Aurelia Butler

The release will be CD Projekt’s first major premiere since the bug-ridden launch of Cyberpunk 2077 in 2020. The trailer for the upcoming expansion was announced by Keanu Reeves, who will be back in the role of Johnny Silverhand.”Phantom Liberty” will also feature another film star, Idris Elba, who will be playing the completely new character of Agent Solomon Reed.The expansion is the last project to be developed on CD Projekt’s own technology RED Engine, with the company switching to external Unreal Engine for its upcoming developments.”Phantom Liberty” will be released on PC and next-generation consoles.In September CD Projekt announced it had sold 20 million copies of Cyberpunk 2077. More

The offer was announced by European Commission President Ursula von der Leyen during a visit to Tunisia along with Dutch Prime Minister Mark Rutte and Italian Prime Minister Giorgia Meloni, who is anxious about migration across the Mediterranean. Their effort, spurred by increasing concerns in Europe about Tunisia’s stability, is part of a last-ditch push by major donors to persuade President Kais Saied to agree to the terms of a $1.9 billion International Monetary Fund (IMF) bailout. Saied has so far rejected the proposals, originally made by his own government, to cut subsidies and restructure loss-making state-owned companies, saying this risks a social explosion. Tunisian state media cited Saied as saying he had “confirmed” during the meeting with the European leaders that “solutions cannot be in the form of diktats and the IMF should review its prescriptions”. Donors say time is almost up for Tunisia to agree to the loan and avert a collapse in its state finances, but they are unwilling to lend it money without the reassurance of fully costed reforms that could allow it to repay its debts.Any amended IMF deal could take months more to negotiate. A factsheet released by the EU said the body would lend Tunisia up to 900 million euros to help its macro-finances once it finalised the IMF programme, for which a preliminary agreement was reached in October. The EU could also provide 150 million euros in budget support this year “in the context of a reform agenda”, the factsheet said. Von der Leyen added that the EU would also this year provide Tunisia with 100 million euros for border management, search and rescue, anti-smuggling operations and returns “rooted in respect for human rights”. Tunisia’s presidency said in a statement that it was creating a partnership with the EU to combat illegal migration. But Saied also said: “The solution that some secretly call for is to settle migrants in exchange for money, a solution that is neither humane nor acceptable”.Meloni, who has pressed for the IMF to relax conditions for its loan programme, said there was “an important window of opportunity” to finalise the aid agreement before the European Council at the end of June. Von der Leyen said Europe was helping Tunisia’s economy in other ways, including a 150 million-euro digital cable link to Europe and a 300 million-euro renewable energy power export project.She said the EU would also expand opportunities for young Tunisians to study, work and train in the EU to help them develop skills that could be used to boost the Tunisian economy. ($1 = 0.9305 euros) More

WASHINGTON (Reuters) – The World Bank must use “informed risk-taking” to encourage private investors to get more engaged in helping developing countries deal with climate change and leapfrog fossil-fuel energy sources, its new president Ajay Banga said on Sunday.Banga told CNN’s ‘Fareed Zakaria GPS’ program that efforts now underway to stretch the World Bank’s lending capacity and revamp its business model could potentially free up “tens of billions” of dollars, but not the estimated trillions of dollars needed to ensure a just energy transition.Private sector capital was critical since funds from governments, philanthrophy, the World Bank and other multilateral development banks (MDBs) would never suffice to help poor countries adapt to and mitigate climate change, said Banga, a former Mastercard (NYSE:MA) CEO who took office on June 2.”The only way forward is to find a way to get the private sector to believe that this is part of their future,” said Banga, who will visit Peru and Jamaica this week as part of a tour to visit countries in every region where the bank operates.”What I think we have to do is… to find ways in the MDB system to think of a different playbook – to take on the risks that they cannot take on,” he said. Private companies were bound to deliver returns for shareholders and could not take on the risks involved, but the bank could help, he said.”That’s kind of a thing that we can do with informed risk-taking,” Banga said, noting that renewable energy was