Economy

• Thursday, March 7th 2019 - 09:05 UTC

  Trump frustrated: US trade deficit soars to a 10-year high

  

  The US trade gap with the rest of the world jumped to a 10-year high of US$ 621bn last year, dealing a blow to President Donald Trump's deficit reduction plan. The trade deficit is the difference between how much goods and services the US imports from other countries and how much it exports.

• Thursday, March 7th 2019 - 08:32 UTC

  Huawei files a lawsuit against the US government for banning purchase of its products

  

  Huawei has filed a lawsuit against the US government over a ban that restricts government agencies from using its products. In a statement, the firm said the US Congress has “failed to produce any evidence to support its restrictions”.

• Thursday, March 7th 2019 - 05:26 UTC

  EU has urged to table fresh Brexit proposals within the next 48 hours

  

  The UK has been urged to table fresh proposals within the next 48 hours to break the Brexit impasse. EU officials said they would work non-stop over the weekend if “acceptable” ideas were received by Friday to break the deadlock over the Irish backstop.

• Thursday, March 7th 2019 - 05:08 UTC

  Bugatti unveils the world's most expensive car, al least US$ 11 million

  

  French supercar maker Bugatti has unveiled the world's most expensive new car, sold to an unnamed buyer for at least US$ 11m (£9.5m) before tax. The exact price is not being revealed but is thought to have overtaken the previous new car record - about £8-9m for a Rolls-Royce Sweptail.

• Wednesday, March 6th 2019 - 09:20 UTC

  Theresa May's “Stronger Towns Fund” described by Labour as “Brexit bribery”

  

  British Prime Minister Theresa May will on Monday, March 11 set out plans for a £1.6 billion (US$2.11 billion) fund to help to boost economic growth in Brexit-supporting communities with ministers denying it was a bribe to win support for her EU exit deal.

• Wednesday, March 6th 2019 - 09:00 UTC

  Northern Ireland warns of “grave” consequences of a no-deal Brexit

  

  Northern Ireland's chief civil servant has warned a no-deal Brexit could have “grave” consequences for the region. In a letter to Stormont's political parties, David Sterling comes close to suggesting there may have to be some hardening of the Irish border.

• Wednesday, March 6th 2019 - 08:44 UTC

  S&P slashes credit rating of several leading Mexican companies including national oil Pemex

  

  Rating agency Standard & Poor’s (S&P) slashed the credit rating for Mexico’s national oil company Petroleos Mexicanos, or Pemex, piling more pressure on the government to tighten up the debt-laden oil firm’s finances.

• Wednesday, March 6th 2019 - 08:26 UTC

  Brazil posts a fiscal surplus in January, but public finances remain fragile

  

  The Brazilian government posted a fiscal surplus of 46.9 billion reais (US$ 12.5 billion) in January, the central bank said, above forecasts but unchanged from a year earlier. In Brazil, January is traditionally marked by higher tax revenues and lighter spending, so these figures do not change the fragile outlook for public finances, analysts said.

• Wednesday, March 6th 2019 - 08:20 UTC

  China's National Congress told the economy faces a “tough struggle ahead”

  

  China's number two leader Li Keqiang has warned the country faces “a tough struggle,” as he laid out plans to prop up the world's second-largest economy. Opening the annual session of China's parliament, he forecast a slower growth of 6% - 6.5% this year, down from a target of around 6.5% in 2018.

• Wednesday, March 6th 2019 - 08:06 UTC

  UK considering massive tariffs cut in the event of a no-deal Brexit

  

  The UK government may cut trade tariffs on between 80% and 90% of goods in the event of a no-deal Brexit, reports say. Some tariffs would be scrapped completely, including those on car parts, and some agricultural produce. However, 10-20% of key products would continue to be protected by the current level of tariffs, including some textiles, cars, beef, lamb and dairy.