The UK government borrowed £35.9bn in August as tackling the economic fallout of pandemic took its toll on the public finances, official figures show. The figure – the difference between spending and tax income – was £30.5bn more than it borrowed in August last year. The increase meant that the borrowing figure hit its highest […]

Caixabank has announced the terms of the acquisition of state-owned lender Bankia in a deal that will create Spain’s biggest domestic bank. Caixabank said on Friday that its board had agreed the previous day to approve and sign the joint merger plan, creating a bank with around €600bn in assets. The combination of Caixabank and […]

The UK has secured its first post-Brexit trade deal following an agreement with Japan. The government claimed the agreement will boost trade with Japan by £15.2bn over the next 15 years and UK businesses will enjoy tariff-free trade on 99% of exports to the country. International Trade Secretary Liz Truss agreed the deal, in principle, […]

The Federal Reserve has signalled a major shift in its approach to managing inflation, as it tries to do more to aid the US economy’s recovery. The central bank will now target an “average” of 2% inflation, rather than making 2% a fixed goal, giving it more flexibility, boss Jerome Powell said. It will allow […]

Retail sales rose above pre-pandemic levels in July as a rebound in demand continued, according to official figures. The Office for National Statistics (ONS) said retail sales volumes rose by 3.6% between June and July. It said sales are now 3% higher than February before the World Health Organization declared a pandemic and the UK […]

UK government debt has risen above £2 trillion for the first time amid heavy spending to support the economy amid the coronavirus pandemic. Spending on measures such as the furlough scheme means the debt figure now equals the value of everything the UK produces in a year. Total debt hit £2.004tn in July, £227.6bn more […]

The US and China are due to resume trade talks in the coming days that last took place in January before tensions escalated. The two economic superpowers have been embroiled in a trade war since 2018 that has damaged the world economy. In January both countries agreed to ease restrictions imposed on imported goods from […]

Hiring in the US slowed sharply in July as the country struggled to control the coronavirus pandemic. Employers added 1.8 million jobs last month, down from a record 4.8 million in June. The unemployment rate fell to 10.2%, continuing to improve from the high of 14.7% seen in April. The figures reignited calls for Washington […]

Apple Inc. became the world’s most valuable company with its market value overtaking Saudi Aramco in the wake of better-than-expected earnings. Apple jumped 10% on Friday, ending the day with a record market capitalization of $1.817 trillion. It’s the first time the company’s valuation has surpassed that of Saudi Arabia’s national oil company, which made […]

Intel says the production of its next-generation chips will be set back until 2022, following years of delays getting its current-generation chips on sale. The company said it was exploring “contingency plans” such as having third-party manufacturers produce some of its products. In June, Apple said it would transition its Mac computers away from Intel […]