Wall Street hits record high, as Iran tensions send oil price up – business live | Business

The Bank of England kept its main interest rate on hold at 0.75% on Thursday and warned that a combination of Brexit worries and global trade tensions was weighing on growth. All nine members of the Monetary Policy Committee backed the decision to not change rates. There had been some expectations in the markets that […]

Continue Reading

Oil price jumps after Gulf of Oman tanker ‘attacks’ – business live | Business

It remains unclear who the actors are behind the recent spate of tanker attacks in the Gulf of Oman. Iranian authorities will continue to deny responsibility, either directly or indirectly through proxies. Houthi rebels fighting Saudi forces in Yemen are also suspected of being behind the attacks. Given the lack of clear information, there is […]

Continue Reading

Arcadia rescue deal approved by creditors, saving thousands of jobs – business live | Business

Arcadia Group is pleased to announce that all seven of its Company Voluntary Arrangements (CVAs) have today been approved by the required majority of the companies’ creditors, including its pension trustees, suppliers and landlords. As described in the CVA proposals, upon there being no remaining risk of challenge to the CVAs, the Group’s majority shareholder, […]

Continue Reading

German growth forecast slashed as Brexit stockpiling boost fades – business live | Business

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. A flurry of weaker-than-expected economic data from Germany this morning has heightened fears over the health of the global economy. German industrial output slumped by 1.9% month-on-month in April, data firm Destatis reports. That’s much worse […]

Continue Reading

Car industry gloom as Ford plant faces closure and Fiat-Renault merger stalls – business live | Business

The Ford engine plant near Bridgend, south Wales. Photograph: Jacob King/PA Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. The car industry is reeling from a double-dose of bad news this morning. In the UK, workers at Ford’s Bridgend engine factory are heading to […]

Continue Reading

EC threatens Italy with disciplinary action over its debts – business live | Business

“Italy’s public debt remains a major source of vulnerability for the economy,” the commission said in its report. The ratio of the nation’s debt to gross domestic product will “rise in both 2019 and 2020, up to over 135%, due to a large debt-increasing ‘snowball’ effect, a declining primary surplus, and underachieved privatization proceeds,” according […]

Continue Reading

UK construction sector hit by Brexit uncertainty; growth fears hit markets – business live | Business

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. How healthy is the world economy? Fears of a global slowdown are building, as America’s pugnacious trade policies threaten to derail the long, slow, recovery from the financial crisis. We saw yesterday that factory output in […]

Continue Reading

US tech stocks slide as Google, Facebook and Apple fear antitrust investigations | Business

US tech stocks were dragged down on Monday amid fears US antitrust officials were preparing to investigate Apple, Facebook and Google parent Alphabet, as the political winds turn against the tech sector. Alphabet’s shares briefly fell into bear market territory, losing $52bn or 6.9% from its market value as its shares fell to $1,032.04 – […]

Continue Reading

Trade wars: Markets slide again as China blasts US’s ‘intimidation and coercion’ – business live | Business

The city skyline in Beijing, China. Photograph: Jason Lee/Reuters Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. It’s a new month, but the same old issues. The markets are starting June as they ended May – with anxiety over US trade policy hitting asset […]

Continue Reading