Economy

UK firms to cut costs and hiring in next 12 months

Prolonged political uncertainty in Britain is forcing finance directors to cut costs and hold off hiring to help companies prepare for an unpredictable year ahead, according to a survey by…

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Hundreds of German companies call for EU help as Brexit fears bite

Hundreds of German companies have appealed for more direct support from Brussels and a business-friendly stance from EU lawmakers as they grapple with the effects of Brexit, the US-China trade…

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Donald Trump hails ‘phase one’ US trade deal with China

After 15 months of trade talks between Washington and Beijing, the two sides have "come to a very substantial phase one deal," US President Donald Trump told reporters on Friday.…

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Warning of major job losses across Ireland if UK crashes out of EU

The Irish Central Bank has issued stark warnings and significant job losses in Ireland in the event of a no-deal Brexit. A disorderly Brexit will send shocks to the exchange…

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Big possibility Germany may avoid recession

German industrial output rose unexpectedly in August, data showed, suggesting Europe’s largest economy may yet skirt recession. Industrial output rose by 0.3% on the month, Statistics Office figures showed, against…

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Italy in danger of entering recession

The CSC research unit of Italian industrial employers' confederation Confindustria said Monday that Italy is "still on the threshold of zero growth" and "risks falling into recession in the case…

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Irish consumer sentiment slumps over possible no-deal Brexit

Irish consumer sentiment weakened for the third month in a row in September as the failure of the UK and the European Union to agree divorce terms ahead of the…

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Homelessness rising in the UK and villagers priced out

The number of social homes being built in rural England has fallen by more than 80% in the last six years. Exclusive research for Sky News has found just 1,309…

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Warning new American tariffs on EU food will boost prices, cost U.S. jobs

New 25% U.S. tariffs on Italian cheese, French wine, Scotch whisky, British biscuits, Spanish olives and thousands of other European food products will lead to higher prices ahead of…

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Warning of store closures in the UK as shop prices continue to fall

The decline in the cost of goods in British stores accelerated in September as the nation’s retailers cut prices in the face of stiff competition and increasingly frugal consumers, according…

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Unemployment in Italy drops to 9.5%, lowest level since 2011

Italy's unemployment rate dropped to 9.5% in August, a fall of 0.3 of a percentage point on the previous month, taking it down to the lowest level since November 2011,…

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European economy faces growing risks from Brexit

Economic growth in the European Union is slowing down as the bloc faces increasing risks from global trade tensions and the unclear outcome of Brexit, the EU’s top economic commissioner…

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Greek economy shows signs of recovery

Greece's creditors are returning to Athens on for a fourth post-bailout evaluation to review whether Prime Minister Kyriakos Mitsotakis' planned tax cuts will affect Greece's economic results. A key factor…

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German government insists economy not heading for pronounced recession

Europe’s largest economy is not facing a bigger downturn or a pronounced recession after contracting slightly in the second quarter but there are no signs of a turnaround yet either,…

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Warning of higher risk of recession in Germany

There is an almost 60% chance that the German economy could fall into recession, according to a monthly index gauging the health of Europe’s largest economy published on Thursday by…

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Record-breaking year in exports for the UK

Her Majesty's Revenue and Customs (HMRC) reveal overseas demand for British goods is increasing in every UK nation. The data shows that the benefits of global trade is being shared…

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Survey indicates UK on track for recession within months

Britain's economy looks to be on track for its first recession since the financial crisis, as growth in the important services sector slows. The closely watched IHS Markit/CIPS UK Services…

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Ireland to try block Mercosur trade deal because of concerns over Amazon fires

As wildfires rage through the Brazilian Amazon, Irish Prime Minister Leo Varadkar has said Dublin will vote against a trade deal between the European Union and South American trade bloc…

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Bank warns Hong Kong protests will hit economy

The Hong Kong-based Bank of East Asia Ltd (BEA) has warned that weeks of protests in Hong Kong could hit the economies of the Chinese-ruled city and mainland China itself…

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Germany ready to ditch balanced budget in case of recession

Germany’s coalition government would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession, according to a report in Der Spiegel magazine.…

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Brazil threatens Mercosur exit

Brazil's economy minister has said the country could leave the Mercosur trade bloc if Argentina's opposition wins presidential elections later this year. He also questioned how dependent Brazil's economy was…

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Germany releases gross domestic product quarterly results for 2019

Germany's Federal Statistical Office (Statistisches Bundesamt) announced on 14 August 2019 that the country's gross domestic product (GDP) grew by 0.4 percent in the first quarter of 2019, shrinking by…

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Small and mid-sized British manufacturers’ optimism deteriorates

