Goldman Sachs cuts China growth forecast over power outages

Goldman Sachs has become the latest banking giant to cut its growth forecast for China, as the country struggles with energy shortages.   It now expects the world’s second largest economy to expand by 7.8% this year, down from its previous prediction of 8.2%.   The firm says major industrial output cuts caused by power […]

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Brent Crude rises above $80 for first time in three years

The Brent Crude oil price climbed above $80 a barrel on Tuesday, hitting its highest level in three year.   Brent crude, the international benchmark, rose to as much as $80.69 on the day, the most since October 2018.   Prices have been rising for seven consecutive days on the back of the energy crisis […]

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Ford to cease car manufacture in India

US car giant Ford is to stop making cars in India and shut down both of its plants in the country, according to a company statement.   Ford said it would close the plants in Gujarat and Tamil Nadu states by the second quarter of 2022 but it would continue to make car engines for […]

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Ineos confirms £1bn green investment

Global chemicals firm Ineos has announced it will invest £1bn in cutting greenhouse emissions at its petrochemical plant in Grangemouth, Scotland.   The plan is to power the plant with hydrogen made from natural gas, while capturing carbon dioxide.   The CO2 could then be pumped via a pipeline to St Fergus in Aberdeenshire and […]

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US economic growth continues

The US economy continues to strengthen, albeit at a slower rate because of the Delta variant of Covid, the US Federal Reserve has said.   The central bank said the jobs market was improving and that currently high rates of inflation remained transitory.   It said it may start reducing its emergency support for the […]

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UK, US and Australia launch pact to counter China

The UK, US and Australia have announced a historic security pact in the Asia-Pacific, in what’s seen as an effort to counter China.   It will let Australia build nuclear-powered submarines for the first time, using technology provided by the US.   The Aukus pact, which will also cover AI and other technologies, is one […]

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UK to delay EU import checks

The UK is to delay introducing post-Brexit checks on food and farming imports to England, Scotland and Wales, blaming Covid disruption and pressure on global supply chains.   Measures which were expected to come in next month will now be introduced in January and July next year.   Labour said the government did not have […]

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China applies to join trade pact

China has applied to join a key Asia-Pacific trade pact as it attempts to strengthen its position in the region.   The move comes the day after a historic security deal between the US, UK and Australia was unveiled.   The pact that eventually became the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), was […]

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