August, 2021

• 22 August

  Rishi Sunak accused of wasting billions over UK property tax cut

  

  Bloomberg A tax break on property purchases played a smaller part than commonly thought in the UK’s pandemic housing boom, according to a report that accuses Chancellor of the Exchequer Rishi Sunak of wasting billions of pounds of public money. The analysis by the Resolution Foundation claims that the build-up of savings during lockdowns, changes in housing preferences and cheaper ...

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• 22 August

  German exporters face rising pressure from China in home market

  

  Bloomberg German exporters are facing increasing pressure in their home market from Chinese exports to the EU, according to a study by the Cologne Institute for Economic Research. Chinese exports to the region contain more and more sophisticated industrial goods — such as machinery, pharmaceutical and automotive products — which have long been considered the domain of German manufacturers. According ...

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• 22 August

  Portugal eases curbs on size of groups at restaurants

  Bloomberg Portugal will ease limits on the size of groups that can be seated at restaurants as it takes the next step in a plan to gradually lift restrictions put in place to contain the pandemic. Restaurants will be able to host groups of as many as eight people indoors and 15 people in outdoor seating, Presidency Minister Mariana Vieira ...

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• 22 August

  Italy, Spain economies poised to expand at fastest rate since 1970s

  

  Bloomberg Italy and Spain are set to record the fastest pace of economic expansion this year in more than four decades, a strong rebound that will help the countries overcome last year’s deep recession. Spain’s GDP will expand 6.2% in 2021, while Italy will record a rate of 5.6%, according to a Bloomberg survey of economists. That’s a 0.3 and ...

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• 22 August

  WorldRemit to raise funds at $5bn valuation

  Bloomberg Money transfer startup WorldRemit Ltd is seeking to raise cash at a valuation of about $5 billion ahead of a potential initial public offering. The London-based company is in talks with investors about a funding round, though the deal hasn’t been finalised and terms may still change, the people said, asking not to be identified discussing confidential information. The ...

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• 22 August

  Mexico to seek labour regulations for gig workers

  

  Bloomberg Mexico is evaluating how to regulate worker conditions in the nation’s fast growing gig economy, which could involve legal changes, said Labour Minister Luisa Maria Alcalde. The country is working with the Social Security Institute and Mexico City authorities on a plan to regulate digital platforms, Alcalde said in an interview. There’s no proposal yet, she said, but there ...

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• 22 August

  Even after $1.5tn rout, China tech traders see more pain

  

  Bloomberg Even a $1.5 trillion selloff may not provide an attractive entry point for equity investors as they grapple with cascading risks in China’s technology sector. A stock rout triggered by Beijing’s widening clampdown has left Tencent Holdings Ltd. trading at a price-to-book ratio lower than during the 2008 financial crisis. Alibaba Group Holding Ltd has slumped to record low ...

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• 22 August

  Wall Street just as baffled about markets as it was last year

  

  Bloomberg Ask a Wall Street strategist where stocks will go and the answer will almost always be, higher. That’s not the case now. Twelve out of the 21 forecasters tracked by Bloomberg expect the S&P 500 Index to fall into the holidays. The spread between the highest and lowest target is 24%, the third-widest in nearly a decade. The uncertainty ...

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• 22 August

  Sheikh Mohammed OKs six new projects for development of Hatta

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai has approved six new projects in Hatta as part of the Hatta development plan. The projects announced by HH Sheikh Mohammed bin Rashid Al Maktoum include the establishment of 504km-long chairlifts, Dubai mountain peak at an altitude ...

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• 22 August

  Oil caps longest losing streak since 2019 on Fed taper signal

  

  Bloomberg Oil capped the week with the longest losing streak since 2019 as the dollar strengthened after the Federal Reserve signaled it will start tapering stimulus and the virus resurgence raises doubts about demand growth. West Texas Intermediate futures ended the session 2.2% lower, tumbling for a seventh day and extending the week’s decline to 8.9%. Other raw materials including ...

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