Brexit vote

Brexit: UK retail sales fall more than expected in May as inflation bites

London - AFP

Retail sales volumes fell 1.2 per cent in May, worse than the 0.8 per cent decline City economists had expected, according the Office for National Statistics. This followed a 2.5 per cent jump in the index in April, mainly owing to the timing of Easter and the month’s unusually warm weather. The annual rate of growth in May slipped to 0.9Read more

British unemployment holds near 41-year low

London - Arab Today

Britain’s unemployment rate remains close to a 41-year low, official data showed Wednesday, as the labor market continued to show resilience following the Brexit vote. Unemployment for the three months to the end of February was about 4.7 percent, the same rate as in the three months to the end of January, the Office for National Statistics (ONS) said inRead more

UK grocery prices jump 2.3% in 12 weeks to March 26

London - Arab Today

British grocery prices jumped 2.3 percent year-on-year in the 12 weeks to March 26, as the plunge in the pound following last year’s Brexit vote forced higher the cost of staples including butter, fish, tea and skincare. Market researcher Kantar Worldpanel said the latest increase was up from the 1.4 percent rise recorded in the 12 weeks to Feb. 26.Read more

Brexit already having negative impact on UK

London - Arab Today

More than half of British business leaders believe the vote to leave the EU has had a negative impact on their companies but most firms are confident they can survive the change, according to a survey on Monday. Britain’s economy has performed more strongly than expected since the Brexit vote last June, but an Ipsos Mori survey of more thanRead more

Jaguar Land Rover wants to build electric cars in UK

London - Arab Today

Britain’s biggest carmaker Jaguar Land Rover said it wants to build electric cars in Britain in what would be a further boost to the UK automotive sector after the Brexit vote. The Indian-owned carmaker built just under a third of Britain’s 1.6 million cars last year and showcased its first electric car earlier this month, which will be built inRead more

UK Car Production Falls For First Time in 14 Months

London - QNA

Car production fell for the first time in 14 months in October because of a drop in domestic demand, according to industry figures released on Thursday. The Society of Motor Manufacturers and Traders (SMMT) said 151,795 vehicles were produced - down 1% on October 2015. It put the reduction down to past manufacturing for the UK market being unsustainable, addingRead more

UK real estate giants fall into red on Brexit

London - Arab Today

Real estate giants British Land and Land Securities sank into the red in the first half of 2016, partly hit by sliding commercial property prices after the shock Brexit vote. British Land said Wednesday that it suffered a pre-tax loss of £205 million ($255 million, 238 million euros) in the six months to September after a year-earlier profit of £823Read more

Gold prices surge after Trump victory

London - MENA

In wake of Donald Trump win of the US presidential elections, the price of gold surged nearly 4% to $1,316 an ounce, the biggest jump for the yellow metal, which is often seen as one of the world’s safest assets, since the Brexit vote this past summer. The price of U.S. Treasury bonds are also rising, sending yields lower, inRead more

Belgium breaks deadlock on EU-Canada trade deal

Brussels - Arab Today

Belgium announced Thursday a breakthrough in talks to secure a landmark EU-Canada trade deal by winning over the leaders of a recalcitrant Belgian region, potentially snapping a deadlock which threatened European credibility anew. However, the announcement came too late for EU leaders and Canadian Prime Minister Justin Trudeau to go ahead with a signing ceremony in Brussels on Thursday. “AnRead more

Britain’s motorists should brace for higher petrol prices

London - Arab Today

British motorists should brace themselves for more expensive petrol and diesel as the price of fuel is hit by a double shock from rising oil prices and a weakening exchange rate. The initial impact of the Brexit vote on the cost of filling up was masked by the sharp drop in oil prices, priced in dollars, between the middle ofRead more