now cheaper in many cases than fossil fuels due to improvements in storage and duration.Affordable electricity was the key starting point for social and economic development in emerging economies, but new solutions were needed to avoid the “emissions-intensive growth model” followed by advanced economies, or there was no hope of curbing emissions by 2050, he added.The Indian-born executive was nominated by the U.S. for the job precisely because of his previous work in the private sector, and he has pledged to identify barriers for greater investment and find ways to maximize the bank’s impact.Banga told CNN he would also work closely with other multilateral lenders and development organizations, noting that he would be joined in his visits this week by Inter-American Development Bank President Ilan Golfajn.”We need so much to be done. We need all shoulders at the wheel,” he said. “What we don’t need is silos in this effort.” More

Hello and welcome to the working week.A defiant Donald Trump will once again be in the spotlight when he appears at a federal court in Miami, Florida, on Tuesday, making him the first former US president to face federal criminal charges as he campaigns for another White House run.Trump over the weekend made his first public appearance since being indicted on 37 criminal counts tied to his handling of classified documents, telling an audience of Republicans that the charges were “ridiculous and baseless”.The charges unsealed last Friday include 31 counts linked to violations of the Espionage Act, specifically the wilful retention of national defence information without authorisation. He is also facing allegations of conspiracy to obstruct justice and making false statements. Staying in the courts, lawyers for the former FTX chief executive Sam Bankman-Fried, who faces multiple charges including wire fraud and conspiracy to commit campaign finance violations, will on Thursday present oral arguments in New York.Mainz-based pharmaceuticals producer BioNTech is also in the dock this week, where it faces a barrage of compensation claims in Germany brought by two law firms that allege their clients suffered lasting health damage from the company’s coronavirus vaccine. The group will on Monday face its first German court hearing over the claims in a case brought on behalf of a middle-aged medical worker.The UK Covid-19 inquiry holds its first public hearing on Tuesday, starting an investigation scheduled to last at least until 2026 and expected to cost more than £100mn. The chair, Baroness Heather Hallett, intends to listen to evidence about almost every aspect of a pandemic that has killed 227,000 people in Britain and infected many millions more, from preparedness and government decision-making to the impact on care homes and the health service.On the global stage US president Joe Biden meets Nato secretary-general Jens Stoltenberg on Monday at the White House ahead of next month’s Nato summit in Vilnius, Lithuania, where the war in Ukraine will top the agenda.Further updates on Ukraine’s counteroffensive should reach us through the week, while President Vladimir Putin will on Monday mark Russia Day, the anniversary of the 1990 adoption of the Declaration on Russia’s National Sovereignty, with a Kremlin speech.It’s a busy week for the central banks, with three of the big hitters in action. First up is the US Federal Reserve, which announces rates on Wednesday, followed by the European Central Bank on Thursday and the Bank of Japan on Friday. The majority of leading academic economists polled by the Financial Times predict at least two more quarter-point US interest rate increases this year.Economists expect the ECB to raise interest rates by another quarter percentage point, despite the eurozone’s official recession being confirmed last week and inflation pressures now easing significantly. The Bank of Japan is expected to remain on hold.FT Live’s Women in Business Summit Europe (formerly Women at the Top Europe) is back on Tuesday. Register here to join leaders from Beauty Pie, Harvey Nichols and more to discuss tactics on inclusive leadership, responsible business and the future of work.What is in your diary the coming week? If you wish to share, send me details at [email protected] or hit reply to this email.Economic dataThe Fed’s rate decision will come a day after the consumer price index (CPI) inflation measure for May is released on Tuesday. The UK has labour market and gross domestic product releases this week, ahead of the Bank of England’s Monetary Policy Committee meeting next week. CompaniesIt is another mixed bag of results this week at the tail-end of this earnings season. Retail stands out as a theme with figures from the online fast fashion providers Asos and Boohoo, and word about the