Will the global economy avoid a recession? Some people think so January 24, 2023 The global economy will narrowly avoid a recession this year due to China dismantling its zero Covid policy, forecasters have predicted today. A boost from the world’s second biggest economy re-entering the global community is set to power world GDP 1.9 per cent this year, according to S&P Global Market Intelligence. Beijing’s surprise scrapping of [...]
The Notebook: Victoria Scholar on Chinese New Year, air fares and edible economics January 24, 2023 | City Talk The notebook is where interesting people say interesting things. Today it’s Victoria Scholar, Head of Investment at Interactive Investor, on Chinese New Year, why air fares are on the increase and what we can learn about economics from food As the Chinese New Year begins, investors are increasingly turning their attention back to markets in [...]
Burberry: China’s covid restrictions flatten sales as Europeans ramp up luxury item spend January 18, 2023 Heavy Covid restrictions in China weighed down sales for luxury British fashion giant Burberry in the third quarter of last year. In the 13 weeks to December, the UK firm reported £756m in retail revenue in its comparable store sales around the world, a one per cent increase on the previous year. Sales in China [...]
China economy grows at slowest pace in 50 years outside Covid as population shrinkage signals long-term decline January 17, 2023 China’s economy is growing at the slowest pace since the 1970s, barring the pandemic, due to tough zero Covid restrictions hitting spending, figures out today reveal. The world’s second biggest economy grew three per cent in the three months to December compared to the same period in 2021, beating the consensus forecast of just 1.6 [...]
LVMH: Shares in luxury giant hit record high amid warning it’s ‘firing last cartridge’ on back of China’s reopening January 17, 2023 Shares of luxury goods giant LVMH soared to a new record high of £703.35 (€795.7bn) this morning, bringing the company’s market capitalisation to £350bn. LVMH (Moët Hennessy Louis Vuitton) continues to thrive after China’s reopening at the start of the year proving to be a major boost for the company, which relies heavily on luxury [...]
PwC steps down from auditing heavily-indebted property developer Evergrande January 17, 2023 PwC has resigned as Evergrande’s auditor following a series of disagreements with the heavily-indebted property developer over its audit of the firm’s 2021 accounts. In a filing to the Hong Kong stock exchange, Evergrande said its board had decided to replace PwC as the company’s auditor after the two parties failed to reach an agreement [...]
Apple promises more transparency on removal of apps from App Store January 12, 2023 Apple and its investors have agreed to provide clarity on why apps are removed from its App Store, following criticisms about its lack of transparency. This means that the company has committed to providing a clear explanation of the number, categories, relevant authorities and applicable laws or policies when it comes app removals from the [...]
Got the minerals? China’s control of key metals poses challenges for green transition, IEA warns January 12, 2023 China's dominance over tight supply chains could jeopardise the global shift to green technology, warned a leading climate body.
UK-Japan relations ‘stronger than ever’ as Sunak pens new post-Brexit defence deal at Tower of London January 11, 2023 The UK and Japan today signed a new defence agreement with Prime Minister Rishi Sunak saying that relations between the two nations are “stronger than ever.” Sunak signed the deal alongside Japan’s Prime Minister Fumio Kishida at the Tower of London this evening. The Reciprocal Access Agreement (RAA) allows both nations to deploy military forces in [...]
Brexit, Covid and Ukraine drag on Games Workshop’s profits despite record sales January 10, 2023 Warhammer-maker Games Workshop recorded sales of over £200m for the first time, but Covid, Brexit and the war in Ukraine continue to dent its commercial plans. The FTSE 250 firm announced it made £212m from May until the the end of 2022, up more than £20m on the previous year. But it also reported a [...]