Author: WTX Business Team

Amazon to create 7,000 UK jobs Amazon has said it will create a further 7,000 UK jobs this year to meet growing demand. So far, the retail giant has already created 3,000 roles in 2020, and by the end of the year, it would have created 10,000 new jobs. The new UK jobs will take Amazon’s UK workforce to more than 40,000. Amazon says the new jobs will be permanent and pay £9.50 an hour. It is planning to recruit a further 20,000 for seasonal roles over the festive period.  The company has faced criticism in the past from unions…

UK employment drops by the biggest amount in a decade The UK has seen the biggest employment dip in over a decade between April and June, official figures show.  Employment fell by 220,000 on the quarter, said the Office for National Statistics. This was the largest quarterly decrease since May to July 2009, the depths of the financial crisis.  The youngest workers, oldest workers and workers in manual or elementary occupations were most likely to be affected by the pandemic, it said.  Jonathan Athow, deputy national statistician at the ONS, said: “The groups of people most affected are younger workers,…

UK debt rises in June amid pandemic The UK government borrowed £35.5bn in June, roughly five times more than the same month last year, as the global pandemic continues to weigh on public finances.  The figure took total government debt to a record £1.98 trillion. But, the monthly borrowing figure was in line with expectations.  The re-opening of non-essential shops and other businesses in June saw a drop in furlough scheme spending and a rise in tax take. Nevertheless, the June borrowing figure was still the third-highest since records began in 1993.   The ONS said the borrowing estimates are currently…

UK’s inflation rate The UK’s inflation rate rose to 0.6% in June as the Covid-19 pandemic lockdown started to ease.  The Consumer Prices Index (CPI) picked up slightly from May’s four year low of 0.5%, the Office for National Statistics (ONS) said.  Food and alcohol prices fell but clothing and games rose, the ONS said. Despite the slight increase in the rate, inflation remains below the Bank of England’s 2% target.  https://twitter.com/Suren_Thiru/status/1283282091443134464 Jonathan Athow, at the ONS, said: “The inflation rate has increased for the first time this year, but remains low by historical standards.  “Due to the impact of…

Pakistani passengers arriving and leaving Pakistan have faced some inconvenience due to delay in the integration of flight schedules from Qatar Airways flights with the system of Civil Aviation Authority (CAA), a spokesman said on Tuesday. This glitch has left thousands of Pakistani passengers stranded in Pakistan and is adding to the anxiety of another lockdown of Air travel from Pakistan. “Due to delay in the integration of flight schedules from Qatar Airways with the system of Civil Aviation Authority, there has been some inconvenience to passengers travelling to Pakistan,” a spokesman for Aviation Division Abdul Sattar Khokhar said in…

Twitter security breach Twitter users received an email from the networking giant this morning stating information about a data security incident that may have involved their personal information on ads.twitter.com and analytics.twitter.com. The email says: “We became aware of an issue that meant that prior to May 20, 2020, if you viewed your billing information on ads.twitter.com or analytics.twitter.com the billing information may have been stored in the browser’s cache.  “Examples of that information include email addresses, phone number, last four digits of your credit card number (not complete numbers, expiration dates or security codes), and billing address. “If you…

The number of workers on UK payrolls dived more than 600,000 between March and May, official figures suggest. Meanwhile, the number of people claiming work-related benefits – which includes the unemployed – was up 126% to 2.8 million. The early estimates reflect the impact of around six weeks of lockdown in which large parts of the UK were shut. But economists say the full effect on employment will not be felt until wage support schemes end in October. https://twitter.com/philipproudfoot/status/1272828650946269184 “The slowdown in the economy is now visibly hitting the labour market, especially in terms of hours worked,” said Jonathan Athow,…

The federal debt surged past $26 trillion this week as the government ramped up emergency relief spending in the wake of the  CORONAVIRUS pandemic. It’s set to swell even more. The Committee for a Responsible Federal Budget, a nonpartisan watchdog, estimated the federal debt will grow by $4 trillion this year, the product of massive federal spending to keep individuals and companies afloat during an unprecedented economic shutdown. Congress and President Donald TRUMP implemented the $2 trillion CARES Act in March, which included $1,200 stimulus checks, expanded unemployment benefits, and a bailout fund for businesses. The federal government has spent nearly…

Italian Prime Minister Giuseppe Conte said on Saturday Italy is opening borders and was taking a calculated risk in rolling back lockdown measures from next week as the daily death toll from the  COVID-19 pandemic fell to its lowest rate since March 9. He said “the contagion curve” could rise again, but the country could not afford to wait for a vaccine. Mr Conte announced that travel to and from Italy, and between the country’s regions would be allowed from 3 June. Travellers from EU countries will be able to enter Italy without going into a two-week quarantine. The latest…

The Middle East has many reasons to fear the coronavirus pandemic, but it has one big advantage when it comes to resisting it. Most people in the region are young. A rough average is that at least 60% are under the age of 30. That makes them less responsive to developing Covid-19. Most governments in the region reacted swiftly as the pandemic broke globally and had time to impose curfews and social distancing measures. Even before COVID-19, unbearable pandemic But that is where the Middle East’s advantages end. Years of strife in the world’s least stable region have left weaknesses…

Saudi Aramco shares soar on market debut

Al Rayan Bank is embroiled in controversy again after being accused of links with Terror organisations

India employs protectionists techniques

The Serious Fraud Office filed the charges, in light of the bank handing Qatar Holdings an illegal £2.2 billion loan to acquire shares in Barclays.

Rogue Estate agents to become regulated

British-Airways fined 183 million for data breach

Nothing is straight forward with Trump as Global markets remain concerned about Trump’s threat to impose more tariffs on on Chinese imports

Dubai property market is slowing down as property prices fall by 14.5%

The First Group, a Dubai Based property developer and real estate investor, is considering different financing options. Reports suggest the firm is looking at potentially issuing US dollar-denominated Sukuk or Islamic bonds. “The First Group is currently considering different financing structures in order to explore potential opportunities currently available in the region,” said the spokeswoman. “Given the confidential nature of these conversations we are not able to disclose the exact details currently under discussion,” said the spokeswoman. According to its website, the First Group specialises in hotel investments. The First Group’s ambassadors include former Liverpool FC and Manchester United striker,…

Special WTX Business report reveals how UK inventor intends to solve global water shortage crisis

It still plans to launch an initial public stock offering or IPO in 2021, expected to generate $100 billion, having postponed its flotation from 2018.

The Grand Hyatt Abu Dhabi Hotel & Residences Emirates Pearl has unexpectedly been closed this month.

Saudi Arabia’s astute $20bn investment in Pakistan praised.

Prime Minister May defeated for a second time on her Brexit proposal

Jaguar & Land Rover to cut 4000 jobs whilst profits hit a record £29bn