The 10 things to watch in business on Tuesday August 25
China's market are down; German GDP rose by 0.4% in Q2; Chief executive Tim Cook says Apple is still seeing "strong growth" in China despite fears about an economic slowdown
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Your support makes all the difference.1. After suffering the largest decline on Monday since February 2007, China’s markets are down again. The Shanghai Composite index is down 6.92% at 2987.58 points, extending its losses from the multi-year peak of 5178.2 struck on June 12 to 42.3%. It is the first time the index has traded below the 3000 point level since December 25 last year.
2. The FTSE 100 is expected to open 69 points up at 5.967, while the German Dax is anticipated to open points 220 points higher at 9.868 and the French Cac should open 66 points up at 4.449.
3. German GDP rose by 0.4% in Q2, with the second estimate confirming the first. That's a moderate pace of growth, slightly slower than the 0.5% analysts expected, but faster than the 0.3% rise recorded in Q1.
4. British insurer RSA received a 550 pence all-cash takeover proposal from rival Zurich Insurance today, valuing the firm at 5.6 billion pounds and paving the way for one of Europe's largest insurance deals.
5. The UK Competition and Markets Authority said it has provisionally cleared the acquisition of 99p Stores Ltd by Poundland Group.
6. The oil contractor Petrofact posted a net loss for the first half, hurt by a steep increase in costs at its Laggan-Tormore project in the Shetland Islands. Net loss was $133 million for the six months ended June 30, compared with a net profit of $136 million a year earlier.
7. Boeing told its workers that it expected to cut as many as "several hundred" jobs in its satellite business through the end of 2015 due to a downturn in U.S. military spending and delays in commercial orders.
8. Global mining giant BHP annual net profit down slump in annual net profit despite slashing costs, as a collapse in Chinese demand for key raw materials hit hard. The US$1.91 billion result in the 12 months to June 30 compared to US$13.83 billion a year earlier, as the prices of key commodities, including iron ore, coal and oil, plunged over the year.
9. Chief executive Tim Cook says Apple is still seeing "strong growth" in China despite fears about an economic slowdown which have sparked a global market rout.
10. Antofagasta, the Chile-focused copper miner, is insisting it is "well positioned" to weather the storm in commodity markets despite posting a steep 64 %fall in half year profit and warning of the challenges posed in the short-term by weak demand in China.
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