Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Fears China may not be able to help shore up weakening global growth as GDP figures are slowest nation has reported in 28 years
China’s economy grew 6.6% in 2018, its slowest pace in almost 30 years, confirming a slowdown in the world’s second largest economy that could threaten global growth.
After years of breakneck expansion, the world’s second largest economy is losing steam, official data on Monday confirmed. China’s growth in 2018 was the country’s slowest reported rate since 1990 and down from 6.8% growth in 2017.
Charity calls for 1% wealth tax, saying it would raise enough to educate every child not in school
The growing concentration of the world’s wealth has been highlighted by a report showing that the 26 richest billionaires own as many assets as the 3.8 billion people who make up the poorest half of the planet’s population.
In an annual wealth check released to mark the start of the World Economic Forum in Davos, the development charity Oxfam said 2018 had been a year in which the rich had grown richer and the poor poorer.
Deserted high streets show that after decades of breakneck growth, the world’s second largest economy is faltering
Few people are shopping at the Beijing Yintai Centre, a high-end mall in the Chinese capital’s central business district. Store clerks say foot traffic has been low, even when holiday discounts were offered. Office workers walk past empty shops like Hermes, Dolce & Gabbana and Cartier, eating fruit they have brought for lunch.
Li Xin, 33, who works for a security company nearby, likes to check out the selection of handbags. Her favourites are Chanel and Tom Ford. But recently, she has decided to cut back. “This year I didn’t buy any new bags, because everyone has been saying: ‘Winter is coming’,” she said.
Elon Musk says he has no choice but to reduce electric car manufacturer’s headcount
Tesla is cutting more than 3,000 jobs, or 7% of its workforce, after experiencing a year its founder, Elon Musk, said was both its most challenging and most successful.
The chief executive of the electric car manufacturer told staff on Friday that “the road ahead is very difficult” because its products were not yet affordable for most people and it was up against a big incumbent industry.
The Hong Kong-based carrier sold first-class tickets from Portugal to Hong Kong, which normally cost about £12,500, for only £1,175 because of an error on its website.
Dozens of factories have closed after more than a week of protests in which one person has died
Thousands of garment workers in Bangladesh who make clothes for top global brands have clashed with police as strike action over low wages entered a second week.
Police said water cannon and tear gas were fired on Sunday to disperse huge crowds of striking factory workers in Savar, a garment hub just outside the capital, Dhaka.
First daughter’s name said to be ‘floating around Washington’ but it wouldn’t be her first unconventional role
The Financial Times reported on Friday that the name of Ivanka Trump is “floating around Washington” regarding the need for a new president of the World Bank.
The role will soon be open due to the surprise departure of the current president, Jim Yong Kim. But on politics Twitter, at least, the idea that his replacement might be the first daughter met with widespread derision.
Former Nissan head says he is innocent, meaning he could remain in detention until trial begins
Carlos Ghosn could remain in detention for several months after prosecutors indicted him on two new charges of financial misconduct, days after the former Nissan chairman insisted he had been wrongly accused.
Ghosn was charged with aggravated breach of trust and for understating his pay by 4.3 billion yen for three years through March 2018, the Tokyo district court said.
Swedish furniture company’s long-awaited announcement revealed ... a long wait for a store
The stage was set, a tentative announcement had been made, and the foreign minister was already claiming credit for it. Breaking news alerts had been sent by the major media outlets and liveblogs prepared to transmit Ikea’s vision for New Zealand to the people. Even Sweden’s ambassador, Par Ahlberger, told those assembled that he was an ambassador for Ikea, according to Stuff.
But on Friday, as the tension reached fever pitch, reality came crashing down like a set of badly assembled drawers. The vision was more a back-of-envelope sketch showing Auckland would get a store and some point in a few years’ time, plus there would be another, smaller one, in the South Island.
A no-deal Brexit would have profound economic consequences with GDP shrinking by up to 8%, putting thousands of jobs at risk, the Confederation of British Industry is to warn.
The business body is urging MPs to back Theresa May’s deal, describing it as a “solution” businesses can work with as it delivers a transition period and avoids a “hugely damaging cliff edge”.
Investigation will now examine payments made to former Nissan chairman before 2017
Renault has said it has so far found no evidence of illegal or fraudulent payments to Carlos Ghosn, despite the chief executive of the French carmaker remaining under arrest in Japan.
Ghosn was arrested in November by Japanese authorities over allegations he under-reported income from Nissan, the carmaker he formerly led alongside Renault. He remains in the custody of Japanese authorities in Tokyo.
