Author: WTX Business Team

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

The currency here is the Moroccan dirham (MAD), and is a closed currency, which means you can’t buy it outside Morocco, and it’s also illegal to take it out of the country.

Early indicators show that Asian financial markets rose after the presidents of China and the US reached a temporary truce in their trade war.

Hosted by the president of Argentina’s Mauricio Macri, said the solution was “dialogue, dialogue and dialogue” and called for a clear message of shared responsibility.

China has prepared a slew of supportive measures, to help businesses who will be affected by the tariffs imposed by the Trump administration. Supporting measures will include a host of local assistance initiatives such as export assistance and skills training, to help those businesses affected by the ongoing trade war with the US, Finance Minister Liu Kun has said. The Finance Minister Liu’s comments were published by the official Xinhua news agency on Sunday evening, a few hours after the central bank announced a move to inject US$110 billion into the world’s second-biggest economy to stimulate growth. The coordinated growth…

‘Britain cannot be bullied’ – The #Conservative party conference continued on #Monday as senior ministers rallied around the #PM

Elon Musk is being sued by the USA SEC for conning investors by posting misleading posts of twitter