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.
As the UK reshapes its future trade policy during the post-Brexit transition period, the UAE — UK’s largest export market in the Middle East and the 13th biggest globally — has become one of its first trade allies to reaffirm its commitment in trade relations.
G7 finance ministers on Friday backed an extension of a G20 bilateral debt relief initiative for the world’s poorest countries, but said it must be revised to address shortcomings hindering its implementation.
New orders for key US-made capital goods increased more than expected in August and shipments raced to their highest level in nearly six years, suggesting a rebound in business spending on equipment was underway after a prolonged slump.
Dubai Airport Free Zone Authority (Dafza), announced the signing of a memorandum of understanding with the Federation Israeli Chambers of Commerce (FICC), to define frameworks
The 10-year swap rate on the Dirham has steadied at 1.6 per cent by the end of H1-2020, only rising to 1.9 per cent during the first week of June before falling against to 1.6 per cent by the end of the month, according to the figures of the Central Bank of the United Arab Emirates.