Bankrupt Bed Bath & Beyond accepts bid from Overstock

INTERNATIONAL

The Bank of England raised interest rates by half a percentage point Thursday, a larger-than-expected move, as policymakers struggle to bringdown Britain’s persistently high rate of inflation. The central bank’s rate-setting committee lifted rates for a 13th consecutive time, to 5 percent, the highest since early 2008. The action came a day after the latest inflation data underscored the bank’s challenge: consumer prices rose 8.7 percent in May from a year earlier, the same as the previous month, instead of falling as economists had predicted. The Bank of England’s decision is in sharp contrast to some of its international peers. Last week, the Federal Reserve decided to hold interest rates steady, at a range of 5 percent to 5.25 percent, and the European Central Bank raised rates by a quarter point. — NEW YORK TIMES

MORTGAGES

The average long-term US mortgage rate fell for the third time in as many weeks, a welcome boost for homebuyers facing a housing market that’s been held back this year by a tight inventory of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 6.6 percent from 6.69 percent last week. A year ago, the rate averaged 5.81 percent. — ASSOCIATED PRESS

CLIMATE

The Church of England Pensions Board will offload its stake in Shell as part of a total exit from oil and gas, as the investor turns its back on companies it says are failing to address climate risks. It’s now clear that Shell and a number of its peers don’t have “sufficient ambition to decarbonize in line with the aims of the Paris Agreement,” John Ball, chief executive of the Church of England Pensions Board, said in an e-mailed statement on Thursday. Shell said last week it intends to devote an ever larger chunk of annual spending to oil and gas, a strategy that’s been dubbed “catastrophic” by climate activists. — BLOOMBERG NEWS

FAKE MEAT

Unreal Food ended its pursuit of an eggless egg. Remastered Foods stopped developing vegan bacon. The Meatless Farm halted its plant-based sausages. The great shakeout in the world’s fake meat sector is here and it’s widening. As money flows less freely due to surging interest rates, investors have sharply pulled back funding just as inflation increases production costs and makes consumers more selective about their food choices. With shoppers put off by excessive processing, nutritional value, and taste, a growing list of alternative-protein companies are shutting down, laying off staff, and selling themselves. — BLOOMBERG NEWS

BILLIONAIRES

Who would win in a Las Vegas cage match between Elon Musk and Mark Zuckerberg? If the billionaire tech bosses’ social media posts are to be believed, we may soon find out. Musk, who bought Twitter in October, raised the idea in a response to Meta Platforms Inc.’s plans to roll out a competing service. Facebook founder Zuckerberg, the world’s 10th-richest person according to data compiled by Bloomberg, then posted on Instagram a screenshot of Musk’s comments with the caption: “Send Me Location.” In later tweets, Musk, the world’s richest man, said “if this is for real, I will do it.” — BLOOMBERG NEWS

RATINGS

It was a long time coming, but a shift back to normality after the years-long COVID pandemic is reshaping the list of the most liveable cities in the world. As upended lives return to normal, education, health, and cultural facilities are improving, according to the Economist Intelligence Unit’s (EIU) Global Liveability Index 2023, which compiles the list. For the second year running, the Austrian capital Vienna took the title of world’s most liveable city, based on a wide range of indicators, followed by Copenhagen, Sydney, and Melbourne. Of the 10 cities to slip farthest down the rankings, three were in the UK — Edinburgh, Manchester, and London — and two in the United States, Los Angeles and San Diego. — BLOOMBERG NEWS

VACCINES

Shots from Pfizer and GSK that prevent respiratory syncytial virus received backing from a panel of US public health advisers for use in older adults, paving the way for the preventives to be used in a vulnerable population. In two separate votes Wednesday, advisers to the Centers for Disease Control and Prevention recommended the shots in people aged 60 and older after consultation with their doctors. CDC Director Rochelle Walensky will decide whether to finalize the recommendations. — BLOOMBERG NEWS

REAL ESTATE

Distress is spreading in the US commercial real estate industry, with the amount of troubled assets climbing to nearly $64 billion in the first quarter of this year. The amount of distressed assets rose 10 percent in the first three months of the year, according to a new report from MSCI Real Assets. Risks loom on the horizon too, with nearly $155 billion of commercial property assets that are potentially troubled, according to the report. Higher borrowing costs have pummeled the commercial real estate industry, driving prices lower and causing some owners to choose to default. Much of the potential distress is tied to buildings that need refinancing at a time when lenders are tightening credit following the collapse of several regional banks. — BLOOMBERG NEWS

ENERGY

India will continue to build more coal-fired power capacity to feed its booming energy demand even as it expands renewable generation. The nation, one of the world’s top carbon emitters, has about 27 gigawatts of coal-based power plants under construction and another 24 gigawatts capacity is in pre-construction stages, according to Power Minister Raj Kumar Singh. The continued increase in coal-fired generation highlights India’s addiction to the dirtiest fossil fuel even as it is home to some of the world’s most polluted cities, including the capital New Delhi. — BLOOMBERG NEWS