China's central bank governor says yuan has stabilised against the dollar
Zhou Xiaochuan tells G20 meeting in Turkey the exchange rate ‘tends to be stable’ in the wake of the yuan’s devaluation and stock market chaos China’s central bank governor has told a meeting of the G20 that China’s currency has stabilised against the dollar after the country’s surprise announcement in August to revalue the yuan […]
Primark hopes luck of the Irish will see it win US hearts, and dollars
This week the chain opens a store in downtown Boston. But can it succeed where so many UK giants have failed? The Burnham building in Boston, Massachusetts, is widely regarded as one of the finest pieces of architecture in the city. It was designed for the Filene’s department store chain in 1912 by Daniel Burnham, […]
A rates hike may hurt the US economy – so why don't the 2016 candidates seem to care?
Despite volatile markets and a deceptively tepid recovery, the Federal Reserve looks unequivocally committed to raising interest rates – but try getting any of the candidates for president to admit such action could undermine the recovery There was something for everyone in August’s US jobs report. The headline figure for jobs growth was less than […]
Labor day weekend gas prices likely to reach an 11-year low
AAA says gas prices could drop below $2 come Christmas US Labor Department says low gas prices are basically tax cuts This Labor Day customers are likely to pay the lowest gas prices since 2004, according to the American Automobile Association. Related: US crude oil prices hit lowest since 2009, eliminating thousands of jobs Continue […]
Is company's claim of meat without murder too good to be true?
Brooklyn startup Modern Meadow says it is developing laboratory-grown meat but the process currently relies on the blood of unborn calves Meat without murder, or “animal” flesh grown in a lab for human consumption, has been touted as an ethical gourmand’s dream for nearly a century, but is it a fantasy too good to be […]
Australian dollar falls to new six-year low amid economic turbulence
Lower commodities prices and bond yields, slower growth in China and narrowing interest rate differentials all contributed to the fall Ongoing global economic worries have pushed the Australian dollar to a fresh six-year low. The Aussie is currently buying 69.11 US cents after more selling overnight in the wake of jobs figures from America which […]
John Lewis's sales echo wider retail woes with more than 3% fall
Department store’s figures down from last August, as high street sales saw biggest fall since height of financial crisis John Lewis has reported a fourth week of falling sales in the latest sign that retailers endured a grim month in August. The department store said sales for the week ending 29 August were £81.7m, down […]
Canada and Australia feel the squeeze in wake of Chinese economic slowdown
Iron and oil producers proved resilient during the crash of 2008-09 but are now struggling as commodities prices decline In the mining town of Port Hedland, 1,500km north of Perth, modest prefabricated homes called fibro shacks, which were changing hands for more than A$1m four years ago, are now failing to find a buyer at […]
ECB risks renewed criticism with 'magic money tree' sculpture
Work by Giuseppe Penone is part of a €1.25m art project at bank’s controversial billion-euro Frankfurt headquarters The European Central Bank has installed a towering bronze and granite tree sculpture outside the bank’s Frankfurt headquarters as part of a €1.25m (£920,000) art project. The work by Italian artist Giuseppe Penone, instantly dubbed the magic money […]
Car sales up for August bucking miserable retail trend
Poor weather fails to dampen enthusiasm of car buyers as new car registrations rise 9.6% year-on-year Poor weather in August might have dampened high street clothes sales but it seems to have triggered a stampede into car showrooms with a near 10% increase in monthly vehicle sales. The Society of Motor Manufacturers and Traders (SMMT) […]