Economy

• Friday, September 1st 2017 - 10:14 UTC

  Harvey killed at least 30 and losses in Texas could reach US$ 100bn; half a million claiming federal assistance

  

  The costs of the deadly storm in Texas and the Gulf of Mexico continued to mount on Thursday, with some analysts estimating losses that approach US$100bn. Harvey has killed more than 30 people and destroyed thousands of homes. Many firms in the region, a major transport hub that is a home to the oil and gas industry, don't know when they will resume normal operations.

• Wednesday, August 30th 2017 - 20:05 UTC

  British Retail warns that a 'no deal scenario' with EU means urgent updating of Customs services

  

  Brexit brings risks of food shortages if the UK does not manage to get its customs processes sorted out, the British Retail Consortium has warned, but Brexit campaigners said technology meant there would be “no need for hold-ups at borders”.

• Wednesday, August 30th 2017 - 08:35 UTC

  Meirelles expects the Brazilian economy to grow between 2.5% and 3% in 2018

  

  Brazil's Finance Minister, Henrique Meirelles, said on Monday that he expects the economy to grow “at around 3%” in 2018. His statement was made a few minutes after a ministerial meeting at the Planalto Palace, at a time when the government is preparing itself to confront a new charge against President Michel Temer.

• Wednesday, August 30th 2017 - 08:14 UTC

  Euro at its strongest against the US dollar for the first time since 2015

  

  The Euro has hit US$1.20 for the first time since January 2015 as the prospect of a US interest rate rise recedes. Hurricane Harvey's impact has led analysts to assume the US central bank will not want to risk curbing economic growth and fears over North Korea's activities have unnerved investors.

• Wednesday, August 30th 2017 - 07:28 UTC

  Mexico tells “twitter” Trump it will not renegotiate NAFTA via social media

  

  Mexico will not renegotiate the North American Free Trade Agreement or any other aspect of its relationship with the United States via social media or the press, the Mexican government declared Sunday.

• Tuesday, August 29th 2017 - 19:19 UTC

  UK and German commerce chambers call on Brexit negotiators to concentrate on “business issues”

  

  Shared economic interests must be a priority in the Brexit negotiations, UK and German trade bodies have urged. The British Chambers of Commerce (BCC) and the Association of German Chambers of Commerce (DIHK) said uncertainty over “business critical” issues such as workers' rights, tax and customs arrangements needed to be tackled.

• Tuesday, August 29th 2017 - 11:36 UTC

  Premier Oil expects 2017 production in the range of 75.000/80.000 boepd

  

  Premier Oil has lifted its full-year production guidance as well as estimated resources at a huge oilfield it discovered off the coast of Mexico. Premier Oil, the operations of which stretch from Indonesia to the Falkland Islands, now expects 2017 production in the range of 75,000-80,000 barrels of oil equivalent per day (boepd), up from the previous forecast of 75,000 boepd, thanks to its strongly performing North Sea fields.

• Tuesday, August 29th 2017 - 10:55 UTC

  Confusion with £1 coins; new 12-sided replacement is being returned by mistake

  

  Efforts to phase out the old £1 coin are being hampered by companies who are returning the new 12-sided replacement by mistake. The old round pound ceases to be legal tender on 15 October, with a billion taken out of circulation already. But the removal process is being slowed down because about half of the £1 coins sent back are actually the new style, cash management company Vaultex says.

• Tuesday, August 29th 2017 - 07:43 UTC

  EU tells UK it must take withdrawal talks “seriously” and end “ambiguity”

  

  The UK has been told by the EU’s chief Brexit negotiator that it needs to take withdrawal talks “seriously”. Michel Barnier used the opening of a third round of talks in Brussels on Monday to insist that London must end “ambiguity” regarding key positions like the Brexit divorce bill.

• Monday, August 28th 2017 - 09:11 UTC

  Labour proposes a post-Brexit short “transitional period” and fee movement for working people

  

  Labour would keep the UK in the EU single market and customs union for a transitional period after leaving the EU, the party has said. Shadow Brexit secretary Sir Keir Starmer clarified Labor's position on leaving the EU in The Observer.