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.
Britain unveiled a 30 billion-pound ($39 billion) stimulus plan to help the economy as it faces the risk of a coronavirus recession, hours after the Bank of England (BoE) slashed interest rates in a double-barrelled response to the crisis.
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.
Britain’s economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks’ time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.
Saudi Aramco on Thursday announced its first global investment in liquefied natural gas, part of a broader bid by the energy giant to expand beyond oil.
Mariam Bint Mohammed Almheiri, UAE Minister of Climate Change and Environment, called upon UAE businesses to mainstream sustainability into all their operations
Dubai property market is witnessing a remarkable growth and developers are announcing new projects to meet the rising demand in the market.