Trade Optimism Trumped Weak European Economic Sentiment today, says Fiona Cincotta of City Index.
She explains
Global markets bounced higher on Tuesday as optimism grows over a US – Sino trade deal. A strong Asian session spilled into Europe, although markets pared gains as Wall Street opened owing to increasing tech concerns.
US and China extending trade talks for another day has been interpreted as a positive sign by the markets. Whilst no reason was given for the extension, Trump’s tweet that the talks “were going very well” was sufficient to lift sentiment boosting appetite for riskier assets such as stocks, whilst safe haven gold declined.
With US and China working to resolve their issues, the Fed promising to remain flexible and the US economy firing on all cylinders it is easy to see why sentiment is on the up. Obviously, this is not the end of US – China trade tensions by a long shot, ad there will almost certainly be further bumps and twists along the way but for now the markets are happy with the slow steady progress which it perceives has been achieved.
This comes hot on heels of downbeat German factory orders, which dropped by -4.3% in November. These are the latest signs that the eurozone economy is slowing, as trade tensions sap momentum for the powerhouse of Europe.
Britain’s FTSE 100 index of top shares has closed 50 points higher at 6861 points, a gain of 0.75% today.
Optimism that Beijing and Washington are making progress in their trade negotiations lured investors into buying shares, following the recent sell off.
Companies offer napping at work as lack of proper rest is estimated to cost economy $138bn a year
Imagine working for an employer who, aware that you’re probably not sleeping enough at night, allows you to down tools and nap as part of your regular work duties – and not just forty winks at your desk, but a restorative snooze in a quiet room.
Police officers deployed near checkpoint where protesters have gathered to block the construction of a natural gas pipeline
Indigenous protesters in Canada have called a growing police presence near their makeshift checkpoint “an act of war”, as tensions mount over a stalled pipeline project in northern British Columbia.
In defiance of a court order, dozens of protesters have gathered on a logging road nearly 700km (430 miles) north-west of Vancouver, to block the construction of a natural gas pipeline.
From shark swims to snow leopard treks, a tailored trip of up to a year is now a must-have
The super-rich are going on sabbatical. It turns out having bucket-loads of money can be stressful, leading some of the world’s richest people to take a break for a month or so, or even a year, to escape the pressure of managing their businesses or personal fortunes.
Tom Barber, the founder of the London-based travel agency Original Travel, said so many super-rich customers had asked his firm to arrange bespoke trips ranging in duration from one to 12 months that his firm was launching a special division dedicated to sabbaticals for the 1%.
A tax on daytrippers has hit the headlines, but La Serenissima’s mounting problems also include rising waters, angry locals and a potential black mark from Unesco
Venice’s Santa Lucia railway station is packed as visitors scuttle across the concourse towards the water-bus stops. Taking a selfie against the backdrop of the Grand Canal, Ciro Esposito and his girlfriend have just arrived and are unimpressed with what may greet them in future if the Venetian authorities get their way: a minimum city entry fee of €2.50 throughout the year, rising to between €5 and €10 during peak periods.
It is the price of a cappuccino, but for them “it’s going too far”. “They are using people like a bank machine,” says Esposito. “We are in Europe and can travel freely across borders, yet we have to pay to enter one of our own cities.”
Talks begin this week in Beijing to end the trade war – and even titans such as Apple are feeling its impact
It epitomises China’s position in the global economy that a seismic warning about its health last week came from a US company: Apple. The iPhone maker cut sales forecasts, citing the unforeseen “magnitude” of the economic slowdown in China – a vital growth market. At the same time the head of Baidu, China’s biggest search engine, warned his employees that “winter is coming” in the world’s second-largest economy.
If China is indeed entering an economic winter, then the chill will spread around the globe. Forty years after communist China opened its doors to trade with the west in a dash for growth, the country’s mix of free-market policies and central planning faces one of its sternest tests.
Slowing growth and rising debt at home may affect Beijing’s ability to keep up its vast investments in the developing world
Concerns over Chinese growth could spell problems for Africa and other parts of the developing world. Beijing funded an overseas investment boom in the past few decades as it strove to become the world’s second largest economic superpower, while also buying vast amounts of the natural resources produced by emerging nations.
The scale of the expansion forms part of China’s multibillion-dollar “Belt and Road” Initiative, a state-backed campaign to promote its influence around the world, while providing stimulus for its own slowing economy. The transcontinental development project, launched by China’s president, Xi Jinping, in 2013, aims to improve infrastructure links between Asia, Europe and Africa, with the aim for China to reap the benefits from increasing levels of global trade.