Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Government will continue to supply aircraft to be used in war, says Jeremy Hunt
The UK government has negotiated a loophole in a German arms export ban to Saudi Arabia that will ensure UK-supplied planes will continue to be used in the war in Yemen, the foreign secretary, Jeremy Hunt, has confirmed.
The news is contained in two unpublished letters from cabinet ministers to the parliamentary Committee on Arms Export Controls (CEAC). The aircraft, Tornado fighter bombers and Eurofighter Typhoons, are used in the Saudi bombing raids designed to push back the Houthi rebellion in the four-year civil war in Yemen. The aircraft were developed by consortiums of European companies and Germany supplies spares for them.
Intensification of tariff dispute also likely to knock almost $600bn off world economy
Donald Trump has been warned by the west’s most influential economics thinktank that further escalation of the US-China trade war would unleash significant damage for the American economy, as well as the rest of the world.
The Paris-based Organisation for Economic Co-operation and Development (OECD) said that an intensification of the dispute between Washington and Beijing would likely knock as much as 0.7% off the level of global GDP by 2021-22.
Finance ministers say Europe is increasingly dependent on Chinese and US technology
It boasts the world’s second biggest economy, a huge consumer market of about 500 million people and prodigious pools of talent and capital, not to mention two of the world’s most important financial centres.
But Europe is struggling to match its great rivals, the US and China, in creating the kind of global firms that increasingly dominate the 21st-century marketplace.
The president’s bullish advisers may be taking a hard line, but the chances of a deal are better than they look
During Donald Trump’s campaign to be president, he regularly cited China’s export subsidies as “evil”, and in his manifesto he pledged to “cut a better deal with China that helps American businesses and workers compete”.
The president turned decades of musings into a policy mission after his son-in-law, Jared Kushner, handed him a book by the academics Peter Navarro and Greg Autry – Death by China – which set out to explain how China manipulated the global trade system for its own ends.
Britain’s construction sector grew by 1% in the last quarter, as building firms got busier.
But Clive Docwra, managing director of construction consulting and design agency McBains, says Brexit is still hurting the sector.
“Today’s figures mark another increase in output, coming after last month’s statistics showed unexpected moderate growth during February.
“However, this was driven by repair and maintenance - there was no growth in new work across the first quarter of the year, including a decrease in private commercial and housing work.
Britain’s politicians are predictably split on whether the UK is romping along healthily, or simply scrambling to protect itself from Brexit.
The Chancellor of the Exchequer, Philip Hammond, takes an upbeat view on today’s growth figures, pointing out that we’ve now enjoyed nine years of growth.
“Today’s figures show the economy remains robust, with growth of 0.5% in Q1 benefitting every major sector.
“The economy has grown for nine consecutive years, debt is falling, employment is at a record high and wages are rising at their fastest pace in over a decade.
“It’s not surprising to see households and businesses protecting themselves against a potentially disastrous Tory No Deal Brexit.
“With this government increasingly resembling a business entering administration it’s time they admitted the failure of their approach and stood aside for a General Election.
The Greek economist is back battling the EU establishment, this time at the helm of a new movement, DiEM25. Backed by Pamela Anderson and the world’s most famous cyborg, he is fighting ultra-right populism with a radical agenda he thinks can restore people's lost faith in democracy. As the European parliamentary elections approach, is anyone listening? Phoebe Greenwood finds out
Donald Trump has insisted that there is “no rush” to secure a deal with China despite growing business and Wall Street fears that the ratcheting up of US tariffs risks a full-blown trade war between the world’s two economic superpowers.
US shares, which were falling for much of the day, staged a late rally on Friday night after Trump tweeted that trade talks “will continue” after the hiking of tariffs on $200bn of Chinese goods.
European commission warns of ‘major shock’ and slashes growth forecast the union
The threat of a full-blown trade war between the US and China and Brexit uncertainty are posing mounting risks to the EU economy, the European commission has warned, after downgrading its growth outlook for 2019.
Brussels’ executive arm said a recent slowdown in global trade volumes had taken its toll across the continent, as it cut its GDP growth forecast for the 28-nation bloc for 2019 to 1.4%, down from a forecast of 1.9% in the autumn.
Report calls for change of priorities and culture to avert catastrophic biodiversity loss
Governments need to ramp up investment in nature restoration and raise the tax burden on companies that degrade wildlife, according to recommendations made to the G7 group of rich nations.
