Economic news

Dollar holds its own as investors seek shelter The U.S. Dollar found broad support on Monday as global political uncertainty and fears over a widening of the Sino-U.S. trade war kept investors in safe havens. The Dollar was backed ahead of a slew of global economic indicators during the week. The Greenback was steady against […]

Brexit could commence without a deal, Sajid Javid says The United Kingdom would be able to leave the European Union on October 31st without a deal despite laws demanding a Brexit delay from the Prime Minister if there was no agreement. This is what Finance Minister Sajid Javid had said on Monday.   When asked […]

China-made smartphone now worth $4 Billion Chinese smartphone maker Transsion has raised nearly $400 million in an IPO on China’s new, tech-focused stock market. On Wednesday the Shenzhen-based company said in a stock market filing that it sold 80 million in shares for 35.15 Yuan ($4.93) each, raising 2.81 billion Yuan ($395 million) The share […]

Best Buy targets $50 Billion in Revenue by 2025 Best Buy Co. Inc. announced on Wednesday that it aims to rake in revenue of $50 billion and cut about $1 billion in costs by 2025 by ramping up its healthcare technology business. The biggest U.S. consumer electronics retailer has zeroed in on healthcare technology as […]

China’s manufacturing may contract for its fifth month straight China’s factory activity is expected to have contracted for a fifth straight month in September, further adding to the country’s economic woes as the U.S.-China trade wars escalate. The official Purchasing Managers’ Index (PMI) for September is expected to remain flat at 49.5 from August according […]

Monzo closes premium accounts to new customers Monzo, the digital bank, has closed its fee-charging premium subscription to new customers after five months of launch and is also offering refunds to those who signed up. Following criticism by customers, the app-based bank said that its Monzo Plus service wasn’t “the best it could be” and […]

Sibanye-Stilwater to cut over 5,000 jobs in Marikana restructuring South African miner, Sibanye-Stilwater said on Wednesday that it could cut around 5,270 jobs in order to restructure its loss-making Marikana mine. Sibanye said that the aim of the restructuring is to return the mine to profit and ensure the sustainability of its remaining shafts. The […]

Depositors panic over RBI’s takeover of major co-operative bank The Reserve Bank of India’s (RBI) move to take charge of one of the country’s top co-operative banks has left thousands of depositors in the lurch. In effect, it had sparked renewed concerns regarding the health of India’s troubled banking sector. Depositors of the Punjab and […]

Wrightbus goes into administration, risking 1,400 jobs Wrightbus, maker of the revived Routemaster bus and one of Northern Ireland’s biggest employers has collapsed into administration, putting 1,400 jobs at risk. The failure of Wrightbus represents the UK’s second significant insolvency of the week, following the demise of the holiday group, Thomas Cook. The Ballymena-based engineering […]

Metro Bank shares fall after investors turn away £200m bond sale Metro Bank shares plunged more than 35%, a record low on Tuesday after wary investors refused to purchase bonds, another blow to the bank since it revealed an accounting error in January. The bond sale was launched on Monday morning, tempting buyers with an […]