Keeping up with the news can be tricky. Even the most eagle-eyed observer can miss a vital news story. We think being up-to-date on economic developments is key to the success of your startup.
Every Wednesday we provide the top 10 key bits of business news from the past week.
The UK economy grew 0.6% toward the end of June
According to the Office for National Statistics, the UK economy grew 0.6% in the three months to the end of June. Growth in gross domestic product was stronger than expected in the quarter, and was up from 0.4% growth in the previous three months.
GlaxoSmithKline: UK still ‘attractive’ post Brexit
GlaxoSmithKline is to invest £275m to expand its UK manufacturing sites, saying the country remains “an attractive location” despite Brexit. The pharmaceutical firm said the UK’s skilled workforce and competitive tax system helped drive the decision. The firm said it expected its investment to create jobs.
Apple sees iPhone sales drop again but beats forecasts
Apple has reported a second consecutive quarter of falling iPhone sales. However, the 15% drop was not as bad as analysts had feared.The US tech giant sold 40.4 million iPhones in its third quarter, slightly above forecasts of 40.02 million.
The firm said it expected sales to fall again in the fourth quarter.
UK wages drop 10% – worse than anywhere else in Europe apart from Greece, TUC says
Frances O’Grady, general secretary of the TUC, said: ‘Wages fell off the cliff after the financial crisis, and have barely begun to recover.’
UK wages have dropped 10 per cent since the financial crisis – worse than anywhere else in Europe apart from Greece.
The Trades Union Congress crunched numbers from the OECD’s employment outlook and found that only three countries have seen wage declines since the financial crisis, Portugal, Greece and the UK.
Of these, UK and Greek wages have declined around 10.4 per cent.
Wet weather hurts clothing sales in June
Official figures from the Office for National statistics has said that retail sales fell in June as clothing sales were hit by the wet weather. High Street spending fell by 0.9% last month compared with May, the sharpest drop for six months.
Analysts expect spending to slow in the months ahead as consumer confidence is hit by the result of the EU referendum.
Oil price drops to three-month low on oversupply fears
Oil prices have fallen to a three-month low, hit by rising concerns that a global oversupply of both crude and natural gas will dampen prices. US oil fell 2.4% to £32.72 a barrel, its lowest level since April, meaning it has now fallen by 12% so far this month. Brent crude dropped 2.1% to $44.75, its lowest level since 10 May.
Shares in oil and firms also lost ground, with Exxon Mobil shares down 1.8% and Chevron down 2.6%.
UK supermarket sales suffer worst fall for at least two years
Supermarkets endured their worst sales performance in at least two years in the month following the Brexit vote.Analysts at Kantar Worldpanel say grocery market declined by 1.1% during four weeks to 17 July.
All BHS stores to shut down by 20 August
Administrator Duff & Phelps will announce on Monday that the 114 BHS stores still in operation will close their doors for the final time by 20 August. Many stores will cease trading well before that date and about 50 stores have already closed.
The decision means that a further 5,000 BHS workers will lose their jobs, on top of the 1,300 made redundant by previous closures.
The retail chain’s collapse has brought stinging criticism of former owner Sir Philip Green, as company left with £571m pension fund deficit
UK Solar power industry loses over 12,000 jobs after Government slashes subsidies
According to an industry commissioned report, more than 12,000 jobs in solar power have been lost in the past year because of government subsidy cuts.This represents about one third of the total workforce.
Cuts in subsidies mean that the UK will miss its legally binding target to supply 15 per cent of energy demand from renewables by 2020, the research says.
AB InBev raises offer for SABMiller
Budweiser owner AB InBev has raised its takeover offer for rival SABMiller after a fall in the pound made its original offer less attractive. The offer was raised by £1 a share to £45 a share, valuing SABMiller at about £79bn.
The deal, agreed last year, was due to create the world’s largest beer firm, producing about 30% of the world’s beer.