Seven days in the Square Mile

The US Federal Reserve was expected to raise interest rates for the second time this year with market attention focused on the pace of further rises. The Turkish lira led a fresh retreat in emergingmarket currencies, reflecting investors’ nerves about the impact of a stronger dollar and continued trade tensions. In Britain, Dave Ramsden, a deputy BOE governor, also hinted at a rate rise in August, noting that “the period of unusually subdued growth in wages appears to be coming to an end”. UK inflation in May held steady at 2.4%; its fall was halted by a rise in fuel costs. Dixons Carphone admitted a huge data breach involving 5.9 million payment cards and 1.2 million personal data records after a hacking attempt that began in July last year. PWC was hit with a record £10m fine, and one of its partners received a 15-year ban, for auditing work carried out on BHS before its controversial sale by Philip Green. A federal court in Washington gave the go-ahead for AT&T’S $85.4bn bid for Time Warner, clearing the way for a spate of US mega-mergers. National Savings and Investments slashed the limit that savers can deposit in its most popular accounts, from £1m to £10,000: NS&I guaranteed-growth and guaranteed income bonds are so popular, there was a risk of overshooting the finance limit imposed by the Treasury. Amazon took its first steps into live football broadcasting after winning UK rights to show 20 Premier League matches until 2022.