British Prime Minister Rishi Sunak wants to cut taxes by as much as 2 pence in the pound before the next national election which is expected in 2024, the Telegraph newspaper reported.

UK's Sunak wants to cut taxes by up to 2% before election — report

The UK housing market is sputtering again, with economists predicting that the downturn has further to run as rising interest rates bite into the budgets of consumers.

Data on Thursday (June 1) showing that house prices had resumed their decline last month and mortgage approvals unexpectedly fell in April came as former US treasury secretary Larry Summers and Moody’s both warned the UK is facing a recession.

UK house prices are falling again — and there’s more pain ahead

Bank of Japan (BOJ) governor Kazuo Ueda said the central bank did not have a set time frame for achieving its 2% inflation target due to uncertainty over the price outlook.

Ueda's approach contrasts with that of his predecessor Haruhiko Kuroda, who deployed in 2013 a massive asset-buying programme to hit 2% inflation in roughly two years.

Bank of Japan's Ueda keeps free hand, says no time frame for achieving 2% inflation target

The Regional Comprehensive Economic Partnership (RCEP) agreement took effect on Friday (June 2) for the Philippines, confirming that the RCEP agreement is now in effect for all 15 members, reported Xinhua.

RCEP officially in effect for all 15 members

Taiwanese shipping companies are handing out bumper mid-year bonuses, despite a slump in global cargo, as the industry continues to benefit from earlier pandemic gains.

Yang Ming Marine Transport Corp is awarding workers up to 30 months of salary on their next payday after shareholders approved the NT$2.3 billion (US$75 million or RM344.94 million) bonus last Friday, according to an Economic Daily News report on Thursday (June 1). That’s in addition to a year-end bonus worth 12 months of salary paid at the beginning of this year.

Taiwan's shipping firms set to hand out bumper bonuses again

Euro zone inflation remains too high, so further European Central Bank policy tightening is necessary, even if there is a growing body of evidence that past rate hikes are staring to work, ECB President Christine Lagarde said on Thursday (June 1).

ECB still has ground to cover but policy is working, says Lagarde

Sluggish global demand deepened the decline in manufacturing activity across Europe and remained a major challenge for many of Asia's big exporters, business surveys for May showed on Thursday (June 1).

Global factories struggle for momentum amid patchy demand

Underlying inflation in the eurozone dipped by more than expected, though the retreat is unlikely to stop the European Central Bank (ECB) from raising interest rates further.

Consumer prices excluding items like fuel and food advanced by 5.3% from a year earlier in May — down from April’s 5.6% increase and less than the 5.5% median estimate in a Bloomberg survey of economists.

Euro-area core inflation eases but won’t stop ECB raising rates

How rules are applied to banks and the calculation of their liquidity buffers should be reviewed following recent turmoil in the banking sector, Klaas Knot, chair of the G20's Financial Stability Board said on Thursday (June 1).

G20 watchdog to study Silicon Valley Bank, Credit Suisse turmoil

European stocks rose on Thursday (June 1) as investors awaited regional inflation data for clues on how much longer the European Central Bank (ECB) will hike interest rates, with hopes that the US will avoid a debt default aiding the sentiment.

European stocks rebound from two-month lows with inflation data in focus

China will closely follow the progress of European Union discussions on an 11th tranche of sanctions against Russia that could result in trade restrictions with China, Shu Jueting, a commerce ministry spokesperson, said on Thursday (June 1).

China says it will monitor EU talks on Russia sanctions, defend Chinese firms

The European Commission will propose greater transparency in the trading of credit default swaps of eight top banks to mirror rules in US markets, a European Union document seen by Reuters showed on Wednesday (May 31).

EU to propose greater transparency for default swaps on eight banks — EU document

The European Central Bank’s fight against stubbornly high inflation has revealed fragilities in the financial system that are becoming increasingly difficult to ignore.

ECB’s inflation fight exposes fragilities in financial system

The Bank of Japan (BOJ) will refrain from changing its yield curve control programme while speculation continues to swirl that Prime Minister Fumio Kishida will call a snap election, according to a former board member.

“It’s going to be pretty tough” for the bank to raise rates in July, former board member Makoto Sakurai said in an interview on Tuesday (May 30), adding that economists and market watchers may also have underestimated the central bank’s continued concern about the financial sector. “The BOJ will probably keep watching developments at least until around the third quarter.”

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