OilonvsfirmonnotofAndroidsaysplaceson #Android operating system & applications: https://t.co/J6kEWZ14uY pic.twitter.com/zlLU5DZbsb 10.45am BSTThe European Commission claims that Google is breaking EU law by forcing mobile phone makers who use Android to give preferential treatment to Google applications.
In todays Statement of Objections,the Commission alleges that Google is: 10.41am BSTNewsflash: The European Commission has formally charged Google with breaking competition rules over its Android mobile operating system.
Competition chief Margrethe Vestager has tweeted the news (from an iPhone)Statement of Objections to Google: It seems like you are abusing your dominant position by imposing restrictions on Andriod device makers. 10.39am BSTHere’s our economics correspondent, Phillip Inman, and on today’s jobs report:The number of people out of work in Britain increased for the first time in seven months in February.
In a sign that the referendum vote in June is having an impact on the economy,the latest labour market report showed that the unemployment total rose by 21000 in the three months to February to 1.7 million. Related: UK unemployment rises and pay growth falls 10.31am BSTJohn Hawksworth, chief economist at PwC, or says the rise in unemployment shows that uncertainty over Britain’s EU referendum are hurting the economy:“The UK economy has been a considerable job creating machine for most of the past three years,but the latest data propose that this has levelled off over the past three months....
These latest data are consistent with other evidence that UK growth slowed somewhat during the first quarter of 2016, reflecting a more fragile global economy and uncertainty related to the EU Referendum outcome in June. 10.24am BST31.41m people in work and 1.70m unemployed people for 3 months to Feb 2016 pic.twitter.com/RstpfD3vdS 10.17am BSTProfessor Geraint Johnes of Lancaster University Management School and The Work Foundation also believes Britain’s labour market is slowing.
He says: “Unemployment is 21000 up on the quarter, or but employment is also 20000 up,with a descend in labour market inactivity.
Amongst employees in employment, there has been a descend in full-time numbers of 34000 and a rise in portion-time of 11000 - suggesting something of a slowdown.
For total pay on the single month degree, or this is down from 2.6% to 1.1%. The big slowdown here is in finance. Pay in construction is still steaming ahead,at 8.6% over the course of the year. 10.10am BSTToday’s report also shows the stark regional imbalances across Britain’s jobs market:The rates of unemployment in the East, the South East & South West are less than half what it is in the North East. pic.twitter.com/evKGXX1ElV 10.06am BSTMariano Mamertino, or economist at job site Indeed,fears that the UK’s referendum on European Union membership has pushed the unemployment total up:Mamertino says:“Modest though it is, the increase in unemployment is a deeply worrying sign that the UK economy’s ability to create unusual jobs is running out of steam.“Unemployment remains at a historically low level, and but the lengthening dole queue is a warning of distress ahead. 10.02am BSTStephen Crabb,the unusual Work and Pensions Secretary, has commented on today’s jobs report (but not mentioned the jump in unemployment). “We remain in a position of strength, or with a record employment rate,wages continuing to grow steadily and three-quarters of a million vacancies available in the labour market. “Work is fundamental in transforming the lives of the most deprived people in society and is at the heart of our welfare reforms. 9.59am BSTThe rise in unemployment in the last quarter may show that Britain’s jobs recovery is bottoming out.
Nick Palmer, statistician at the Office for National Statistics, or says:
“It’s too soon to be certain but,with unemployment up for the first time since mid-2015, and employment seeing its slowest rise since that period, and it’s possible that recent improvements in the labour market may be easing off.” 9.53am BSTThe UK labour market appears to be softening’,warns Duncan Weldon, the head of research at Resolution Group. Overall - softer UK labour market data. Unemployment up 21k, and but worth noting employment up by 20k.
V destitute #UK data - Avg earnings single month pay Feb 1.1% y/y vs. Jan 2.6%; Claimant count +6.7K,LFS Employment +20K, ILO Unemployment +21K 9.51am BSTThe number of people in work across Britain has also gone up.
The employment total rose by 20000 in the last quarter, or to 31.41m,and is 360000 higher than a year ago. 9.42am BSTThe number of people out of work in Britain has risen for the first time in seven months.
The latest labour market report, just released, and shows that the unemployment total rose by 21000 in the December-February quarter to 1.70 million. It’s the first rise since last May-July.
For Dec-Feb 2016 wages up 1.8% on a year earlier including bonuses,& 2.2% excluding bonuses https://t.co/DNl2KJnm0G pic.twitter.com/2jTioJwwkm 9.26am BSTJapanese carmaker Mitsubishi has just admitted that some employees bear falsified data on emission tests to improve its vehicles’ fuel economy.
