News

Donald Trump, president of the United States (US) has stated that he will be imposing a new 10% tariff on Chinese goods, amounting to $300 billion (£247 billion), after an escalation of the trade war between the two countries.

The new tariff is to take effect on 1 September, taxing all Chinese imports to the US. It was imposed after there was little sign of breakthrough in the latest round of bilateral talks.

The water regulator, Ofwat has set out new proposals which outlines cutting water bills in England and Wales by an average of £50 over the next five years.

Ofwat have also proposed for firms to invest an additional £6 million to improve the services for customers, remarking that it would mean “better services, a healthier natural environment and lower bills”.

Jaguar Land Rover has announced that they are going to invest in building electric cars at their factory in Castle Bromwich, in attempts to boost themselves in an embattled automotive industry.

The company will initially be producing an electric version of the Jaguar XJ saloon.

The Federal Aviation Administration (FAA) has reported to have found new potential risks in the Boeing 737 Max planes.

On Wednesday the US aviation regulator said that Boeing must address the new issue before allowing their jet to return to service.

The Financial Conduct Authority (FCA) has raised concerns over thousands of consumers being wrongly advised to cash in their defined benefit (DB) pension, which could put them at higher risk of financial insecurity in old age.

Chinese technology and telecoms group, Huawei, has cut more than 600 jobs at its US research unit Futurewei after the company was put on a trade blacklist.

The company added that this was due to “the curtailment of business operations caused by the US”.

After going through some struggles recently, global travel company, Thomas Cook are now in talks with banks and their Chinese investor Fosun, over a £750 million rescue deal.

In discussions with their largest shareholder, Fosun, Thomas Cook are looking for them to buy their tour business. Their chief executive, Peter Fankhauser, remarked how the proposal was not an outcome they wanted, however, was pragmatic.

British supermarket giant, Sainsbury’s has reported a third straight quarter of decreasing sales despite their attempts at implementing deep discounting strategies.

Since February, Sainsbury’s had cut prices of more than 1,000 grocery products and everyday food items. They stated that the hit to sales was mainly due to weak demand for their clothing and general merchandise.

Boris Johnson recently announced his tax proposal, which, according to the Institute for Fiscal Studies (IFS), would cost billions and mainly benefit the wealthier part of the population the most.

Currently, the front-runner in the race to lead the Conservative Party, Mr Johnson has outlined plans to increase the threshold for the highest rate of income tax to £80,000. This would cost £9 billion and benefit mainly the richest 10% households in Britain.