mood on the high street from H&M and Tesco, whose chair John Allan will step down at the company’s annual meeting on Friday.We might be struggling to get back to the office, but trade shows are another matter. Informa, the FTSE 100 company that owns Monaco Yacht Show and World of Concrete in Las Vegas among other trade events, will give a trading update on Thursday ahead of its AGM.Key economic and company reportsHere is a more complete list of what to expect in terms of company reports and economic data this week.MondayBank of England Monetary Policy Committee member Catherine Mann speaks at a webinar hosted by Signum chair Charles MyersGMB union members working at Amazon in Coventry will begin another three-day strike over pay. The employees staged the first strike at a UK Amazon site in January, and followed it up with industrial action in February, March and April.India, May consumer price index (CPI) inflation rate figuresUS, federal budget balanceResults: Oracle Q4TuesdayBank of England governor Andrew Bailey gives evidence to the House of Lords Economic Affairs Committee session “Bank of England: how is independence working?”Centrica AGMOpec monthly oil market reportGermany, May CPI and harmonised indices of consumer prices (HICP) inflation rate figures plus June ZEW Economic Sentiment surveyUK, May labour market figuresUS, May CPI inflation rate figuresResults: Ashtead Q4, Bellway trading update, CMC Markets FY, Iomart FY, Oxford Instruments FYWednesdayITV chief executive Dame Carolyn McCall gives evidence to the Culture, Media and Sport Committee, following accusations of a “toxic” culture on its flagship This Morning programmeShell capital markets dayEU, monthly industrial production figuresNew Zealand, Q1 GDP figuresUK, monthly GDP estimate, industrial production and trade figuresUS, Federal Open Market Committee rate-setting meeting decision announcementResults: Safestore H1ThursdayBank of England deputy governor Sir Jon Cunliffe speaks at Politico Global Tech summit in LondonOral arguments to be presented in a New York courtroom for former FTX chief executive Sam Bankman-Fried, facing multiple charges including wire fraud, conspiracy to commit commodities fraud and conspiracy to commit campaign finance violationsChina, May industrial production figuresEU, European Central Bank interest-rate decisionFrance, May CPI and HICP inflation-rate measureJapan, May trade balance figuresRussia, Q1 GDP figuresUK, May insolvency statisticsUS, May retail sales figuresResults: Adobe Q2, Asos trading update, Boohoo trading update, Bunzl trading statement, Fuller, Smith & Turner FY, Halfords FY, H&M Q2 sales update, Informa trading update and AGMFridayPurplebricks shares due to be delisted from London’s AIM marketEU, Ecofin meeting and May HICP inflation rate figuresJapan, Bank of Japan makes interest-rate announcement following Monetary Policy Committee meetingResults: Peel Hunt FY, Tesco Q1 trading update and AGM, where chair John Allan will step downWorld eventsFinally, here is a rundown of other events and milestones this week. MondayPhilippines, Independence Day public holidayRussia Day. Financial markets closedUK, London Fashion Week concludes with a show of ready-to-wear men’s and women’s designer clothingUS, president Joe Biden plays host to Nato secretary-general Jens Stoltenberg at the White House to discuss the upcoming Nato Summit in Vilnius, LithuaniaTuesday255th Royal Academy of Arts summer exhibition, the world’s largest open submission contemporary art show, featuring about 1,000 paintings, sculptures, drawings and models, opens in LondonUK, the nation’s Covid inquiry begins hearing evidence for its first investigationUS, former president Donald Trump due to appear at a Federal court in Miami following a criminal investigation into his handling of classified documents after leaving officeWednesdayUK, junior doctors in England begin a 72-hour strike over pay after the government offered a 5 per cent salary increaseUK, Labour party deputy leader Angela Rayner addresses the annual conference of the union UnisonThursdayBrussels, Nato defence ministers meetingUS Open golf tournament begins in Los AngelesFridayEngland and Australia begin their 2023 Ashes series contest with a test match at the Edgbaston cricket ground in Birmingham, UKSaturdayUK, Trooping the Colour parade in London for King Charles’s official birthdaySundayMali, the West African nation will hold a referendum, setting it on a path to constitutional rule following two military coupsUK, Tax Freedom Day calculated by the Adam Smith Institute to mark when the average British taxpayer stops earning for the government and starts earning for themselvesFather’s Day celebrated in various countries More

