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Economy
Moody’s pulls Warrington Council’s credit rating
Moody's, the credit rating agency, has withdrawn its monitoring of Warrington Council due to its inability to secure an auditor who would sign off on its accounts. This is despite growing concerns about the funding crisis for local…
China’s new home prices fall at the fastest rate for nearly a decade
In May, house prices in China fell at their fastest rate in nearly 10 years as an oversupply of properties hit the demand despite renewed government efforts to support the sector.
In 70 cities, the price of new housing, excluding…
DFS reduces profit forecast due to weak demand and supply delays
DFS' profits are being affected by the Red Sea disruption and slow demand for large-ticket purchases.
The sofa retailer warned that it would have lower profits than expected due to "weak upholstery markets" and delays in deliveries of up…
Argentina loses its appeal over $1.5bn payments to hedge funds
The London Court has dismissed Argentina's appeal against a ruling which would have required it to pay $1.5bn to four hedge funds that bought its GDP-linked security. This is a major blow to the cash-strapped libertarian government of…
Tax increases are inevitable because of the losses from quantitative easement
Goldman Sachs warned that tax increases are "inevitable", as the legacy of quantitative ease from the Bank of England will be felt after the elections.
The American Investment Bank has stated that the losses from the quantitative easing…
Analysis shows that UK unemployment is rising faster than any other OECD country.
According to a report by the Trades Union Congress, the UK has the highest rate of unemployment among the 38 richest countries in the world.
The union group released a statement a day before the official figures on the labour market are…
Banks are replaced by nail salons and take-aways on UK high street
According to a new study, hairdressers and takeaway restaurant have replaced clothing shops and banks in England and Wales.
Public First, a policy research agency, argues in a report that online banking and ecommerce have led to…
Interest rate cuts and private sector growth in the UK boosts the economy
The UK's private sector economy grew faster than expected in the last month, and inflation slowed to its lowest level in three years. This gives rise to hopes of interest rate reductions over the summer.
The S&P Global and Chartered…
German unemployment rises three times higher than expected
The German unemployment rate has increased by more than anticipated, putting an end to any hopes of a recovery from the downturn.
The Federal Labor Agency reported that there were 25,000 more people without a job in May. This was far…
Jeremy Hunt’s plans to cut taxes are stymied as the government borrows more than £20bn
Jeremy Hunt’s plans to cut taxes before the election have been stymied after higher benefits spending and lower tax revenues pushed government borrowing over £20bn in July.
The Office for National Statistics said that the Budget Deficit,…
Even though inflation has fallen, traders bet against a summer rate cut
Looming election and higher-than-predicted price rises push expectations back to November
Investors are pushing back the expectation of a rate cut in this summer, even though Rishi Sunak has hailed an inflation drop as a major moment for…
AstraZeneca wants to double its revenues to $80 billion by 2030
AstraZeneca is the largest drug manufacturer in Britain. It has set a bold goal to achieve $80bn ($63bn) by 2030 through treatments for cancer and rare diseases.
Pascal Soriot, the chief executive of the company, presented the growth…
Report: AI-related productivity increases in the sectors most affected by AI.
A report says that the sectors of global economy most exposed to artificial (AI) have seen a marked increase in productivity and are commanding a significant wage premium.
A PwC report found that productivity growth in areas of the…
Paris is the destination for savvy shoppers who are shunning Britain in favour of duty-free
Last week, on a busy afternoon, the Galeries Lafayette department store in Paris was filled with shoppers from around the globe who came to buy designer clothing, shoes, and handbags. One of the most popular spots in this temple of fashion…
Analysis of Royal Mail Takeover from a National Security Perspective
The potential takeover of Royal Mail by Czech billionaire Daniel Kretinsky has sparked discussions around national security concerns. Chancellor Jeremy Hunt has stated that if shareholders accept the £3.5 billion offer, the government will…
Bank chief economist says that immigration has fueled Britain’s housing shortage.
According to the Bank of England chief economist, high levels of immigration fuel Britain's housing crises. He blamed skyrocketing rental prices on a lack of properties.
Huw Pill claimed that higher interest rates are not to blame for…
Port Talbot can be re-energized by floating offshore wind farms
A 40mph wind blows in Port Talbot on a sunny day, causing white horses to froth in the bay. Offshore wind turbines in the North Sea would be spinning furiously. The Celtic Sea is too deep for turbines to be attached to the seabed. This…
China’s gold buying spree may be the final straw for the dollar
Some commentators spent decades predicting that the US dollar would soon lose its special status as world's reserve currency.
They will eventually be proved right and this day could be very near. China may hold the key, as usual.
The…