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EQ Weekly Roundup

This week’s roundup includes news that the EU has granted delay on Brexit until Halloween, Mike Ashley has reacted furiously to Debenhams entering administration and the world economy is in a “delicate” situation according to the IMF.

This week’s roundup includes news that the EU has granted delay on Brexit until Halloween, Mike Ashley has reacted furiously to Debenhams entering administration and the world economy is in a “delicate” situation according to the IMF.

EU grants Halloween Brexit delay

Theresa May has agreed a delay to Brexit until Halloween after EU leaders offered another extension to Article 50 at a late-night Brussels summit.

In the early hours of the morning, leaders of the remaining 27 EU member states decided to give the Prime Minister an extra six-and-a-half-month period in which to break the Brexit deadlock at Westminster.

European Council President Donald Tusk warned the UK: “Please do not waste this time.”

The second extension to Article 50 secured by Mrs May means a no-deal Brexit will now not take place at 11pm on Friday night, as the point of the UK’s departure from the bloc shifts again.

World economy faces “delicate moment”

The global economy is at what the International Monetary Fund’s Chief Economist calls a “delicate moment”.

Gita Gopinath says that while she does not predict a global recession, “there are many downside risks”.
These risks include ongoing trade tensions, the deterioration of financial markets and large-scale disruption in global supply chains.

The IMF has released its regular assessment of the World Economic Outlook, which forecasts global growth of 3.3% this year and 3.6% in 2020. That would be slower growth than last year – and for 2019, a downgrade compared with the previous forecast.

Mike Ashley blasts Debenham deal: “national scandal”

Sports Direct’s Mike Ashley has said that the takeover of Debenhams by its lenders as part of an administration process is “nothing short of a national scandal”.

The struggling retailer rejected two last-ditch takeover offers from Sports Direct which would have seen Ashley become its CEO.

Under Tuesday’s deal, all stores will remain open for now, although some have been earmarked for closure.

Ashley said politicians and regulators had been “as effective as a chocolate teapot”.

Tesco profits jump in “uncertain market”

Profits at Tesco have jumped 28% in what the UK’s biggest supermarket chain described as an “uncertain” market.

CEO Dave Lewis said the group was on track to meet the “vast majority” of the turnaround goals he set when he was appointed four years ago after an accounting scandal.

The group said its performance was “strong”, and Tesco has almost doubled its dividend.

Full-year pre-tax profits were £1.7bn, with Tesco’s same store sales up 1.7%.

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