Star listing of domestic tech firms is seen as an attempt to bypass US markets in trade war
China’s tech scene was handed a fresh vote of confidence as investors piled into Shanghai’s new Nasdaq-style stock exchange and sent shares skyrocketing up to 500%.
The launch of the Star listing of domestic tech firms is seen as China’s answer to the US’s Nasdaq, and an attempt to sidestep American markets in its long-running trade war with Washington.
Continue reading...Paul Polman also supports Bank of England-backed group promoting disability rights
The former boss of Unilever is seeking a team of “heroic chief executives” to drive a shift to a low-carbon, more inclusive way of doing business.
Paul Polman, who stepped down from the Anglo-Dutch owner of Marmite and Dove in November last year after a decade at the helm, warns that the rise of populism and Brexit are symptoms of capitalism’s failure to adapt. Bosses, he insists, must commit to fighting inequality and tackling the climate emergency.
Continue reading...The greatest economic threat facing Europe is of falling hopelessly behind the US and China in adopting the next generation of technology. That is the view of many across Europe’s industrial and financial sectors who watch with wonder the proxy battle between the US and Chinese administrations on behalf of their tech giants.
Business leaders from Dublin to Warsaw are open-mouthed – not so much at the often-bizarre tug of war between the two sides as at the fact that these economic blocs can lay claim to almost all the world’s tech giants.
Continue reading...Southwest, American and United Airlines all put back return date for troubled jet
The swift return of Boeing’s 737 Max aircraft to the skies was put further in doubt this week with airlines signalling that they do not hope to operate the plane any time soon.
With more than four months already elapsed since the plane was grounded by regulators, Southwest and American, two of the jet’s main US operators, followed United Airlines in saying they would be taking the Max out of their schedules until November.
Continue reading...Online fashion retailer blames glitch in rollout of European and US automated warehouses
Shares in Asos tumbled on Thursday as the online fashion retailer issued its third profits warning in seven months, blaming problems with the rollout of its new automated warehouses.
The group said sales were hit by the overhaul of warehouses in Berlin and Atlanta, which left the firm struggling to keep up with demand. It now expects to make profits of £30m to £35m this year, far below City forecasts of £55m.
Continue reading...Statistics are a blow to country’s biggest pharmaceuticals that paid millions of dollars in out of court settlements
Drug makers and distributors flooded the US with more than 75bn opioid pills in the crucial years when the country’s epidemic of painkiller addiction and deaths surged to record levels, according to previously secret data released by an American court.
The publication of the Drug Enforcement Administration statistics is a blow to some of the country’s biggest pharmaceutical firms that have paid hundreds of millions of dollars in out of court settlements in part to keep sealed evidence that they profiteered from escalating demand for opioids even as public health officials were declaring an epidemic.
Continue reading...British worker are getting the biggest pay rises in a decade, as jobless rate remains at 44-year low. But the market may be cooling....
New @ONS stats show that:
- the employment level is at a record high
- there are 3.7m more people in work than in 2010
- wages have grown faster than inflation for almost a year
- female unemployment has fallen to a new record low of 3.6% pic.twitter.com/V9C5NMXW9l
Andy Bruce of Reuters has also spotted that rising self-employment is making up for a drop in the number of employed workers.
Cause for concern?
That there was any employment growth at all in 3 months to May is down to a hefty increase in self-employment.
Employee jobs declined at fastest rate since 2011. pic.twitter.com/cg05f02Az2
Along these lines, looks clear that vacancies have peaked already. pic.twitter.com/t06diHVMRn
Continue reading...Budget airline says it plans to close some bases and will carry fewer passengers
Ryanair has warned delays to deliveries of Boeing’s 737 Max aircraft will reduce passenger numbers next year and it plans to downsize or close bases at some airports as a result.
Europe’s biggest budget carrier has ordered 135 of the 737 Max models, which remain grounded after two crashes in Indonesia and Ethiopia killed a total of 346 people. Boeing has yet to convince regulators that software modifications are sufficient to ensure the plane’s safety.
Continue reading...Rolling coverage of the latest economic and financial news, including reaction to the latest Chinese GDP report
Earlier:
If you’re just tuning in, here’s our news story on the Chinese growth figures.... and president Trump’s response.
Donald Trump has claimed that his tariff battle with China is working after official data from Beijing showed growth in the world’s second biggest economy dropping to its slowest pace since 1992.
The US president said the impact of his protectionist measures had been to cause an exodus of companies from China, as Beijing announced that its annual rate of expansion had slowed from 6.4% to 6.2% in the second quarter of 2019.
In tweets that were immediately challenged by economists, Trump said his tough action had forced China’s leaders to the negotiating table.
Related: Donald Trump claims trade war is working as China's economy slows
European stock markets ended the day higher, blown upwards by hopes of fresh Chinese stimulus measure to prop up growth.
After a brief stint in the red the FTSE has powered higher on Monday as risk on dominated. Better than expected results from Citigroup boosting Wall Street and the prospect of stimulus for China lifted the FTSE at the start of the week.
