Economy

Pound euro exchange rate steady as Brexit uncertainty hits United Kingdom economic growth

Pound euro exchange rate steady as Brexit uncertainty hits United Kingdom economic growth From August to October, manufacturing fell 0.7% and construction by 0.3%. The services sector was the only positive contributor to GDP growth in the three months to October 2019, growing by 0.2%. The country narrowly avoided a recession during the third quarter, which is classified by two consecutive quarters of contraction. In the three months to October, growth was flat against the previou... [Full Article...]

Trump jobs boom rolls on: Economy added 266,000 new jobs in November

Trump jobs boom rolls on: Economy added 266,000 new jobs in November The jobs growth was the best since January's 312,000 and well clear of the November 2018 total of 196,000. Nationally, some of the hardest hit sectors are manufacturing (-27,500 jobs), public administration (-24,000 jobs), accommodation and food services (-11,000 jobs), information, culture and recreation (-8,300 jobs), the natural resource sector (-6,500 jobs) and transportation/warehousing (... [Full Article...]

Uber releases safety report revealing 5,981 reports of sexual assault

Uber releases safety report revealing 5,981 reports of sexual assault Drivers reported sexual assaults at roughly the same rate as passengers though in 92 percent of the reported rapes the passenger was the victim. Of these incidents, riders were accused as the perpetrator 45% of the time. RALIANCE Business: Uber is teaming up with RALIANCE, leaders in sexual violence awareness and prevention, to create a resource center that will help companies adopt consistent, ... [Full Article...]

OPEC Ministers, Oil Producers Hold 7th Meeting in Vienna

OPEC Ministers, Oil Producers Hold 7th Meeting in Vienna On Wednesday, Ghadhban said he would support at least extending existing cuts to end-2020 from March: "We have to give a positive signal to the market and to me at least we should roll-over present agreement". OPEC's second largest oil producer Iraq said on Tuesday Saudi Arabia was supporting deeper cuts for OPEC+ to 1.6 million barrels per day, or 1.6% of global demand, from the current level o... [Full Article...]

Oil Defies Trade-Deal Bearishness to Rise Before OPEC+ Meeting

Oil Defies Trade-Deal Bearishness to Rise Before OPEC+ Meeting On Tuesday, benchmark Brent was steady near $61 a barrel. US West Texas Intermediate crude was up 25 cents, or 0.5 per cent, at $56.21 a barrel. The world could be heading for an even greater oversupply of oil, and this option - which could lower fuel and energy prices - hangs over the members of the OPEC cartel, which will start negotiations on Thursday. [Full Article...]

Home urine test kit can accurately spot prostate cancer risk

Home urine test kit can accurately spot prostate cancer risk Researchers say the test will be more sensitive than current methods and will be in the form of a collection kit that will enable people to do a urine test in the comfort of their own home. A person who is tested negative would need to step into the hospital every two to three years, only facilitating stress-free conditions for the patients and reducing hospital workload. [Full Article...]

Stocks Fall on Dimming Hopes For U.S.-China Trade Talks

Stocks Fall on Dimming Hopes For U.S.-China Trade Talks Meanwhile, U.S. lawmakers saw the legislation as a key measure to censure the Chinese regime. Trump and U.S. Trade Representative Robert Lighthizer recognize that making such concessions for a "skinny" trade deal that fails to address core intellectual property and technology transfer issues is not a very good deal for Trump, a second person briefed on last weekend's trade phone call said. [Full Article...]

Tesla Chooses Berlin For Its European Gigafactory

Tesla Chooses Berlin For Its European Gigafactory Speculation has been ongoing as to where the Fremont, California-headquartered auto, solar and battery energy storage technologies company would put its next gigawatt-scale manufacturing facility, following the first plant, in Nevada, and the apparently stalled solar production site in Buffalo, New York. [Full Article...]

Elon Musk: Berlin 'gigafactory' will build Teslas starting with the Model Y

Energy-Storage.news reached out to Tesla to ask how focused the new factory is likely to be on its stationary energy storage products, Powerwall, Powerpack and Megapack and whether any solar equipment will be manufactured in Berlin, but had not yet received a response at the time of publication. [Full Article...]

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...]