Healthcare giant Philips issues profit warning on US-China trade tariffs October 10, 2019 Dutch healthcare-tech giant Philips has warned the trade war between the US and China will stop it hitting targets for profit margin improvement this year. In an update ahead of its third-quarter report, the European firm said rising tariffs would hamper its earnings before interest, tax and amortisation (EBITA) margin. Read more: Philips to close [...]
Disruptive no-deal scenario could weaken the UK equity market and pound October 9, 2019 UK equities and sterling could both suffer a double-digit hit to their value from a disruptive no-deal Brexit, according to a new financial stress test. In the event of a disorderly departure from the European Union, UK equity markets and the pound relative to the dollar could weaken by 15 per cent and 10 per [...]
Asian stocks fall after US-China trade war anxiety sees Wall Street bleed October 9, 2019 Asia stocks recorded their biggest drop in a week overnight after US-China trade tensions left American stocks bleeding red yesterday. The Nikkei 225 fell 0.6 per cent to 21,456 while Hang Seng sank 0.6 per cent to 25,741 after US markets tumbled amid rising anxiety before crunch talks between Washington and Beijing. Read more: Global [...]
Debate: Are the Extinction Rebellion protesters right to target their anger at capitalism? October 9, 2019 Are the Extinction Rebellion protesters right to target their anger at capitalism? Yes – Asad Rehman is executive director of War on Want From the burning of the Amazon to the melting Arctic ice shelf, we are watching our planet rushing into catastrophe. But behind this crisis is also a story of extreme poverty and inequality, [...]
The public wants leadership on climate, not a bitter culture war October 9, 2019 The plan by Extinction Rebellion offshoot Animal Rebellion to shut down Billingsgate fish market is one of the daftest things I’ve heard. In the list of priorities for reducing greenhouse gas emissions, the fishing industry is nowhere. Wild-caught seafood is probably the lowest carbon source of animal protein you can eat, so it’s hard to [...]
New IMF chief Kristalina Georgieva says trade wars to cost global economy $700bn October 8, 2019 The new boss of the International Monetary Fund (IMF) has used her first speech in the role to warn that trade wars, Brexit, and political tensions will push global growth to its lowest rate in a decade. Read more: World Bank’s Kristalina Georgieva unopposed for IMF top job Kristalina Georgieva, the 66-year old Bulgarian economist, [...]
Recruiter Robert Walters would prefer a no-deal Brexit to more uncertainty as profits sink October 8, 2019 Recruiter Robert Walters’ blamed a “cocktail of confusion” for a profit warning today, as UK revenues dropped 11 per cent on the back of Brexit uncertainty and a darkening global economic outlook. However, chief executive Robert Walters insisted the UK economy is not yet in the doldrums, and said a no-deal Brexit would be better [...]
UK productivity falls at fastest rate in five years October 8, 2019 UK productivity fell at the quickest pace in five years in the second quarter, official figures showed today, marking a worsening of Britain’s decade-long productivity crisis. Read more: Brexit prep has cut UK productivity, says Bank of England Output per hour worked dropped 0.5 per cent in the three months from April to June compared [...]
Mark Carney says Bank of England to stress test banks with ‘catastrophic’ climate scenario October 8, 2019 Bank of England governor Mark Carney has reiterated Threadneedle Street’s intention to stress test banks against a number of “climate pathways,” including a “catastrophic business as usual scenario”. Read more: Bank of England’s Mark Carney says UK now better prepared for no-deal Brexit Speaking at a summit about climate change and banking in Japan, Carney [...]
German factory output bounces back but sector still weak October 8, 2019 German factory output rose unexpectedly in August, suggesting that the expected recession in Europe’s biggest economy in the third quarter may not be as deep as some fear. Read more: Eurozone recession risk ‘very real’ as slowdown infects services sector Industrial output increased 0.3 per cent, up from an upwardly revised fall of 0.4 per [...]
