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Tag: economy

Zero growth for UK economy in final three months of 2019

Zero growth for UK economy in final three months of 2019

Business
The UK economy flat-lined in the final three months of 2019, according to preliminary official figures.The Office for National Statistics (ONS) recorded output growth of 0% in the period compared to the previous three months as the country's political parties fought and held a bitter general election on the back of sustained parliamentary deadlock over Brexit. Growth in household spending of 0.1% was at its weakest in four years, the data showed, culminating in a largely miserable Christmas for the retail sector which banished economists' hopes for a post-election 'Boris bounce'.The zero growth rate followed 0.5% growth between July and September.It meant the economy grew by 1.4% during 2019 - slightly faster than the 1.3% achieved the previous year. ...
Bills in several states aim to help those in the gig economy. Some are worried they’ll lose work instead

Bills in several states aim to help those in the gig economy. Some are worried they’ll lose work instead

Finance
Halley Bondy and daughter Robin, 2Halley BondyHalley Bondy loves being a freelance writer.And the 35-year-old journalist, who lives in Brooklyn, New York, earns more working for herself than she did as a full-time employee.Now, a proposal in New York state that could require companies to classify more of their freelancers as employees is spreading panic among people like Bondy."All of my employers would probably just ditch me," Bondy said. "I don't think any one of them would take me on full-time."More from Personal Finance:Not all agree buying steady retirement income is a good ideaMore people may soon have annuities in their 401(k) plansRMD changes may affect retirement accountsSeveral states are moving to reshape their labor laws so that more independent contractors are turned into empl...
China races to build its own Tesla as economy slows and subsidies dry up

China races to build its own Tesla as economy slows and subsidies dry up

Finance
A view of electric cars owned by a local car-sharing company in Wuhan, China.Feature China | Barcroft Images | Barcroft Media | Getty ImagesBEIJING — When an idea strikes a chord with national ambition in China, the result can be millions of dollars wasted and a handful of start-ups struggling to survive in a cooling economy.In the last few years, venture capitalists rushed to pour billions of dollars into the emerging electric vehicle industry backed by the Chinese government. So far, it's less clear how that bet has paid off. Take a look at the recent headlines:Shares of U.S.-listed Nio, arguably China's closest competitor with Tesla, are down more than 50% this year to about $ 2.70 each.In November, Alibaba-backed XPeng tapped its own Chairman and CEO He Xiaopeng for a $ 400 million inv
We are not done with stimulus: Nirmala Sitharaman on reviving economy

We are not done with stimulus: Nirmala Sitharaman on reviving economy

Finance
NEW DELHI: Finance Minister Nirmala Sitharaman Saturday said the government was working on more steps, including rationalisation of personal income tax rates, to revive the sagging economy.When asked if the government was considering rationalisation of the personal income tax rate for putting more money in the hands of people, the finance minister said, “One among many things that we are thinking of.” The GDP growth slowed down to more than six-year low of 4.5% in the second quarter of the current fiscal year from 5% recorded in the first quarter.The government has taken several measures during August and September to boost the economy, she said at an event in Delhi. Besides, she said, public sector banks have disbursed nearly `5 lakh crore without compromising on prudential norms in the l
Turkey-Syria border: Trump threatens to ‘obliterate’ Turkish economy

Turkey-Syria border: Trump threatens to ‘obliterate’ Turkish economy

World
Media playback is unsupported on your device President Donald Trump has threatened to destroy Turkey's economy if Turkey goes "off limits" after his surprise decision to pull US forces out of north-eastern Syria.In a series of angry tweets, Mr Trump defended the move that could open the way for Turkey to launch an attack on Kurdish fighters across the border.The withdrawal was heavily criticised even by Mr Trump's Republican allies. Kurdish forces were key US allies in defeating the Islamic State in Syria. The US has some 1,000 troops across Syria and about two dozen had been pulled out from the border area, according to a senior state department official.The withdrawal was described by the main Kurdish-led group as a "stab in the back", and c...