Keeping on top of the latest business news is central to your commercial awareness. Watch out for our weekly updates for the top stories from the last seven days. This week, a think tank revealed research suggesting a fall in the UK’s economic growth and more high street stores are facing closure. Both Volkswagen and the London stock market have announced the appointment of a new CEO. Also in the news, Donald Trump’s trade strategy has been criticised in light of tensions with China.
The National Institute for Economic and Social Research (NIESR) said has said that economic growth in the UK has fallen by half in the opening months of 2018. The think tank said that the severe weather in March is the main culprit for the fall.
High street stores are continuing to struggle – Carpetright is to close 92 of its stores and cut around 300 jobs as part of a restructure following several profit warnings.
Volkswagen has announced that Herbert Diess is to take over as its new CEO. He replaces Mattias Müller, who has been in charge at VW since 2015. Chairman Hans Dieter Pötsch said that Müller guided Volkswagen through its worst crisis in the history of the company.
The London stock market is also set to get a new Chief Executive after Xavier Rolet quit back in November 2017. Goldman Sachs’ global head of market structure and global head of metals and mining, David Schwimmer, will take over from 1 August 2018.
While trade relations between the US and China remain strained, Donald Trump’s strategy is coming under further fire as he announced that that the US would consider rejoining the Trans Pacific Partnership (TPP). Trump pulled the US out of the free trade pact last year but has subsequently said the US would only rejoin if the deal was “substantially better” for the US.