Will US inflation continue to slow?US inflation is expected to have slowed meaningfully again in May after only a marginal easing in April, offering the Federal Reserve a strong justification for pausing interest rate increases in June.The Bureau of Labor Statistics on Tuesday will release its latest US consumer price index report, which is expected to show that headline inflation was 4.1 per cent in May, year on year, according to economists surveyed by Reuters. That would mark a dramatic improvement from the rate in April of 4.9 per cent, after March’s 5 per cent reading. Compared to the previous month, the consumer price index is expected to have risen 0.4 per cent.The data comes ahead of the Fed’s June rate-setting meeting, which will conclude on Wednesday. The CPI figure is expected to add to the central bank’s conviction that a pause this month in its historic campaign to increase rates is warranted.The decline in the headline rate is expected to have been driven by weaker energy prices, Bank of America analysts argued, citing data from the American Automobile Association. This shows that average regular petrol prices declined 2.1 per cent month on month.Core CPI, which strips out the volatile food and energy sectors, is expected to come in at 5.2 per cent year on year, down slightly from the previous month’s rate of 5.5 per cent. The BofA analysts argued that core prices will have been kept high by used-car prices. Kate DuguidHow much higher will the ECB raise interest rates?Eurozone inflation is falling and the currency bloc’s economy is shrinking slightly. But economists are still convinced that the European Central Bank will raise interest rates by another quarter percentage point when it meets next week.There is more doubt about how much higher borrowing costs will go in the 20-country zone, so ECB-watchers will be listening closely to what its president, Christine Lagarde, says about likely future rate moves.Annual inflation in the eurozone has fallen from a peak of 10.6 per cent in October to 6.1 per cent in May. But rate-setters are likely to still be worried that underlying inflation, which excludes volatile energy and food prices, is still too high, even though it dipped to 5.3 per cent last month.“In essence, data continue to be conducive to the ECB raising rates,” said Andrzej Szczepaniak, an economist at Japanese bank Nomura, pointing out that accelerating eurozone wage growth will keep services inflation stubbornly high.Investors are betting that the ECB will raise rates this week and again in July before pausing. A key signal on future policy will be whether the central bank lowers its inflation forecast but Szczepaniak thinks it is more likely to raise it.Dirk Schumacher, an economist at French bank Natixis, expects Lagarde to “stress that an end of the hiking cycle will crucially depend on a further decline in the core inflation rate in the coming months and that additional rate hikes remain a clear possibility”. Martin ArnoldWill UK wage growth add to inflationary pressures?UK economic data is expected to show an acceleration in wage growth next week, driven by a higher minimum wage and the economy returning to growth in April, which could bolster higher interest rates expectations. Economists polled by Reuters forecast that total annual pay growth, published on Tuesday, will have accelerated to 6.1 per cent in the three months to April from 5.8 per cent in the previous three months, reflecting around 1.6mn people benefiting from a 9.7 per cent rise in the minimum wage that took effect in April.“From the point of view of reducing aggregate cost pressures on inflation, higher earnings growth would not be helpful,” said Sandra Horsfield, an economist at Investec. Strong wage growth could support current market expectations that the Bank of England will raise the bank rate above 5 per cent as it tries to bring inflation back down to its 2 per cent target.The expected acceleration in wage growth comes despite analysts forecasting that the unemployment rate will reach 4 per cent in the three months to April, up from 3.9 per cent in the three months to March.A stronger than expected rise in gross domestic product, due out on Wednesday, could support the view that the economy will be able to withstand more interest rate increases. Analysts forecast that GDP grew 0.3 per cent between March and April, reversing the 0.3 per cent contraction in March, partially because of fewer strikes in the transport and education sectors.That would mean that the economy largely stagnated in the three months to April as it has done for the previous six months. Yet “the fact that the UK economy managed to avoid an outright contraction over the winter months considering the many headwinds to growth, particularly from the energy space, is a success story,” Horsfield said. Valentina Romei More