Google in China, US trade tariffs, House of Fraser: your commercial news round-up
updated on 02 August 2018
The business world is waiting for important news from the Bank of England, which later today is expected to raise interest rates for only the second time in a decade. Investors are betting that the Bank’s monetary policy committee will increase rates from 0.5% to 0.75%, which would reap benefits for savers and affect millions of loans and mortgages.
And in other news…
- US President Donald Trump is threatening to impose trade tariffs of 25% on Chinese imports, increasing trade tensions between the two countries. The proposed tariff would affect $200 billion of Chinese goods and is further indication of a change of direction from the free trade model promoted by the United States for decades.
- Google is planning to launch a censored version of its search engine in China that would block sites and search terms related to human rights, democracy and peaceful protest, according to a report by online news site The Intercept which has since been confirmed by Reuters. However, a state-owned Chinese newspaper, Securities Daily, has denied the report.
- The London Stock Exchange has announced that it is implementing contingency plans for a no-deal Brexit. Proposals include setting up new entities inside the European Union.
- Retailer House of Fraser is facing collapse after a rescue deal with Hong Kong firm C.banner, the owner of Hamleys, fell through. A fall in C.banner’s share price led to its decision to withdraw from talks to potentially invest the £50 million that House of Fraser needs to stay afloat.
