THE DAILY BRIEFING
SLUGGISH FACTORIES German factory orders fell 2.5pc in April amid signs of a continuing eurozone slowdown. The Federal Statistical Office figures alarmed economists, who hoped for a 0.8pc rise. Oliver rakau of Oxford Economics said: ‘This makes for a horrible start to the second quarter.’
OIL SLOWDOWN Oil production in Venezuela is 25m barrels behind schedule as the country teeters on the edge of collapse. State firm PDVSA said it may be forced to declare it cannot meet obligations, as 80 tankers float unfilled in ports.
PENSION WORRY Half of workers due to retire this year are expected to carry on working past state pension age instead, according to research by Prudential. More than a quarter of those planning to stay on hope to go part- time. Around 8pc cannot afford to quit.
PAYMENT DEAL Payments firm Paysafe has struck a deal for its cards to be used in Google’s online shop. The Isle of Man business’s prepaid cards, designed for people who do not want to use online banking or buy with credit, can be used at the Google Play store.
AFRICA PROFIT An investment firm founded by disgraced ex-Barclays boss Bob Diamond has seen profit rise. Atlas Mara, which takes stakes in African banks, made £ 19.4m profit in the first three months of 2018, which is up from £7m a year earlier.
SAVINGS SURGE Savers pumped £931m into the stock market in April as the Isa deadline loomed. The total cash pile looked after rose 3pc to £1.2trillion, according to The Investment Association. There is typically a stampede to shelter cash from the taxman in Isa accounts in early April, before the new tax year.
CHINA TIE-UP Global miner Rio Tinto has set up a joint venture with Chinese firm Minmetals to look for minerals in China. rio said: ‘ Our complementary strengths in exploration put us in the best possible position to find metals and minerals essential to human progress.’ CONTRACT WIN Oil services firm Petrofac has won a £48m two-year contract extension to maintain Eni Uk’s development in north Wales. PORT INVESTMENT The world’s largest independent cruise operator, Global Port Holdings, is investing up to £11.4m in online travel agent Dreamlines.