Microsoft president warns of “staggering jobs challenge”

The world is facing a staggering jobs challenge with a quarter of a billion people set to lose their job this year, the president of Microsoft has said.   Brad Smith says millions will need to learn new skills to get jobs, or even to hang on to their old one, as the digitisation of […]

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Chinese economy records second quarter growth

China’s economy grew 3.2% in the second quarter following a record slump.   The world’s second biggest economy saw a sharp decline in the first three months of the year during coronavirus lockdowns.   But figures released on Wednesday show China’s Gross Domestic Product (GDP) returned to growth during April to June.   The numbers […]

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UK’s economic recovery slower than expected

The UK’s economy rebounded more slowly than expected in May, growing just 1.8% from the previous month, as the gradual easing of lockdown had a modest impact.   Manufacturing and house building showed signs of recovery in May as some firms saw staff return to work.   But the Office for National Statistics said the […]

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Oil producers expected to increase crude output

The world’s leading oil producers are expected to announce an increase in output this week amid signs that demand is rising.   Oil cartel OPEC is due to hold a meeting on Tuesday and Wednesday to discuss its next move.   Analysts predict major producers will agree to ease supply cuts that were imposed in […]

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European, Asian and US polymers rise. WTI and Brent Crude oil rise

European polymer prices rose over the week to 10th July, with increases of between 20 and 60 EUR per tonne reported in the prices of HDPE, LDPE, LLDPE, Polypropylene, PVC, ABS and Polystyrene. Asian polymers also rose, with increases of between 5 and 20 USD per tonne reported in the prices of HDPE, LDPE, LLDPE, […]

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Libya set to resume oil exports

Libya’s National Oil Corporation has lifted a legal clause that will allow crude exports from all of the country’s ports, ending months of blockade that deprived the OPEC nation of at least 1 million barrels per day of shipments. The Kriti Bastion tanker has started loading 730,000 barrels of crude at Es Sider, with the […]

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BP and Shell slash assets’ value

Royal Dutch Shell has said it would slash the value of its oil and gas assets by up to $22  billion amid a crash in oil prices. The announcement came two weeks after a similar declaration by BP, saying it would reduce the value of its assets by up to $17.5 billion.   Both companies […]

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UK spending against coronavirus hits £190bn

UK public spending on the battle against coronavirus has risen to nearly £190bn, according to latest UK Treasury figures.   It comes after Chancellor, Rishi Sunak, announced another £30bn of support in his summer statement on Wednesday.   The extra money is worth nearly £3,000 for every person in the UK, and more than the […]

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