DAILY BRIEFING: US economy slowed more than initially thought in first quarter of the year


City & Finance Reporter for the Daily Mail

Daily Mail City & Finance

US gross domestic product increased at a 2.2 per cent annual rate

US gross domestic product increased at a 2.2 per cent annual rate

US gross domestic product increased at a 2.2 per cent annual rate

SLOWING UP The US economy slowed slightly more than initially thought in the first quarter of the year. 

Gross domestic product increased at a 2.2 per cent annual rate, the Commerce Department, instead of the previously reported 2.3 per cent pace. 

The economy grew at a 2.9 per cent rate in the fourth quarter of last year.

SENTENCE PLEA The former head of China’s sprawling Anbang Insurance Group Wu Xiaohui is appealing against his sentence of 18 years in prison for fraud.

The Shanghai No 1 intermediate people’s court said Wu pleaded guilty to fraudulently raising billions of dollars from investors.

HEADING OFF Broker dealer TP ICAP said chairman Rupert Robson will retire at the end of 2018.

PIRATE ULTIMATUM Internet retail giants Amazon and Ebay have been ordered by US regulators to remove fake pay-TV boxes from sale on their websites. 

The Federal Communications Commission said the devices were being used to stream pirated content.

RISK ROLE Budget airline Ryanair has promoted its director of safety and security Carol Sharkey to chief risk officer.

SALES RISE Sales at the John Lewis Partnership increased 1.4 per cent last week as customers started shopping early for Father’s Day presents, and spent money on spring cleaning products.

LILY HIRED Components parts maker Essentra has hired Lily Liu as chief finance officer, to replace Stefan Schellinger. She was finance chief at the inkjet firm Xaar.

UNION DEAL Financial adviser Lighthouse Group has signed a deal to provide support for the 200,000 members of PCS Union, which represents staff across the civil service. Shares in AIM-listed Lighthouse rose 0.8 per cent, or 0.2p, to 25.2p.

GOLD TARGET Silver and gold miner Fresnillo said it remains on track to produce up to 70m ounces of silver and 900,000 ounces of gold.

CONTRACT SIGNED AIM-listed radiation technology firm Kromek will continue providing detector modules to one of its key customers in a five-year contract renewal which is worth £904,152.

NEW CHIEF Potash development firm Kore Potash has appointed Stuart Bradley Sampson, 52, as chief executive and director.




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