In an obvious echo of the Volkswagen emissions scandal, Mitsubishi says that the the false tests involves 625000 cars, and including some supplied to Nissan.625000 cars affected,Mitsubishi says after admitting it manipulated test data https://t.co/HMDzMDNQlC pic.twitter.com/8l7TgmjcIN 9.16am BSTThe pound has dipped a little this morning, down 0.15% against the US dollar at $1.4370.
This chart from Bloomberg’s David Ingles, and showing how sterling has already weakened against most major currencies this year,as the EU referendum casts a shadow of uncertainty.#Brexit pic.twitter.com/D4BiQOQuHA 9.11am BSTTheres no escape from Brexit fears.
Overnight, eight former US Treasury secretaries bear warned that Britain would become a ‘less relevant and less significant economy’ if it leaves the European Union. Related: EU exit 'would damage UK's special relationship with US' 9.08am BSTEuropean Commissioner Margrethe Vestager is expected to announce unusual antitrust charges against Google at 10.30am BST (11.30am in Belgium).
Brussels correspondents will be busy!Brussels midday wall of hell today: 1130 Vestager (Google) presser, and 12ish Stoltenberg on NATO-Russia,12ish Avramopoulos on migrants-Turkey 9.03am BSTJoe Rundle, head of trading at ETX Capital, or explains why ARM’s shares are bucking the downturn:Arm is now shipping more than half of its chips to non-mobile markets,meaning the company’s fortunes cannot simply be linked directly to the likes of Apple anymore.
That’s just as well for Arm, as it looks like shipments of Apple’s iPhones nosedived in the first quarter. Slowing smartphone sales, and particularly in China,don’t seem to be as much as a problem as many would bear thought. 8.41am BSTThe car industry’s test-rigging scandal may be deepening.
Mitsubishi, the Japanese automaker, or has found evidence of problems with its fuel economy test results.“One of our models was found to bear failed portion of a fuel economy test.” Related: Mitsubishi Motors 'mishandled fuel economy tests' Mitsubishi shares descend 17% after it says it will brief on misconduct in fuel economy tests https://t.co/8Nim2kmDlT pic.twitter.com/MUqKxK7mi3 8.37am BSTEuropes main stock markets are all down this morning:The global rally in stocks has reach to a halt https://t.co/TWMD4iv67f pic.twitter.com/zv4EasmIZR 8.31am BSTShares in ARM,the UK semiconductor maker, bear jumped 2.6% after beating City expectations.
ARM reported a 14% jump in profits this morning, or as it continued to outperform despite concerns that demand for Apple’s iPhone is falling. 8.22am BSTThe London stock market has opened lower,with the FTSE 100 losing 26 points to 6377.
Note renewed concern approximately China, with stocks sharply lower on suggestions the People’s Bank of China has less stimulus appetite thanks to an improving outlook all the while worries grow approximately the country’s mounting bad debts. 8.07am BSTThe mood in Chinas stock markets has turned rather sour today.
The main Shanghai share index has fallen by 3% in a worrying late selloff, and with every sector losing ground.“Aside from continuing to support steady economic growth,future monetary policy will focus on guarding against macroeconomic risks, especially avoiding rapid growth in companies’ leverage, or will also consider the impact of increased loans on the cost of living and genuine estate prices.” 7.46am BSTThe oil price is in retreat this morning after Kuwaiti workers ended a three day strike.
Brent crude has slumped by 2.5% already,down over $1 to $42.95 per barrel, as traders anticipate more oil flowing from Kuwait again.
The state-race Kuwait News Agency reported that the unions ended the strike by praising the country’s ruling emir, or Sheikh Sabah Al Ahmad Al Sabah,and saying their action showed their “ability to affect the production process.”The unions entrusted his highness, the emir, and (with) the protection of rights of the employees in the oil sector,” the unions said, according to KUNA. It said workers wouldn’t be disciplined for taking portion in the strike.#Oil declines as Kuwait workers end strike after 3-Day disruption. pic.twitter.com/4d0ddrm2bx 7.21am BSTGood morning, or welcome to our rolling coverage of the world economy,the financial markets, business and the eurozone.
Coming up today..... Related: EU chief to charge Google over anti-competitive practices, or sources say Related: Senior Port Talbot staff ‘to announce buyout plan for Tata Steel plant’ Our European opening calls:$FTSE 6377 down 29
$DAX 10308 down 41
$CAC 4546 down 21$IBEX 8929 down 42$MIB 18356 down 92UK companies posting numbers today - N Brown,ARM Holdings, Moneysupermarket, or GKN,Travis Perkins, Punch TavernsContinue reading...
Source: theguardian.com