From 2h ago UK government confirms another delay to post-Brexit food checks The UK government has confirmed that it will delay the introduction of post-Brexit checks on food by another three months, after warnings the long-promised new regime would not be ready in time. The UK’s Cabinet Office said that “remaining sanitary and phytosanitary controls, as well as full customs controls for non-qualifying Northern Ireland goods, […] will now be introduced from January 2024. The government had said in April that new checks would come into force on Halloween, 31…
Tag: Stock markets
Homebuilder shares tumble as UK housing market weakens – business live
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Italy approves 40% windfall tax on banks; China’s trade slumps – business live
From 1h ago Italy approves 40% windfall tax on banks The Italian government is hitting the country’s banks with a new windfall tax, to help families through the cost of living squeeze. Italy’s cabinet yesterday approved a 40% “windfall tax” on bank profits this year, with the proceeds earmarked to help mortgage holders and cut taxes. Deputy prime minister Matteo Salvini told a news conference that the levy will hit the profits reaped from higher interest rates: “One only has to look at the banks’ first-half 2023 profits, also the…
AstraZeneca considers spinning off its China business
AstraZeneca is considering spinning off its business in China and listing it in Hong Kong or Shanghai to shield the multinational drugmaker from geopolitical tensions. Britain’s largest stock-market-listed company has drawn up the plans in attempt to protect its business from the fallout from increasing tensions between China and the US and its allies. Executives at the Anglo-Swedish company have been discussing the move with bankers for several months, although it could still be abandoned, the Financial Times first reported. The spin-out would mean Astra separates its division in China…
Chinese owner of Lotus Technology to list a stake in US via blank cheque firm
The Chinese owner of Lotus is to list a stake in a division of the luxury sports car group in the US as part of deal with a firm backed by the world’s richest man. China’s Geely said on Tuesday that it plans to merge electric carmaker Lotus Technology – an offshoot of the Norfolk-based sports car brand – with a special purpose acquisition vehicle (Spac) founded by L Catterton, which is backed by LVMH and its billionaire founder, Bernard Arnault. The Nasdaq listing is expected to value the business…
Global economic forecast for 2023? A stormy start followed by a ray of hope
Investors should brace for another turbulent year in the financial markets, economists have warned as central banks fight inflation, China reopens its economy after Covid-19 restrictions and the Ukraine war pushes the global economy towards recession. The first half of the new year is likely to be choppy, according to Wall Street predictions, after global markets suffered their biggest fall since the 2008 financial crisis last year. But the US S&P 500 is still expected to end 2023 a little higher than it began the year. The average target of…
Oil, yuan and stocks slide as China protests send ‘waves of unease across financial markets’ – business live
From 2h ago Introduction: Oil and stocks hit by China protests A currency trader at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea. Photograph: Ahn Young-joon/AP Good morning and welcome to our rolling coverage of business, the financial markets and the world economy. Global stock markets are on edge as the protests intensify at major Chinese cities against the country’s stringent zero-Covid rules. Stocks have fallen across Asia-Pacific markets, while oil has dropped to a near 11-month low, as public demonstrations in cities…
US stock markets fall sharply as investors worry about recession
The wild ride on the US stock markets continued on Wednesday with the Dow Jones Industrial Average sinking more than 1,100 points as investors worried about a looming recession. All of the major US markets fell sharply, with the S&P closing down 4%, its largest fall since June 2020, and the tech-heavy Nasdaq losing 4.7%. On Tuesday markets had rallied following positive news about consumer spending and signs that China was relaxing its strict Covid-19 lockdowns. Just a day later concerns about an economic slowdown triggered a wide-ranging sell-off. The…
Europe’s growth forecast cut as Ukraine war drives up inflation; diesel price hits record – as it happened
Closing summary Time for a recap Concerns over the global economic recovery have continued to mount, after China’s economic activity plummeted, and eurozone growth forecasts were cut. China’s retail sales tumbled by over 11% in April, while industrial production contracted by 2.9% — both the worst readings since the early months of the pandemic in 2020. Unemployment rose, while property sales saw their biggest slump since August 2006. Analysts warned that China’s economy could shrink this quarter, as Covid-19 lockdowns continued to hit consumer spending and factory output. The EC…
China’s indebted property sector highlights a fading economic revival
China’s economy has become heavily dependent on property development over the last decade. High-rise apartments have mushroomed across hundreds of cities to house a growing white-collar workforce, while glass and steel office blocks are dominating city centres, mimicking Shanghai’s glittering skyline. Valued at more than $50tn after 20 years of rapid growth, Chinese real estate is worth twice as much as the US property market and four times China’s annual income. George Magnus, an associate at Oxford University’s China Centre, says this real estate market ranks as the most important…