Business

Business Briefing: what you need to know this morning

World money and finance reports from WTX News Business Team

This weeks Business Briefing by WTX News – #Barclays cuts lending – #Trump wants a Trade War and #Bitcoin will lose its market dominance.

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Trump starts a global trade war

Criticism of the import tax on steel and aluminium from the EU, Canada and Mexico was joined by top Republicans.

Massive US tariffs have come into force as condemnation of the Trump administration’s move intensifies. World Leaders from affected nations reacted furiously, setting out tit-for-tat tariffs on the US, ranging from steel to sleeping bags and ballpoint pens.


Barclays is cutting lending

Barclays is tightening its lending criteria to a UK economy that is lagging behind the rest of the world.

Chief executive Jes Staley says Brexit uncertainty was helping to stunt economic growth and that was something the bank could not ignore.

The UK economy is still growing – but very slowly. In the last 12 months it has grown 1.2% compared with 2.2% in the US and 2.5% in the EU.


Italian lawyer Giuseppe Conte will remain Italy’s Prime Minister, averting fresh elections

The leaders of Italy’s anti-establishment parties, the League party and Five Star Movement, have said that “all conditions have been met” to establish a governing coalition.

The agreement between Matteo Salvini and Luigi Di Maio averts the prospect of a new snap election which has rattled global markets in recent weeks.

The two leaders have named law professor Giuseppe Conte as their choice to remain Prime Minister and lead the coalition government.

Business Briefing by WTX News


Lending shake-up on high-interest lending announced by FCA

“Rent-to-own” shops that sell appliances and furniture for small weekly payments but with a high interest rate face a price cap.

However, the financial regulator will not rush to impose the same restrictions on bank overdrafts.

The Financial Conduct Authority (FCA) has spent nearly two years looking at the cost of high interest borrowing. It has now outlined a package of plans for rent-to-own, doorstep lending and catalogue shopping.

Many industry experts suggest it still not enough to curb the lending frenzy that is targeted to the most vulnerable in society.


Ripple boss says bitcoin dominance on crypto prices may come to an end

Chief executive of the cryptocurrency Ripple has said that bitcoin’s dominance over cryptocurrency prices might be coming to an end.

According to Brad Garlinghouse, the current influence of bitcoin in the crypto world could change when the differences between cryptocurrencies are acknowledged by markets.

San Francisco-based payment network Ripple uses the digital token XRP as the transaction asset on its platform which is, unlike bitcoin, not blockchain-based.


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