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Oil prices soar after attacks on Saudi facilities

Oil prices ended nearly 15% higher on Monday, with the Brent benchmark seeing its biggest jump in about 30 years. The rise came after two attacks on Saudi Arabian facilities on Saturday knocked out about 5% of global supply. Brent crude initially surged 20% at the start of trading, but eased back to end at […]

WeWork sees stock market listing ‘by the end of the year’

The hotly-anticipated stock market listing of WeWork’s parent firm may be delayed until the end of the year with investor interest appearing to falter. We Company was due to begin marketing the office sharing firm to investors this week, with the flotation set to take place as early as this month. But concerns have mounted […]

California passes landmark gig economy rights bill

California lawmakers have passed a bill that paves the way for gig economy workers to get holiday and sick pay. Assembly Bill 5, as its known, will affect companies such as Uber and Lyft, which depend on those working in the gig economy. Some estimates suggest costs for those firms would increase by 30% if […]

Wage growth stays strong as unemployment falls

Wages have continued to grow at a strong pace and employment remains at record highs, official figures show. Earnings excluding bonuses grew at an estimated annual pace of 3.8% in the April to July period, down slightly from the previous reading. Including bonuses, wages rose at an annual pace of 4% – the highest rate since […]

British Airways pilots begin two-day strike over pay

British Airways pilots have begun a two-day strike in an ongoing dispute over pay and conditions. Tens of thousands of passengers have been told not to go to airports, with the airline cancelling some 1,700 flights due to the disruption. The pilots’ union Balpa said BA management’s cost-cuts and “dumbing down” of the brand had […]

Recession risks rise for Germany as industrial orders plunge

BERLIN (Reuters) – German industrial orders fell more than expected in July on weak demand from abroad, data showed on Thursday, suggesting that struggling manufacturers could tip Europe’s biggest economy into a recession in the third quarter. Germany’s export-reliant economy is suffering from slower global growth and business uncertainty caused by international trade disputes and […]

Hong Kong leader says China ‘respects and supports’ withdrawal of extradition bill

Hong Kong leader Carrie Lam said on Thursday that China “understands, respects and supports” her government’s move to formally withdraw an extradition bill, part of measures she hoped would help the city “move forward” from months of unrest. In a press conference, Lam was repeatedly questioned on why it took her so long to withdraw […]

China, U.S. to hold trade talks in October; Beijing says phone call went well

BEIJING (Reuters) – China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession. The talks were agreed to in a phone call between Chinese Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer […]

UK must prepare for no-deal in case any Brexit delay request blocked: minister

LONDON (Reuters) – Britain will continue preparing for a no-deal Brexit even if parliament passes a law forcing Prime Minister Boris Johnson to seek a delay because any European Union member state could block that request, Brexit minister Stephen Barclay said on Thursday. “The legal position on an extension is that it requires the support […]

No-deal bill a ‘chink of light’ for business

Progress in passing a bill to stop a no-deal Brexit in parliament has been a “chink of light” for UK business, according to the head of Confederation of British Industry (CBI). However, Carolyn Fairbairn told the BBC the “cloud has not gone away” for companies until a deal is agreed. She said many would have […]

Argentina imposes currency controls to support economy

Argentina has imposed currency controls in an attempt to stabilise markets as the country faces a deepening financial crisis. The government will restrict foreign currency purchases following a sharp drop in the value of the peso. Firms will have to seek central bank permission to sell pesos to buy foreign currency and to make transfers […]

Micro Focus shares drop 30% on profit warning

Shares in software giant Micro Focus International fell as much as 30% after it said sales would be worse this year than expected. The FTSE 100-listed firm had already warned in March revenue would be 4% to 6% lower for the year to 31 October. It now says sales will be 6% to 8% below […]

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