Business optimism amongst SME manufacturing firms deteriorated in the three months to July, at the fastest pace since July 2016. That’s according to the latest quarterly The Confederation of British…

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Global Forum to tackle youth employment crisis

More than 200 young people from around the world will be attending the Global Youth Employment Forum in Abuja , Nigeria to discuss how to ensure more and better quality jobs…

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New EU – US deal to sell more American beef to Europe

U.S. President Donald Trump announced a deal on Friday to sell more American beef to Europe. The European Commission has stressed that any beef deal will not increase overall beef…

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Salvini once more warns about the possibility of early elections

Deputy Premier and Interior Minister Matteo Salvini has said Prime Minister Giuseppe Conte's government could collapse and early elections called if the 2020 budget law does not feature big tax…

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Trump escalates trade war with more China tariffs

US President Donald Trump has said he will impose a fresh 10% tariff on another $300bn of Chinese goods, in a sharp escalation of a trade war between the two…

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Japan drops South Korea as a preferred trading partner

Japan removed South Korea from its list of trusted trade partners, deepening a bitter row between the two countries. The decision to strike South Korea off its so-called "white list"…

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Irish manufacturing conditions deteriorate at fastest pace since April 2013

Irish manufacturing growth slowed in July at the fastest pace since April 2013, with output contracting at the sharpest and fastest rate in more than six years, a survey showed on Thursday.…

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Italian unemployment lowest since 2012

Italy's unemployment rate dropped for the fourth consecutive month in June, falling by 0.1 of a percentage point with respect to May to 9.7%, ISTAT said on Wednesday. The national…

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German unemployment rises less than expected in July

Data from the German Federal Labour Office showed that German unemployment increased less than expected in July, data showed on Wednesday, suggesting that the labor market in Europe’s largest economy…

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Nissan to cut 12,500 jobs worldwide

Japanese car giant Nissan has announced 12,500 job cuts as it attempts to shore up its finances after recent troubles. It will reduce its production capacity and the number of…

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Gloomy outlook for Euro zone business growth

Euro zone business growth was weaker than expected in July, hampered by a deepening contraction in manufacturing, and forward-looking indicators in surveys published on Wednesday suggest conditions will get worse…

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China’s economy slows down

China's economy grew at its slowest pace since the early 1990s in the second quarter, official figures showed. In the three months to June, the economy grew 6.2% from a…

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Mexican finance minister resigns

Mexico's finance minister has quit over differences with the country's president Andrés Manuel López Obrador. In a letter, Finance Secretary Carlos Manuel Urzúa Macías said there were many economic "discrepancies".…

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Sicily suffers from eurozone’s highest rate of youth economic inactivity

The Financial Times gives a detailed look at youth unemployment in Italy with emphasis to the situation in Sicily. One in four Italians aged 15 to 34 is not in…

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African leaders launch landmark 55-nation trade zone

After four years of negotiations, African countries agreed to a free-trade deal that will unite 1.3 billion people, create a $3.4 trillion economic bloc and usher in a new…

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Heat stress spike predicted to cost global economy $2,400 billion a year

An increase in heat stress at work linked to climate change is set to have a massive impact on global productivity and economic losses, notably in agriculture and construction, UN…

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Britain’s economy is around 1.3% larger than previously thought

Britain’s economy is around 1.3% larger than previously thought – an increase of £26 billion. Statisticians announced this after a major revision of growth data from the past 20 years.…

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Italian economy in difficulty – ISTAT

ISTAT, the Italian National Institute of Statistics, on Wednesday announced that the Italian economy is continuing to experience difficulty after slipping into recession in the second half of 2018. The…

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Cayman Islands property boom threatened by British anti-money laundering rules

The Financial Times takes a look at the current property boom in the Cayman Islands and how anti-money laundering laws in the UK are now a threat. Estate agents in…

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German public sector workers secure substantial pay rise

Germany’s public sector workers have secured a substantial pay rise that many expect that it will spur consumer spending and buoy growth. The Financial Times reports that the rise, spread…

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Insight – Effects of US sanctions not limited to higher oil prices but could spill over into global trade jitters (Diplomatique.Expert)

Although the immediate response to Tuesday’s announcement of the US withdrawal from Iran’s nuclear deal was a jump in oil prices, most analysts seem to agree that the largest economic…

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HSBC and ING complete first transaction using Blockchain technology

February 2018 Euro area unemployment at 8.5% EU28 at 7.1% – Malta (with Germany) registers second lowest unemployment rate

The euro area (EA19) seasonally-adjusted unemployment rate was 8.5% in February 2018, down from 8.6% in January 2018 and from 9.5% in February 2017. This is the lowest rate recorded…

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