Real wages rise as UK inflation stays at two per cent July 17, 2019 The prices in UK shops rose by two per cent in the 12 months to the end of June, official figures have revealed, with clothing and food costs rising most rapidly in the last year. Read more: UK unemployment stays at 45-year low as wages tick up The two per cent consumer price index (CPI) [...]
Relax, the UK (probably) isn’t heading for recession July 17, 2019 Immediate fears of a recession in the UK economy were eased last week with the latest Office for National Statistics (ONS) estimate of monthly GDP. The economy had shrunk in April, but growth resumed in May. This has not prevented widespread conjecture that a recession is imminent. The Resolution Foundation claimed last weekend that the [...]
Sterling hits new two-year low as no-deal Brexit risk jumps July 16, 2019 The pound tumbled to fresh two-year lows against the dollar today after the two candidates to replace Theresa May pledged to abandon the controversial Northern Ireland backstop proposals, ramping up the chances of a no-deal Brexit. Read more: Amber Rudd: I won’t lie down in front of bulldozers to stop no-deal Brexit Boris Johnson and [...]
Race begins for IMF top job as Christine Lagarde submits resignation July 16, 2019 Christine Lagarde will leave her post as managing director of the International Monetary Fund (IMF) on 12 September after she today formally submitted her resignation. Read more: IMF chief Christine Lagarde among surprise picks for top EU jobs Lagarde has been chosen to be the next head of the European Central Bank (ECB), and will [...]
Rio Tinto faces delays and up to $1.9bn added costs at copper mine July 16, 2019 Rio Tinto said today that costs from a Mongolian copper project could be up to $1.9bn more expensive than previous estimates. The Oyu Tolgoi copper mine, one of the miner’s key projects, flagged a bigger cost rise than analysts had expected, sending shares down by around half a per cent. Read more: Iron ore prices [...]
US senators grill top exec over Facebook libra cryptocurrency July 16, 2019 Facebook libra, the social network’s brand new cryptocurrency, should be regulated as if it is a security, the US House of Representatives heard today. US lawmakers were due to grill Facebook executives over its libra coin today as both Democrats and Republicans prepared to scrutinise chief executive Mark Zuckerberg’s latest project. Read more: Bitocin tumbles [...]
US retail sales beat expectations as economy blows hot and cold July 16, 2019 US retail sales beat economists’ expectations in June, official figures showed today, as the economy continues to send mixed signals to policymakers at the Federal Reserve. Read more: Dollar falls as US economy adds just 75,000 jobs in May and wage growth slows American shoppers bought 0.4 per cent more goods in June than they [...]
Kazakh billionaire Kenes Rakishev sells massive stake in Petropavlovsk July 16, 2019 The biggest investor in London-listed miner Petropavlovsk has sold his 22 per cent stake in the company as he tries to raise money for other projects. Kenes Rakishev, a Kazakh billionaire, said he was selling the stake for commercial reasons. It was bought by Roman Trotsenko, a Russian billionaire with investments in airports and mining, [...]
German investors grow gloomier over Iran and trade tensions July 16, 2019 German investors became increasingly gloomy about the country’s economic prospects in July, a survey showed today, as they fretted over the raging US-China trade war and tensions in Iran. Read more: German malaise continues as factory orders tumble The ZEW think tank’s indicator of economic sentiment fell to minus 24.5 points in July compared to [...]
UK unemployment stays at 45-year low as wages tick up July 16, 2019 Just 3.8 per cent of working age Britons were out of a job in the three months to the end of May, according to official figures released today, the lowest figure since the mid-1970s. Read more: UK economy ‘close to stagnation’ despite service sector growth High numbers of people in work caused employers to raise [...]