Mark Carney: dollar is too dominant and could be replaced by digital currency | Business

Mark Carney: dollar is too dominant and could be replaced by digital currency | Business

The Bank of England governor, Mark Carney, has challenged the dollar’s position as the world’s reserve currency, arguing that it could be replaced by a global digital alternative to end a savings glut that resulted in 10 years of low inflation and ultra-low interest rates. Likening the move to the end of sterling’s command of […]

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RBS and Santander rapped over PPI failures – business live | Business

RBS and Santander rapped over PPI failures – business live | Business

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. The UK’s competition regulator has ordered Royal Bank of Scotland and Santander to appoint an independent body to audit their PPI processes after they failed to tell thousands of customers about their policies. The Competition and […]

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Shares fall steeply in Asia as financial markets rocked by recession warnings – business live | Business

Shares fall steeply in Asia as financial markets rocked by recession warnings – business live | Business

2.31am BST02:31 China sets yuan slightly higher China’s central bank has set the yuan higher this morning at 7.0268 against the US dollar, compared with 7.0312 the day before. In other words, Beijing is willing to see the yuan strengthen a little. (The lower the number, the stronger it is against the greenback). In the […]

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Germany's economy shrinks, fuelling fears of a recession - business live | Business

Germany’s economy shrinks, fuelling fears of a recession – business live | Business

8.13am BST08:13 Economist: German government needs to act The slump in German growth could force Angela Merkel to ditch her long-running opposition to government borrowing. Germany’s ‘debt brake’ law forces its leaders to run balanced budgets, rather than running up deficits. But with an economy struggling, and borrowing costs extremely low, there’s a strong argument […]

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Trump adds a dismal dimension to the US-China trade dispute | Jeffrey Frankel | Business

Trump adds a dismal dimension to the US-China trade dispute | Jeffrey Frankel | Business

The trade war between the US and China is heating up again, with the US president, Donald Trump, abruptly announcing plans to impose a 10% tariff on the $300bn (£248bn) worth of imports from China that he had so far left untouched. The Chinese authorities then allowed their currency, the yuan, to fall below the […]

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Could devaluation of China's yuan trigger the next financial crisis? | Larry Elliott | Business

Could devaluation of China’s yuan trigger the next financial crisis? | Larry Elliott | Business

Every now and then, August belies its reputation as a sleepy month when nothing happens and throws up an event that shakes financial markets. The Latin American debt crisis began in August 1982; oil prices soared after Iraq invaded Kuwait in August 1990; the Asian debt crisis had its genesis in the same month in […]

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Pound recovers after hitting 10-year low against euro – business live | Business

Pound recovers after hitting 10-year low against euro – business live | Business

Good morning and welcome to our rolling coverage of business, markets and economics in the UK and the Eurozone. Saudi Arabia’s secretive state-owned oil company has made a $47bn profit for the first half, cementing its position as the world’s most profitable company. Saudi Aramco will host its first-ever earnings call with investors and analysts […]

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UK GDP: official data to show economy flatlined in second quarter – business live | Business

UK GDP: official data to show economy flatlined in second quarter – business live | Business

Good morning and welcome to our rolling coverage of business, markets and economics in the UK and the Eurozone. And welcome to GDP day in the UK. After a whipsaw start to the week on global markets thanks to US President Donald Trump’s attack on alleged “currency manipulation” by China, things settled down into a […]

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Surprise rise in Chinese exports boosts Asian shares – business live | Business

Surprise rise in Chinese exports boosts Asian shares – business live | Business

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. China has released trade figures that show a surprise 3.3% rise in exports in July, despite the escalating trade war with the US. The sharp drop in the yuan this week, beyond the key 7 per […]

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