Grow

Rising volume of components imported from China prompts warning of cannibalisation of European industriesEurope is facing a fresh China shock that threatens to cannibalise local factories, leading to job losses and de facto colonisation of industry by Beijing, trade analysts and representatives have said.They fear the plunging exchange rate and support for Chinese “zombie firms” has echoes of the crisis in the US 25 years ago when the term “China shock” was coined. It referred to the impact of China bursting on to the global trade stage after becoming a member of the World Trade Organization, with soaring imports displacing local industries and causing the loss of up to 2.5m jobs. Continue reading...

Port has upgraded offshore wind facilities and is to expand quays, ferry terminals and cruise ship servicesThe operator of Belfast harbour plans to spend £1.3bn over the next 25 years to take advantage of strong economic growth in Northern Ireland, in what would be one of the largest non-governmental investments in the region’s history.The Belfast Harbour Commissioners said the money would be spent on upgrading the port, with the possibility of residential property developments that could add another £750m in investment on top. Continue reading...

Fire reported in Simi Valley, north-west of Los Angeles, on Monday as footage shows at least one home burningA fast-growing brush fire ignited on Monday morning in southern California, prompting evacuation orders and damaging at least one home.The fire was reported just after 10am in Simi Valley, a city in Ventura county about 30 miles north-west of Los Angeles. Continue reading...

British Chambers of Commerce survey shows firms ‘are dealing with rising levels of theft, fraud and cyber-attacks’UK business leaders have warned that crime is becoming an increasingly “serious barrier” to growing Britain’s economy amid a rise in shoplifting, fraud and cyber-attacks against companies.The British Chambers of Commerce (BCC), which represents tens of thousands of businesses across the country, called on the government to provide “a step change in the support businesses can count on” as it said two-fifths of companies had experienced some form of crime in the past year. Continue reading...

Eden Project founder wants to inspire councils to build community gardens so young people can grow vegetablesLocal councils should “rip up asphalt” to build community gardens so young people can grow vegetables, a co-founder of the Eden Project has said.Tim Smit, who opened the giant biomes in Cornwall in 2000, has designed an “edimental” garden for the Chelsea flower show with the landscape designers Harry Holding and Alex Michaelis. The concept behind it is that plants such as cabbages and strawberries are beautiful but edible and should be placed alongside traditional bedding plants. Continue reading...

Tube stoppages due on two 24-hour periods from midday on Tuesday and Thursday next week but sources say RMT seeking talksHopes have been raised that next week’s strikes by London Underground drivers could yet be averted, after sources said the RMT union had put out feelers for talks.The RMT members, almost half of London’s Tube drivers, are due to strike for two 24-hour periods from midday on Tuesday and Thursday, closing some lines entirely and bringing widespread travel disruption to the capital until the weekend. Continue reading...

GDP reading ties in with some surveys suggesting UK plc has kept up momentum despite rising fuel costsThe UK economy unexpectedly grew during the first full month of the Iran war, according to official figures, suggesting the Middle East conflict has not yet affected growth as much as feared.Figures from the Office for National Statistics (ONS) showed growth of 0.3% in gross domestic product (GDP) in March, from a revised 0.4% rise in February and 0% growth in January. The ONS had originally estimated that the economy grew 0.5% in February and 0.1% in January. Continue reading...