Chinese GDP data showed that the economy grew by 6.2% its lowest level of growth in almost a decade. However, rather than depressing the market, hopes of stimulus for the world’s second largest economy have boosted risk appetite, lifting demand for riskier assets such as stocks. Just as we are seeing with the US, the prospect of easing financial conditions is not being interpreted as bad news for stocks. Instead the prospect of cheaper borrowing in the case of the Fed and support from the PBOC is giving investors plenty of confidence to buy in.
Continue reading...Decision fuels speculation that troubled plane will be rebranded once it is given all clear to fly
A Boeing 737 Max due to be delivered to Ryanair has had the name Max dropped from the livery, further fuelling speculation that the manufacturer and airlines will seek to rebrand the troubled plane once it is given the all clear to fly again.
Photos have emerged of a 737 Max in Ryanair colours outside Boeing’s manufacturing hub, with the designation 737-8200 – instead of 737 Max – on the nose. The 737-8200 is a type name for the aircraft that is used by aviation agencies.
Continue reading...Bitpoint suspends services after apparent theft of virtual monies including bitcoin
A cryptocurrency exchange in Tokyo has halted services after it lost $32m (£25m) in the latest apparent hack on volatile virtual monies.
Remixpoint, which runs the Bitpoint Japan exchange, discovered that about ¥3.5bn in various digital currencies had gone missing from under its management.
Continue reading...Nike’s famous ‘Moon Shoe’ and limited-edition trainers produced by Kanye West, Air Jordan and Adidas will be sold
Sotheby’s in New York has announced its first-ever auction dedicated to sneakers.
The auction house will sell 100 pairs of the rarest sneakers ever produced, including a sample of one of the first Nike running shoes with a pre-sale high estimate of $160,000.
Continue reading...Proposal could provide cheaper funding for charities, says finance minister Nirmala Sitharaman, but critics warn against greater government control of welfare projects
India’s finance minister, Nirmala Sitharaman, has called for the creation of a “social stock exchange”, allowing ethically minded investors to buy stakes in social enterprises, volunteer groups and welfare organisations.
The proposal would be a radical experiment in a country characterised by stark inequality and rapid economic growth.
Continue reading...Some staff in London reported to be in tears after hearing their jobs have gone
Deutsche Bank started slashing thousands of jobs in the City of London and in New York only hours after announcing a drastic plan to reduce its global workforce by 18,000.
Germany’s biggest lender employs almost 8,000 people in the UK, with 7,000 in London, which is one of the main hubs for its global investment bank, where the bulk of the job losses will be focused. The jobs being cut make up about a fifth of Deutsche’s global workforce of 91,500.
Continue reading...Activists say comments by Opec head prove world opinion is turning against fossil fuels
Greta Thunberg and other climate activists have said it is a badge of honour that the head of the world’s most powerful oil cartel believes their campaign may be the “greatest threat” to the fossil fuel industry.
The criticism of striking students by the trillion-dollar Organization of the Petroleum Exporting Countries (Opec) highlights the growing reputational concerns of oil companies as public protests intensify along with extreme weather.
Continue reading...US job growth rebounded strongly in June, but moderate wage gains and mounting evidence that the economy was slowing sharply could still encourage the Federal Reserve to cut interest rates this month.
Related: US beats forecasts with 224,000 new jobs created in June - business live
Continue reading...Enforcement order issued after online retailer bought stake in food courier service
The UK’s competition regulator has ordered Amazon and the food delivery company Deliveroo to pause any integration efforts pending an investigation into potential breaches of competition rules.
The Competition and Markets Authority (CMA) on Friday issued an initial enforcement order against the companies after Amazon bought a stake in Deliveroo.
Continue reading...It is a simple question with an incredibly complex answer – not even the Land Registry knows the exact ownership of all parts of the country. Guy Shrubsole set out to solve the mystery. Plus Alex Hern on the police’s use of facial recognition technology
For nearly 1,000 years, there has been no comprehensive answer to the question of who owns England. Ever since William the Conqueror ordered the “great survey”, the issue has not been satisfactorily resolved. Even the central body that should know, the Land Registry, can only pin down the ownership of about 80% of the country.
Using creative techniques and old-fashioned detective work, Guy Shrubsole set about solving the mystery. The author and campaigner looked at the prime suspects: royalty, the church, the aristocracy, foreign oligarchs and major companies. He tells Anushka Asthana that although some of the names have changed, we still live in a country recognisable from the middle ages, one in which a small elite owns the majority of the land.
Continue reading...In Malaysia, Riza Aziz – ex-PM Najib Razak’s stepson – was detained then released on bail
Malaysia’s anti-corruption agency has arrested former prime minister Najib Razak’s stepson, a Hollywood producer who counts Martin Scorsese’s The Wolf of Wall Street among his credits.
Riza Aziz was detained on Thursday but released on bail, according to Malaysia’s Anti-Corruption Commission (MACC) chief Latheefa Koya, who said the film producer would face money-laundering charges on Friday.
Continue reading...Former UK chancellor’s austerity agenda will count against him, say opponents
George Osborne’s interest in running the International Monetary Fund has met immediate criticism because of the former chancellor’s austerity policies and Brexit-related question marks over the UK’s international standing.
Osborne, the editor of the Evening Standard, has signalled to friends that he views himself as a potential candidate to replace Christine Lagarde, the current head of the Washington-based fund, who was nominated to lead the European Central Bank this week.
Continue reading...