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Growth forecasts for global trade growth have been drastically reduced due to Trump’s trade wars

The World Trade Organization (WTO) lowered its global trade growth forecast due to Donald Trump’s trade wars.

The WTO, based in Geneva, predicts a global merchandise trade volume of around 3.9 percent by 2019, compared to 4.4 percent in April.

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Trump’s trade war with China will affect us all – that’s true
Since then, Donald Trump, citing a national security rationale, has levied imports on steel imports into the United States and has threatened to collect royalties on EU car imports. And this month, he imposed tariffs on another $ 200 billion of Chinese imports.

The WTO said the “risk of degradation” of a trade war it identified in April has now materialized.

“While trade growth remains strong, this deterioration is a reflection of rising tensions between major trading partners,” said WTO Director-General Roberto Azevêdo.

“More than ever, it is important for governments to overcome their differences and exercise restraint.”

Graduated forecasts

According to the WTO, world trade in goods grew 4.7% in 2017 as the global economy gained ground.

It was the fastest rate since 2010.

The United States undermined the functioning of the WTO by blocking the appointment of judges to its arbitration board.

In August, President Trump threatened to pull the US out of the WTO “if they do not reform”.

Nevertheless, hard-line Brexitians urge the British government to leave the single market and the EU’s customs union in March next year, without a withdrawal agreement or trade with the rest of the world without complying with the rules of the European Union. WTO. prevent the worst forms of discrimination in trade.

The WTO said recent downward revisions to its trade forecasts were in line with its World Trade Outlook indicator, which indicated a slowdown since the first quarter of 2018.

Ofgem bombarding large energy companies to deal with complaints, as the survey shows, barely 32% of customers are satisfied

Ofgem has asked the eleven of the largest UK energy companies to improve the handling of complaints from their customers.

Less than a third of the interviewed Ofgems are satisfied with the result of the complaints, 57% are dissatisfied. Citizens Advice described the situation as “just not good enough”.

Separate studies have shown that one-fifth of households on Thursday “are seriously worried” about being able to pay for energy costs this winter after recent price increases have brought the “Six Grand” average variable rate to £ 1,224 a year.

Customers inform Ofgem’s suppliers that they are not aware of the complaint process or provide sufficient indication of how long it will take.

The regulator has opened three new compliance cases – First Utility, Ovo Energy and Utilita – and has expanded its recent collaboration with ScottishPower.

Seven other suppliers were tasked with developing plans to improve the handling of complaints.

Ofgem said he would oversee energy suppliers and work with them to improve customer outcomes until problems are resolved.

If the watchdog discovers serious or repeated violations or if a supplier refuses or is unable to cooperate with him, he may initiate enforcement proceedings and possibly impose a fine.

This decision comes after the Ofgem customer survey revealed an “unacceptable” satisfaction of only 32% – although this is an improvement over the 27% who said they were happy when the survey was conducted two years ago.

“Some suppliers still have a lot of work to do to master the basics and provide services to their customers,” said Dermot Nolan, CEO of Ofgem.

“We will be closely monitoring the level of customer service for all suppliers following the announcement of the price cap proposal to protect those who do not benefit from inflated prices because of poor premiums. price quality.

“We are ready – and will – take action against those who fail their customers.”

Gillian Guy, General Manager of Citizens Advice, said the customers had to be convinced that their supplier would accept the problems.

The current situation is “just not good enough,” she said.

“Energy companies need to improve their claims processes and do it quickly.” Solving problems on time and informing customers of their claims is essential, and suppliers must also ensure that claimants have access to these claims. ” has independent advice. ”

Another survey, released on Thursday, showed that half of households will change their energy use during the colder winter months to cope with recent price increases.

The survey on the MoneySuperMarket consumer website revealed that 21% of those surveyed fear that they will not be able to pay their bills.

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One million seniors are afraid of not being able to pay their energy bills
Parliamentarians – and an exodus of customers – have criticized major energy companies after the sharp price increases recorded this year. All six major countries have raised their standard rates at least once this year, reflecting movements reflecting higher wholesale energy prices.

The average annual fee for the six major notes now costs £ 1,224, more than £ 70 more than the same period last year.

At the beginning of next month, the bills of the five million most vulnerable UK households will increase by £ 47 a year after Ofgem has raised its protection tariff.

Stephen Murray, energy expert at MoneySuperMarket, said: “Most of the price increases for Big Six and emerging suppliers have been announced after the winter months, after the shutdown of heating, so that households will not suffer really only when temperatures drop and the thermostat turns. “

Goldman Sachs launches new online retail bank with 1.5% interest rate

Goldman Sachs opened its online Marcus bank to UK customers with a savings account offering a 1.5% interest.

The proposed rate is approximately three times higher than the average rate of existing accounts offered to savers.

The bank giant said the account was “transparent, secure and easy to use”. Launched in August for Goldman Sachs employees, it is now available to UK residents over the age of 18. Savers can deposit between £ 1,000 and £ 250,000.

McDaid, managing director of Marcus von Goldman Sachs, said: “In the last ten years, savers have been badly placed on low interest rates, we have talked a lot to people all over The economy has aroused Most adults in the UK are diligently trying to save every month, and some do not even blame a savings account with low interest rates and reduced complexity.

“We want to reverse the trend by reducing interest on savings and making it profitable.”

Mr. McDaid added, “We have made the Marcus Online Savings Account as easy as possible to open and manage online, and with the goal of offering an ever-competitive interest rate, we hope that our customers will see the benefits, it can help them reach their savings goals faster. ”

Goldman Sachs hired an additional 150 employees this year before the launch of Marcus.

