Good morning! Here’s what you need to know.
Japanese exports plunged. Japan’s exports in July suffered their sharpest monthly fall in seven years, data showed Thursday, as a surging yen clouds the country’s trade picture, with shipments of cars, ships and steel all tumbling.
Benefits claims fell. The numbers of people claiming benefits in the UK surprisingly fell in July, with the claimant count dropping by 8,600 people in the month, against an expected rise of 9,500.
The Fed moved markets. Asian stocks edged up early on Thursday and the dollar fell after the Federal Reserve’s latest meeting minutes showed policymakers were in no hurry to add to US borrowing costs.
A tech giant is slashing jobs. Cisco Systems reported a 2% drop in quarterly revenue and said it would lay off up to 5,500 employees as the world’s largest networking gear maker struggles with sluggish demand for its main switching and routing business.
China is prosecuting a giant Ponzi scheme. China will prosecute 26 people linked to a peer-to-peer lender for fraud and illegal fundraising in a case labelled a Ponzi scheme for allegedly bilking investors of $7.6 billion.
Renewable energy might grow in the UK. Britain’s decision to stall a Franco-Chinese project to build its first nuclear power plant in a generation has fuelled speculation that the new government is reviewing its energy strategy to boost the role of renewables.
Brexit made imports more expensive. Carmaker Peugeot told AFP that it had raised prices by an average of 2% since August 1 for models of its three flagship brands: Peugeot, Citroen and DS.
The Treasury is seeking to stamp out tax avoidance. Accountants and financial advisers that help clients avoid paying tax could end up being fined 100% of the total value of the loss to the Treasury, under new rules proposed by the government.
Carlyle is putting its faith in China. Private equity firm Carlyle Group will focus its Asia real estate investments on logistics and office projects in China, optimistic that the country’s e-commerce boom will drive growth in those sectors despite a slowing economy.
Uber is going to court. Uber has launched legal action against new rules in London such as written English tests for its drivers, in the latest battle between regulators and the car ride app which has faced bans and protests worldwide.