The proposals are part of a growing debate on how to radically change humanity’s relationship with nature in the wake of a new UN mega-report that showed an alarming decline in the Earth’s life-support systems.
Chinese imports slumped in March, driven by a slowdown in US trade amid the tense standoff between Washington and Beijing, raising renewed questions over the strength of the Chinese economy.
Imports fell by 7.6% in March compared with a year earlier, worse than City economists’ forecasts for the volume of goods bought from abroad to grow by 0.2%.
Erdoğan’s costly move against currency speculators could prove to have major ripple effects
The battle waged by Turkey’s Recep Tayyip Erdoğan against currency speculators is a classic pyrrhic victory. The show of resolve by the self-styled strongman on Wednesday stopped investors from dumping the lira but at enormous cost in both the short and long term. That Turkey will be damaged is beyond question. All that’s in doubt is how severe that damage will be and whether the fallout will be felt elsewhere. Looking at the fragile state of the global economy, there’s every chance it will be.
The backdrop to the latest instalment of a long-running crisis is that Erdoğan is this week facing important local elections at a time when the Turkish economy is in recession. In an attempt to drum up support, Turkey’s president last week condemned Donald Trump’s decision to recognise Israeli control over the Golan heights, but this proved a spectacular own goal by convincing foreign investors that Ankara was on a collision course with Washington. The lira plunged.
Xi Jinping visits Rome as Italy becomes first G7 country to back Belt and Road initiative
Italy has become the first G7 country to endorse a contentious plan by China to build a Silk Road-style global trade network, irking its EU and US allies.
The prime minister, Giuseppe Conte, and the Chinese president, Xi Jinping, have signed a non-binding memorandum of understanding (MoU) that could lead to Italy’s participation in China’s Belt and Road initiative (BRI), an ambitious project that envisages Chinese investment in a network of infrastructure projects connecting Asia, the Middle East, Africa and Europe.
The US president says it is ‘very important for our farmers’ while adding that trade talks are ‘moving along nicely’
Donald Trump has urged China to abolish tariffs on agricultural products imported from the United States – adding that trade talks between the rival powers were going well.
“I have asked China to immediately remove all Tariffs on our agricultural products (including beef, pork, etc.),” the US president wrote on Twitter.
Sweden and France among states found by the World Bank to enshrine gender equality in laws, but implementation haphazard
If you’re a woman and want to be on an equal footing with men, it’s best to live and work in Belgium, Denmark, France, Latvia, Luxembourg or Sweden. The World Bank, which has tracked legal changes for the past decade, found these were the only countries in the world to enshrine gender equality in laws affecting work.
The bank’s women, business and the law 2019 report, published this week, measured gender discrimination in 187 countries. It found that, a decade ago, no country gave women and men equal legal rights.
The US president says he will hold a summit with Xi Jinping to conclude an agreement to end the year-long standoff
Donald Trump has said he will delay an increase in tariffs on Chinese goods that had been scheduled for Friday, citing “substantial progress” in trade talks with China over the weekend.
The race to head the World Bank opened with the US candidate already known. Other countries must stand up and be counted
With characteristic lack of restraint, the Trump administration last week jumped the gun on the World Bank presidential election process by naming David Malpass as its preferred candidate to succeed Jim Yong Kim.
The formal nomination process, which did not begin until the following day, is based on selection principles agreed in 2011 that put the emphasis on an “open, merit-based and transparent” appointment. It is high time those principles were put in practice.
Although there is a cloud over economy, the silver lining is central banks are more dovish
After the synchronised global economic expansion of 2017 came the asynchronous growth of 2018, when most countries other than the US started to experience slowdowns. Worries about US inflation, the US Federal Reserve’s policy trajectory, trade wars, Italian budget and debt woes, China’s slowdown and emerging-market fragilities led to a sharp fall in global equity markets toward the end of the year.
The good news at the start of 2019 is that the risk of an outright global recession is low. The bad news is that we are heading into a year of synchronised global deceleration; growth will fall toward – and, in some cases, below – potential in most regions.
Goods dispatched in coming days may not arrive until after 29 March deadline
British exporters sending goods to far-flung destinations in the coming days risk being locked out of harbours around the world as a no-deal Brexit looms, business leaders have warned.
Independent trade experts and the UK’s biggest business groups said exporters could be dispatching goods from UK ports imminently that would not arrive until after the 29 March deadline. This raised the prospect of goods being stuck in ports or facing hefty additional costs in the event of a disorderly Brexit.
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.
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.