China's currency devaluation could spark 'tidal wave of deflation'
Western central banks advised to resist raising interest rates and told to prepare to ward off deflationary slump in face of cheaper Chinese exports “Make no mistake, this is the start of something big, something ugly.” City economist Albert Edwards rarely minces his words, but his reaction to China’s devaluation, which sent shockwaves through global […]
Airport shops row: Boots and Dixons to issue new rules on boarding pass checks
Amid passenger revolt retailers are understood to be speaking to staff reminding them customers are not obliged to show boarding cards Boots and Dixons are to issue new guidance to airport staff about checking customers’ boarding passes following a consumer revolt over “rip-off” VAT charges. Customers of Boots and Dixons and other prominent stores including […]
Markets slide as China moves to weaken yuan again – live
China lowers guidance rate as new economic data disappoints European markets show sharp falls Chinese move a welcome step, says IMF Merkel “sceptical” about Greek deal ahead of vote Eurozone industrial production falls UK wage growth slows, while unemployment rises 1.11pm BST Greek prime minister Alexis Tsipras said a deal with its lenders would end […]
Zoopla founder cements agreement with new pay deal
Alex Chesterman commits to future at property website with £11m share sale windfall plus long-term bonus deal worth up to £20m over four years Zoopla founder Alex Chesterman on Wednesday lined up an £11m share sale windfall together with a long-term bonus deal worth up to £20m over four years after committing his future to […]
Co-op bank boss praises move to waive £120m fine as 'pragmatic solution'
Niall Booker said any financial penalty on the bank needed to be weighed against the impact it would have on financial stability The boss of the Co-operative Bank has described the decision by City regulators to waive a £120m fine on the loss-making institution as “a pragmatic solution”. Niall Booker, the chief executive of the […]
Rise in UK unemployment fuels labour market jitters
Number of people in work was 63,000 lower and while employment rose most of the jobs went to non-UK citizens Fears that the improvement in Britain’s labour market has stalled have been fuelled by a second successive month of job losses. Official data showed that the number of people in work was 63,000 lower in […]
Greek PM seeks bailout ratification as doubts remain over German support
Parliament to reconvene for emergency session to ratify bailout text amid uncertainty over whether €85bn deal has backing of all EU member states Greece’s parliament will convene for an emergency session to ratify the text of a new multibillion-euro bailout, according to the parliament website, but the timing of the crucial vote remained uncertain and […]
China stuns financial markets by devaluing yuan for second day running
Stocks, currencies and commodities fall sharply across region as investors fear a stalling China economy and possible currency war despite Beijing’s assurances Markets slide as China moves to weaken yuan again – follow the latest developments here China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second consecutive day, triggering […]
Consumer confidence leaps 7.8% between July and August, survey finds
Results ‘very surprising’, says Westpac economist, adding ‘consumers are feeling more relaxed’ because international crises no longer dominating media Consumer confidence has surged, buoyed by continued positive news around house prices and reduced concerns over the international outlook. Whether such confidence translates into equally robust spending habits is open to question as wage growth remains […]
Employment figures expected to show slight improvement
Latest data predicted to show slight drop in unemployment and annual earnings growth running close to 3% Fresh jobs and wages data for the UK will be closely scrutinised by the Bank of England and the City for evidence that the surprise jump in unemployment reported last month was a blip. With the economy growing […]