 47 MPs opposed the bill, which is part of the British government’s strategy to start housing construction. Therefore, Sunak canceled the vote on the bill, which was supposed to take place on Wednesday. Therefore, the exact wording of the law will continue to be a matter of debate within the Conservative Party.

✅China bribed a Taiwanese colonel

Tensions between mainland China and the island of Taiwan have escalated in recent months. The Taiwanese authorities are now investigating a Marine colonel who is suspected of having provided intelligence to Chinese intelligence agencies since 2019, for which he received a monthly reward of about 30,000 crowns. Part of the agreement was a possible surrender in the event of a conflict between the two countries.

✅US stocks strengthened

US stocks rose on Tuesday on positive results from retailer Best Buy. The Dow Jones index added 1.18% to close at 34,098.10 points. The broader S&P 500 rose 1.36% to 4,003.58, while the Nasdaq Composite also rose 1.36% to 11,174.41.

Electronics retailer Best Buy surged almost 13 percent. The company’s quarterly results beat analysts’ expectations and the company also improved its full-year guidance. This eased fears that high inflation would dampen retailer sales during the key Christmas season. Shares of other retail companies also showed growth.

Shares of companies in the energy sector have benefited from rising oil prices on world markets. Thus, shares of American oil giants Exxon Mobil and Chevron rose almost three percent.

✅It will happen today

  • Russian President Vladimir Putin has been in Armenia for the second day and is participating in a meeting of the Collective Security Treaty Organization.
  • The UK Supreme Court is to decide whether the Scottish government can call a second independence referendum without the approval of the British Parliament.
  • The plenary session of the European Parliament continues.
  • The trial of Russian opposition leader Ilya Yashin will soon begin. According to the indictment, he spread “false information” about the killing of civilians in the Ukrainian city of Bucha during the occupation by Russian soldiers. Moscow dismissed reports of atrocities as a provocation by the Kyiv regime. According to Russian media, Yashin faces up to ten years in prison.

Source: Blesk

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