Asian stocks fall after US-China trade war anxiety sees Wall Street bleed October 9, 2019 Asia stocks recorded their biggest drop in a week overnight after US-China trade tensions left American stocks bleeding red yesterday. The Nikkei 225 fell 0.6 per cent to 21,456 while Hang Seng sank 0.6 per cent to 25,741 after US markets tumbled amid rising anxiety before crunch talks between Washington and Beijing. Read more: Global [...]
Debate: Are the Extinction Rebellion protesters right to target their anger at capitalism? October 9, 2019 Are the Extinction Rebellion protesters right to target their anger at capitalism? Yes – Asad Rehman is executive director of War on Want From the burning of the Amazon to the melting Arctic ice shelf, we are watching our planet rushing into catastrophe. But behind this crisis is also a story of extreme poverty and inequality, [...]
The public wants leadership on climate, not a bitter culture war October 9, 2019 The plan by Extinction Rebellion offshoot Animal Rebellion to shut down Billingsgate fish market is one of the daftest things I’ve heard. In the list of priorities for reducing greenhouse gas emissions, the fishing industry is nowhere. Wild-caught seafood is probably the lowest carbon source of animal protein you can eat, so it’s hard to [...]
New IMF chief Kristalina Georgieva says trade wars to cost global economy $700bn October 8, 2019 The new boss of the International Monetary Fund (IMF) has used her first speech in the role to warn that trade wars, Brexit, and political tensions will push global growth to its lowest rate in a decade. Read more: World Bank’s Kristalina Georgieva unopposed for IMF top job Kristalina Georgieva, the 66-year old Bulgarian economist, [...]
Recruiter Robert Walters would prefer a no-deal Brexit to more uncertainty as profits sink October 8, 2019 Recruiter Robert Walters’ blamed a “cocktail of confusion” for a profit warning today, as UK revenues dropped 11 per cent on the back of Brexit uncertainty and a darkening global economic outlook. However, chief executive Robert Walters insisted the UK economy is not yet in the doldrums, and said a no-deal Brexit would be better [...]
UK productivity falls at fastest rate in five years October 8, 2019 UK productivity fell at the quickest pace in five years in the second quarter, official figures showed today, marking a worsening of Britain’s decade-long productivity crisis. Read more: Brexit prep has cut UK productivity, says Bank of England Output per hour worked dropped 0.5 per cent in the three months from April to June compared [...]
Mark Carney says Bank of England to stress test banks with ‘catastrophic’ climate scenario October 8, 2019 Bank of England governor Mark Carney has reiterated Threadneedle Street’s intention to stress test banks against a number of “climate pathways,” including a “catastrophic business as usual scenario”. Read more: Bank of England’s Mark Carney says UK now better prepared for no-deal Brexit Speaking at a summit about climate change and banking in Japan, Carney [...]
German factory output bounces back but sector still weak October 8, 2019 German factory output rose unexpectedly in August, suggesting that the expected recession in Europe’s biggest economy in the third quarter may not be as deep as some fear. Read more: Eurozone recession risk ‘very real’ as slowdown infects services sector Industrial output increased 0.3 per cent, up from an upwardly revised fall of 0.4 per [...]
Government almost matching Labour’s spending pledges, says IFS October 8, 2019 The government is set to break its own spending rules next year, the Institute for Fiscal Studies (IFS) think tank has warned, with its plans now closer in cost to Labour’s 2017 manifesto pledges than its own from that year. Read more: Sajid Javid confirms budget will take place later this year The IFS today [...]
Gloom thickens over Eurozone economy as German factory orders tumble October 7, 2019 German recession fears have been pushed up a notch after factory orders plunged by more than expected in August, continuing the economy’s dire 2019. Read more: Eurozone recession risk ‘very real’ with services close to stagnation New orders from German factories fell by 6.7 per cent in the year to August, Germany’s statistics body said [...]