UK economy shrinks as Brexit looms

Britain will exit from the European Union later this month. (AFP)
Updated 10 October 2019

UK economy shrinks as Brexit looms

  • Gross domestic product — the combined value of all goods and services produced in the economy — slid 0.1 percent in August from July

LONDON: Britain’s economy contracted in August, official data showed Thursday ahead of the nation’s exit from the European Union later this month.
Gross domestic product — the combined value of all goods and services produced in the economy — slid 0.1 percent in August from July, the Office for National Statistics said in a statement.
That contrasted with upwardly-revised monthly expansion of 0.4 percent in July.
On a brighter note however, the ONS also revealed that the economy grew 0.3 percent in the three months to August compared with the previous quarter.
“Growth increased in the latest three months, despite a weak performance across manufacturing, with TV and film production helping to boost the services sector,” said Rob Kent-Smith, head of GDP at the ONS.
Sterling barely budged on the monthly reading, which was only moderately worse than market expectations of zero growth.
“The most recent GDP readings from the UK have shown a contraction in month-on-month terms — but taking a step back and looking at the bigger picture, it does not appear quite so bad,” noted XTB analyst David Cheetham.


Boeing: Timing of 737 MAX return in hands of regulators

Updated 16 November 2019

Boeing: Timing of 737 MAX return in hands of regulators

  • Boeing earlier said it expected the US Federal Aviation Administration to certify the 737 MAX in mid-December

DUBAI: Boeing said on Saturday the US Federal Aviation Administration and other global regulators would decide the timing of the return to service of its 737 MAX, which has been grounded since March in the wake of two fatal crashes.
The head of the FAA has told his team to “take whatever time is needed” in its review of the MAX, according to a Nov. 14 memo seen by Reuters, issued days after Boeing said it expected the FAA to certify the 737 MAX in mid-December.
“The FAA and regulators around the world control the schedule,” Stan Deal, chief executive of Boeing Commercial Airplanes, told a news conference on the eve of the Dubai Airshow.