Shakila Hashmi, Chief Financial Officer, said: “Goldman Sachs’ entry into the personal banking sector is expected to be good news for savers, as the first UK savings account offers three times the average savings account. savings of the main players We therefore expect a great interest for the conversion to the Marcus account in the coming weeks.

“We hope this will encourage other banks to offer better prices to their customers. The impact on competition will not only be that another new entrant offers an attractive price, Goldman Sachs is a well-known name, although its arrival on this market is very visible and eclipses the rest of the industry. “

UK auto production down again as industry experts demand Brexit protection

UK auto production fell by 13% in August, according to the Association of Automobile Manufacturers and Distributors (SMMT), reiterating demand for Brexit negotiators to make protection of the sector a priority.

The decline in production is due to a combination of model changes, planned plant closures and new emission standards, the SMMT said.

The trade organization also pointed out that exports remained the main driver of demand for vehicles built in the UK, stressing that this underscored the need to protect the car market in all Brexit agreements.

The latest data mark the third consecutive month of contraction in the automotive industry. Production in the United Kingdom fell by 39%, while cars exported fell by 3.8%, accounting for 82% of total production.

Production has decreased by 5% since the beginning of the year. The SMMT stated that exports continue to support demand – while only 194,887 cars were built for the domestic market in the first eight months of the year (19% compared to 2017), nearly 850,000 been shipped abroad.

Mike Hawes, General Manager of SMMT, said, “The quieter summer months are subject to frequent fluctuations due to the variable time and duration of annual maintenance and retrofit shutdowns.” This instability was exacerbated in August when the industry began to recertify entire model ranges. meet the stricter testing standards in effect on September 1 st.

“While exports, the majority in the EU, continue to stimulate demand, this highlights the importance of an agreement on Brexit to secure this trade.For our industry,” no agreement “is not an option . ”

The SMMT had previously stated that a Brexit without agreement was to be excluded because of the threat it posed to the UK car industry.

Figures compiled by the SMMT show that a Brexit with a peak value of at least £ 5 billion could be taxed.

However, the organization said it would only be the tip of the iceberg in the sector, as these costs could increase the cost of UK-built cars sold in the EU by an average of £ 2,700, which would affect demand, profitability and job creation. “,

Earlier this month, Honda said a no-deal scenario would cost it ten million pounds, while BMW announced it would postpone the planned closure of its mini-platform to Oxford to coincide with the beginning of Brexit in order to minimize the risks. disorder.

Meanwhile, Jaguar Land Rover has put workers at its Castle Bromwich plant in a three-day week because of “lingering headwinds for the auto industry”. Company CEO Ralf Speth warned that tens of thousands of jobs in the UK auto industry were threatened when Brexit, which does not close the deal, takes place

The millennial generation earns much less than expected, according to official data

New studies show that many millennials are significantly less than expected when they were younger and did not follow the career they hoped for.

In 2011/12, the Office of National Statistics found significant differences between the wage and employment aspirations of 16 to 21 years and the current level of success of older age groups.

Half of 16-17 year olds expect £ 35,000 at age 30 at the end of their studies and £ 25,000 if they do not, but the average salary of 30 years of last year has reaches £ 23,700.

Only 7% of graduates and a quarter of graduates thought they would earn less than £ 20,000 at age 30. But in fact, 37% of 22 to 29 year olds were in the results category last year.

At the top, 5% predicted they would earn more than £ 80,000, but only 2% achieved that goal.

Professional ambitions have also proved irrelevant. The arts, literary and media professions were the most popular election in 2011/12, cited by more than 11% of 16-21 year olds, but only 1.4% in the last year.

Nearly 9% said they wanted to become teachers, compared to 4.5%. In the health sector, the gap was 8.2% to 1.7% larger.

The most common jobs among older workers were salesmen or cashiers, accounting for 6.2% of those aged 22 to 29 last year.

The data will help give some millenarians (born between the early 1980s and the end of the 1990s) the impression that they have been economically hard won.

Growing up as a result of the financial crisis has resulted in lower wages and advancement opportunities compared to the previous generation.

British millennials saw their real hourly wage drop by 13% between 2007 and 2014.

Only Greece, where real income fell by 25% over the same period as the euro-zone country, was the worst of the 12 advanced economies in this age group, the Resolution Foundation noted.

But the analysis of the ONS suggests that the British Millennials would at least have been able to make peace with the idea of ​​winning less.

Job satisfaction and safety are more important for young people than high earners, said the ONS.

Between 2015 and 2016, 71% of them rated work as very important and 60% as job security.

This number increased by only three percentage points between 2010 and 2011, despite the rise in zero-hour contracts and the economy of the show.

HSBC and TSB online banking as mobile applications collapse

Both TSB and HSBC mobile banking declined, forcing customers to lock their accounts.

This is the second time this month that TSB customers do not have access to their online bank accounts.

The bank’s chief executive, Paul Pester, resigned after the latest round of technical problems after a prolonged break in service earlier this year, which left nearly 1.9 million customers bankrupt online banking.

A spokesman for the TSB said: “We are aware of a problem that is affecting some of our customers when they use our mobile application and Internet banking this morning, and we are working hard to resolve these issues. problems as quickly as possible, customers can continue to use their cards normally. ”

In the meantime, many HSBC customers complained that they could not access cash because they had been paid overnight because the mobile application had collapsed.

HSBC UK spokesperson: “Services are recovering and the majority of our customers can register now, but we continue to monitor the problem.

“If a customer still has problems, he must continue to try or our online banking is available through the browser and we apologize for any inconvenience this has caused.”