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 the three months to June than in the previous quarter, while the number unemployed rose by 25,000.
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Source: The Guardian Circular Economy RSS
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 doubts persisted about whether the deal enjoyed the full support of all EU capitals.
It was not clear when MPs, recalled from their summer recess on Tuesday by prime minister Alexis Tsipras, would begin discussing the 400-page bill at committee level, with reports suggesting that parliamentary committees would probably not meet until Thursday morning, hours before the plenary debate and a vote now likely to take place in the early hours of Friday.
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Source: The Guardian Circular Economy RSS
Stocks, currencies and commodities fall sharply across region as investors fear a stalling China economy and possible currency war despite Beijing’s assurances
China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second consecutive day, triggering fears the world’s second largest economy is in worse shape than investors believed.
The move sent fresh shockwaves through global markets, pushing shares sharply lower and sending commodity prices further into reverse as traders feared the move could ignite a currency war that would destabilise the world economy.
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Source: The Guardian Circular Economy RSS
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 at its slowest pace in nearly 20 years.
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Source: The Guardian Circular Economy RSS
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 strongly in the second quarter, the latest figures for the labour market are expected to show a modest improvement in employment and annual earnings growth running close to 3%.
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Source: The Guardian Circular Economy RSS
The result is up 5% from last year’s $8.68bn profit and is in line with market expectations
Commonwealth Bank of Australia has announced a $5bn capital raising as it unveiled a record $9.14bn cash profit.
The profit result is up 5% from last year’s $8.68bn result and is largely in line with expectations.
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Source: The Guardian Circular Economy RSS
Lobby group says concessions made by Morrisons do not go far enough and will have little impact on dairy industry
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Source: The Guardian Circular Economy RSS
Governor Mark Carney tells George Osborne that City traders and bankers will be asked for their views on effect of financial stability policies
Mark Carney has told the government that the Bank of England is to examine whether policies intended to strengthen financial stability in the economy have held back economic growth.
The bank governor said Threadneedle Street would use the findings of an open forum in November – when City traders and bankers are expected to give their views on regulation – to “take stock of the reform agenda in financial markets”.
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Source: The Guardian Circular Economy RSS
People’s Bank of China described move as a ‘one-off’ but if Beijing seeks to boost imports through devaluation, it will be a painful process
China’s weakening of the yuan by 1.9% is an event that, in a year’s time, will be seen either as an irrelevance or a major turning point for the global economy. Everything depends on what happens next. If the tweak heralds the start of a proper devaluation to boost exports, the world economy will have to adjust to a new China. The process would be painful.
Related: China devalues yuan by 2% to boost flagging economy
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Source: The Guardian Circular Economy RSS
Bank’s fortunes plummeted following Britannia merger in 2009, leading to record £1.3bn loss, and investigations by regulators continue
August 2009 After almost a year of talks, the Co-operative bank and the building society Britannia agree a merger. The former Britannia boss Neville Richardson takes over as the chief executive of Co-operative Financial Services (CFS) and says the deal marks the “next step in the renaissance of the co-operative and mutual sector”.
July 2011 Richardson quits following a restructuring that leads to the loss of 670 financial adviser jobs. He takes away a package worth £4.6m. The bank’s finance director, Barry Tootell, takes the reins.
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Source: The Guardian Circular Economy RSS