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Breaking: UK may witness recession soon

Britain might be entering a full-blown recession and a no-deal Brexit could more than double the country’s budget deficit in 2019, the watchdog for public finances on Thursday said. UK may be entering full-blown recession – budget watchdog The Office for Budget Responsibility (OBR) said the world’s fifth-biggest economy appeared to have flat-lined or possibly […]

No-deal Brexit could cause £30bn economic hit, watchdog says

Public borrowing could double next year if there is a no-deal Brexit, the country’s spending watchdog says. The Office for Budget Responsibility (OBR) said borrowing would be almost £60bn if the UK leaves without a deal – up from £29.3bn if it does get a deal. The watchdog said this scenario was based on assumptions […]

Virgin stops selling captive whale and dolphin experiences

Virgin Holidays says it has stopped selling tickets to captive whale and dolphin experiences such as SeaWorld. The firm said it had culled the last five such attractions it promoted, which accounted for more than 20,000 tickets sold last year. In a blog, Virgin boss Richard Branson said the firm would now only “work with […]

S Korea employers could face jail under harassment law

South Korea has introduced tough new workplace anti-bullying laws with penalties that include jail for employers in some cases. It marks the first time the country has required employers take action against harassment. Workers will be able to report behaviour such as gossiping or being forced to attend company functions. Harassment in the workplace is […]

Wage growth at highest rate since 2008

Wage growth in the UK accelerated to 3.6% in the year to May 2019, the highest rate since 2008, according to Office for National Statistics figures. Wages have been outpacing inflation since March 2018. A record high of 32.75 million people were in employment up to the end of May, while 1.29 million were out of […]

Facebook’s Libra could be misused, says treasury chief Mnuchin

Facebook’s planned Libra cryptocurrency faced further opposition on Monday when the US treasury secretary warned about its potential criminal use. Steven Mnuchin told a press conference it could be used by “money launderers and terrorist financiers” and said it was a national security issue. He was “not comfortable” about Libra, joining President Donald Trump and […]

Education publisher Pearson to phase out print textbooks

The world’s largest education publisher has taken the first step towards phasing out print books by making all its learning resources “digital first”. Pearson said students would only be able to rent physical textbooks from now on, and they would be updated much less frequently. The British firm hopes the move will make more students […]

France passes tax on tech giants despite US threats

France has approved a digital services tax despite threats of retaliation by the US, which argues that it unfairly targets American tech giants. The 3% tax will be levied on sales generated in France by multinational firms like Google and Facebook. The French government has argued that such firms headquartered outside the country pay little […]

Norwegian Air chief executive Bjørn Kjos steps down

The chief executive and co-founder of Norwegian Air Shuttle, Bjørn Kjos, has stepped down after 17 years in charge at the airline. Under the leadership of Mr Kjos, aged 72, Norwegian Air developed from a small domestic airline into Europe’s third biggest low-cost carrier. It also broke into the transatlantic market with low fares. However, […]

Bank: UK ‘prepared for Brexit and trade war fall-out’

The Bank of England says the UK banking system is still resilient to the financial impact of a worst-case disorderly Brexit. The comment came in its regular health check on the banks, the Financial Stability Report. The Bank said “the perceived likelihood of no-deal Brexit has increased since the start of the year”. It said […]

Superdry founder promises revival after £85m loss

Superdry founder Julian Dunkerton says he is trying to “steady the ship” after the fashion retailer reported an £85m annual loss. Mr Dunkerton returned to the firm in April, after a lengthy campaign against the previous management, who he said had a “misguided” strategy. As well as reporting a steep loss for last year, Superdry […]

UK economy returns to growth but slowdown fears persist

The UK economy returned to growth in May after shrinking in April, but the news failed to allay fears of a future slowdown. The economy grew 0.3% from the month before, after declining 0.4% in April, according to the Office for National Statistics (ONS). Growth for the three months to May was 0.3%, with all […]

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