A woman carries shopping in a plastic bag, in London. Reuters/File
Britain’s economy unexpectedly shrank in the second quarter of the year on Brexit turmoil, official data showed on Friday, placing the country on the verge of recession and sending the pound tumbling to a 2.5-year low.
An indicator measuring expectations for the next three months was the strongest since October last year at +9%.
Britain should delay Brexit beyond Oct.31 rather than leave the European Union (EU) without a deal, which would be particularly harmful to large carmakers, the head of the sector’s industry body told Reuters.
Britain officially entered recession in the second quarter after gross domestic product (GDP) contracted by 2.2 per cent in the first three months of the year. The technical definition of a recession is two quarterly contractions in a row.
European Union member states, the Group of Seven industrialized countries and Australia said on Friday that they have reached an agreement on price caps for Russian petroleum products.
Dubai Customs (DC), in partnership with the Dubai Digital Authority, has unveiled the Early Cargo Targeting System to enhance security measures and combat illegal trade.
Sri Lanka is completing the pre-requisites to unlock a $2.9 billion bailout from the International Monetary Fund (IMF) and expects rapid approval from the global lender, President Ranil Wickremesinghe said on Saturday.