Author: WTX Business Team

CrowdStrike boss apologises for global IT outage On Tuesday, cybersecurity company CrowdStrike faced intense scrutiny in a US congressional hearing over its role in the massive global IT outage that occurred in July.  Adam Meyers, a senior executive at CrowdStrike, testified before a congressional committee about the faulty software update that crippled millions of computers worldwide on July 19. The outage disrupted payment services, grounded flights, and forced hospitals to cancel appointments and postpone surgeries.…

China unveils measures to boost economy China’s central bank has announced a sweeping set of measures aimed at revitalising the country’s slowing economy. The People’s Bank of China (PBOC), led by Governor Pan Gongsheng, outlined plans to lower borrowing costs and boost lending by allowing banks to increase their loan offerings. This comes in response to a string of disappointing economic data, raising concerns that China, the world’s second-largest economy, may fall short of its…

Indian Prime Minister Narendra Modi has called on leading US tech companies to consider India as a prime destination for manufacturing and innovation. Modi met with top tech CEOs in New York, a day after attending the annual Quad summit alongside leaders from the US, Australia, and Japan. India has been positioning itself as a viable alternative to China for global firms seeking to diversify their supply chains. The country has made notable strides in…

US to ban Chinese tech in cars The United States is moving to ban certain Chinese and Russian-made hardware and software from cars, trucks, and buses, citing national security risks. The ban targets technologies used in autonomous driving systems and connected vehicles, which officials fear could be exploited by foreign adversaries to “remotely manipulate cars on American roads.” While Chinese and Russian-made software is currently used minimally in US vehicles, Commerce Secretary Gina Raimondo said…

Nike CEO John Donahoe will step down next month, making way for company veteran Elliott Hill to take over leadership of the world’s largest sportswear brand amid increasing competition in the retail sector. In a statement, Nike announced that Donahoe will retire on October 13 but will stay on in an advisory role until early 2025 to help ensure a smooth transition. The company has faced slowing demand for its sneakers in key international markets…

Facebook owner bans Russian state media networks Meta, the parent company of Facebook, has announced a global ban on several Russian state media networks, accusing them of using deceptive tactics to carry out influence operations and evade detection on its platforms. The ban includes outlets like Rossiya Segodnya and RT, which have been accused of foreign interference activities. “After careful consideration, we expanded our ongoing enforcement against Russian state media outlets. Rossiya Segodnya, RT and…

Boeing workers to strike as 25% pay rise rejected Thousands of Boeing workers are set to go on strike after overwhelmingly rejecting a proposed agreement between union leaders and the company, which included a 25% pay increase. Over 30,000 employees, responsible for building planes like the 737 Max and 777 in the Seattle and Portland regions, will begin their strike at midnight Pacific Time (0700 GMT) on Friday. This walkout marks another major challenge for…

Boeing boss plea to workers as strike vote looms Boeing’s new CEO, Kelly Ortberg, is urging employees to avoid a strike, warning it could jeopardise the company’s ongoing recovery. This plea comes just hours before a key union vote that could potentially lead to industrial action at the troubled aviation giant. Earlier this week, Boeing’s leadership and union representatives negotiated a tentative agreement, offering workers a 25% pay increase over four years. However, the deal…

Boeing offers staff 25% pay hike in bid to avoid strike Boeing is offering its workers a 25% pay raise over four years in an effort to prevent a strike that could halt production as soon as Friday. The proposed contract, which covers over 30,000 employees, has been praised by union leaders as the best deal they’ve ever negotiated. The deal, set to be voted on this Thursday by Boeing workers in the Seattle and…

UK ‘needs £1tn investment over 10 years to hit economic targets’ The UK needs £1tn of fresh investment over the next decade if the government is to hit its economic growth targets, a City taskforce has said. The Capital Markets of Tomorrow report, led by the City veteran and former boss of Legal & General Sir Nigel Wilson, said that in order to achieve at least 3% annual growth, the UK would have to attract…

Volvo gives up plan to sell only EVs by 2030 Volvo has scrapped its goal of producing only fully electric cars by 2030, now planning to include hybrid models in its lineup by that date. The company cited changing market conditions, including a slowdown in demand for electric vehicles (EVs) and uncertainty from trade tariffs on EVs made in China, as reasons for the shift. Volvo joins other automakers like General Motors and Ford in…

Today’s business news – in the UK and beyond amid concerns about the world’s largest economy and the fall in the Asian, US and UK markets.

UK shares dropped on Wednesday morning following falls in Asian and US markets as concerns grow about the US economy – which is the world’s largest.

Data showed US manufacturing activity remains subdued, with investors now focussed on US jobs figures due on Friday.

The pound’s recent strong rally has slowed, with traders looking for direction in a quiet week for UK economic data. Sterling is down 0.2% against the dollar, trading around $1.311, after losing over 1% in the past five days. 

The dollar is near a two-week high ahead of key US data, including manufacturing PMI and Friday’s jobs report. These figures will influence whether the US Federal Reserve cuts rates by 25 or 50 basis points in September.

Premier League to rewrite rules after legal defeat The Premier League is urgently reviewing its profitability and sustainability rules (PSR) after Leicester City successfully challenged them.  Leicester avoided punishment for overspending by £20 million. Their lawyers argued that the club wasn’t bound by the rules because their accounts were finalised after their 2023 relegation. This ruling revealed a loophole in the Premier League’s rules, which other clubs could use to avoid penalties like those given…

Analysts at Panmure Liberum believe the UK will outperform other major economies in the coming months, thanks to stronger domestic demand.

Recent PMI data shows the UK saw growth in output and new orders in August, unlike the US and other major European economies.