UK retail sales were near pre-lockdown levels in June, as the reopening of shops released pent-up demand. The amount of goods sold last month increased by 13.9% compared to May, according to the Office for National Statistics (ONS). Separately, a closely watched survey showed that activity in the UK’s services and manufacturing sectors returned to […]

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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 economies […]

Tesla has become the world’s most valuable carmaker, overtaking Japan’s Toyota, after its stock hit a record high. Shares in the electric carmaker touched $1,134 on Wednesday morning before falling back, leaving it with a market value of $209.47bn (£165bn). That is roughly $4bn more than Toyota’s current stock market value. However, Toyota sold around […]

Air France-KLM plans to cut more than 7,500 jobs at its French arm as the airline industry reels from the coronavirus crisis. Europe’s second-biggest airline will cut 6,560 staff at Air France, with its regional French carrier Hop! losing 1,020 jobs, the company said on Friday. In a statement, the firm said: “Recovery looks set […]

The way British businesses trade with the European Union is set to change fundamentally at the end of the year. The UK left the EU on 31 January but remains in the single market and customs union until 31 December, while the two sides try to hammer out a trade agreement. The end of the […]

Government borrowing surged to £62bn in April, the highest monthly figure on record, after heavy spending to ease the coronavirus crisis. It means the deficit – the difference between spending and tax income – was larger last month than forecast for the whole year at the time of the Budget. The data from the Office […]

The coronavirus pandemic could cost the global economy between $5.8tn and $8.8tn (£4.7tn-£7.1tn), according to Asian Development Bank (ADB). That’s more than double last month’s prediction and equates to 6.4%-9.7% of the world’s economic output. It comes as measures to slow the spread of Covid-19 continue to paralyse economic activity around the world. Globally authorities […]

The US unemployment rate has risen to 14.7%, with 20.5 million jobs lost in April, as the coronavirus pandemic devastated the economy. The rise means the jobless rate is now worse than at any time since the Great Depression of the 1930s. Since the pandemic began, the US has suffered its worst growth numbers in […]

The US Congress has passed a new Covid-19 relief package totalling $484bn (£391bn), the fourth aid bill to clear Congress in response to the pandemic. The legislation, approved 388-5 by the House of Representatives, tops up a small business aid fund, while funding hospitals and testing. President Donald Trump said he would enact the bill, […]