- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
BoE chief says '3 days left' on bond intervention
Bank of England chief Andrew Bailey said Tuesday bond investors have "three days left" until the British central bank phases out emergency bond-buying efforts.
"We think the rebalancing must be done and my message to the funds involved and all the firms involved managing those funds: you've got three days left now," Bailey said.
"You've got to get this done," he said at an appearance at the Institute of International Finance, a Washington trade group.
The comments, which rebuffed calls from some investor groups for a longer program to allow markets to stabilize, sent the pound sharply lower.
The statement was a reiteration of the timetable on the emergency program, which was expanded earlier Tuesday by the central bank in the latest in a series of responses to upheaval in financial markers.
"We've been up all nights in recent days working how to solve the problem," Bailey said. "That's a financial stability intervention."
This week's actions are a fresh bid to soothe the bond markets in particular, as state borrowing -- and its costs -- soar following finance minister Kwasi Kwarteng's debt-fueled mini-budget last month.
The poor market response to it saw UK bond yields spike and the pound tumble to a record low against the dollar, prompting the BoE to step in over recent weeks vowing to protect the nation's financial stability.
The Bank of England on Monday revealed it was launching a temporary facility aimed at easing liquidity pressures, and followed that up Tuesday by announcing plans to expand the program to include index-linked securities.
The Pensions and Lifetime Savings Association praised the BoE's latest manuevers but said in a statement Tuesday that the "purchasing should not be ended too soon," adding that "many" have called for the program to be prolonged to "31 October and possibly beyond."
Near 2000 GMT, the pound was at $1.0987, down 0.6 percent from the prior day.
M.Davis--CPN