Economy

Billionaire wealth drops for the first time in a decade

Billionaire wealth drops for the first time in a decade The billionaire-controlled companies were also more profitable. "Self-made female billionaires contributed more to wealth creation, as their wealth surged by 131 percent from 2013 to past year, while wealth among their multi-generational peers or heiresses increased by 14 percent in the same period", the report said. [Full Article...]

United Kingdom debt burden to rocket under no-deal Brexit, says think-tank

United Kingdom debt burden to rocket under no-deal Brexit, says think-tank Government debt is set to rocket to levels not seen since the 1960s in the event of a no-deal Brexit , a leading economic think tank has warned. It said the Government's day-to-day spending plans for public services were now close to the levels implied by Labour's 2017 election manifesto, and far higher than those in the Conservative manifesto. [Full Article...]

Pizza Express 'Hires Financial Advisers' Ahead Of Debt Talks

Pizza Express 'Hires Financial Advisers' Ahead Of Debt Talks The company, which was bought by Chinese private equity firm Hony Capital in 2014, has to pay the first instalment of its repayments, worth £465 million in secured bonds, by August 2021. "Unless they can get enough suitable deals informally with landlords and other creditors, then a Company Voluntary Arrangement, most recently used by Jamie's Italian , Prezzo and Byron Burger, may well be on th... [Full Article...]

Soybeans exceed two-month high on China buying, US inventory shock

Soybeans exceed two-month high on China buying, US inventory shock Corn futures approached a seven-week high after the USDA report also showed tighter-than-expected inventories of the yellow grain. Within the overseas markets, the crude oil market is $1.38 per barrel decrease, the US greenback is more significant, and the Dow Jones Industrials are 156 factors greater. [Full Article...]

Dollar holds near recent highs on trade jitters

Dollar holds near recent highs on trade jitters The dollar earlier this month hit a more than two-year high of 99.37. The US dollar strength came at a time when the kiwi was already under pressure from yesterday's weak business confidence reading in spite of the Reserve Bank's efforts to revive investment by cutting the official cash rate to 1 per cent. [Full Article...]

Thomas Cook customers left waiting as refund website delayed

Thomas Cook customers left waiting as refund website delayed The CAA said this is three times larger than any previous refund programme, and on October 7 it will be launching an online refund system to cope with demand. The costs are still being worked out by Government officials, but initial estimates suggest the repatriation will be double the £50 million it cost when Monarch Airlines collapsed in 2017. [Full Article...]

WeWork founder Adam Neumann will step down after investor pressure

WeWork founder Adam Neumann will step down after investor pressure Neumann also drew criticism after The We Company - the recently renamed parent of WeWork - paid him almost $6million for the trademark 'We.' He returned the money following the backlash. Softbank has invested more than $9bn in the company and has reportedly soured on Neumann's leadership in recent months. The company said it still plans to launch its IPO by the end of the year, but it was un... [Full Article...]

Iran's Rouhani blames foreign forces for causing 'insecurity' in the Gulf

Iran's Rouhani blames foreign forces for causing 'insecurity' in the Gulf Secretary of State Mike Pompeo said on Sunday. Meanwhile, Iran President Hassan Rouhani said on September 22 that Western powers should leave the security of the Persian Gulf to regional nations led by Tehran. However, he gave no details, saying only that peace in the Strait of Hormuz could be achieved "in co-operation with various countries". The UK was dismissing claims by Yemen's Houthi m... [Full Article...]

Amazon Orders Electric Delivery Vans To Reduce Gas Emissions

Amazon Orders Electric Delivery Vans To Reduce Gas Emissions Bezos also said Amazon was ordering 100,000 electric delivery vehicles from US vehicle design and manufacturing startup Rivian Automotive LLC and would use 100% renewable energy by 2030, up from 40% today. Amazon's vehicles will share "key components" with Rivian's R1T pick up and R1S SUV, most significantly the battery and skateboard platform, but the vans will have a unique body, inter... [Full Article...]

Iran officially warns U.S. against accusations of attack on Saudi Aramco

Iran officially warns U.S. against accusations of attack on Saudi Aramco Speaking on BBC Radio 4's Today Programme, Dr Fox said he believed it was becoming increasingly clear that Iran is to blame for the attacks . After enduring a crippling Saudi air campaign since 2015, the Houthis definitely have a motive. [Full Article...]