News

The UK economy unexpectedly contracted by 0.1% in January, driven by a decline in the production sector and construction activity. This poses challenges for Chancellor Rachel Reeves as she prepares her spring statement, with calls to tighten purse strings amid competing spending pressures and sluggish growth.

Gold prices have reached an all-time high, exceeding $3,000 an ounce for the first time ever, driven by geopolitical tensions, trade uncertainties, and a growing fear of recession. Investors are seeking refuge in the safety of precious metals, leading to a surge in gold prices and a sell-off in American stocks.

Bernard Arnault, the 76-year-old chairman and CEO of luxury giant LVMH, is seeking to extend his leadership until he turns 85, despite concerns about the potential drawbacks of long-serving leaders. The move comes as LVMH faces fresh headwinds from President Trump's proposed tariffs on European wine and cognac.

Small and medium-sized enterprises (SMEs) in Britain are repaying debt at levels exceeding pre-pandemic times, prompting the Department for Business and Trade to launch a review of SME debt finance supply. The review aims to address concerns that a lack of competition is keeping loan prices high, potentially hindering SME growth and contributing to the UK's productivity issues.

The tech-heavy Nasdaq Composite experienced its biggest single-day drop since the pandemic-induced "Black Monday" of March 2020, plummeting by 4%. The total market valuation of the "Magnificent Seven" - Alphabet, Amazon, Apple, Microsoft, Meta Platforms, Nvidia, and Tesla - has plunged by a staggering $2.7 trillion.