Author: WTX Business Team

UK economy shrank by more than expected in October In October, the UK economy contracted more than anticipated, with growth hampered by elevated interest rates and adverse weather conditions.  The Gross Domestic Product (GDP) declined by 0.3% compared to the 0.2% growth observed in September. The Bank of England, in its efforts to combat inflation, has implemented rate hikes, leading to a tightening of household spending. The next rate decision is scheduled for Thursday. Additionally, severe weather, particularly from Storm Babet, affected construction and tourism during October. Most economists had predicted that the economy would fall by just 0.1% that…

The Financial Times focuses on anger at COP28, where oil-rich states have been accused of thwarting efforts to tackle the climate crisis.

Free Radical Design, the British studio whose founders created GoldenEye 007, is no more, as 80 staff lose their jobs two weeks before Christmas.

If you want to understand how desperately Israelis and Palestinians need peace, consider what would become of them in a state of perpetual war.

CITY AM – Stubbed Out The front page of the London business paper reports on British-American tobacco has taken a £25bn hit on its legacy brands.

France trade deficit lifted in October by easing energy costs In October 2023, France’s trade deficit, which is the difference between what the country imports and exports, decreased to €8.6 billion. This improvement was mainly because the cost of energy went down, specifically from €5.4 billion in September to €5 billion in October, thanks to lower amounts of energy being brought into the country. Although imports increased by 0.6% to €58.3 billion, exports also went up by 1.2% to €49.7 billion. However, when looking at the average over the past three months, there was a small decrease in both exports…

The Financial Times goes with the resignation of immigration minister Robert Jenrick, saying it scuppered Rishi Sunak’s bid to reunite his party.

The Financial Times leads with Brussels proposing a three-year delay to tariffs that were due to hit electric vehicle sales between the UK and EU.

The FT leads with the government’s latest migration plan, reporting that ministers want to reduce numbers coming into the country by 300,000 a year.

Retail sales for November rose by just 2.7% compared with a 4.2% surge at the same time last year.

Reuters was first to report Meta Platforms’ (META.O) paid no-ads subscription service launched in Europe this month faced one of

Spotify cuts almost 1,600 jobs amid rising costs Streaming giant Spotify is to cut almost 1,600 jobs, with the company pointing fingers at a slowing economy and higher borrowing costs. Spotify billionaire founder and boss Daniel Ek revealed the company had decided to cut 17% of its workforce, the third and steepest round of redundancies of 2023. Ek told employees they would receive a calendar invitation “within the next two hours from HR for a one-on-one conversation” if they were affected by the cuts, in a message to staff published on Spotify’s website on Monday. 2023 has been marked by…

Gold hits record-high Gold has climbed to a record high for the second session in a row, as investors flock to the traditional safe haven asset amid hopes of interest rate cuts in the months ahead. The gold price has hit $2,111.39 per ounce, taking it over the record set on Friday night and further above the previous record set in August 2020. Gold has strengthened amid hopes that the cycle of interest rate increases over the last couple of years has now ended, and that central banks will turn their attention to cutting borrowing costs in 2024. That has…

THE ECONOMIST says for the first time since Vladimir Putin invaded Ukraine on February 24th 2022, he looks as if he could win.

FT says EU leaders risk leaving Ukraine empty-handed at a perilous moment in its war against Russia as divisions over finances threaten a €50bn lifeline.

CITY AM SAYS Soaring rents in London pose a “threat” to the capital’s competitiveness, a number of top business groups have warned, amid fears that young professionals are increasingly being priced out of the capital.

A funding boost could spell a boom time for British EV car manufacturing.

The Financial Times says investors are piling into risky assets amid a growing belief that the Federal Reserve and other central banks are close to winning their long-running battle with inflation.

The Financial Times splashes on allegations made by US federal prosecutors that an Indian government official orchestrated a plot to kill a Sikh separatist activist in New York.

The Financial Times leads on the news that Barclays is considering dropping thousands of clients at its investment bank as part of an overhaul aimed at boosting profits.

The Financial Times leads on reports that Turkey’s continued exports to Russia of vital war goods have caused tensions to flare between Ankara and several of its NATO allies.

Reuters was first to report that Nvidia (NVDA.O) has told customers in China it is delaying the launch of a new artificial
The post Nvidia delays launch of new China-focused AI chip appeared first on Reuters News Agency.

RUBBER group Sri Trang Agro-Industry on Monday (Nov 27) reported a net loss of 410.2 million baht (S$15.6 million) for the third fiscal quarter ended September.

CITY AM SAYS Some of the world’s biggest businesses have committed to invest a total of nearly £30bn in Britain.

The agreement at the conference of the parties (cop) to the UN Framework Convention on Climate Change, which took place in Paris in 2015, was somewhat impotent.