Britain's economy shrank in the second quarter, official data showed Friday, as the country heads towards recession under a new prime minister.
"Health was the biggest reason the economy contracted as both the test and trace and vaccine programmes were wound down, while many retailers also had a tough quarter." His trip coincided with Zahawi also being away on holiday, as the central bank hiked interest rates by the biggest margin in nearly three decades in a bid to stem surging inflation.
But Sunak said tax cuts financed with more borrowing would force the bank to increase interest rates even more, insisting on the need to maintain fiscal rigour and tame the price pressures first.Revenue at Chinese telecom giant Huawei dipped by more than six percent in the first half of 2022, company figures showed Friday, as the Covid-19 pandemic and US-China trade rivalry hit sales.
The Biden administration has added to the pressure on the firm with the recently passed US Chip Act, which could threaten its access to global semiconductor supply chains. Equities surged across the region Thursday after the closely watched US consumer prices index eased more than expected in July, boosting hopes the Federal Reserve could slow down its pace of monetary tightening.
She added she would likely support a half-point hike at next month's meeting, but was open to a third successive three-quarter-point lift if the data showed it was needed. The yield on 10-year US Treasury notes rose Thursday, reflecting expectations the Fed will press on with its sharp rate increases.And Asia also struggled to maintain momentum, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Manila, Jakarta and Wellington all slightly lower.
There was also a worry that because the drop in CPI and PPI was helped by a plunge in oil prices, they could easily spiral higher again if crude markets rallied. Mineral sales at current prices fell by 6%, with sales of PGMs down 31%, gold down 54% and iron ore also down 22.5%. But coal sales rocketed by 71%.
Data on Wednesday showed US consumer prices were unchanged in July, month on month, after advancing 1.3% in June.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MONEY LIVE | Despite flat revenue, Aspen sees strong profit growth | Fin24MONEY LIVE | Despite flat revenue, Aspen sees strong profit growth.
Source: Fin24 - 🏆 21. / 63 Read more »
Khaya Sithole | Profit vs principles: Bain chose the wrong road | Fin24When it came to the choice between profits and something more principled, Bain went the wrong way and remained stuck on the road that should have never been travelled. writes Khaya Sithole. Do you have any idea on making extra income other than working your ass off like a slave? Working 6 to 9 without getting to spend enough time with your family? Invest now and defeat your financial struggles, invest in Crypto and stocks with the help of Sarah_Elliott5. I have always hated Bitcoin and thought it was a scam until a friend referred me to Allison_Grillo, I made my first withdrawal of R100,000 in 2 weeks thanks to Allison_Grillo.
Source: Fin24 - 🏆 21. / 63 Read more »
OPINION | SA is missing an obvious route to economic growth | Fin24Last year, African tech startups raised a record almost $5.2 million in venture capital. Innovation investment can kindle wide-reaching multiplier effects on economic growth. Do you have any idea on making extra income other than working your ass off like a slave? Working 6 to 9 without getting to spend enough time with your family? Invest now and defeat your financial struggles, invest in Crypto and stocks with the help of Sarah_Elliott5.
Source: Fin24 - 🏆 21. / 63 Read more »
ESKOM LIVE | Stage 2 to continue on Thursday amid more breakdowns | Fin24All the latest news and analysis on load shedding, power and the national grid South Africans have not suffered enough. Loadshedding DeRuyterMustGo RamaphosaMustGo Eskom, incompetence by thy name It's no a breakdown, it's a skorokoro that thing
Source: News24 - 🏆 4. / 80 Read more »
PODCAST | SA Money Report: Why retirement is going 2 pot, and what it means for your money | Fin24This week SA Money Report discusses the new proposals to change the country's retirement system, and how you might be able to access some of your funds. | Fin24 Fin24 It's a step in the right direction especially when employees run 3 years without increment, most workers died poor whilst their money stashed in the hands of the criminals, imagine over 47 billion were not claimed
Source: News24 - 🏆 4. / 80 Read more »
Southern Africa sees strong growth for desktops as notebooks decline - IT-OnlineThe southern Africa personal computing device (PCD) market, made up of desktops, notebooks, workstations, and tablets, experienced a year-on-year (YoY) decline of 3,7% in the first half of 2022, according to industry analysis conducted by International Data Corporation (IDC). The researcher’s latest Worldwide Quarterly PCD Tracker shows that 1,42-million units were shipped across the region […]
Source: ITOnlineSA - 🏆 16. / 63 Read more »